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Coinbase Review: 2021 cryptocurrency exchange evaluation

Summary
Coinbase is secure and supports trades of over 50 common cryptocurrencies and over 3500 digital assets. However, it doesn’t support many foreign fiats and offers fewer analytic tools compared to rivals. In addition, the transaction fees are high compared to most competitors. Therefore, I would suggest that you avoid using Coinbase.
Good
  • Relatively easy to follow
  • Ample tutorials
  • Coinbase credit card
  • High security
Bad
  • High transaction fees
  • Complicated transaction fee calculations
  • Not supporting many fiats
  • High cash-in and cash-out rates
5
Average
fiats and coins supported - 5
transaction fees (the lower, the better) - 2
features - 7
user-friendliness - 6

Cryptocurrency markets have boomed in the last couple of years, and people are considering virtual currencies as a reliable investment method. Therefore, many cryptocurrency exchange applications are emerging with or without their coins and tokens. In the Coinbase Review, we discuss the features of one of the most popular digital currency exchange web applications as of 2021. If you are new to cryptocurrency trades, I’d also suggest you read about Bitcoin and other articles on blockchain and cryptocurrencies on Cyberg.

Coinbase Review: logo

About the Coinbase Review

In this review, we discuss the features of the Coinbase web application extensively to provide you with the necessary information so you can choose the best crypto exchange for your investments and trades. Therefore, the Coinbase Review contains sections that describe: the fiat money accepted by Coinbase, The crypto coins you can buy and sell on Coinbase, the features included in the exchange application, a comparison between Coinbase and other competitors, and finally, an overview of the application with a Cyberg rating. But first, let’s mention a few facts about Coinbase.

What is Coinbase?

Coinbase is a secure platform for trading or storing different cryptocurrencies. The company was based in the United States and has been active since 2012. As of 2021, it is the largest American crypto exchange platform with over $195 billion in total annual revenue. Coinbase has offices in 8 different countries, including Canada, the UK, India, Ireland, Japan, the Philippines, Singapore, and the US offices. Some people enjoy the fact that Coinbase follows the US regulations, which have its fair share of advantages and disadvantages. Coinbase also provides a stable coin called USD Coin (USDC) that has a constant value of $1 and can be used for further transactions and exchanging other currencies. In April 2021, Coinbase went public on NASDAQ so that stock traders can trade Coinbase shares.

Coinbase Review: the fiat currencies supported on Coinbase

Although Coinbase has offices in eight different countries, you can use the exchange platform in over 100 countries across the globe. However, there are three foreign currencies you can use to buy crypto coins on Coinbase. These currencies include USD, EUR, and GBP. So if you are a resident of another country, you might have to pay exchange fees to convert your fiat to USD.

What coins can I trade on Coinbase? Coinbase Review

One of the essential features of reliable currency exchange is the range of coins it supports. Some people, especially freelancers, are inclined toward virtual currency contracts to omit VAT and other taxes. Therefore, clients would prefer a one-stop shop for their crypto exchange application, for it is easier to manage and keep track of your assets using a single application. Coinbase allows the trade of over 5400 different assets.

Coinbase Review: screenshot

Here is a list of the top 10 coins supported by the Coinbase platform in 2021:

  • BTC
  • ETH2
  • ETH
  • ADA
  • BNB
  • Tether
  • XRP
  • SOL
  • DOGE
  • DOT

Coinbase Review: top features

Besides providing basic trades options and supporting other fiats, an appropriate crypto exchange solution must have several features to be helpful. In this part of the Coinbase Review, we name and assess those features: Coinbase wallet, Coinbase Credit Card, Market overview options, tutorials, and blogs.

Coinbase Wallet

Like many cryptocurrency exchange apps, Coinbase also provides a wallet for keeping your crypto assets secure. You can store all your NFTs and crypto in your Coinbase wallet, trade over 500 DEXs, and earn interest. In addition, you don’t have to use a Coinbase account to create a wallet. The wallet is supported on IOS, Android, and PC. Overall, the wallet is a viable solution for traders and small businesses.

Coinbase Credit card

A credit card is an option that the best crypto companies are shifting towards these days. As people are more interested in buying and trading crypto cash, stores and businesses are willing to offer crypto payments for products and services. This trend paves the way for using crypto credit cards and debit cards such as Coinbase cards.

Using the credit card, you can choose a wallet, and a crypto type that you would like to spend and Coinbase will do the math in terms of exchange and subtracting the transaction fees automatically. You can also keep track of your spending on the application when using the card.

Coinbase and Coinbase pro are two types of cards you can have. The transaction fee for a Coinbase card varies from 0.5% to 4% depending on the currency you spend; however, the costs are significantly lower on Coinbase pro. The fee ranges from zero to 0.5% per transaction, depending on the currency you use for payments.

Coin exchange overview

Trading is a vital part of crypto investments. Users would like a clear and straightforward UI to perform trades.

Coinbase Review: screenshot

You can go to the prices tab to trade the coins you desire. In the price tool, there are two main parts on your screen. First, there is an overview of the market that depicts the overall indices, the top gainer, new listing, Q&A, highest volume of trade, the most visited coin, and how to earn free crypto.

Below the excerpt, there is a table where you can view different assets, their current price, and other analytic info such as market cap, supply, and so on. There are four different settings to sort the table. You can view all assets, those available for trade on Coinbase, Gainers, and Losers.

The view is basic and easy to follow; however, if you’re an expert who would like to perform technical analysis, the Coinbase price tool won’t cut the mustard.

Tutorials and educational resources, Coinbase Review

Nowadays, people are starting to recognize crypto markets as a secure and lucrative way of investment. This phenomenon has led to a rise in tutorial and course demands regarding blockchain, decentralized exchange, and cryptocurrency. Therefore, in this section of the Coinbase Review, we evaluate both the in-house and external material on how to trade using the web application.

Coinbase tutorials

You can learn about crypto basics, tips and tutorials and market updates in the learn menu on the Coinbase website.

The articles include a broad scope of material and levels of engagement. It caters to people who want to become familiar with basic concepts. Additionally, it provides detailed information on the latest market trends for crypto experts.

Where else can I learn about Coinbase and Crypto? Coinbase Review

In addition to the in-house information on the Coinbase website, you can view tutorial videos and articles all over the web. For instance, Coinbase has an official YouTube channel with plenty of valuable tips and tricks.

https://www.youtube.com/c/coinbase

In addition, many websites provide articles and courses on the topic. Moreover, Cryptocurrency has become a part of academic discourse. Therefore, scientific and economic journals publish articles about blockchain technologies and digital tokens.

How much are the transaction fees? Coinbase Review

People can trade and deal with crypto on their terms. However, exchange applications such as Coinbase provide a secure ecosystem for traders of all sorts of coins to exchange their assets, deposit or withdraw crypto coins. In return, they will cost you a transaction fee that depends on the type of currency you want to exchange, the volume, and also your kind of Coinbase account.

There are two types of Coinbase account, the standard version and the Coinbase pro account. In the Coinbase Review, we compare the transaction fees and the differences of these accounts to show you whether it is worth opting for Coinbase pro.

Coinbase vs. Coinbase Pro

While Coinbase is the basic service, we’ve already discussed it. You can leverage a more professional programmable exchange application called Coinbase Pro from the same company. Coinbase Pro supports more crypto coins, types of transactions, unlimited amounts of trades, and you can manage your crypto trades using third-party APIs. This is interesting for day-traders and crypto professionals who use special analytical and trading tools. The drawback of using Coinbase Pro is the level of complexity. However, the Coinbase Pro transaction fees are cheaper than Coinbase.

transaction fees in Coinbase Pro

Pricing TierTaker FeeMaker Fee
$0 – 10K0.50%0.50%
$10K – 50K0.35%0.35%
$50K – 100K0.25%0.15%
$100K – 1M0.20%0.10%
$1M – 10M0.18%0.08%
$10M – 20M0.18%0.08%
$20M – 50M0.15%0.05%
$50M – 100M0.15%0.05%
$100M – 300M0.10%0.02%
$300M – 500M0.08%0.00%
$500M – 750M0.06%0.00%
$750M – 1B0.05%0.00%
$1B – 2B0.04%0.00%
$2B +0.04%0.00%

Coinbase transaction fees

For transactions under $200, Coinbase will charge you according to the following table. Once you surpass $200, the transaction fee will be calculated as 1.49% of the transaction value.

Buy/SellFee
x < $10.99$0.99
$10 < x < $25$1.49
$25 < x < $50$1.99
$50 < x < $200$2.99

Deposit and withdrawal fees, Coinbase Review

No matter how much you want to cash in or out, the price is the same. You have to pay $10 to add money into your account and $25 if you want to cash out. However, any type of ACH transfer is free of charge in Coinbase

Pricing evaluation, Coinbase Review

Calculating the transaction fees in Coinbase is not easy. You might want to avoid doing small exchanges due to higher transaction fees for those actions. Coinbase Pro, on the other hand, offers better pricing. Still, it is more expensive than other international exchange applications discussed in the next part of the Coinbase Review.

What are Coinbase alternatives

As I mentioned earlier, different companies that produce coins and tokens also want to develop platforms for the crypto trade. As a result, today, there are over 300 certified crypto exchange platforms. In this section of our exclusive Coinbase Review, we discuss six potent rivals regarding altcoin exchange.

Binance:

Binance is the most prominent exchange application throughout all available cryptocurrency exchange platforms. It supports most coins and holds the most famous trade volume regarding each coin. Binance offers many professional tools and has not submitted to all US regulations, which leads to Coinbase charging more on deposits and withdrawals. Make sure you read our Binance Review to discover more.

FTX:

FTX is yet another web application that allows perpetual contracts and coin exchange. The web application tries to avoid national regulations, just unlike Coinbase. Therefore, FTX has a separate domain that complies with US crypto regulations. Unlike Coinbase, FTX doesn’t take transaction fees. Instead, it charges 0.03% daily for management services and also 0.1% on leveraged tokens.

KuCoin:

KuCoin is a virtual currency exchange application. KYC is the coin you can use in this exchange platform if you want virtually no transaction fees. It offers less variety of altcoins than Coinbase; however, it is reliable, provides strong user support, and has an acceptable interface.

Kraken:

This bank and exchange agency also provides support for different virtual currencies. The transaction fees are much cheaper than Coinbase; however, users find Coinbase easier to use and more user-friendly. Kraken, on the other hand, has the upper hand in terms of features.

Huobi Global:

Huobi Global is a Chinese company that allows cryptocurrency exchange. The app is a fierce rival to Coinbase in terms of transaction fees and supported altcoins. Unlike Coinbase, it doesn’t support credit cards; however, it has a lower withdrawal fee. Users in the US prefer Coinbase, whereas others prefer Huobi based on their application ratings.

Bitfinex:

Bitfinex is based in Hong Kong and offers cryptocurrency exchange to over a hundred nations. Thus, they are almost the same in terms of international coverage. However, Bitfinex supports more altcoins and NFTs compared to Coinbase. It also has much fewer transaction fees. Plus, users prefer it over Coinbase outside of the States.

How does Coinbase compare to top rivals? Coinbase Review

Coinbase is easy to use and supported by US federal law. This makes it a secure application that costs higher than others. However, it is not professional traders’ favorite exchange application because of its high transaction fees even when using the cheaper Coinbase Pro version of the app. The transaction fee is perhaps an essential feature of an eCommerce and currency exchange web application. Therefore, as statistics show, Coinbase is not doing great compared to other Crypto applications.

Coinbase Review Recap

Finally, let’s put the Coinbase Review in a nutshell. Coinbase has its fair share of advantages and setbacks. I want to highlight them below before we give it a final verdict:

What are the positive points of the Coinbase Review?

Relatively easy to follow

Ample tutorials

Coinbase credit card

High security

What are the negative aspects of using Coinbase?

High transaction fees

Complicated transaction fee calculations

Not supporting many fiats

High cash-in and cash-out rates

Final verdict on Coinbase

Coinbase is secure and supports trades of over 50 common cryptocurrencies and over 3500 digital assets. However, it doesn’t support many foreign fiats and offers fewer analytic tools compared to rivals. In addition, the transaction fees are high compared to most competitors. Therefore, I would suggest that you avoid using Coinbase.

Let us know what you think of the application and share your Coinbase experience with others in the comments below.

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