Coinbase review feature image screenshot from coinbase com

Complete Coinbase Exchange Review 2021 with Pros and Cons

Welcome to our complete Coinbase exchange review 2021 with pros and cons.

We compare Coinbase with competitors in the market through important aspects of its services. Thus, we review fees, trading pairs, liquidity, security, verification requirements, currencies accepted and more. 

Finally, the pros and cons of using Coinbase’s products serve as an overall conclusion of its attractiveness for traders.

In this article, we will review the complete Coinbase exchange. Coinbase is a top bitcoin trading site if you are a US citizen.

However, if you live outside US our first choice is Binance.

Coinbase History Review

In June 2012, Brian Armstrong and Fred Ehrsam established one of the most renowned cryptocurrency exchanges in the world. With headquarters located in San Francisco, the US-based business operates under regulations of the American financial authorities. Within several years, Coinbase grew its customer base towards one million users, establishing a subsidiary GDAX.

Recently, the company introduced a new sub-platform called Coinbase Pro. The regular exchange held simple transactions where clients bought and sold digital coins. The Coinbase Pro, however, works with trading only, which is the main foci of this review.

Apart from trading, big companies, such as IBM, Amazon, and others are partnering up with the blockchain company for a variety of projects. This speaks volumes about the influence the company has, which is unmatched even by giants like Bitfinex, BitMEX, and Binance.

Currently, Coinbase Pro is available through web browsing platform only. The app for iOS and Android users include the original exchange but not the new trading marketplace as well.

Coinbase Supported Countries

Coinbase is available in over 100 countries in North America, South America, Europe, Oceania and Africa.

However, all countries are not fully supported and some have restrictions in deposit and withdrawal methods.

For full information, see all places Coinbase support.

Coinbase Deposit Methods and Fees

Coinbase supports many different deposit methods and most are associated with a fee.If you use the link above to see what places Coinbase support you will also find what payments method Coinbase support for each country.

In addition, you will find the payment methods support by Coinbase for US, EU and UK in the tables below.

Coinbase payment method fees

Credit card deposits carry a 3.99% fees. On the other hand, bank transfers range from 0 to 1.49%, depending on the bank transfer type and the currency used.

Payment methods for European customers

In the table below, you can see all the available Coinbase payment methods for European customers.

Coinbase Review 2021 Payment methods for European customers

Payment methods for US customers

In the table below, you find the Coinbase payment methods for US customers.

Coinbase Review 2021 Payment methods for US customers

Payment methods for UK customers

In the table below, you find the Coinbase payment methods for UK customers.

Coinbase Review 2021 Payment methods for UK customers

Crypto Trading Bots Supported by Coinbase

What crypto trading bots support Coinbase exchange?

There are no of our listed crypto trading bots supported by Coinbase Exchange. However, the best crypto trading bot, Coinrule, does support Coinbase Pro. Also, Haasonline does support Coinbase Pro.

Coinrule logo

Crypto Trading Tax Software Supporting Coinbase

What crypto tax software support Coinbase exchange?

All crypto tax software support the Coinbase exchange. However, we recommend Koinly as the best crypto tax software. You can read more about why Koinly is the preferrable tax software by clikcing the link above.

Crypto trading tax software Koinly logo

Cryptocurrencies Supported by Coinbase

On the side of cryptocurrencies, Coinbase offers far fewer choices than, for example, Binance as you can read more about in our Binance review.  

Whereas others have over 30 coins and 100 trading pairs, Coinbase focuses only on most popular cryptocurrencies. At this point, clients can deposit and withdraw bitcoin, Ethereum, Litecoin, and Bitcoin Cash. As for trading pairs, Coinbase offers 19 pairings in total.

US and European regions can use 9 trading pairs each, the UK 14 of them. The least supported are Canada, Australia, and Singapore with only 4 pairs and without fiats.

Coinbase is a great choice if you live in the US and is looking for a beginner-friendly crypto exchange. However, there are some Coinbase alternatives you might want to consider if you want to cut your fees, especially if you live outside the US.

Coinbase Fees and Deposit Limits

Coinbase is well known for offering a very good and user-friendly interface. However, at the same time they are also famous for offering this excellent service to a somewhat higher cost than other Bitcoin and crypto exchanges. If you are looking for an exchange with a better fee structure you might want to look into Binance in our Binance review.

Binance doesn’t accept US customers and if you are a US resident you might want to check Kraken instead. Read more about Kraken in our Kraken review.

Read the full article about Coinbase fees and alternatives with lower fees.

Coinbase Security Review

At the safety level, Coinbase offers the least functions when compared to BitMEX, CoinEX, and Bitfinex even. Yet, it also holds the top spot as the most secure marketplace right now, due to the running asset insurance. All funds are part of the insurance covered by the platform, making any loss due to the hacking attempts retrievable.

You also have 2FA (two-factor authentication) with Google or phone and an IP whitelist. Email notifications are available for transactions and logins. Read more about Coinbase safety and legitimacy in our review where we answer the question, is Coinbase safe and legit?

Trading Guide for Coinbase

Coinbase, as mentioned before, employs 19 trading pairs, with different countries holding only part of them. At this moment, Coinbase Pro does not offer margin trading services. The reason is that liquidity is self-efficient, with supply coming in only from the platform itself and GDAX.

The biggest trading pair remains to be BTC/USD while fiat pairings keep the close run-up. ETH/USD is the second largest after bitcoin trading. The overall trading volume currently stands at $57 million for BTC/USD and $44 million for ETH/USD. The Coinbase’s total trading value for the 24-hour measurement is around $150 million. As a comparison, Bitfinex holds $515 million of daily trade value while BitMEX holds the top spot with almost $2.8 billion.

On the side of the looks, traders have an easy-to-use interface though with very little room to customize. Only charts can be modified to a certain extent with indicators and types of bars. BitMEX allows full freedom of trading page customization, which Coinbase does not offer.

At Coinbase Pro, it is possible to open orders through Limit, Market and Stop tools, as seen in the snapshot below. Stop functions include regular stop-loss and take-profit price limiters. Traders can set upper and lower price levels and include advanced instructions for when market enters bear or bull stages.

Coinbase interface

Advanced tools include Good ‘Til Canceled (GTC), Immediate or Cancel (IOC), and Fill or Kill (FOC). Advanced functions help put timed strategies depending on the trends and are meant towards experienced traders.

Customer Support at Coinbase

The overall platform has a singular support page, that includes an FAQ section and ticket system. Unlike EXMO, live chat function is not available, even with the physical headquarters present in San Francisco. To substitute for immediate communication, clients can reach support employees with an email or a direct phone call. Do take into account the costs of telephone talks, especially if you are not living in the US or in the UK.

Coinbase Review 2021 - Pros and Cons

Pros

  • regulated US exchange
  • beginner friendly user interface
  • cryptocurrencies are all insured

Cons

  • limited number of cryptocurrencies listed
  • high fees

Conclusion from our Coinbase Review

At this Coinbase review, we went over the regulated crypto business in terms of its trading capabilities. Although smaller than Bitfinex and BitMEX, Coinbase does provide security and ease-of-use while trading cryptos. The overall feel suits beginners and experts alike, though starters might find simple functions more to their liking. Experts might want to use Bitfinex and BitMEX due to the available margin trading tools.

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