Coinbase Review 2020: Is It Safe and Legit?

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

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

My Bitcoin & Ripple Portfolio on Coinbase
Source: Coinbase

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

What is Coinbase?

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

Coinbase CEO Brian Armstrong via Getty Images

How Does Coinbase Work?

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.

Here's a step by step guide to setting up your Coinbase account:

  1. Use this link to receive a free $10 credit for first time Coinbase Users (you must buy or sell at least $100 of cryptocurrency within 180 days of opening your account to receive the credit.
  2. Enter your personal information and create your account.
  3. Verify your phone number to reach Level 1 account access (Up to $9,500 limit + buy/sell ability with your bank account or credit card).
  4. Verify your personal information to reach Level 2 account access (Unlimited investing limit + wire transfers).
  5. Verify your photo ID to send and receive cryptocurrency.
  6. Link your bank account or credit/debit card to start buying coins

The signup process is a bit lengthy but make sure to follow the steps and confirm your ID (Driver's license or Passport) to unlock buy and sell features. If you skip this step, you cannot trade cryptocurrencies.

It took about 1 hour for my account to be verified. I'm a US citizen so it may take longer for non-US residents.

What Coins Can You Buy on Coinbase?

Once your account is activated, you can start buying the following coins:

  • Bitcoin
  • Ethereum
  • Ripple
  • Bitcoin Cash
  • Litecoin
  • EOS
  • Stellar Lumens
  • ChainLink
  • Tezos
  • Ethereum Classic
  • USD Coin
  • Basic Attention Token
  • Zcash
  • Ox
  • Augur
  • Dai

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

Fees: How Much Does Coinbase Charge?

Coinbase has a complicated fee structure that changes depending on whether you use your bank account or credit card to purchase cryptocurrency.

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.

Here's a quick breakdown of the fee structure:

  • If the total transaction amount is less than or equal to $10, the fee is $0.99.
  • If the total transaction amount is more than $10 but less than or equal to $25, the fee is $1.49.
  • If the total transaction amount is more than $25 but less than or equal to $50, the fee is $1.99.
  • If the total transaction amount is more than $50 but less than or equal to $200, the fee is $2.99.

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1 thought on “Coinbase Review 2020: Is It Safe and Legit?”

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