Coinbase Review 2022: Pros, Cons, and Fees Compared

Coinbase

A complete review of my favorite U.S. cryptocurrency broker and trading platform

Tarik Pierce

Ease of Use
Cost & Fees
Crypto Coin Selection
Security
Customer Service

Summary

Coinbase is the largest U.S. cryptocurrency broker and trading exchange with over 68 million users. It’s my favorite place to buy and sell cryptocurrencies such as Bitcoin, Ethereum, and Cardano on the go.

3.8

If you are looking to buy or sell a cryptocurrency, then Coinbase could be the solution to your problems.

Table of Contents

Introduction

Coinbase makes buying and selling cryptocurrencies simple and easy for both retail and institutional investors. If you’re wondering about signing up for a Coinbase account then continue reading my in-depth Coinbase review.

My Favorite Crypto Exchange
Coinbase
4.5

Coinbase is the best US based cryptocurrency exchange to buy and sell coins like Bitcoin, Ethereum, and other altcoins. It's the largest exchange in America with over 68 million verified users. I've used them since 2018 with zero issues. Highly recommended.

We earn referral bonus if you sign up at no additional cost to you.

Pros and Cons

Pros

  • Buy and sell over 60 different cryptocurrencies including Bitcoin, Ethereum, Cardano, Dogecoin, Shiba Inu and more
  • Accepts major credit cards, wire transfer, bank accounts, and Paypal
  • Store your crypto safely in cold storage using Coinbase vault
  • Compatible with crypto portfolio tracking services like Cointracker.io
  • Instant cash withdrawals into your bank account via debit card

Cons

  • Trading fees are the highest in the industry
  • No 24/7 phone customer support

Full Coinbase Review

Coinbase is a digital cryptocurrency wallet and broker founded in June 2012 by Brian Armstrong.

73 million verified users in over 100 different countries use Coinbase to buy, sell, and earn cryptocurrency. Coinbase performs over $327 billion in quarterly trading volume with a massive $255 billion in crypto assets on its platform. The company employees over 2,700 employees while remaining a mostly remote workplace.

Coinbase company stats
Source: Coinbase.com

In fact, Coinbase has grown so large that the company went public in April 2021 and trades on the NASDAQ under the ticker symbol: COIN.

Coinbase Stock Listed on the NASDAQ

I also own shares in Coinbase stock because I believe the company will become the dominant global cryptocurrency exchange in the future.

Coinbase Stock Holdings

You can check out my favorite crypto stocks if you want to invest in cryptocurrency companies.

I personally use Coinbase on a daily basis to not only track the prices of crypto coins like Bitcoin, but as a digital wallet for my coins.

While Coinbase isn’t perfect, I’m going to give my honest review using Coinbase and whether you should sign up or not.

Coinbase Quick Rundown

Total Verified Users68 million
Minimum Trade$2
Trading and conversion fees.05% to 4.5% depending on several factors
# of tradable cryptocurrencies106
Crypto to Crypto trading pairs100+ in Coinbase Pro
Mobile App2 separate mobile apps for Coinbase and Coinbase Pro available on Android and iOs
Customer ServiceEmail support. Emergency Phone number only to disable your account.
Signup PromotionGet $10 in Free Bitcoin upon signing up.

Coinbase Features

Cryptocurrency is a digital non-government asset that is traded on a blockchain.

You need a digital address to send and receive bitcoins along with a safe place to store them.

Coinbase provides a simple to use platform for trading multiple cryptocurrencies by linking a bank account or credit card to your account.

Cryptocurrencies Supported

Coinbase offers over 100+ cryptocurrencies on Coinbase and Coinbase Pro for U.S. customers to trade.

Coinbase doesn’t support every single cryptocurrency but you have enough choices available in your wallet.

Supported Countries

Coinbase supports 100+ countries around the world but certain countries can buy and sell crypto while others can only convert crypto. If your country doesn’t support buying or selling crypto then you can only convert, send, and receive crypto in your Coinbase account.

Supported Countries That Can Buy Crypto

United States, Canada, Mexico, Chile, Andorra, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Gibraltar, Greece, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Latvia

Trading Fees & Costs

Coinbase’s fee structure is determined by several factors including the amount of crypto you purchase and your payment method.

  • Coinbase charges a 0.5% spread on most crypto transactions
  • Coinbase also charges an additonal fee depending on the total purchase amount and payment method

Here’s a quick breakdown of the regular Coinbase.com fee structure:

Total Trade AmountFee
$10 or less99 cents
More than $10 and up to $25$1.49
More than $25 and up to $50$1.99
More than $50 and up to $200$2.99
$500$7.34
$1,000$14.68
$5,000$73.41

Using a bank account is 1.49% while paying with a debit /credit card is 3.99%.

You’ll save a bit of money over time if you link your bank account and use ACH transactions.

Read our Coinbase fees guide to learn how to reduce costs and avoid hidden charges.

Coinbase offers two separate trading platforms based on your needs: Coinbase and Coinbase Pro.

Coinbase Pro is a more advanced digital trading app for active traders. I like using Coinbase Pro because the fee structure is much cheaper than regular Coinbase.

Coinbase Pro Dashboard
Coinbase Pro Dashboard

What I usually do is buy crypto on Coinbase Pro then transfer it to regular Coinbase. Purchase any crypto asset then hit “Withdraw” and you can send it into Coinbase.com’s vault storage.

Coinbase Pro Withdrawals

You can transfer crypto between Coinbase and Coinbase Pro for 100% fee and use Coinbase’s cold storage for popular coins like Bitcoin and Ethereum.

Some investors just leave everything in Coinbase Pro and that’s perfectly fine since Coinbase Pro has several security measures to protect your assets (more on that later).

If you trade bitcoin or other altcoins then just use Coinbase Pro to save time and money.

Coinbase Earn

Coinbase allows you to earn rewards for completing quizzes on other cryptocurrencies.

Coinbase Earn

When you watch a video and answer the question correctly, Coinbase rewards you with some free cryptocurrency.

Coinbase is currently offering rewards for the following cryptocurrencies:

  • Band Protocol
  • NuCypher
  • The Graph
  • Celo
  • Compound
  • Maker
  • Stellar
  • BarnBridge
  • Clover Finance
  • Ixec RLC

Since I’m a bitcoin bull, I claim my rewards and transfer it into Bitcoin. Use my Coinbase quiz answers to complete the quiz faster so you can receive your coins!

Staking Rewards

Coinbase allows users to earn staking rewards on several cryptocurrencies that pay rewards for contributing to the network. All you have to do is hold at least $1 of crypto in your account to earn staking rewards automatically.

Coinbase Staking Rewards
Source: Coinbase.com

Coinbase pays rewards on the following crypto coins:

  • Ethereum 2.0 (ETH2): 4.5% APY
  • Algorand: 4% APY
  • Cosmos: 5% APY
  • Tezos: 4.64% APY
  • Dai: 2% APY
  • USD Coin: 0.15% APY

Coinbase will earn rewards for you then deduct a small fee before returning the remaining rewards to your balance. Most coins pay rewards either daily or weekly.

You can view your total interest earned from your Coinbase dashboard to see how much money you’ve made.

Coinbase Staking Rewards Interest Earned
Source: Coinbase.com

I staked a little bit of DAI but plan to increase my staking holdings to see how much interest I can earn in 2022. I normally buy and hold my crypto in Coinbase so earning interest with them is a new thing for me.

Crypto Gifting

Want to send crypto to a family member, friend, or colleague as a gift? Coinbase supports crypto gifting as a simple way to send Bitcoin, Ethereum, Litecoin, Bitcoin Cash, or Stellar to any anyone via e-mail address, which includes people who don’t have a Coinbase account.

If the recipient already has a Coinbase account then you can send any of the 100+ supported cryptocurrencies on the Coinbase platform.

Source: Coinbase.com

Follow these simple steps to send crypto as a gift:

  1. Sign Up for Coinbase if you don’t already have an account
  2. Go to the Gifting tab and enter the amount of crypto you want to send as a gift
  3. Enter the e-mail address of the receiver
  4. Choose a personalized card with your own personal message
  5. Select the desired cryptocurrency you wish to send
  6. Hit “Continue”
  7. Hit “Gift Now” to send your gift
Source: Coinbase.com

Once completed, Coinbase will send the recipient an e-mail on how to claim the cryptocurrency gift.

Coinbase allows you to cancel the transaction at any time until the recipient opens an account and claims the cryptocurrency. If the person doesn’t create an account within 30 days, the transaction is canceled automatically.

Security

Many crypto bulls worry about security when storing their cryptocurrency.

Coinbase offers some of the best security measures in the entire industry including 98% offline storage for customer funds and 2-step verification requirements for all accounts.

Coinbase Vault offers a more secure cold storage solution for your Bitcoin, Litecoin, and Ethereum holdings.

Coinbase Bitcoin Vault

You can transfer your crypto to an offline vault that requires you to verify all withdrawals through email and phone confirmation. There is also a 2-day waiting period for any withdrawals for extra security.

Read our Coinbase security guide for more tips on how to keep your crypto assets safe.

Referral Program

Coinbase offers a cool referral program where you and your referral receive a free $10 in Bitcoin when your referral signs up through your link and buys or sells at least $100 in cryptocurrency.

I’ve earned over $1,000 referring crypto investors just like you to sign up for Coinbase since last year.

Coinbase Referral Program Earnings

Whenever you make a successful referral to Coinbase, you will receive an email like this along with $10 in Bitcoin credited to your Coinbase account.

$10 in BTC received for Coinbase referral

$10 isn’t a lot of money but these small amounts of $BTC can add up over time. It’s an easy and simple way to stack sats and increase your Bitcoin holdings.

Here are a few simple ways to get more Coinbase referrals:

  • Add your referral link to your Twitter profile bio
  • Add your referral link to your e-mail signature
  • Add your referral link to your Youtube description
  • Write a blog post about Coinbase and share your referral link

FAQ


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Tarik Pierce

Tarik Pierce is the founder of InvestorTrip.com and regularly contributes articles to this website. He studied Economics at Dartmouth College and invests in a mix of dividend stocks, high CAGR tech stocks & cryptocurrencies. You can view his stock & crypto portfolio to see which investments he is holding right now.

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