coinbase-review

Is Coinbase safe for use?

Coinbase is one of the biggest companies providing cryptocurrency wallet and exchange services for the clients. Coinbase supports more than 100 countries and has more than 30 M users worldwide. If you want the fast and secure wallet to store your Bitcoins, you should read this review and consider this platform which is rated as a one of most trusted on the market.

1. Coinbase history

Coinbase was founded in 2012 by Brian Armstrong and Fred Ehrsam. The company is based in San Francisco, California.
For the Coinbase operation was raised more than 200M $ from the world´s leading investors.

2. Coinbase products

All of Coinbase products are related to the crypto market. In the service offer, you can find the following offer:

  • Buy/Sell Digital Currency- you can buy or sell one of the offered crypto coins in a simple and fast transaction. The offer of coins was limited to several coins a few years ago, but today Coinbase offers you the all most popular crypto coins.

    On the other hand, you haven’t the direct access to your coin, it means that the Coinbase don’t provide you a secret key or the seed phrase. It is like in a classic bank, you can store money there, but you have not direct access to them. But of course, you can every time use your coins stored on the Coinbase as you wish, you can sell them, send to a friend or exchange to another coin.

    You can create your own portfolio from the crypto coins and follow the price changes in a much simpler way at one place.
  • Coinbase Pro- Previously known as GDAX, the Coinbase Pro is the platform which offers to individuals the ability to trade a variety of digital assets on a secure, insurance-backed platform. On the Coinbase Pro you can trade several cryptocurrencies including BTC, ETH, LTC, BCH and ZRX.
  • Wallet- The Coinbase Wallet was launched in 2018 as an independent mobile wallet for Android and iOS. In this product are the private keys stored on the user’s device and only the user have access to the funds stored in the wallet.
  • Coinbase Commerce- With this service Coibase brings the cryptocurrency closer to the people. Coinbase Commerce allows users to accept the payment on their website in cryptocurrency with the simple plugin. The plugin is supported by the following content management systems like Shopify, Magento and WordPress WooCommerce.
coinbase dashboard

3. Coins offer and the payment methods

On the Coinbase you can purchase the following crypto coins:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • EOS (EOS)
  • Stellar Lumens (XLM)
  • Chainlink (LINK)
  • Ethereum Classic (ETC)
  • Zcash (ZEC)
  • Basic Attention Token (BAT)
  • 0x (ZRX)
  • Augur (REP)
  • Dai (DAI)

You can see also the other crypto coin”s prices on the Coinbase, but for this time, you can purchase only the coins mentioned above.

The payment methods which you can use on the Coinbase are the following:

  • Wire transfer (including ACH in the US and SEPA in the EU)
  • Credit cards
  • Debit cards
  • PayPal (for withdrawals only)

4. List of the supported countries.

The Coinbase provide services to clients from these countries:

Angola, Benin,Botswana,Cameroon,Ghana , Kenya, Mauritius, Namibia, Rwanda, South Africa, Tunisia, Uganda, Zambia, Armenia, Bahrain, Brunei Darussalam, Hong Kong, India, Indonesia, Jordan, Kazakhstan, Korea, Kuwait, Kyrgyzstan, Macao, Maldives, Mongolia, Nepal, Oman, Philippines, Singapore, Taiwan, Uzbekistan, Australia, New Zealand, Andorra, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Gibraltar, Greece, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Montenegro, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, United Kingdom, Aruba, Bahamas, Barbados, Bermuda, Canada, Cayman Islands, Costa Rica, Curaçao, Dominican Republic, El Salvador, Guatemala, Honduras, Jamaica, Mexico, Nicaragua, Panama, Trinidad and Tobago, United States, British Virgin Islands, Argentina, Brazil, Chile, Colombia, Ecuador,Paraguay, Peru, Uruguay.

Before the registration double check if the Coinbase support the concrete service in your country, because for example, in most Africa and Asia countries Coinbase provides only exchange services.

5. Fees

Variable Fees by Location and Payment Method are following

Australia

Credit / Debit Card Buys
3.99%

Canada

Credit / Debit Card Buys
3.99%

Europe

Credit / Debit Card BuysInstant Buys (Card only)Bank transfers (SEPA) – in / out
1.49%3.99%Free / €0.15

Singapore

Buy / SellCredit / Debit Card Buys
1.49%3.99%

UK

Standard Buy / SellInstant Buys (Card only)Bank wires – in / out
1.49%3.99%Free / £1

USA

Payment Method for Purchase / Payout Method for SaleEffective Rate of Conversion Fee (after waiver)
U.S. Bank Account1.49%
Coinbase USD Wallet1.49%
Credit/Debit Card3.99%
USD Deposit MethodFee
ACH TransferFree
Wire Transfer$10 ($25 outgoing)

Click here to see detailed information and conditions.

6. Frequently asked questions

In this part, I will try to answer the most asked question about the Coinbase. If you have any next question, post it in your comment below.

  1. How safe is Coinbase?
    The Coinbase is one of the largest crypto exchanges in the world so the protection of the client’s funds is one of the priority points for the company management.

    The cash held in the Coinbase wallets is FDIC insured up to $250,000.
  2. How long does it take to withdraw money from Coinbase?
    It depends on the payment method chosen, but for the bank transfers, the funds reach your account usually in 3 working days.

    Coinbase may hold digital currency transactions withdrawn from your account if they assume that the transaction was not authorized by you. In this case, you can:
    • Wait 72 hours and the transaction will be processed automatically
    • Speed up the withdrawal by verifying your identity again
  3. Is it Safe to Link My Bank Account to Coinbase?
    Coinbase is a regulated company and holds all requested licenses needed for its operation.

    It is also backed by major US investors and it is not a scam as well.

    So, it’s safe to link your bank account, but for extra safety, you can set up notifications on your bank account to keep you updated when any transfer is executed.

Coinbase owervie

Security of wallet
Customer support
Crypto coins offer
Mobile app and functionality

Summary

Coinbase is one of the biggest companies providing cryptocurrency wallet and exchange services for the clients. Coinbase supports more than 100 countries and has more than 30 M users worldwide. If you are finding a secure wallet for holding your Bitcoins, Litecoins or other coins, the Coinbase is great
option for you!

4.8

3 thoughts on “Is Coinbase safe for use?”

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