Coinbase is a wallet and cryptocurrency exchange. Full review of the site, deposits and withdrawals, trading on the site.

Exchange Coinbase is a reputable trading platform with a solid trading volume and high capitalization. The crypto exchange allows authorized users to earn money from exchange or trading operations. In addition, the Coinbase online wallet is available to everyone, using which you can safely store cryptocurrencies, observing all the terms and conditions of the service.

Coinbase is a regulated company headquartered in San Francisco. It owns many cryptocurrency services. Start of work - 2012. The company consists of two divisions: Coinbase UK and Coinbase Payments. In most US states, Coinbase has the necessary licenses to operate.

In 2022, Coinbase Payments received a license from the British regulator FCA and the ability to carry out transactions with electronic money (E-money License) in EU countries. The company plans to obtain a banking and brokerage license.

Coinbase is an international platform, but there are regions where clients cannot use the purchase/sale of cryptocurrency. The list of such countries includes Russia, Belarus, and Ukraine. You will be able to register and log into your personal account, but purchase, sale, and verification operations will not be available. A notification will appear stating that the Coinbase exchange is not supported in your country. A list of countries where trading is not prohibited can be found at: www.coinbase.com. You can use the Coinbase cryptocurrency wallet from all countries. Thus, you should choose other exchanges for trading, such as Binance, Currency.com, EXMO, Bybit, FTX, Huobi, OKEx, Bitmex.

Coinbase is actively acquiring various crypto assets. The decentralized exchange Paradex was purchased; startups Earn and Cipher Browse; broker Keystone Capital. In 2022, the company began expanding into the Japanese market by opening its first branch there.

Depending on the trading platform and region, Coinbase supports transactions with 7 cryptocurrencies and 1 stablecoin (at the time of writing the review):

1. Bitcoin (BTC).
2. Basic Attention Token (BAT).
3. Bitcoin Cash (BCH).
4. Ethereum (ETH).
5. Ethereum Classic (ETC).
6. Litecoin (LTC).
7. 0x (ZRX).
8. USDC.

coinbase.com is a cryptocurrency buying and selling platform and online wallet. Exchange pro.coinbase.com (formerly GDAX) is an interface for professional trading using a terminal with advanced functionality. Wallet.coinbase.com is a mobile wallet for storing cryptocurrency. Custody.coinbase.com is a service for large buyers and sellers (minimum amount is $10 million).

About Coinbase

For traders and cryptocurrency speculators, the Coinbase exchange is very convenient due to many features. A well-optimized interface will delight professional investors with its simplicity and clarity, and will also surprise every beginner with its logical structure. The developers have streamlined the trading process and the conversion procedure as much as possible, making it understandable and comfortable.

Crypto traders, regardless of the initial level of technical skills and practical knowledge, quickly adapt to the interface of the exchange platform. Coinbase has enough options, features and additional features. For example, it is coupled with the functionality of the Coinbase Pro (GDAX) cryptocurrency exchange, which for experienced traders provides auxiliary, sophisticated tools needed in professional trading of digital assets.

The Coinbase platform was founded in 2012 by two Americans - F. Ashram and B. Armstrong. Three years later, the full-time staff of the trade service numbered over 28 employees, and today a group of different specialists, numbering 108 people, is working on the project. In October 2018, the company carried out optimization, during which 15 people were laid off. There are about 22+ million active users registered on the platform, the capitalization of the exchange exceeds 8 billion US dollars, the annual profit can reach 1.3 billion. The operation and development of the Coinbase company is supported by a number of large investment organizations - IDG Ventures, Andreessen Horowitz, DFJ Growth, etc.

The main guarantee of the prospects and success of the Coinbase cryptocurrency exchange is absolute legitimacy, the availability of the necessary licenses, as well as active interaction with US government agencies.

Throughout its existence, the Coinbase exchange platform has been constantly improving. The developers are optimizing the opportunities for crypto traders and adding new options to the functionality. Initially, Coinbase was a highly specialized service where users worked exclusively with Bitcoin, however, today you can store in an online wallet, convert and use in trading: Ethereum Classic, Litecoin, Ethereum, Bitcoin Cash, 0x, Basic Attention Token and a token tied to fiat — USDC.

Features of the Coinbase crypto exchange

For the most part, modern cryptocurrency exchanges tend to cause disappointment and cheerful irony among professional speculators, but Coinbase is definitely not one of those analogues. The developers of the trading platform have worked very seriously in the past, and also continue to successfully improve it now. Some features of this site have been noted above, however, other significant characteristics should be identified.

• The Coinbase website interface is presented in a basic English version. It is not difficult to include additional options, although the Russian modification is not provided. This is not surprising, since Coinbase is a purely American resource, officially registered in San Francisco.

Russian-speaking users who do not speak English can use online translators. The transliteration is quite understandable, and if you have experience using trading platforms, then there will be no difficulties with conversions, trading, deposits and withdrawals of funds.

• Solid trading volume. In the virtual world of cryptocurrency trading, the Coinbase project is well known and very popular. This determines quite acceptable commissions, and also allows you to maintain favorable quotes for registered traders.
• The main fiat currencies on Coinbase are the US dollar or the euro. In 2022, the British pound was added.
• Many exchanges provide crypto traders with averaged or fixed quotes according to an incomprehensible scheme, however, Coinbase here resorted to a different method of forming prices for virtual currencies. They are calculated according to market patterns, taking into account current supply/demand from speculators. Quotes always reflect the actual value of digital coins.
• More than 32 million people use the cryptocurrency wallet on Coinbase, and this figure does not take into account traders or speculators.
• A unique classification of registered users trading virtual currencies. There are takers and their “rivals” makers. The first are speculators who work with instantly executed orders, and the second are people who enter into transactions using the market depth.
• Strictly limited deposit volumes, determined by three parameters. The user is assigned a specific status on the trading platform based on the chosen payment methods, country of residence and level of verification completed. For example, European clients who have fully verified their identity can withdraw up to €30,000 from Coinbase weekly. The same users in the United States have a different withdrawal limit: up to $50 using a credit card; maximum $5,000 if the transaction goes to a bank account; no more than $50,000 for cryptocurrency wallets and electronic payment systems.
• The Coinbase crypto exchange offers verified American users a Shift Card. This is a special Visa card for the Bitcoin cryptocurrency. It is accepted for payment in a limited number of places where payment with BTC coins is practiced. Such a debit card costs $10, but the owner then does not lose money on commissions for transactions and Bitcoin conversions.
• On the Coinbase exchange platform, in addition to the ability to exchange digital coins or earn on the exchange rate difference of cryptocurrency assets, you can save coins in an online wallet. It is easy to use funds from it in any financial transactions, including settlement actions.
• The exchange has little appeal to a significant audience of crypto traders, speculators or investors due to the absolute transparency of digital money flows and the emphasis on legitimacy. At all stages of verification, the system collects virtually a complete set of information about the client. People who prefer anonymity naturally prefer to interact with more loyal or frankly “gray” crypto exchanges.

A little about security issues and protection of customer rights

The company's management claims that client funds are not used by the company to conduct business; all financial issues are resolved through a special operating fund. More than 98% of total deposits are saved in secure cold storage. This includes secure servers and paper media located in safe deposit boxes around the world. This method prevents theft of money and hacker attacks.

That small part of the cryptocurrency (about 2%) that is held on servers connected to the Internet and used for current transactions is insured by Lloyd's of London. Insurance for American citizens is limited to $250,000.

As a result, we can conclude that the Coinbase service is well suited for beginners, as well as those users for whom the speed of transfer is important: freelancers, traders, investors. But since Coinbas does not export the keys stored on the server, users should think about storing their cryptocurrency savings on several resources.

Positive qualities of Coinbase

Most of the previously mentioned features are undoubted advantages of the Coinbase trading platform. Of course, it is also necessary to note some other advantages of this project:

• Reputation of the site. No break-ins were recorded during operation.
• Fast transactions. Users note the speed of transferring coins to other clients to cryptocurrency wallets.
• Mandatory deposit insurance, officially registered with the supervisory authorities. The loss of coins due to an exchange hack will be fully compensated by the reserve fund.

Any force majeure situations for clients, including the theft of all personal crypto assets that occurred due to the loss of keys or passwords, are not considered insured events. No refunds will be given here.

• You can sell bitcoins using PayPal.
• 98% of all cryptocurrency is stored in cold wallets, offline and securely stored.
• Vault Wallet crypto wallet available. For security purposes, withdrawal permission can be individual or group. The first option involves confirming transactions with two passwords sent to 2 different emails of the user.
• All cryptocurrencies that traders and speculators can work with on Coinbase are very volatile and are always in demand. If you correctly apply a well-developed trading strategy, even day trading will bring a solid profit.
• There is a specialized trading platform - Coinbase Pro.
• For some countries, it is possible to work with fiat: through debit cards or bank accounts for American clients; SEPA transfer, debit cards with 3-D Secure - for Europeans.

The Coinbase exchange truly has an impressive set of wonderful qualities and positive opportunities. But we must not forget about the disadvantages, of which there are also many.

Possible problems and their solutions

When manipulating electronic funds, one should not forget about caution. When withdrawing a certain amount of money from Coinbase in order to later convert it into currency or title units, or purchasing cryptocurrency, you need to follow some rules.

Before using an exchanger for the first time, you need to learn more about it, and also make sure that this system actually carries out exchange operations, and is not created by scammers for the purpose of profit. It is better to make the final decision based on feedback on the performance of existing resources. If the comments are mostly negative, this may be a good reason not to withdraw cryptocurrency through this system.

Disadvantages of the Coinbase crypto exchange

In addition to a lot of advantages, the trading platform has quite a few negative aspects. It is precisely these shortcomings that block Coinbase from entering the TOP ranking of cryptocurrency exchanges.

Disadvantages of the Coinbase service:

1. Purchase or sale services are not provided to clients from Russia, Ukraine, and Belarus. You can only use Coinbase as a wallet.
2. There is no translation of the official website into Russian.
3. Significant restrictive criteria limiting the deposit and the amount of withdrawal amounts.
4. Extremely limited selection of virtual currency pairs. Trading instruments are made up of coins: BTC (Bitcoin), ETH (Ethereum), LTC (Litecoin), BCH (Bitcoin Cash), ETC (Ethereum Classic). Also, ZRX (0x) and the cryptographic asset USDC (dollar coin) have been added. In November 2022, the Basic Attention Token (BAT) was added to the listing.
5. There is no possibility of anonymous trading or large conversions. Complex verification with the need to disclose almost all personal data, starting from place of work and position, ending with very high-quality scans of documents.
6. Frequent loss of communication with technical support in problematic situations. Cases of ignoring complaints and claims. The best way to “shake up” the consultants and administration of the Coinbase exchange is to publicly post the problem on a special project channel on the social network Reddit.
7. Irrevocable blocking of crypto money lying on a trading deposit or in wallets if a transaction of digital coins is declared to the accounts of gaming sites, online stores or to the competitive exchange LocalBitcoins.
8. Tracking cryptocurrency flows in user accounts and blocking funds upon application from government agencies. You can even lose absolutely all virtual currency on Coinbase if there are any unfounded suspicions of money laundering, illegal transactions, gambling, etc. That is, the account is deleted, crypto coins are confiscated without evidence of guilt and the possibility of exculpatory proceedings.

Bitcoin withdrawal

So, you have accumulated a certain amount. How can you withdraw bitcoins to your bank card? This is not as difficult to do as it seems. The choice of withdrawal or conversion method largely depends on the goals of a particular person. If we are talking about online stores or some service that offers goods and services and accepts payment in bitcoins, then the Coinbase wallet is perfect. In addition, it is important to choose a withdrawal option that will allow you to exchange bitcoins directly for rubles, and also provide the opportunity to carry out the operation at the most favorable Coinbase rate. At the same time, the speed of the procedure is a less important factor compared to the financial advantages.

In this situation, the best option is to sell bitcoins through a special exchange where they are sold and bought for rubles. The algorithm of actions will be approximately as follows:

• The owner of the wallet transfers a certain amount of bitcoins to his account, which was opened within the exchange platform.
• He sells cryptocurrency for rubles. As part of this procedure, funds are transferred to the client’s corresponding account on the exchange.
• The client withdraws rubles to his card.

The procedure is completed! It is noteworthy that the withdrawal process through the exchange provides the opportunity to sell bitcoins at the most favorable rate. In this case, the Coinbase commission will be minimal, although the exchange operation will take some time.

In the event that you need to transfer relatively little cryptocurrency to the card in a short time, for example, to perform urgent payments, then the withdrawal of bitcoins can be made through an exchange service. This procedure will take very little time. In this case, the waiting period will directly depend on how quickly the banking institution servicing the card will credit the money. The operation occurs automatically. Typically, the procedure is as follows:

• The owner of the bitcoins transfers them to the wallet specified on the exchanger’s resource.
• The service provider transfers rubles from the card account to the counterparty’s plastic card, which is indicated in the exchange application.

Typically, exchangers have accounts in various banks, thanks to which money transfers, as a rule, do not take much time. Using exchange services for withdrawal requires paying a commission. But we can say that this is fully compensated by speed and convenience.

Registration on the Coinbase website

The process of creating an account on the Coinbase crypto exchange is simple and fast if you use an email address on gmail.com.

Step-by-step registration instructions are as follows:

• Go to the official page of the coinbase.com website.

• In the top right, click on the “Sign in” button or immediately select “Get Started”.
• Activate the active line “Don’t have an account?” under the identification window. (Don't have an account?).
• Select the account type – “Personal” (Individual) or “Commercial” (Business).

• Enter data in Latin: first name, last name, work email, and password.
• Solve the basic captcha and accept the terms of the system.
• Click “Create account”.
• Wait for a message by email.

• Follow the link provided in the letter.

All you have to do is log into your Coinbase system account by entering your password and email address. Everything is clear, simple and, surprisingly, fast.

Verification procedure on Coinbase

The usual creation of a user account on Coinbase only allows you to use an online crypto wallet. In order to make conversions and engage in trading, making money on the price difference of exchange assets, you need to be verified in the system. In other words, you need to enter contact information with documentary evidence. This feature is not available in all countries.

Verification instructions:

• Go to the Coinbase website. After entering your password and current email, click on the “Sign in” button.

• Click “Sign in”.
• In the next window, enter the sent 7-digit code in a special window and click the “Verify” button.

• Go to the “Settings” tab in the opened account.

• Fill in the fields of the personal questionnaire (country, city, address, date of birth, etc.).

• Click “Saving”.
• Specify the payment method – MasterCard, bank account (for US residents) or Visa.
• Carry out 2-3 verification transactions, checking the receipt of funds.

This completes the verification process on Coinbase.

Additionally, the Coinbase system often requests detailed disclosure of personal data with documentary evidence (scanned copies). However, this requirement applies when dealing with amounts equivalent to €30,000. Difficulties may arise here, since the final 4 digits of the SSN (social security number) must be accurately specified. This is for the Americans. Other users will need to resolve this part of the verification through technical support. They are looking for alternative ways to complete the procedure.

Refill

Account replenishment is made in fiat currency or in crypto, and the methods of depositing funds depend on the region:

• USA – bank account, card, bank transfer. Read the details on the official website.

• Eurozone – bank transfer only. Cards are no longer supported; previously added cards may be blocked. It is better to use a bank transfer, in the Accounts menu you need to select an account in euros and depending on your country you will receive bank details. You need to send money to them.
• Great Britain - the same as for the eurozone, but they promise to soon add the British pound to replenish the account. For now, residents of England will have to use the euro.

The commission can range from 1.49% to 3.99%, depending on the payment method. Credit cards have a higher interest rate, so you can save about 2.5% by using a bank transfer.

Please note that replenishing your account is not very fast. So it will take several business days for the money to arrive in your fiat wallet. Coinbase pays increased attention to security; delays are a consequence of this policy.

Coinbase Wallet

The cryptocurrency wallet is provided to all registered Coinbase users, regardless of location. To create it, follow the instructions:

1. Go to the “Accounts” section.
2. Click "Create Vault".

3. Select a cryptocurrency to store.

4. Give the wallet a name.

5. Choose who will sign the withdrawal authorization: only you (Individual) or a group of people (Group).

6. When choosing an individual method, confirmation will be required using two email addresses: one is the registration address, the second must be specified.
7. Confirm the second email. Follow the link in the letter.
8. The setup is complete and you can go to the wallet (to the Accounts section).

9. To top up, click “Deposit” and transfer cryptocurrencies to the generated wallet address.
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10. To withdraw, click Withdraw. Confirmation time is 48 hours.

How to top up your wallet balance

On the Coinbase cryptocurrency exchange, in order to make conversions or perform trading manipulations with digital coins, you need to deposit funds into your account. This is a simple procedure if you follow the instructions:

• While in your personal account, go to the “Accounts” tab.
• In the left sector of the page that opens, the balances available for replenishment will be located. A USDC wallet is added here to the previously mentioned cryptocurrencies. This is a stablecoin whose coin costs 1 USD.
• Select a cryptocurrency account to deposit funds. When we select a cryptocurrency wallet, therefore, there will be a transfer from another, external coin storage. If the transaction is from a card or bank account, then an account in local currency is used, to which dollars, euros, etc. are sent.
• Click on the “Receive” button in the window of the selected wallet.

• Use the generated cryptocurrency address or use the QR code using a scanner on your smartphone.

• Transfer the required number of coins to the address. You can use online exchangers to purchase them.

You can also top up your Coinbase wallet with fiat. Each region has its own conditions and payment solutions. A fiat account will appear in your wallet only after confirming your country of residence and uploading a document.

For US customers:

For customers from the European Union:

Mobile app

In cases where you have to devote a lot of time to trading digital currencies, installing the Coinbase mobile application on your gadget may be a solution. You can work with the service and keep abreast of all events happening on the stock exchange from anywhere in the world using mobile trading. This is an absolutely indispensable service that is invaluable in situations where urgent transactions with exchange products are required. The developers took care of the owners of gadgets running IOS and Android by creating a convenient mobile application for them. Owners of these devices will be able to use it by downloading the application for Coinbase on specialized services. For Android devices this is Google Play, and for iPhone - App Store.

Review

The Coinbase exchange offers its registered clients, especially novice crypto traders, easy-to-use and practical ways to buy, exchange or sell cryptocurrencies. Like analogue projects, the Coinbase exchange platform is characterized by some disadvantages, which are more than offset by numerous advantages. The project has distinctive features. It is popular among speculators, investors and traders of any professional level - from absolute beginners to experienced professionals making large transactions. The use of some services, such as buying or selling cryptocurrency, is not available from some countries. But, you can always use Coinbase as a wallet to store cryptocoins.

You can make money on Coinbase, store coins and exchange crypto-assets in the desired directions, but you should not forget about the possible vulnerability of online wallets and the harsh rules of account blocking. The latter danger can instantly leave an inattentive user without all the cryptographic money credited to the trading balance (exchange wallets). We recommend choosing another platform or using Bitcoin exchangers.