Coinbase is America’s largest cryptocurrency exchange. With its headquarters in San Francisco, Coinbase now has nearly 70 million users from over 100 countries globally. The exchange recently attained a landmark achievement with it going public in the US equities market. It is also known for its high liquidity, an attribute that is critical to smooth functioning of the crypto space.
If you wish to use Coinbase as an exchange or you are comparing it with other crypto exchanges to decide which to use, this review is for you. We will highlight the key features and attributes of the exchange with its strengths and weaknesses. Read on to find out everything about Coinbase that you need to know as a crypto investor or trader.
Coinbase is one of the top crypto exchanges globally. Like any organization, it has advantages and disadvantages which are as follows.
Coinbase charges fees for trading and other activities on its exchange. The fees are not straightforward and depend on various factors such as the trade volume, country where the user is and the deposit/withdrawal method used. The following is the breakdown of fees for U.S residents which may be higher for non-U.S users.
Coinbase also charges spreads on each transaction. This charge varies depending on the trade volume. The maximum charge for a spread is 0.5% for trades under $10,000. This reduces as the volume increases. There are also flat transaction charges depending on the trade volume in USD, EUR or GBP as shown below.
Coinbase Pro, the more advanced version of Coinbase, has a much simpler fee structure and the fees are lower. Therefore to cut the high fees on Coinbase, you can use Coinbase Proif you have enough experience to use its advanced features. The fees are directly related to volume as shown below.
Coinbase is known for listing any cryptocurrency as long as the asset meets its listing conditions. Because of this, it has a long list of cryptocurrencies, currently over 100. This includes top coins such as BTC and ETH as well as tokens and stablecoins. Coinbase has one of the greatest collections of altcoins, making it ideal for altcoin traders. Below is the full list of cryptocurrencies listed on Coinbase.
How secure is Coinbase? This is a question anyone intending to use the exchange would like to ask. Coinbase is one of the only fully regulated crypto exchanges in the USA. It also insures the funds of its customers. Employees are also taken through a thorough screening process during their hiring process to ensure they will not try to steal users funds. Users have lost some funds though due to hacks in the past, so users are encouraged to use strong passwords and 2-Factor Authentication to secure their accounts.
Coinbase is a reliable platform for buying and trading cryptocurrencies. Despite the high fees, some crypto users prefer it because of the simple user interface and the interesting collection of cryptocurrencies it has. If you don’t mind the fees and the occasional downtimes during periods of high activity then you will find it a good exchange for your crypto trading needs, even if you are a beginner.
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