Upfront summary: Is Coinbase worth it?
Coinbase is a third-party platform for cryptocurrency. The company solely focuses on cryptocurrency and has made headlines recently with their move to be publicly traded. The platform for trading is relatively safe for investors and being publicly traded requires regulatory adherence.
Coinbase focuses on bridging the gap of understanding in the cryptocurrency market for both individual investors and institutions. Investment platforms are known to be highly competitive and include high fees or hidden fees. Coinbase is transparent on the fee structure but is considered on the high side.
Coinbase company info
| Official Website | Coinbase.com |
| Founded | June 2012 |
| Founders | Brian Armstrong, Fred Ehrsam |
| Number of Employees | 1,200+ |
| Revenue | US $1.14 billion |
| Headquarters | Remote-first, no headquarters |
| Customers Service Contact | 1 (888) 908-7930 |
| Stock Market Traded | Nasdaq: COIN |
What is Coinbase?
Coinbase is a cryptocurrency exchange platform based in the United States operating remote-first without a headquarters. The company recently went active on the Nasdaq stock exchange as ticker: COIN. The company uses its website and app to link cryptocurrency investors with the crypto market.
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How does Coinbase work?
Coinbase allows users to buy/trade/store a variety of cryptocurrencies. Buying and selling is similar to any financial transaction made within the stock markets. The crypto market does not close at any specific time so purchasing can happen all hours of the day and night. Big cryptocurrency names such as: Bitcoin, Litecoin and Etherum are on the Coinbase platform.
Is Coinbase safe and legit or a scam?
The Bitcoin wallet scandals of 2018 created concern within the cryptocurrency market. The market does not carry significant regulations as compared to the stock market; however, Coinbase becoming a publicly-traded company requires significant regulations and U.S. Law following. The website and app require the user to accept their privacy policy which gives the option to share your data information for ads. Coinbase follows the rules and regulations based on the country or address used by the user upon acceptance of the terms and conditions. Cryptocurrency, as with any asset investment, values may fluctuate depending on the market. This is an important disclaimer that Coinbase posts to all users of their service.
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Is the site generally safe?
The Coinbase website for navigation uses SSL encryption or commonly known as HTTPS. When a user makes a purchase or adds to their wallet it is using an AES-256 encryption and then stored offline. All users are required to make a 2 step verification for their account and this ensures sensitive data is safe. Overall, the website only carries the typical web browser cookies.
Is Coinbase trustworthy and reliable?
Coinbase has a variety of mixed reviews. The usage of the website and app are the highest reviews due to the platform being simple for users. The low reviews are due to scams that have taken place with users being hacked online or through SIM swaps when they lose their phones. Coinbase works to resolve these issues; however, complaints of not being made whole after major losses are abundant. Coinbase consistently rates higher than 4 out of 5 by users.
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Who should choose coinbase?
Coinbase is built for the beginning crypto investor. Minimal varieties of altcoins are available for purchase and the platform is built for simple buy and trade capabilities. Coinbase has invested into a learning platform on both its app and website. The learning site allows novice users to learn more about the crypto market while receiving actual crypto in return.
Coinbase app review
The app is simple and highly rated. Users of the app will enjoy free Bitcoin with friend referrals and minimum account purchases. Also, the app combines the learning platform of crypto in a simple and repeatable way for all users.
Is Coinbase insured and regulated?
Cryptocurrency is not formally recognized as a legal tender. Due to this, financial backing by SIPC and FDIC is not available. Coinbase is regulated and insured as a publicly traded company. Coinbase backs its investments in liquid funds to ensure consistent available cash flow.
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Coinbase Fees and Costs
The fees for Coinbase vary based on the geographic location of the user and the type of product used. A regular Coinbase account has significantly higher fees as compared to Coinbase Pro. The below table shows the fees based on the regular Coinbase account in the United States:
| Types of Payment | Coinbase Fee |
| Bank Account | 1.49% |
| Coinbase USD Wallet | 1.49% |
| Debit/Credit Card | 3.99% |
| ACH Transfer | 0% |
| Wire Transfer | $10-25 |
| Crypto Conversion | 2.00% |
Does Coinbase have good customer service?
Coinbase customer service is not highly rated. Customers have complained about long wait times and not receiving proper resolution to their issues. The use of email exclusively to contact customer service has caused significant backlogs to an already failed system. The service has stated it would be exploring new avenues for customer service.
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Supported Countries
Over 100 countries are supported below highlight a few of the bigger countries:
- United States
- Canada
- India
- Mexico
- France
- Denmark
- Germany
- Italy
- Spain
- Republic of Korea (South Korea)
Unsupported countries include:
- North Korea
- China
Pros and Cons
Pros
- Great learning platform,
- User friendly website and app for purchases.
Cons
- High fees
- Bad customer service response time
Coinbase Careers
Coinbase has a variety of positions open for applicants. Substantial growth is expected as a result of moving to a publicly traded company realm. Reviews show an engaged workforce with appreciation of the benefits package. Many of the workers work from home due to the remote first aspect of the company.
Best Coinbase Alternatives
- Voyager
- Binance
- Gemini
- Robinhood
- Liquid
- Kraken
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FAQs
What Cryptocurrency are available for purchase on Coinbase?
https://www.coinbase.com/browse
Which stock exchange and ticker is Coinbase under?
Stock Exchange: Nasdaq Ticker: COIN
Where is the Coinbase headquarters?
No headquarters, operate remote first
How do I contact customer service?
24/7 support via 1 (888) 908-7930 or submit an email via their contact on the website
What is required to sign up?
Identification, 2-step verification and account setup are required. Bank account setup is required for purchases.