Coinbase is one of the largest, well-known exchanges in the world. Based in San Francisco, United States, Coinbase is seen as one of the market leaders for buying and selling cryptocurrency from fiat currencies (USD, GBP, etc) to Bitcoin, Ethereum and others. They have two products, Coinbase a user-friendly cryptocurrency exchange and GDAX; a professional digital trading asset platform.
- $50 Billion+ USD exchanged
- 32 countries supported
- 13,300,000+ users
- Founded: June, 2012
- Headquarters: San Francisco, California, USA
- Founder(s): Brian Armstrong, Fred Ehrsam
- Website: www.coinbase.com
- Investors include: NYSE, Andreessen Horowitz, USV
- Bitcoin Cash
- Debit/Credit cards
- Bank transfers (SEPA, Wire)
- PayPal (some countries)
- Withdrawals via PayPal/Bank transfer only
Their slick user-interface and easy on-boarding has led them to dominate the market in America and many other countries. During the third quarter of 2017 their mobile apps were regularly #1 in the iOS app store and the Google Play store, during this time Coinbase reported 120,000 new users a day buying Bitcoin.
Coinbase is one of the only exchanges in the world to offer insurance for their users’ cryptocurrencies whilst kept on their platform. They only hold approximately 2% of customer funds online, the rest is held in offline storage. As Coinbase owns the GDAX platform their exchange is extremely liquid, therefore buys/sells of cryptocurrencies are almost instant, with users being able to use newly bought cryptocurrencies or fiat funds in their accounts straight after placing an order.
The growth of Coinbase hasn’t gone as smoothly as they had hoped. Although the site runs nearly autonomously, for months, people had been complaining about lack of support regarding verification queries, deposits and withdrawals. Coinbase CEO Brian Armstrong promised to ramp up support staff in Q3 2017. Since then they have provided a direct phone line and support tickets are now answered within hours instead of weeks. However, this is something that all exchanges have struggled with as the growth of cryptocurrencies continues.
Although Coinbase is great for users purchasing their first Bitcoin and is one of the only regulated exchanges in the world, their fees can be a little expensive. Generally, buying or selling crypto on Coinbase incurs fees which are split into card processing and actual purchase/selling fees, these are generally between 1.49% to 4%. Funding your account by bank transfer eliminates a good majority of the cost and there are other ways to save money by using their GDAX platform, although this isn’t as user friendly.
Their wallet and mobile app services have allowed users to send cryptocurrencies to each other easily and they have partnered with several large companies (Overstock, Dell, Expedia and Time Inc.) to allow their customers to accept Bitcoin payments directly on their websites.
Overall, Coinbase is our recommended cryptocurrency exchange for beginners and anyone who wants a hassle-free option for purchasing any of the three major cryptocurrencies.
Special offer: If you use our link below to signup to Coinbase, you’ll receive an extra $10 of Bitcoin as soon as you have bought $100 worth (new accounts only)
Coinbase is a great exchange for new starters to crypto. Their user-friendly website makes it very easy for users to purchase their first crypto and top-notch security and insurance means users’ cryptocurrencies are safe. Just be careful with the fees!
Don’t forget if you use our link below and spend over $100, they will give you a bonus $10 too!