Coinbase
Coinbase Platform Review

Our Score:

Coins SupportedFeesUnique Selling Points
Coins you can buy: Limited*

Bitcoin, Litecoin, Ethereum, Bitcoin Cash

* As of December 2016 Ethereum Classic is no longer supported

Deposit: No
Withdrawal: Yes*
Trading: Spreads + Fees*

* Anywhere from 1.49% to 3.99% based on your location, coin and payment/withdrawal method.

Secure & Trustworthy – Largest Bitcoin exchange in the world by volume. Started in 2011 so far without major issues. Bitcoin deposits are insured.
eWallet – Provides eWallet. Transfers between Coinbase users are instant & free.
Important InfomationType of PlatformSecurity
Deposits: Fiat money & Crypto Currrency
Payment Methods: Many
Platform: Web, iOS, Andriod
Wallet: Yes
Exchange
2-Factor Authentication among others.

Coinbase Trading Platform Review

Coinbase was launched in July 2011 as digital currency exchange where users could trade fiat currencies with Bitcoins. Coinbase offers a wallet service where you can store your crypto currency. This combination of wallet and exchange digital currency exchange service made it a one-stop trading platform for early Bitcoin adopters. Due to these factors and its early entry to market its become world’s most popular digital currency exchange.

Unique Features

There are so many features and selling points we had to bullet point them..

  • Transfers between Coinbase users are instant.
  • Developers have access to a well created API to integrate in apps.
  • Intuitive user interface for easy navigation and assimilation.
  • Various options for withdrawal and fiat deposits.
  • Bitcoin deposits are insured.
  • Verified credit card holders can get an instant purchase of $1000 bitcoin worth weekly.
  • User’s Coinbase balance can be linked to Shift Payments’ debit card.
  • Coinbase offers iOS, Andriod and web platforms.
  • Offers the Global Digital Asset Exchange (GDAX) for professional and institutional investors.

Cryptocurrency Trades On Coinbase

Coinbase has limited number of currencies on its platform. At the moment it supports Bitcoin, Litecoin, Ethereum, Bitcoin Cash. As of December 2016 Ethereum Classic stopped being supported.

The power of the platform, or rather the Coinbase users’ buying power is so great, that when there are rumours of a new crypto currency being added to the platform the value of the currency sky rockets. As it happened with XRP at the beginning of 2018.

Commissions

Coinbase has complicated and confusing commission structures which is probably puts off users from the platform. Don’t get me wrong everything is transparent before you buy/sell or withdraw but the prices change per location, country and even which coin you are buying/selling. Dont believe me? Have a look at their own fees explanation.

Pros

  • Availability of wallet
  • Liquidity is high
  • Bitcoin deposits can be insured.
  • Intuitive and Easy to use platform on iOS, Andriod and Web
  • Buying Bitcoins with a credit card is very easy.
  • Multi-factor security
  • There is the availability of instant buy.

Cons

  • Accounts are monitored and there is no privacy (anonymous transactions)
  • Initial purchase can take between 3 to 5 days.
  • Prepaid credit cards are not allowed.
  • Only 30+ countries supported
  • Major currencies supported but not all. Currencies supported - AUD, USD, EUR, CAD, SGD and GBP.
  • High withdrawal fees for small-time traders

In summary: An easy to use and robust platform which is trusted by millions. If security and insurance for your coins/wallet is important for you then this is the platform for you. If trading in new or lesser known altcoins is your aim then you need to look somewhere else.