Last Updated on 5 November 2023 by CryptoTips.eu
Coinbase Review
Coinbase.com is one of the largest international brokers based in the United States. Since its foundation in 2012, they have been trying to dominate the Bitcoin broker market and offer their services worldwide. Using Coinbase, you can currently buy and sell over 30 different cryptocurrencies. The domination worked out quite well, as they now support over 100 countries and have helped more than 30 million customers worldwide. Coinbase has become a big name for the novice crypto investor. In this Coinbase review you will learn more about this company and if it is safe to buy crypto.
Besides the fact that this website is a digital trading place for the best-known coins, you also have built-in wallets to store your cryptocurrency. Coinbase has an integrated wallet for every listed cryptocurrency. This means that you can store your purchased cryptos directly in the same environment and you don’t need a third-party wallet.
Receive $10 BTC for free using Coinbase
Cheaper Coinbase alternative
Do you know that with every cryptocurrency transaction you pay trading fees to the company? With Coinbase a trading fee of 1.49% for every purchase or sale. The Bitvavo Exchange is a cheaper Coinbase alternative. The offer of Bitvavo consists of more than 55 cryptocurrencies and you can use easy payment methods, such as: SOFORT, credit card, MyBank, iDEAL and more. The best part is that you pay a maximum of 0.25% trading fee for every trade. If you register using the button below (Activate discount), you can trade the first € 1.000 for free.
Claim €25 Free Crypto and Trade €10.000 For Free at the Bitvavo Exchange
Why choose Coinbase?
Especially as a starting crypto investor you will quickly end up at Coinbase. Why? Because it is easy, fast and very user-friendly. Below are a few points why Coinbase could be interesting to you:
- Everything in one platform, from purchase to sale to safe cold storage.
- Very user-friendly.
- Wallets are covered by the Coinbase insurance.
- More than 30 million customers use Coinbase.
- Big name in the crypto industry.
Cons of Coinbase
- User-friendliness comes with a price, this is a very expensive platform.
- Local payment methods are most of the time not supported.
- Support waiting times are often long.
- Your data is on an American server.
The offer of Coinbase
Coinbase has managed for a long time to only offer the top three best known cryptocurrencies: Bitcoin, Litecoin and Ethereum. However, they have given in to the demand of the market. They now offer more than 30 different cryptocurrencies, some of which are stablecoins. In the early days, when Coinbase listed a new crypto, it was getting a lot of hype and the crypto received an enormous boost. Nowadays, the Coinbase hype has decreased, and you only see a small increase of a few percent when a coin is listed.
The offer of Coinbase is regularly updated, check the website for the current offer: https://www.coinbase.com/price
Buying cryptocurrencies at Coinbase
You need to create an account on the platform to make a purchase. Our special Coinbase link will take you directly to the registration page and you will be eligible to the free Bitcoin promotion.
This is called a promotional link and if the $100 limit is reached, we will both receive $10 in Bitcoin. Not only do you get free cryptocurrency, you also support our blog, thank you:).
After registering an account, a number of verifications need to be performed before you can actually purchase coins. In addition to an email address and a phone number verification, you must also send a passport or proof of identity. Without these documents it is not possible to buy coins at Coinbase.
Uploading a proof of identity is quite easy using a webcam or a mobile camera. You can find out exactly how the process works at Coinbase’ verification and limits. After the verification you need to add a payment method to your account.
Currently it is only possible to add credit to your account using bank transfer or credit card. It can take 4-5 business days before your money arrives when using a bank transfer. For us, this only took two business days, but it can vary from time to time. You also have to take into account that you need to make an international transfer. For most banks, this function has to be activated separately and is not immediately available. With our bank, for example, you will have to wait 2 hours after activating this function.
If your account passed all the checks and you have a positive balance, it is possible to make purchases. Purchases can be made using the Buy/Sell tab, where you can specify the amount of cryptocurrency you would like to buy. Next, you indicate whether you want to pay this with your Coinbase wallet or with another wallet. After completing your order, the amount will be debited, and you will be the lucky owner of (a part of) a cryptocurrency.
Selling cryptocurrency
It is also possible to convert your cryptocurrency to real euros using Coinbase. If you think this is the right moment to sell your cryptocurrency for euros. Please note that the digital currency needs to be in your Coinbase wallet to use this. Just like when buying, you need to go to the Buy/Sell tab. There you can indicate which cryptocurrency you want to sell and what amount.
You can have the amount in euros paid to your bank account, which you have verified when you deposited money. You don’t need to send the Bitcoin to a specific receiving address, because the Coinbase wallet is fully connected with all Coinbase services. This way, you don’t have to worry about your coins being delivered too late or not having enough miners-fee sent with it.
Coinbase fees and other costs
Coinbase’s rates are very high at the moment. It used to be a popular broker among people worldwide, but for now it is mostly seen as a very expensive broker. It is cheaper to use a different broker, like the Bitvavo Exchange (Europe only), where you only pay a fee of 0.25%. Bitvavo even offers more project and more payment methods.
You can make real-time payments with credit card. Nevertheless, many Europeans choose bank transfer, because it is a lot cheaper. Coinbase charges different fees for different countries. The fees for Europe are:
- Buying or selling cryptocurrency: 1,49% fee
- Credit card purchases: 3.99% fee
- Bank transfer from own account to Coinbase: Free of charge
- Bank transfer from Coinbase to own account: € 0.15
So, it is worth buying your crypto using SEPA payments. If you have a credit card and would like to make a quick purchase, this is of course also possible. In addition to the above fees, there is also a standard fee for small amounts of up to $ 200.
Receive $10 BTC for free using Coinbase
Verifications and limits
At Coinbase you need to register with your real personal information and this needs to be verified. Coinbase wants to know who they do business with and this can only be done by verifying your e-mail address, telephone number, proof of identity and bank account/credit card details. They have set up this process in such a way that you, as a buyer, don’t have much trouble doing this.
For the email address you will receive a confirmation email and for your mobile number a verification SMS. You can have your proof of identity checked by uploading a photo taken via the webcam or using your smartphone camera. If you are on your desktop you will receive a special link by SMS where you can upload your passport. After uploading your ID, it will be automatically checked, this takes about 2 minutes.
After your identity is confirmed you will receive a notification. In addition, the purchase limit of € 0 will be increased to € 9000 (a week) for SEPA payments, and € 325 for credit card payments. To increase your limit, you will need to contact the support team.
Is Coinbase safe?
Coinbase is one of the first players in the cryptocurrency market as a broker and currently has more than 30 million users. This number is still increasing tremendously and the services of this broker are becoming more and more popular. At the moment, this company is active over 100 different countries. The fact that you have full control over the purchasing/selling of coins and can store them at the same place, appeals to a lot of people. Partly thanks to these features, they owe their success. In addition, all applications can be used on a desktop, laptop, but also on a tablet or mobile phone. The Coinbase wallet is fully accessible on an Android or Apple phone.
Coinbase fights hard against the illegal market that also trades with Bitcoin. They monitor what payments are being made and see whether these have anything to do with the black market, gambling or other illegal activities. If this is the case, they either freeze the account or close it completely.
However, a disadvantage is that the fees do not keep up with the current times. There are now many competitors who offer better fees and an equally convenient platform. In the end you get the same product and more and more customers seem to understand this. Especially the missing of local payment methods and high fees are a decisive factor for most customers to choose a different platform.
We encourage everyone to share your Coinbase review with future visitors. This can be done by leaving a message at the bottom of the page with your honest experience with Coinbase.
Receive $10 BTC for free using Coinbase
Contact Details:
Coinbase
548 Market St #23008
San Francisco, CA 94104
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