Coinbase Review 2021
Our Coinbase review will investigate several key areas relating to this exchange to ascertain whether this is an advisable choice for those looking for the Best Cryptocurrency Exchanges 2021 with whom to register.
Coinbase is the world’s largest and most popular cryptocurrency exchange. A fiat exchange firm, Coinbase provides their clients with the ability to buy and sell digital currencies. Established in mid-2012 and based in San Francisco, California, Coinbase provides services to over 20 million clients in 32 countries from around the globe. They have facilitated the trade of more than $150billion of digital currency.
Is Coinbase safe?
It is important when identifying a suitable cryptocurrency exchange to identify whether the company that you are interested in offers a safe and secure service. So, is Coinbase legit?
The regulation of Coinbase operations
Under law, Coinbase is required to abide by regulations in all regions in which it operates. Currently, the United States is the only country that requires a company hold a license to operate a digital currency firm. Therefore, it is only the United States that applies laws and regulations that Coinbase must abide by. The laws and regulatory bodies that Coinbase USA complies with are as follows:
- Registered as a Money Services Business with the Financial Crimes Enforcement Network (FinCEN).
- Complies with the Bank Secrecy Act and the USA Patriot Act.
- Complies with money transmission laws and regulations in most American states.
Coinbase ensures that client’s fiat funds are kept secure by separating consumer funds from the company’s operational funds in highly secure, tier 1 banks. The reason for this is to ensure that client funds will never be used by Coinbase as a means of financing business operations.
Furthermore, 98% of all cryptocurrency funds belonging to clientele are encrypted and stored offline on USB drives in safety deposit boxes housed all over the world. The remaining 2% of crypto funds are held online in case of a breach of Coinbase’s online storage system.
Coinbase provides their clients with 2-factor authentication capability to ensure the strengthened security of their personal accounts. 2-factor authentication normally involves an initial step that requires the creation of a username and password, and the second step of security, most commonly in the form of cell phone verification via SMS messaging. Additionally, you can activate a setting to receive notification if a new IP address or device tries to access your user account.
There are four types of cryptocurrency that are available for purchase with Coinbase. Most sites like Coinbase, known as fiat cryptocurrency exchanges, are the entry point into the world of digital currency and their major benefit lies in being the first access for clients to purchase cryptocurrency. Currently, there are only four cryptocurrencies available for purchase at Coinbase, which are:
- Bitcoin Cash
The list of countries that Coinbase provide services to are as follows:
Located outside of Europe: United States, Australia, Canada, and Singapore.
Within Europe: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, Greece, Hungary, Ireland, Italy, Jersey, Latvia, Liechtenstein, Malta, Monaco, Netherlands, Norway, Poland, Portugal, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland and the United Kingdom.
Accepted forms of payment
Our coinbase review 2021 has identified that there are multiple payment methods available to clients. To make an initial purchase of cryptocurrencies, clients are required to attach bank account or debit/credit details to their account. Coinbase deposit time varies depending on whether you are using a bank account or credit/debit card. Using a bank account will take longer to process, with money not appearing in your Coinbase wallet for two to four days. With a debit/credit card, often the coinbase deposit time is instantaneous.
Coinbase does charge a transaction fee for both the buying and selling of digital currencies that range from 1.5% to 4% depending on the payment method used. The transaction fees vary from country to country so be aware of this during the registration stage. In the USA, the transaction fee is 4% on each transaction performed.
At Coinbase, due to regulatory requirements, there are limits placed on how much digital currency or Cash can be deposited or withdrawn. These limits usually vary by geographic location, the age of account, payment method and whether an account has been verified.
To increase the limits placed on an account there are several steps that can be taken to assist this, including:
- Adding a phone number to your account
- Providing personal details
- Providing photo ID
- Creating a purchase history by buying and selling with Coinbase
Our Coinbase review found that this cryptocurrency exchange firm offers a high level of customer support. The company provides real-time chat, email and 24/7 phone support if you believe your account has been accessed illegally or you have any general queries in relation to Coinbase and your Coinbase account. Please be aware though that in recent times, Coinbase users have reported issues with customer service response times, which is not unusual given the rapid expansion of members joining the site.
- Beginner-friendly and easy to use interface
- Features the top cryptocurrencies including Bitcoin, Ethereum and Litecoin
- Well-regulated and highly secure
- Instant buy feature helps you to purchase cryptocurrency quickly
- Lower fees than other sites like Coinbase that are considered easy buy exchanges
- Can monitor how and where you spend your cryptocurrency
- Does not provide the ability to purchase less popular forms of cryptocurrency
Our coinbase review 2021 looked into several key areas that are crucial to investigate prior to entering the world of cryptocurrency with a digital currency exchange firm. In our opinion, there is little wonder why Coinbase is considered the world leader in cryptocurrency exchange. Easy to use, well-regulated, highly secure and providing great customer service, it is no surprise that millions have joined this exchange in recent years. With services to 32 countries around the world and with an ever-expanding client base, you can hardly do better than Coinbase as your choice of fiat exchange broker.