Coinbase Exchange Review (2020)

July 3, 2021

Coinbase Review

A Full Review of the Coinbase Exchange

The Coinbase exchange was founded in 2012. It is located in San Francisco. The crypto exchange operates as a custodial crypto wallet with a crypto trading platform integrated into it. Coinbase is one of the most popular trading platforms in the crypto world.

The platform grew in popularity during the 2017 crypto bull run when the price of Bitcoin shot to $20,000 per BTC. Due to its ease of use and the friendly UI, many people have thronged to the exchange to trade in BTC and other cryptocurrencies. Coinbase is available in many countries including the United States, Australia, Singapore, United Kingdom, New Zealand, Canada and many more.

Singing Up for Coinbase

While you can access the Coinbase exchange via a mobile app, the best way to sign up is via the desktop version of the exchange; parts of the signup process can only be completed via PC. To begin the registration process, visit the exchange’s website. Click on the “Get Started” button. Type in your email and secure password and Coinbase will send you a verification email.

After that, enter the phone number and country. Ensure that you use your primary phone number since Coinbase will use to authenticate your login when you log in to your account. Coinbase will then ask for some personal details such as your address, date of birth, your current occupation, and the source of your funds.

How to Purchase Crypto on Coinbase

Once you complete the signup process, you can begin buying crypto. To purchase your first crypto, click on “trade” located in the top right section. Pick the crypto coin you want and the amount you wish to spend. Using credit and debit cards is usually the fastest way to buy crypto on Coinbase but they are also quite expensive. The reason for this is that the exchange is charged huge processing fees by payment providers.

For instance, if you are using a credit card, the exchange charges you a 3.99% fee on each transaction as a result, it is better to deposit funds from your bank account. To deposit funds from your bank account, visit the “Portfolio” tab located in the navigation bar. You will view a list of all your assets and the balance held at the exchange. Pick the fiat currency that you wish to use to fund your Coinbase account such as the EUR or the USD. Now click on the “deposit” button.  

If you wish to make a bank transfer using the Single European Payments Area network (SEPA), enter your name, your bank name, and the amount you wish to send. Head to your online banking portal and begin the transaction using the information that is displayed on the Coinbase exchange on the new screen.

It will take around 3 working days for the amount to reach your Coinbase account. Once the funds land in your account, Coinbase will send you an email notification. You can now purchase crypto using your fiat currency. You can connect your Bank of America, Wells Fargo, or Bank of China account to get started.

Other Payment Methods Offered by Coinbase

In some countries, Coinbase will offer other payment options. These options can be faster and cost about the same as a direct bank transfer. For instance, those who live in Central Europe can use SOFORT to deposit funds into Coinbase. Users simply authorize funds to be transferred via their online banking portal and Coinbase receives the funds instantly from SOFORT. For Dutch citizens, an alternative payment option is iDeal, which works the same as SOFORT.

To manage your payment options you can visit the Settings page and then go to Linked Accounts. For instance, if you use a credit or debit card, Coinbase saves the card information for the next time when you need to purchase crypto on Coinbase. When you link a bank account, Coinbase claims that it helps to avoid delays when processing transactions.

For users in the US, UK, Europe, and Canada, Coinbase offers the option to withdraw funds into your PayPal account. It can be a convenient option since funds are sent almost immediately. You can then use the funds to shop online or send them to your friends. However, Coinbase does not support the purchase of crypto using PayPal.