Coinbase Review 2024: Pros, Cons and How It Compares

If you are a frequent buyer and seller of crypto and are interested in trading, you can easily transfer to Coinbase’s sister platform GDAX (or Coinbase Pro). When you transact with the card, the equivalent value of Bitcoin will be debited from your online wallet. Unfortunately, the card isn’t yet available in all the states Coinbase operates in or any other country outside of the U.S. Coinbase can be used in many countries to do transactions like sending, receiving or storing funds.

Who is Coinbase Wallet Best For?

Coinbase has a lot of ways you can pay for crypto, and they can carry different fees that are at times hard to understand. While Coinbase discloses fees to users before completing a transaction, they are difficult to look up ahead of time. This can make life difficult for people who are choosing an exchange for the first time and who are sensitive to fees. For example, let’s suppose that you deposited £500 into Coinbase with your debit card and used the cash to buy Bitcoin.

A Hot Wallet is Not *the* Safest Option

Besides, it’s completely free to use, and Coinbase Wallet fees for buying crypto are pretty decent, too. Coinbase is one of the top cryptocurrency exchanges that allows you to buy and sell a range of digital currencies. This includes popular cryptocurrencies such as Bitcoin and Ethereum, as well as ERC-20 tokens like USDC. Launched in 2012, the U.S. based exchange claims to have more than 89 million users.

Coinbase is best for:

If you decide to use a debit card, you can buy your chosen cryptocurrency instantly. For example, if you want to buy £200 worth of Bitcoin, as soon as your debit card is processed the digital currency will be added to your portfolio straight away. In fact, in 2018, Coinbase was actually the first cryptocurrency exchange to obtain a UK bank account. This is no easy feat in the UK, as cryptocurrency-related companies often find it difficult to access financial services.

How to Set Up the Coinbase Wallet?

At Coinbase, 98% of its cryptocurrency holdings are kept in cold storage. The balance is held in online wallets to facilitate withdrawal requests and exchange liquidity. In the early days of Coinbase, the platform notoriously Coinbase Review supported just four coins – Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. If you’re based in the UK and looking to buy cryptocurrencies like Bitcoin, Ethereum, and Ripple – you might be thinking about using Coinbase.

• For beginners, there are simple tools for buying and selling; for more advanced crypto investors, there are options for comparing, tracking and trading digital assets.
• This means that you will get a price that is 2% higher than the market rate.
• In the early days of Coinbase, the platform notoriously supported just four coins – Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
• That’s simply because most beginner traders and investors tend to stick to some of the more well-known coins, such as Bitcoin or Ethereum.
• Now that I’ve discussed all the pros and cons, I want to turn my Coinbase Wallet review to the more-practical side and talk about setting up the wallet.
• This has happened many times in the past at several well-known cryptocurrency exchanges, albeit, not at Coinbase to date.

Does Coinbase have a wallet?

A Quick Brief of Coinbase

Coinbase customer service

• Overall though, the basic funtions and options are often more than enough for majority of users.
• Its easy-to-learn interface will help you to learn the ropes of using online exchanges.
• In most cases, you won’t do wrong by using this particular cryptocurrency exchange platform.
• Take note, this only covers lost funds in the event that Coinbase itself was compromised, and not your individual account.
• As you can probably see, security is yet another positive aspect of this Coinbase review.