Coinbase Cryptocurrency Exchange allows users to buy, sell, and exchange cryptocurrency. It has a wide selection of cryptocurrencies, a user-friendly interface, and helpful content. It is a large company with more than 98 million users and has $256 billion in assets on the platform. Coinbase is a good fit for users who need a single platform for all activities.

Company Overview

In 2012, a platform for trading bitcoin was founded named Coinbase.  Today, this platform supports many well-known cryptocurrencies and has more than 4,900 employees all over the world. Coinbase is a decentralized company with no actual headquarters. Coinbase offers its services in more than 100 countries, and its users trade almost $309 billion per quarter. It manages a robust cryptocurrency ecosystem holding up to 13,000 financial institutions.

Coinbase has two trading platforms and a standalone cryptocurrency wallet service. The user finds everything needed to start and manage a cryptocurrency portfolio or trading plan within the suite of Coinbase products.

Top Perks of Coinbase Cryptocurrency Exchange

Coinbase provides separate simple and advanced trading tools that are suitable for beginners. The simple trade option in Coinbase has a straightforward design that’s easy to use. The advanced trading option has more features like charts, a live order book, and limit orders.

Coinbase Earn

Coinbase Cryptocurrency Exchange has a spectacular library of educational content about crypto trading, including crypto basics, tips and tutorials, and market updates. One of the best features of this platform is Coinbase Earn, where the user can earn free crypto as a reward for completing educational modules about crypto trading. The modules are not very long, most of them can be completed within a minute. 

Mobile applications for IOS and Android

The Coinbase mobile app is a user-friendly way to buy, sell, and manage cryptocurrency. It has outstanding ratings on the Apple App Store and the Google Play Store. It is a great feature for its users to enjoy mobile crypto trading.

Crypto rewards

The user can earn interest on several cryptocurrencies through his Coinbase account. This platform automatically pays interest on certain stablecoins, such as USD Coin (USDC). It also allows the user to stake certain cryptocurrencies, including Ethereum (ETH) and Solana (SOL). If the user stakes its crypto, it will earn rewards on it. 

Coinbase debit card

Coinbase Cryptocurrency Exchange offers its users a Coinbase Card. It is a prepaid Visa debit card linked to the user’s Coinbase account balance, allowing the user to spend his cryptocurrencies. The Coinbase Card also offers crypto rewards and lets the user select which crypto it will earn from a rotating list. The user can earn up to 4% following this way.

Improvements needed in Coinbase Cryptocurrency Exchange

Different fees for simple and advanced trade

Coinbase Cryptocurrency Exchange uses different trading fee structures depending on the user having simple trade or advanced trade option. The advanced trade option has affordable fees, and the process is simple to understand, whereas the simple trade option has higher fees. The user is only able to see the fee amount to be charged while previewing the transactions. It’d be better if Coinbase offered the same fees for all types of crypto trades.

High fees on simple trades and staking

Simple trades have high fees, especially for smaller transactions (below $200). Advanced trades are much cheaper, so you can at least save money using that option. However, it’s frustrating that you need to use a more advanced trading tool to get the best deals on Coinbase, especially if you prefer the simple trade interface.

Coinbase Cryptocurrency Exchange stake cryptocurrencies on Coinbase, it charges a 25% commission. That’s more than you’d typically pay if you staked cryptocurrency yourself.

Limited rewards opportunities

We like that Coinbase allows you to earn rewards, but you can only do so with a somewhat small selection of cryptocurrencies. There are exchanges with better rewards programs that offer higher rates and allow you to earn interest on a larger number of digital assets.

Security

Coinbase Cryptocurrency Exchange uses industry-leading security practices to keep customer deposits and assets safe. That said, there are always some risks when using cryptocurrency, so it’s essential to follow online best practices to keep your account information secure.

Notably, 98% of customer assets are stored offline using cold storage in a network of safe deposit boxes around the world, supported by digital and paper backups. It uses bank-standard encryption and security for its website. In addition, all accounts must use two-factor authentication, a measure to help prevent others from logging into your account unless they have physical access to your phone.

Even with these strong security methods, thousands of users have fallen victim to hackers and schemes that have drained their accounts. It’s essential to use unique, random passwords on financial websites such as Coinbase to prevent this type of loss. If someone has access to your email or phone, they may be able to access your account, so always keep those private.