One of the reasons Coinbase is so popular is the reach of its appeal. Every cryptocurrency is different – and considering there’s a few dozen available at Coinbase, it would be impossible for us to cover all of their intricacies in this Coinbase exchange review.
We will say though for those of you not in the know, while Bitcoin is by far the most popular and widely used, many people use other crypto coins for a wide variety of reasons. These include value, stability, transaction speed and there can even be complete differences in how they actually work. Some don’t even use mining at all. In any case, more options can only be better because it increases the appeal and cannot detract the usefulness of someone not interested in these alternatives.
Here are the available options: ALGO, ATOM, BAT, BTC, BCH, BSV, CVC, DAI, DASH, DNT, EOS, ETC, GNT, KNC, LINK, LOOM, LTC, MANA, MKR, OMG, OXT, REP, USDC, XLM, XRP, XTZ, ZEC and ZRX. The information found in this part of our Coinbase review is correct according to the Coinbase Help page at the time of writing.
Both types of Coinbase wallet are free. Other fees can be complex as they depend on payment method, location and “other circumstances”, such as additional fees for certain bank transfers. The good news is that you will be notified of all fees.
In terms of purchases and sales, Coinbase charges a spread of around half a percent. This can change based on market fluctuations. There’s also a Coinbase fee in addition to the spread. This is greater than a flat fee or a variable percentage fee determined by location, payment and product. Details for each country can be found in the Help section.
Flat fees include:
- 99p for less than £10
- £1.50 for between £10-25.
- £2 for between £25-50
- £3 for between £50-200
(GDP used as an example)
The Coinbase fee will always be greater than the minimum flat fees.
For conversions, Coinbase charges a spread margin of up to 2%. Again, this depends on market fluctuations. There’s a lot of variables but from a practical perspective, we’d say what’s really important in this Coinbase review is fees are made clear to you before you confirm.
One of the best things about cryptocurrencies is their international appeal, and vital to our Coinbase exchange review is ensuring this key asset is maintained. In that regard, things are looking very good. There’s 18 countries supported in North America, eight in South America, 41 in Europe, 20 in Asia, two in Australia. and 13 in Africa.
It’s important to note that different countries have different limitations. Many can only convert funds, while others can buy and sell, and even use debit and credit cards. You can find the full capabilities on the Coinbase site. As this is an ongoing process, it’s important to check for yourself. We can say though that European countries tend to have the most capabilities, with support for PayPal, SOFORT bank account, 3D secure credit card, debit card and credit card in the UK, for example.
There’s also restrictions in terms of which cryptocurrencies can be used on Coinbase and Coinbase Pro. Currently, those only available for the latter include ALGO, CVC, DNT, GNT, LOOM, MANA and USDC for residents of Australia, Canada and Singapore. MKR is not available to USA residents generally. Finally, ZEC requires Coinbase Pro for UK residents. There’s also additional information available in the Help section on the site, which goes beyond what we can cover in this Coinbase review.
People often think utilising an exchange will be a very complicated process. Well, in this part of our Coinbase exchange review, we’ll be showing you exactly why this is not the case – especially when it comes to an exchange like this, which is built around ease of use.
1. Open an account
The first step is opening an account, which you can do by heading to the Coinbase homepage. At the top right is a “Get started” option. Only a few details are needed like your e-mail. Once you’ve registered, you’ll be sent an e-mail to verify your account.
Options here include individual and business, the latter is only needed if you plan on selling Bitcoin in bulk.
2. Confirm your details
Next, you’ll need to confirm your mobile number. This is done much the same way as e-mail. You will be sent an SMS with a code and then back online, you can enter that code to verify this part of your account. Your mobile device is then used to log on.
Now your device is good to go, you can set up your preferred payment method. The options available to you will naturally depend on your location.
3. Verify your identity
At this point, you’ll have to verify your identity. We mentioned Coinbase’s security credentials, and this is a big part of their fight against money laundering. So, you’ll need to go through a KYC process to confirm your identity. This will require a government issued ID, such as a passport or driver’s license.
4. Set up your payment method
Step three is confirming your payment method. To give an example of how this can work, with debit cards, they process two small charges from your card. When you log into your online banking, you can read the last two numbers of those charges to verify that it’s your card.
5. Start buying/converting
Now you’re ready to make purchases. Simply click on which cryptocurrency you want and pay for the transaction: it’s as simply as that. As soon as they’re available in your Coinbase account, you can either withdraw them to another wallet, send them to another exchange, or leave them where they are for future use.
Converting is just as easy. There is a panel on the mobile app with the option to convert one cryptocurrency to another. You just tell it what you want to convert to, and how much you want to convert, and you’re done.
So, there’s a few steps but all of them are pretty straightforward and it’s because of these steps that this exchange is so safe and so reliable. We’d call this part of our Coinbase review overwhelmingly positive.