Coinbase Review 2024

Coinbase is one of the world’s most popular crypto exchanges, and it’s especially suited to beginners thanks to its easy-to-use interface and educational content. Although the fees are a bit high and it lacks some features offered by competitors, this needs to be balanced against its strong security and seamless user experience.

This Coinbase review will cover everything you need to know about the platform—from discussing the unique features and accepted payment methods to demystifying the fee structure and explaining how to cash out.

We’ll give you our honest opinion about every aspect of the platform, discuss how Coinbase fared when we tested it, and explain how it compares to other crypto exchanges.

What is Coinbase?

Coinbase is a centralized cryptocurrency exchange that supports buying, selling, swapping and trading cryptocurrencies. The exchange is designed to make crypto trading accessible to traders of all levels and offers a plethora of excellent resources for beginners.

As a centralized platform, Coinbase holds custody of users’ private keys and maintains control over the platform. This means that the exchange is monitored for fraudulent activity and all users must provide proof of identity to use Coinbase.

Coinbase uses APIs to access the live cryptocurrency market and provide real-time data that can be used to effectively buy and sell cryptocurrencies. You can store your coins on the exchange or in the native cryptocurrency wallet, which can be connected to other DeFi applications.

Coinbase Review Overview

Here’s a quick look at some of the key things you should know about Coinbase.

#️⃣ Number of cryptocurrencies	250+
💸 Minimum deposit	$2
🔀 Minimum trade size	$1
💰 Trading fee	Varies (up to 0.6% on Advanced Trade)
✅ KYC required	Yes
🎧 Customer support	Web chat, email, phone
👮‍♂️ Regulators	FinCEN, FCA, others

Pros and Cons of Coinbase

Pros

Cons

• User-friendy interface that works on both mobile and desktop
• Lots of educational resources
• Low minimum purchase amount
• You can earn crypto rewards by learning about cypto

• Some fees are high and not very transparent
• The customer service team can be slow to respond

What Are The Key Features of Coinbase?

To kickstart our review, let’s take a look at the key features that Coinbase has to offer.

Coinbase’s features are designed to be user-friendly, even for those who have never invested before. It may have fewer technical features than some of the cryptocurrency exchanges aimed at experienced traders, but Coinbase provides a number of tools that simplify the crypto market for users. Let’s take a look at the highlights.

Trading Tools

Coinbase’s trading offering is more limited than platforms like Binance or KuCoin, where you’ll find peer-to-peer (P2P) trading, leverage, and trading bots.

However, the trading tools Coinbase does provide are easy to navigate. Moreover, users can choose the trading features that match their experience level.

Simple purchases and conversions

This is the feature that makes Coinbase one of the most popular cryptocurrency exchanges for first-time buyers. Using the clearly labeled Buy & Sell button at the top, you can easily buy crypto, sell crypto, or convert one cryptocurrency to another with just a couple of clicks.

You don’t even need to make a deposit first. You can link up a payment method such as a card or bank account to facilitate purchases directly from your payment account. When using your Coinbase balance or a debit card to buy crypto, purchases are instant.

The main downside to this feature is the fees, which are significantly higher than those for Coinbase Advanced Trade and less transparent. But we’ll get onto fees in the next section.

Recurring buys

The recurring buys feature is ideal for those who want to put a bit of their salary into crypto each month or take the hassle out of dollar-cost averaging. When you make a simple purchase, you also have the option to set up a repeat order so that crypto will be bought for you automatically on a regular basis.

Coinbase Advanced Trade

In the past, if you wanted to do anything beyond simple purchases with Coinbase, you had to set up a separate account on the Coinbase Pro platform and transfer your assets between Coinbase and Coinbase Pro, which was a bit convoluted.

Now, however, Coinbase has terminated Coinbase Pro and instead integrated its features into the main Coinbase platform as Coinbase Advanced Trade. This enables Coinbase to better compete with more advanced platforms like Binance.

As well as lower trading fees, Advanced Trade lets users see the order book and market depth, and choose between market, limit, and stop-limit orders. Coinbase’s partnership with TradingView means that users can also take advantage of customizable charts complete with drawing tools and over 100 technical indicators.

Earn Crypto

Coinbase Earn enables users to earn crypto rewards by participating in staking (or a Coinbase-funded loyalty program in the case of USD Coin). Like most of the platform’s other features, Coinbase Earn simplifies the process so it only involves a couple of clicks. Customers can earn up to 10% APY on the following cryptocurrencies:

• Ethereum (ETH)

• Cardano (ADA)

• Solana (SOL)

• Cosmos (ATOM)

• Tezos (XTZ)

• USD Coin (USDC)

This is significantly fewer crypto assets than some competitors—Binance.US, for instance, provides staking for 26 coins, and Uphold for 32. What’s more, Coinbase subtracts a hefty commission of 25-35% for its staking services, so you’ll find much higher APYs on other platforms.

Learning Rewards

Coinbase Learning Rewards is one of the standout features of the platform as it provides something that appeals to every crypto enthusiast—a way to earn free crypto. After watching a one-minute video about a particular crypto project, all you have to do is answer a quick question to receive some of the project’s native tokens for free.

Coinbase was a pioneer in this area, and you won’t find this feature on most other cryptocurrency exchanges. Although a couple of other platforms like Binance and CoinMarketCap have since launched their own learn-and-earn programs, you need to be more on the ball to find out about their campaigns before they end.

Educational Resources

One of the features that make Coinbase ideal for beginners is the extensive educational resources in the Learn section. The comprehensive guides break down a variety of crypto topics into accessible information, infographics, and explainer videos.

The content covers crypto basics such as ‘What is Bitcoin?’ and practical tutorials for activities like setting up a wallet. You’ll also find market updates and guides to advanced trading, so users of all experience levels will be able to build their knowledge.

Coinbase provides more practical educational content than competitors like KuCoin and Kraken, though others like Binance and Gemini offer similarly extensive resources.

Web3

One of the newer features to be added to the Coinbase platform is the Web3 tab. Here, you can explore hundreds of decentralized applications (dApps) spanning DeFi, games, music, and more. Use the feature to find out which apps are popular and what they’re for. You can access each dApp featured, but to actually use them, you’ll need to set up and connect a Web3 wallet.

This feature is pretty unique. Although KuCoin also provides links to a few dApps and Web3 resources, no other cryptocurrency exchange makes Web3 as accessible as Coinbase.

What Else Does Coinbase Offer?

• Coinbase Wallet – Separate from the regular custodial exchange wallet, Coinbase has created a self-custody software wallet that anyone can download for free. The Coinbase Wallet lets you manage your own private keys, store thousands of tokens and NFTs, and access dApps. You can also link it with your Coinbase account for easy access to your crypto assets.

• Coinbase NFT – Launched in 2022, the Coinbase NFT platform provides an easy way to browse, buy, and sell NFTs spanning art, music, sports, and more. You can even create and sell your own NFTs, though you’ll need a wallet such as Coinbase Wallet before you can use the platform.

• Coinbase Card – Coinbase has issued its own Visa crypto debit card. It’s linked to your Coinbase account, so you can easily spend your crypto instantly wherever Visa is accepted.

• Coinbase One – A paid subscription product, Coinbase One gives members access to exclusive benefits such as fee-free trading, better staking rates, 24/7 priority support, and $1 million account protection.

How Does Coinbase Compare on Features?

	Coinbase	Binance	Kraken	Gemini
Simple purchases	✔️	✔️	✔️	✔️
Recurring buys	✔️	✔️	✔️	✔️
Advanced trading	✔️	✔️	✔️	✔️
Customizable charts	✔️	✔️	✔️	✔️
P2P trading	❌	✔️	❌	❌
Trading bot	❌	✔️	❌	❌
Staking/interest accounts	7+ coins	350+ coins	19+ coins	❌
Crypto loans	❌ (Feature terminated)	✔️	❌	❌
Learning rewards	✔️	✔️	❌	❌
dApp explorer	✔️	❌	❌	❌
NFT marketplace	✔️	✔️	✔️	✔️
Private wallet	✔️	❌	❌	❌
Crypto card	✔️	✔️	❌	✔️

Coinbase Fees

Coinbase has become notorious for having high fees that are difficult to understand. While there are certainly cheaper places to buy crypto assets, not all Coinbase fees are high and some are pretty competitive. You can definitely use Coinbase without breaking the bank if you choose the right options.

Trading Fees

Simple purchases on Coinbase have a totally different fee structure from advanced trading, so we’ll break down both options to give you the full picture.

Simple Purchases

This is by far the more expensive option and the less transparent. Whenever you place a simple buy order, a Coinbase fee will be deducted from the amount you receive. Coinbase doesn’t specify how the fee is calculated, just that it will depend on a variety of factors such as order size, payment method, location, and market conditions.

You will only find out how much the Coinbase fee is for your specific transaction when you view the trade preview. A rough guide to the fees you might expect to pay is given below, but actual fees may differ.

Order Size	Fee
Up to $10	$0.99
$10 to $25	$1.49
$25 to $50	$1.99
$50 to $200	$2.99
Above $200	1.49% or 3.99%

Bank transfers provide the cheaper option for larger purchases, while card and PayPal purchases can be as much as 3.99%. What’s more, the quoted price for simple purchases includes an unspecified spread.

Advanced Trade Fees

Thankfully, the advanced trading fees are a bit easier to comprehend. There is no spread with this feature as users interact directly with the order book. Advanced Trade follows a fairly standard maker/taker fee structure with tiers based on your 30-day trading volume.

Trading Volume	Taker Fee	Maker Fee
Less than $10k	0.6%	0.4%
$10k – $50k	0.4%	0.25%
$50k – $100k	0.25%	0.15%
$100k – $1M	0.2%	0.1%
$1M – $15M	0.18%	0.08%
$15M – $75M	0.16%	0.06%
$75M – $250M	0.12%	0.03%
$250M – $400M	0.08%	0%
Over $400M	0.05%	0%

These trading fees make Coinbase fairly competitive. They’re still more costly than Binance’s trading fees of 0.1% or less, but cheaper than eToro‘s 1% trading fee.

Deposits & Withdrawals

While making direct simple purchases can be quite expensive, making a deposit and purchasing through Advanced Trade works out much cheaper for most payment methods.

Payment Method	Deposit Fee	Withdrawal Fee	Processing Time
Bank account (ACH)	Free	Free	3-5 business days
Debit card	n/a	1.5%	Instant
Wire transfer	$10	$25	1-3 business days
PayPal	2.5%	Free	Instant

Other Fees

There is no fee for transferring crypto between Coinbase accounts, but if you want to transfer your crypto to an external wallet, you’ll pay a fee to cover the estimated network fee, which will depend on the coin and when you transfer.

Other fees you could encounter on Coinbase include the staking commission, which is 25% for ETH, XTZ, and ATOM, and 35% for ADA and SOL. Also, if you want to join Coinbase One, the subscription costs $29.99 per month.

How Does Coinbase Compare on Fees?

	Coinbase	Binance	Gemini
Simple card purchase	3.99% + spread	2% + spread	4.98% + spread
ACH deposit/withdrawal	Free	Free	Free
Debit card withdrawal	1.5%	1.9%	n/a
Advanced trading fee	Up to 0.6%	Up to 0.1%	Up to 0.4%
ETH staking commission	25%	Not specified	15%

Available Assets and Trading

To create a diverse portfolio, it is important that crypto exchanges offer a selection of coins and reading options. Here is an overview of the available assets that we found during our Coinbase review.

Cryptocurrencies

Coinbase’s cryptocurrency offering has steadily grown over the years and now encompasses over 250 coins. This puts Coinbase way ahead of platforms such as eToro and Gemini, but still a long way behind KuCoin.

The listing process for new tokens on Coinbase involves a rigorous evaluation based on legal, compliance, and security requirements. This aims to make Coinbase safer for investors but also means it’s slower to list new tokens than other platforms.

You’ll find most major cryptocurrencies on Coinbase, but some notable missing coins include BNB, XRP, TRX, XMR, VET, FTM, and LEO.

Types of Trading

As already mentioned, Coinbase gives you access to simple purchases/conversions and advanced trading. There are over 500 trading pairs available in Advanced Trade, with a number of digital assets available to trade against USD, EUR, GBP, USDT, BTC, and ETH.

This will suit anyone interested in trading the most popular pairs, but is a long way behind Binance and KuCoin, which each offer over 1,000 pairs. If, for example, you wanted to trade your ETH for ATOM, on Coinbase you’d need to trade ETH for something such as BTC or USDT before you can trade that for ATOM, whereas Binance and KuCoin have an ATOM/ETH trading pair.

Although Coinbase has built a derivatives exchange for businesses, you can only access spot cryptocurrency trading through the main platform. This means the instruments Coinbase offers are more limited than, say, Binance where you can trade futures and options, or eToro where you can trade traditional instruments like stocks and ETFs.

How Does Coinbase Compare on Assets?

	Coinbase	KuCoin	eToro
Cryptocurrencies	250+	700+	80+
Crypto trading pairs	500+	1,300+	80+
Crypto-crypto trading	✔️	✔️	❌
Crypto-fiat trading	✔️	Only 9 pairs	✔️
Margin	❌	✔️	In some non-US countries
Crypto futures	❌	✔️	❌
Non-crypto assets	❌	❌	Stocks & ETFs (indices, commodities & currencies in some non-US countries)

User Experience

The experience of customers was clearly at the forefront during the design of the Coinbase platform. While some other crypto exchange platforms opted for a layout reminiscent of traditional trading and brokerage platforms, Coinbase has a fairly unique design.

Ease of use

This is where Coinbase shines. It claims to be the easiest place to buy and sell crypto and that’s difficult to argue with. Other platforms may overload you with options and complicated features, but Coinbase is relatively stripped back.

While you’ll be able to access some complex tools if you open Advanced Trade, the rest of the platform has a simplified design with large, clearly-labeled buttons. And, of course, the aforementioned educational resources make the platform even more accessible.

Device compatibility

The Coinbase web interface is accessible from any device with internet, while there is also a dedicated Coinbase mobile app for Android and iOS devices. The app offers all the same features as the web interface, from simple purchases and staking to advanced trading and the dApp browser.

In addition to the Coinbase exchange, there is also the self-hosted Coinbase Wallet, which is available for Android, iOS, and as a Chrome browser extension. The fact that you can transfer the crypto from your Coinbase account to Coinbase Wallet without dealing with wallet addresses, or buy crypto with fiat directly in the wallet, makes it more accessible for beginners than similar wallets like MetaMask.

Customer Satisfaction

On the whole, customers seem to be pleased with how easy Coinbase is to use and the availability of features like Learning rewards. The most common grievance is the high fees, with some Reddit users also complaining about accounts and withdrawals being blocked.

Coinbase scores pretty poorly on Trustpilot, but this seems to be the case for most crypto exchanges. The ratings on the App Store and Google Play are much more positive.

How Does Coinbase Compare on User Experience?

	Coinbase	Binance	Gemini
Ease of use	9/10	6/10	7/10
App Store rating	4.7	4.7	4.8
Google Play rating	4.5	4.1	4.8
Trustpilot rating	1.5	2.0	1.2

Safety and Regulation

With so much money moving around the crypto market and plenty of people with less-than-honest intentions, safety is a top priority for many investors. Coinbase does fairly well in this respect as it aims to build trust with users through transparency and industry best practices.

Security Features

Coinbase offers a variety of different features for protecting user accounts from unauthorized access and fraudulent withdrawals.

• Two-factor authentication – This is standard for all Coinbase accounts. Users can opt for 2FA via SMS, the Google Authenticator app, or buy a physical security key.

• Password management – Coinbase irreversibly hashes passwords stored on its database, so not even Coinbase can decrypt them.

• Account locks – If you notice anything suspicious, you can automatically lock your account through an intuitive process.

• Proactive security notifications – Coinbase will notify you of any security changes in your account settings and give you the option to lock your account.

• Security Prompt – This is Coinbase’s proprietary 2FA method. It sends a push notification to the Coinbase mobile app, which reduces the risk of phishing attacks while maintaining convenience.

• Transaction monitoring – Coinbase evaluates crypto transactions with machine learning models. If any seem suspicious, you’ll be given the option to cancel them before they’re submitted to the blockchain.

Asset Protection

As well as protecting your account, Coinbase has measures in place to protect the assets it holds on your behalf.

• Assets held 1:1 – Coinbase never lends out your crypto or uses it for other purposes without your permission.

• Cash balance protection – Coinbase holds some US cash balances in FDIC-insured banks. However, not all cash balances are held this way.

• Cold crypto storage – Coinbase stores the vast majority of digital assets in secure and guarded offline hardware wallets.

• Crime insurance – Coinbase carries crime insurance to protect against theft and cybersecurity breaches.

• Coinbase Vault – This optional storage system protects against unauthorized withdrawals as multiple approvals are required.

Regulation

Coinbase places an onus on regulatory compliance and always seeks to stay on the right side of the law in each jurisdiction where it operates. Coinbase and its various related companies and entities are registered with the following regulators:

Reputation

Coinbase is one of the more reputable crypto exchanges as it became a public company in 2021. This means it provides greater financial transparency than many competitors as it must publish quarterly financial statements and submit to independent third-party audits.

Coinbase’s record isn’t spotless—in 2021 hackers used a phishing email campaign and exploited a flaw in the SMS 2FA system to steal funds from 6,000 Coinbase accounts. However, Coinbase fixed the vulnerability quickly and reimbursed all affected users.

How Does Coinbase Compare on Security?

	Coinbase	Binance	KuCoin
2FA	✔️	✔️	✔️
Encryption	✔️	✔️	✔️
Address whitelisting	✔️	✔️	✔️
Cold storage	For vast majority of crypto	For vast majority of crypto	For an unspecified proportion of crypto
Crime insurance	✔️	❌	✔️
Emergency fund	❌	✔️	❌
Bug bounty program	✔️	✔️	✔️
KYC required?	✔️	✔️	For some services
Regulated?	✔️	✔️	❌

Customer Support

Customer service is often the weakest area for crypto exchanges, with many traders facing long response times and no way to contact a human support team. Although Coinbase offers a decent range of support options, they aren’t available in all countries and some users have complained about issues remaining unresolved for months.

If you look for support on Coinbase, you will generally be directed to the Help Center to see if your query is answered in any of the articles there. If you need more help, you can head to the contact page where you will be directed to message the virtual assistant. If your issue still isn’t resolved, you’ll then be put through to a live agent.

At the end of 2021, Coinbase began offering localized phone support, and there is now a support phone number for customers in the US, the UK, and a couple of other countries. This puts Coinbase ahead of competitors like Binance where you can’t talk to a human, but still a long way behind traditional brokerage platforms that offer a dedicated account manager.

How Does Coinbase Compare on Customer Support?

	Coinbase	Binance	eToro
Help Center	✔️	✔️	✔️
Web chat	✔️	✔️	✔️
Support ticket	✔️	✔️	✔️
Email	✔️	✔️	✔️
Phone	✔️	❌	✔️
Account manager	❌	❌	✔️ (eToro Club members only)

Is There An Alternative To Coinbase?

If Coinbase isn’t the right exchange for you, there are plenty of other trading platforms to consider. Which to opt for really depends on what your priorities are. Here are some of the best alternatives to Coinbase.

Binance – Lower fees than Coinbase

If you find Coinbase’s fees too expensive, Binance could be a better choice. Trading fees are just 0.1% or less on Binance, and you can even trade major BTC pairs for free.

eToro – Broader trading options than Coinbase

Anyone buying crypto as part of a diversified portfolio may find eToro a preferable option as you can buy stocks and ETFs in the same place (as well as commodities, currencies, indicies, and crypto CFDs in some non-US countries). What’s more, eToro provides an innovative copy trading feature.

KuCoin – More cryptocurrencies than Coinbase

If you can’t find the coin you want on Coinbase, there’s a good chance you’ll find it on KuCoin instead. With over 700 cryptocurrencies available, KuCoin is the top altcoin exchange for buying new and obscure coins that you can’t get anywhere else.

Uphold – Better staking services than Coinbase

If staking is your top priority, Coinbase may not be the platform for you due to its limited selection of staking assets and its high staking commission. However, Uphold provides staking for more than 30 cryptocurrencies and offers much higher returns.

Final Thoughts

Overall, Coinbase is a solid choice for crypto investors, especially those with less experience who want a user-friendly platform full of accessible features and educational resources.

The biggest let-down is the fees, which are pretty high for some services and not very transparent. But if you don’t mind paying a bit more for ease of use, solid security, and unique features like Learning Rewards and Web3, then Coinbase could be the right platform for you.

FAQs

Methodology

BanklessTimes is committed to providing independent and informative content to aid our readers in making well-informed decisions about investing. Our unbiased reviews explore both the positives and negatives of platforms, as well as feedback from their customers and how they compare to other platforms.

Our review process involves analyzing the platform and assessing it on a range of criteria that are important to prospective users. These include the platform’s features, fees, tradable assets, security, and more. In addition, we evaluate how easy the platform is to use, and answer important questions like whether it is licensed, in order to provide a comprehensive review.