Coinbase Review 2024

Coinbase is a popular platform for buying, selling and storing Bitcoin and other cryptocurrencies such as Ethereum and Litecoin.

It was founded in 2012 in by Brian Armstrong and Fred Ehrsam in San Francisco, where it still has its headquarters. Today it has well over 43 million users in over 100 countries and has a valuation of around $100 billion. In 2020, they announced their plans to become a public company on Nasdaq; in 2021, Coinbase filed a listing with the SEC and in April it became a publicly listed company.

The Coinbase  platform allows you to trade over 40 different digital currencies. Beyond being a cryptocurrency exchange market, Coinbase also acts as a secure wallet where you can store your digital currencies. It now also offers a stablecoin on the Ethereum blockchain called the USD Coin (USDC), where the price always remains stable at 1 USDC to $1 US.

Its scope, ease of use and functionalities have made Coinbase the top choice for many traders, especially for those new to crypto and digital currencies.

Additionally, Coinbase offers a Pro version for more advanced traders. We'll talk a bit more about the pros and cons to Coinbase, the differences between the basic version and Coinbase Pro, how to get started with Coinbase, as well as other important details you should now.

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Pros and Cons of Coinbase

Coinbase Features

One of the reasons why Coinbase is so popular is because of the many features it offers and the ease of use. Here are some highlights:

• Works directly out of your computer's web browser
• Coinbase app with full functions for iOS and Android
• Intuitive trading platform
• Buy and sell over 40 digital currencies
• Online wallets are covered by insurance
• A Coinbase Visa debit makes your crypto spendable elsewhere
• Tips and tutorials for both experienced traders and newbies
• More advanced options such as margin trading in Coinbase Pro

What's really awesome about Coinbase is how easy it is to get on board, regardless of your background. With the tips and tutorials, you really don't need to be an expert on blockchain or a seasoned day trader to start investing in cryptocurrencies.

How to Get Started with Coinbase

Signing up for a Coinbase account is free. As long as you are older than 18 with a government issued photo ID, have an email address and a phone number, you're good to go.

1. Sign up for an account with your full legal name and email address.
2. A verification email will be sent to you. Click on the link in the email and enter with the password you created during sign up.
3. Once you're signed into Coinbase, enter your phone number.
4. A 7 digit number will be sent as an SMS to your phone.
5. Enter that 7 digit number in Coinbase to link it to your phone.
6. You will then need to fill in more info, like your date of birth and address.

It is recommended that you choose the 2 step verification for added security. With 2 step verification, a code will be sent to your phone before you can login to Coinbase. To set this up, go into your Security Settings, select Enable Authenticator and follow the instructions. You will need to download a TOTP (Time-based One Time Password) app like Google Authenticator or Duo Mobile.

That's basically it. You will however need to verify your identity before you can start to buy or sell crypto. To verify your ID, login to Coinbase and go to ID Verification. This is where you will need to send them a copy of your government issued photo ID, like your passport. Obviously you will need to link a payment method before you can buy anything!

Coinbase Limits and Fees

Your Coinbase purchase and deposit limits depend on a number of factors, such as whether your account has been verified and your purchase history. Generally, the longer you've been an active user, the higher the limits will be. In theory, Coinbase deposits can go up to $250,000 per day, but since Canadian users can only use debit cards to make purchases, the final limit will also depend on your card's limit.

Although you can only use debit cards with Coinbase Canada, the good news is that it allows you to instant buy to take advantage of the latest prices.

Withdrawal limits are also dependent on your payment method. PayPal will have higher limits than debit cards. Coinbase charges a spread of roughly 0.50% on all buys and sells. This rate is approximate as it depends on market fluctuations.

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Additionally, there is a 3.99% fee or a flat fee, with the higher fee being the fee charged. The flat fee depends on your transaction amount, as outlined in the table below. Amounts are in Canadian dollars.

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Which Cryptocurrencies are available on Coinbase?

Coinbase lets you store and trade 40 cryptocurrencies. Although more hardcore crypto heads would like to see more altcoins, that's more than enough choice to get started in the field of digital assets investing.

If you are wondering which is the best cryptocurrency to buy for casino playing purposes, then the following are most widely accepted:

Coinbase Pro vs Coinbase

Coinbase Pro has lower fees. Other than the difference in fees, the main difference between Coinbase and Coinbase Pro is that the former is mostly a crypto-wallet, while the latter is a market platform.

However, Coinbase Pro was not available in Canada at the time we wrote this article.

Is Coinbase a Publicly Traded Company?

Rather than going the way of a traditional IPO where investment banks are recruited to create interest and finance the deal. Coinbase went straight to an exchange with a direct listing, much like in Spotify's case. Technically speaking, this isn't actually called an IPO, but a DPO (Direct Public Offering).Yes. In early 2021, Coinbase officially announced that it will be going public with a direct listing on Nasdaq. After much anticipation, it officially became a publicly traded company on 14 April, 2021. The Coinbase ticker symbol is the coveted COIN, which is as close as you can get to a vanity ticker symbol. The company issued roughly 115 million shares of Class A Common Stock.

Even before it was publicly traded Coinbase shares could already be bought on the Nasdaq Private Market. The private market isn't open to retail investors, but from the trading activities on there, the Coinbase valuation was estimated to be close to $100 billion, which means it was worth roughly $300 per share. The opening price on Coinbase's first day of trading was $381, although it dipped down to $328.28 by the end of the day. With an actual valuation of $85 billion, and more than $456 billion worth of transactions to date and an impressive cashflow, the Coinbase IPO has been one of the most exciting in history as it cements the role of cryptocurrencies and digital assets in financial trading.

Is Coinbase Trustworthy?

Coinbase is considered one of the largest cryptocurrency trading platforms, along with Binance. Employing best in class security, it is also one of the most popular cryptowallets. Beyond technical considerations, Coinbase has USD wallets FDIC insured. Cryptocurrencies aren't, but that's just because they're not considered legal tender.

While that only covers residents in the US and not in Canada, the FDIC insurance does show that Coinbase is a serious company. It is also the first cryptocurrency exchange to be publicly listed company on Nasdaq. This is as serious as it gets!

Coinbase FAQ

1. Can I get free cryptocurrencies on Coinbase?
2. Does Coinbase have a bonus programme?
3. Is Coinbase a hot wallet?
4. How can I increase my Coinbase limits?

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Can I get free cryptocurrencies on Coinbase?

Yes, although there's no free bitcoin, Coinbase does give out free coins to other cryptocurrencies. You can earn free coins just by learning about some of the different cryptos available on their market. Who knows, these might just be the next big thing!

Back to FAQ

Does Coinbase have a bonus programme?

Coinbase has a referral programme in which you will get a referral bonus if the person you referred buys or sells at least $100 within the first 180 days of signing up.

Back to FAQ

Is Coinbase a hot wallet?

Coinbase does a mixture of "hot" storage online, and "cold" storage offline, with the offline portion being around 98%. This ensures maximal safety from hackers, while at the same time providing sufficient liquidity online so users' buy sell orders are not held back.

Back to FAQ

How can I increase my Coinbase limits?

To begin with, make sure your account is fully verified and that all the personal details in your account are complete. Add your payment method and when you make your purchase, buy the maximum allowed. Then keep making as many transactions as your weekly limit allows. Basically, you want to max out on your trading volume consistently. After a month or two of proving through trading activity that you have the funds , you should see your limits increase.

Back to FAQ

The Expert Roundup on Coinbase

If you're looking to get started with cryptocurrencies, Coinbase is a great place to start. It is both a wallet and an active trading platform with a good range of digital assets you can choose from. The wallet can be used directly to make payments and withdrawals at crypto casinos. The interface is intuitive and the Coinbase app gives you all the same functions when you want to take things mobile.

For the moment though, Coinbase Pro isn't available in Canada.  That means the trading fees can add up if you're buying and selling at a higher frequency. Nonetheless, this is a really user-friendly platform and its ease of use makes it the perfect way to get on board with crypto.

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