With its easy-to-use interface, large selection of digital assets and low minimum purchase amount, it’s no wonder Coinbase is the tenth largest exchange in the world by trading volume. Exchanges were reviewed on points including security, fees, number of cryptocurrencies available, and more. We also considered if the exchange is regulated by a proper agency or entirely decentralized. Our full cryptocurrency exchange methodology, including the review process and weighted data points, is available for review. Giving your Social Security number (SSN) to Coinbase is generally safe.
Customer support
On Trustpilot, Coinbase has poor customer reviews, scoring 1.5 out of 5 stars from 9,200+ reviews, signaling a major problem with users accessing and operating their accounts. Coinbase has scored good points on user experience and ease of -use, but security and customer satisfaction need improvement. Generally, users with account issues like hacks and locked accounts find it challenging to resolve them. Additionally, you have to submit a picture of your government-issued ID.
Coinbase Review Pros & Cons Trade Cryptocurrencies
Once your account has been disabled, you must go through our automatic account recovery process to re-enable it, which might take several days. As proof of residency, you are required to provide either a bank statement or a utility bill in your name issued within the last three months. To check whether you reside in a supported country, check this page. Anyone can access this information without having to create an account with Coinbase. According to Coinbase, the platform already supports more than 8,000 merchants worldwide. Signing up is easy, and there is no paperwork needed whatsoever.
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Moreover, as popular payment methods such as a debit/credit card, bank transfer and even PayPal are supported, this makes the buying process even more straightforward for newbie entrants. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products.
Who is Eligible to use Coinbase?
- The main Coinbase exchange presents a simple layout for anyone to navigate and trade their cryptocurrencies in a few steps, even without advanced crypto knowledge.
- You also have the option of whitelisting withdrawal addresses so your crypto can only be withdrawn to addresses on your whitelist.
- As is industry standard in the cryptocurrency exchange arena, your eligibility will be determined exclusively by the country you reside in.
- Irrespective of experience, making a purchase can be done with ease.
- For example, a $500 debit card purchase would cost $24.95 in fees.
- Check out our list of the best cryptocurrency apps and exchanges for the most up-to-date information on the platforms we recommend.
The interface is intuitive and one of the simplest to use, even for beginners. Recognized cryptocurrency broker and exchange Coinbase first debuted over a decade ago. The most significant player back then was the infamous MtGox Bitcoin exchange.
Coinbase Review 2024: In-Depth Look at the Popular Crypto Exchange
Fiat currency used to buy crypto coins is not covered by the Canada Deposit Insurance Corporation (CDIC) or the Canadian Investor Protection Fund (CIPF). It’s advisable to avoid Coinbase’s basic service tier if you can and jump right https://www.tokenexus.com/ to its Advanced Trade tier, given its lower pricing. But the most recent data suggest that you’ll pay a lot on a percentage basis. All in all, it’s a much-improved addition to the site and provides useful information on crypto.
- However, it’s important to understand that every crypto exchange has risks.
- Both Uphold and Coinbase offer a wide range of cryptocurrencies, built-in wallet storage, educational resources, and user-friendly trading solutions.
- Kevin Voigt is a freelance writer covering personal loans and investing topics for NerdWallet.
- Alternatively, instant payment can be set up via debit card, PayPal, Apple Pay or Google Pay.
- However, investors considering Coinbase should consider that the exchange is currently under investigation by the SEC for allegedly breaking national security rules.
- The platform now has over 3,000 people dedicated to answering customer questions, representing a more than fivefold increase in support staff since January 2021.
Alternatively, if opting for a bank account, you need to make a small transfer into the account details specified by Coinbase. Once you’ve done the above, you’re now ready to buy your first ever cryptocurrency. Coinbase provides a platform for trading non-fungible tokens (NFTs). With Coinbase, users can follow trending collections or keep up with featured creators.