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    Coinbase Review 2023: Is It A Suitable Exchange For Everyone?

    Updated: Jan 23rd, 2023
    Kevin Groves
    Kevin Groves
    Coinbase Review 2023: Is It A Suitable Exchange For Everyone?

    Finding a trustworthy place to buy and sell crypto can be difficult with more than 242 centralized platforms available. One exchange that has stood out over the years is Coinbase. While it boasts an easy-to-use interface for beginners, the lack of advanced trading features may not be suitable for more experienced traders. In this Coinbase review, we’ll be taking a close look at the features, fees, and security offered by Coinbase to determine whether it is suitable for everyone.

    https://coinbase.com
    HedgewithCrypto Score
    HedgewithCrypto Score
    4.7/5Our ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    StarStarStarStarEmpty Star
    Trading Fees:0.5%
    Country:Worldwide
    Currency:USD, GBP, EUR, CAD, SGD, NZD & AUD
    Promotion:$5 BTC bonus (USA only)
    Ease of useStarStarStarStarStar
    ReputationStarStarStarStarStar
    Deposit methodsStarStarStarStarEmpty Star
    FeesStarStarStarStarEmpty Star

    This post contains affiliate links with our partners who may compensate us. Read our disclaimer for more information.

    Coinbase Review - Quick Verdict

    Coinbase is a reputable and US-regulated crypto exchange suitable for beginners. With built-in educational videos and tutorials, a simple-to-use mobile app, and an intuitive trading interface, Coinbase is ideal for those who want to get started and buy crypto quickly and safely.

    Coinbase also offers a simple NFT marketplace and a simple way to earn interest on a few coins, though both of these features are currently limited. However, Coinbase does have slightly higher fees than its competitors. As such, experienced crypto traders that want more features and lower fees would be better served with a cheaper alternative to Coinbase.

    Coinbase Pros:

    • Easy-to-Use
    • Good range of features
    • Extensive support options

    Coinbase Cons:

    • Trading fees higher than average
    • Lacks advanced trading tools

    Pros Explained

    • Easy-to-Use - As a beginner-centric exchange, Coinbase has focused its efforts on being easy to use to suit newer investors. While some leading cryptocurrency exchanges make things needlessly complex, the simplicity offered by Coinbase is likely to appeal to those with little experience in the space.
    • Good range of features - It’s common for an exchange to offer one or two features on top of the standard. On the other hand, Coinbase packs in much more. With a debit card, an NFT marketplace, an advanced trading platform, and a host of educational resources, Coinbase is great for investors looking for an all-in-one platform to start off with.
    • Extensive support options - Coinbase offers live chat, a ticketing system, and phone support, making it one of the most accessible platforms in the industry. Furthermore, having a range of support options ensures that nobody will be left waiting days for an answer.

    Cons Explained

    • Trading fees higher than average - High trading fees are the bane of many investors. While Coinbase users a tired system, the majority of users will fall into the first bracket (under $10k volume), meaning they’ll be subject to a 0.6% to 0.4% fee for trading, far higher than the average.
    • Lacks advanced trading tools - While Coinbase has unveiled its advanced trade platform, it still lacks the range of tools and customizability offered by platforms like Binance and ByBit that are integrated with TradingView. Traders looking for a crypto platform to engage with advanced trading strategies and charting tools will need to look elsewhere.
    Visit the Coinbase website

    Coinbase At A Glance

    Exchange NameCoinbase
    FeaturesAdvanced Trading Platform, Coinbase Wallet, Coinbase Earn, Coinbase Learn, Coinbase Card, NFT Marketplace
    Accepted Fiat CurrencyUSD, EUR, GBP, CAD, SGD, NZD, AUD
    Deposit MethodsDebit/Credit Cards, e-Wallet, Bank Transfer
    Supported CryptocurrenciesBTC, ETH + 241 Others
    Number of Trading Pairs548
    Trading Fees0.4%
    Customer SupportHelp Center, Live Chat, Live Phone
    Security MeasuresStrict Listing Process, 2FA, cold wallet storage, Insurance
    Mobile AppYes (android and iOS)

    Coinbase Overview

    Founded in 2012, Coinbase is one of the most popular crypto exchanges in the world, serving over 90 million customers and available in over 200 countries around the globe. Constantly in the top 5 exchanges for trading volume, Coinbase is a favorite of both retail and institutional investors alike.

    Coinbase is regulated in several jurisdictions, including the US, UK (FCA), and Europe (CBI). The exchange is a simple-to-use exchange aimed at beginners, offering a safe way to buy Bitcoin and more than 200 other altcoins. Its mobile app is highly rated with an intuitive design, making it easy for users to trade on the go.

    Review of the Top Features & Products on Coinbase

    Coinbase Advanced Trade

    Coinbase recently announced that Coinbase Pro is shutting down and is integrating the advanced pro trading features into the standard Coinbase platform. Now known as "Advanced Trade," users can access charting tools, multiple order types, and hundreds of new trading pairs.

    Coinbase advanced tradeCoinbase advanced tradeCoinbase advanced trade screenshot.

    The platform also offers live order books, watch lists and advanced candlestick charting with some basic overlays and technical indicators, but fewer than TradingView's charts. Excellent for more experienced traders, the Coinbase Advanced Trade platform enables users to dial in their trades in much more detail than the standard Coinbase platform offers. However, while the offered tools provide additional flexibility, they're still limited compared to dedicated trading platforms like Binance, Kraken and ByBit.

    Coinbase Wallet

    Coinbase has an integrated digital wallet that supports different types of digital currencies. As a "hot wallet," Coinbase wallet can be used to store, transfer, and trade cryptocurrencies. It provides access to hundreds of different decentralized apps (DApps) and can be integrated with other external wallets. This makes it simple for beginners to store their first cryptocurrency purchase without having to worry about managing their own wallets and private keys.

    The Coinbase Wallet is generally safe to use and is free to download on both iOS and Android mobile devices. It can also be installed as a web browser extension (such as Google Chrome). Overall, Coinbase's wallet is a great feature for first-time investors.

    Coinbase staking

    A major benefit of buying crypto on Coinbase is the ability to earn staking rewards by depositing crypto to earn up to 5% APY. Staking coins can be difficult for beginners to do on their own which makes this feature particularly beneficial for new investors that want to earn rewards on crypto. Coinbase supports a number of Proof-of-Stake (POS) coins such as Tezos, Algorand, Cosmos, DAI and US Coin.

    The downside with staking on Coinbase is the 25% service fee that is subtracted from the earned staking reward. This fee is to cover the expenses incurred for providing the service and is quite expensive compared to reputable cryptocurrency staking platforms.

    Coinbase Earn interest productsCoinbase Earn interest products

    Coinbase Wallet

    Coinbase offers a fully-functional digital wallet that supports a variety of cryptocurrencies. As a hot wallet, the Coinbase wallet can be used to store, transfer, and trade crypto, as well as connect to hundreds of different decentralized apps (DApps). The Coinbase Wallet supports many different blockchains, including Bitcoin, Ethereum, Solana, Polygon and Avalanche. It also supports Ethereum and Polygon NFT collections.

    The Coinbase Wallet is free to download on both iOS and Android mobile devices, and can also be used as a web browser extension (such as Google Chrome).

    Coinbase Card

    Coinbase offers a VISA-backed debit card that allows users to spend their crypto balances. A user can connect a card to their account, then Coinbase will automatically convert the crypto to fiat in the background to pay for the purchase.

    The Coinbase card also offers cash-back rewards in the form of crypto, with users able to select which crypto they wish to earn. There are no spending fees or monthly maintenance fees for the card, but there is a spread fee when converting crypto to cash when using the card.

    ATM withdrawals are free but have a $1,000 daily limit. Apps such as CashApp, Paypal, and Venmo are prohibited from use with the Coinbase Card at this time. Although compared to the best debit cards for crypto, it’s a great card for beginners but doesn’t offer many additional perks.

    Coinbase NFT marketplace

    Coinbase recently launched an NFT platform, offering 0% fees (except gas fees) and the ability to use the platform without creating an account. Instead, users can connect a popular Ethereum digital wallet such as Ledger, Metamask, or Exodus and begin buying and selling.

    The NFT marketplace is relatively small and lacks features as of now. Users can only trade Ethereum (ERC721) NFTs, and the only currency usable is ETH. Creators cannot mint NFTs yet but are allowed to list and sell NFTs. While NFTs have gotten some flack in recent months, they remain a valuable asset class many investors love.

    Coinbase Learn

    Users can earn free cryptocurrency by learning about blockchain projects offered on the platform. It is a fun and easy way for beginners to make money for free by getting involved in the space and educating themselves about trading cryptocurrency and digital assets such as NEAR, AMP, GRT, and others.

    Coinbase learnCoinbase learnCoinbase learn features.

    The way it works is that users can watch short video clips (similar to a TikTok video) that teach them how a particular cryptocurrency works. After watching the short clips, users take a quick quiz. After passing the quiz, Coinbase will deposit a few dollars of the relevant asset into the user’s Coinbase account. These funds can be traded or withdrawn to the user’s wallet.

    Incentivizing users to engage with educational resources is an excellent way to create better-informed investors. While primarily aimed at beginners, even knowledgeable users could find some helpful information on Coinbase Learn.

    Coinbase Compared and Alternatives

    ExchangeCrypto AssetsTrading FeesRatingPromotionWebsiteReview
    Binance

    Binance

    600+0% to 0.1%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.8/5
    StarStarStarStarEmpty Star
    Up to $100 welcome bonusVisit BinanceBinance Review
    Kraken

    Kraken

    1950.16% / 0.26%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.7/5
    StarStarStarStarEmpty Star
    None available at this timeVisit KrakenKraken Review
    eToro

    eToro

    70+1%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.6/5
    StarStarStarStarEmpty Star
    None available at this timeVisit eToro

    eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Archived, "Virtual currencies are highly volatile. Your capital is at risk."

    eToro Review

    If Coinbase doesn't stack up for you, the team at HedgewithCrypto has compiled a list of Coinbase alternatives in these exchange comparisons.

    Creating & Verifying A Coinbase Account

    As a beginner-focused exchange, the Coinbase sign-up process is straightforward. While users are only initially required to enter a first/last name, email, and password when registering, verification is a requirement to gain access to the Coinbase platform.

    Users are required to enter personal details like date of birth, address, and phone number. Then, to verify the Coinbase account, the user must provide a photo ID (passport, driving license). How long it takes for Coinbase verification varies, it’s typically completed within a few minutes.

    Supported Fiat and Deposit Methods

    Cryptocurrency traders can deposit to Coinbase using a variety of fiat currencies, including USD, GBP, EUR, CAD, SGD, NZD & AUD. The conversion fee is based on percentage points (or pips). There is no fee to send USD to fund a real money trading account.

    Coinbase supports several payment options for its customers located worldwide. The most popular method for buying cryptocurrency is using a debit card or bank transfer (SEPA, Faster Payments, etc.). However, Coinbase also lets users deposit funds with debit/credit cards and PayPal.

    For large investments, using a bank or wire transfer is the best way to buy cryptocurrencies which can take between 1 to 3 days to process depending on the bank. Users that are looking to make a smaller and instant purchase and prefer convenience can use a bank card.

    Supported Crypto & Trading Pairs

    Coinbase offers support for 243 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and other popular DeFi tokens like Yearn Finance. In addition, the exchange regularly adds new crypto assets to its trading platform, which are announced via the social media channels of the Coinbase blog.

    Of the assets available to trade on Coinbase, most have a couple of trading pairs denominated primarily in USD, EUR, and GBP. In total, there are 548 trading pairs available to users. However, the majority are only accessible using the ‘Advanced Trade’ platform. Users should be aware that the order book trading volume can vary across each country which can result in higher spread charges for low liquidity trading pairs.

    Coinbase Fees

    Trading Fees

    Coinbase and Coinbase Pro previously had different fee structures, with the Pro platform being far cheaper. However, the trading platform has since simplified things, with all users charged according to the same maker/taker structure. The fees charged by Coinbase start from 0.6% and 0.4% respectively and vary based on the 30-day trading volume.

    30-Day VolumeTrading Fee (Maker / Taker)
    $0 - 10K0.60% / 0.40%
    $10K - $50K0.40% / 0.25%
    $50K - $100K0.25% / 0.15%
    $100K - $1M0.20% / 0.10%
    $1M - $15M0.18% / 0.08%
    $15M - $75M0.16% / 0.06%

    Deposit and Withdrawal Fees

    Having reasonable deposit/withdrawal fees is crucial to the success of an exchange. Coinbase understands this well and charges minimal fees for these services. For the most part, the costs associated with depositing and withdrawing with Coinbase are better than the average.

    Using a bank account (ACH transfer) for US investors does not incur a deposit charge. Similarly, it is free to deposit money into Coinbase via SEPA or Faster Payments for residents living in the United Kingdom. International customers can use a wire transfer USD which will incur a small deposit fee of $10. However, there is a $25 fee for withdrawing via wire transfer which is slightly on the high side. There is a small cost of between $0.55 and $25 for US users.

    Related: Withdrawing money from a Coinbase wallet

    When it comes to withdrawing crypto, the fee is determined by the blockchain network load at the time of the withdrawal. For example, the typical cost to withdraw Bitcoin from Coinbase to Metamask is 0.0005BTC.

    MethodDeposit FeeWithdrawal Fee
    ACHFreeFree
    Wire (USD)$10$25
    SEPA (EUR)€0.15€0.15
    Swift (GBP)Free£1
    CryptoNetwork FeesNetwork Fees

    Coinbase Fees - Compared

    While the fees for getting money on and off Coinbase are reasonable, the exchange’s trading fees let it down. A 0.1% trading fee is typical in the industry, with anything above 0.5% considered high. Below, we’ve compared Coinbase with a few other popular exchanges like Binance to make this cost difference more apparent. For a comparison of the fees on Coinbase vs Binance, read this article.

    Exchange NameTrading Fee
    Coinbase0.6% Taker, 0.4% Maker
    Binance0.1%
    Crypto.com0.0750%
    KuCoin0.1%

    Coinbase Ease of Use

    When it comes to the user experience, Coinbase is well-designed for beginners and, as such, boasts an intuitive interface that is easy to navigate without complicated options. The dashboard is elegant and features a navigation bar on the left that provides quick links to the exchange's main features. In addition, Coinbase's users can customize the home page to show their favorite coins on a watchlist to monitor the prices quickly (not offered on Binance for example).

    Coinbase account homepageCoinbase account homepageCoinbase account homepage screenshot.

    Users can click on the asset to view a larger chart with crucial information like an asset's overall market cap, recent trading volume, and the circulating supply. Another great feature we found is the buyer sentiment graph which shows the trading activity of other users on the exchange. This is similar to viewing the crypto fear and greed index to visualize investors' sentiment within the market.

    Coinbase buying Bitcoin screenCoinbase buying Bitcoin screenCoinbase buying Bitcoin screen.

    Importantly, buying and selling crypto with Coinbase is simple. Users can enter the amount of fiat currency to spend, review the order, and place a buy/sell order with the connected bank account, debit card, or other payment type linked to the Coinbase account. Combined, the straightforward purchasing options make Coinbase an excellent platform for beginners looking for a user-friendly platform to buy crypto.

    Ready to invest in crypto? Beginners guide on how to buy crypto.

    Coinbase Mobile App

    Coinbase offers one of the best crypto apps for Android and iOS devices. Like the website app, the Coinbase mobile app offers streamlined functionality, enabling everyday investors to buy and sell crypto easily. Based on 179,000 customer reviews and over 10 Million downloads at the time of writing, the Coinbase IOS app has an excellent rating of 4.6/5.0, which indicates its high reliability and reputation.

    Coinbase mobile app screenshotsCoinbase mobile app screenshotsCoinbase mobile app screenshots.

    To ensure that our Coinbase review is as accurate as possible, we installed and trialed the Coinbase app. After playing around, we found the app simple, elegant, and very responsive, which is ideal for beginners.

    Initially, users are met with a screen containing quick links to services like buying/selling, the Coinbase card, and the earning platform. Next, investors can find the price of assets just below the quick links. Finally, the trade screen features only the essentials, allowing users to view a basic chart and some information related to the asset.

    Coinbase app screenshotsCoinbase app screenshots

    Customer Support

    Coinbase has worked to improve its customer support over the past few months. For those that may require support, there is phone support, 24/7 live chat, and a ticketing system. In short, there is a good variety of support methods for beginners. We found the support team to be generally responsive and work to get issues resolved as soon as possible. However, some other users have reported lackluster responses from support, indicating that there is still room for improvement.

    Coinbase support methodsCoinbase support methodsCoinbase support methods.

    Coinbase Security: Safe To Use?

    Coinbase is one of the safest places to buy and store digital assets using their online wallet. The exchange features 'bank-like' security measures to ensure customer funds and personal information are kept safe at all times. Two-factor authentication (2FA) is a requirement when setting up a Coinbase account. Furthermore, Coinbase offers resources detailing the best practices for users looking to secure their accounts.

    Based on our research, while the platform itself hasn’t been compromised, Coinbase did previously reveal that over 6,000 customer accounts had been compromised by hackers. Thankfully, Coinbase carries theft insurance meaning that US investors should always be made whole when losing money through no fault of their own.

    Final Verdict and Score

    Coinbase is a reputable exchange in the US that enables users to buy and sell crypto without any fuss. The streamlined app also makes it an excellent choice to manage a cryptocurrency portfolio effortlessly. With a great selection of 241 coins to invest in and multiple payment methods, we could not fault Coinbase for beginners. However, serious crypto traders may find the platform lacking and prefer more advanced trading platforms.

    While writing our Coinbase review, we carefully analyzed the most important aspects of the platform, awarding each with a score. Below, we’ve summarized our review findings.

    Review CriteriaHWC Score
    Features4.8 / 5
    Supported Fiat and Deposit Methods4.5 / 5
    Supported Crypto & Trading Pairs4.2 / 5
    Fees4.2 / 5
    Ease of Use5 / 5
    Customer support4.5 / 5
    Security Measures5 / 5
    Mobile App4.8 / 5

    Frequently Asked Questions

    Coinbase is one of the biggest exchanges for crypto and is widely considered a suitable choice for beginners. It features a wide range of features and services to onboard new crypto investors and traders. While the fees are slightly higher, it is highly accessible and easy to use which is part of its appeal to newer users.

    Coinbase doesn’t charge any fees for the use of its wallet. However, traders should consider the network fees miners charge for processing transactions. While these charges are usually negligible, there are instances when network fees increase, especially during periods of network congestion.

    Coinbase fees range between 0.6% to 0.05% based on 30-day trading volume. The transaction costs are a little higher than other platforms to buy Bitcoin, but for simplicity-focused users, they could be worthwhile.

    Coinbase is a supported cryptocurrency exchange in Australia. Residents of the country can create an account with Coinbase and buy crypto in AUD using a debit card. Unfortunately, there is currently no option to withdraw funds back to AUD using Coinbase, which is a significant disadvantage that should be considered.

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    Kevin GrovesKevin GrovesKevin Groves

    Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. He started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.

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