The cryptocurrency industry is relatively young but it has already received trusted leaders in this sphere. If you ask any crypto investor where he buys, sells, or swaps coins, the answer will be an exchange.
Naturally, not every crypto exchange deserves the title of a leader but Coinbase has already proved its top position. It has become the most widely visited place to trade coins in the UK and is trusted by over 68 million users!
Having grown from a tiny American exchange established in 2012 into a worldwide renowned platform Coinbase has achieved one of the highest capitalizations of $52 billion. At the same time, if you look at the Coinbase rating on Trustpilot, you may be surprised to see such a low figure! Why is it so? Can you trust Coinbase like millions of others or it is better to choose an alternative exchange in the UK?
This Coinbase review is going to clear up everything you may be interested in about this exchange, so do not lose a chance to get an unbiased look at the platform in this article.
Table of Contents
What is Coinbase
Coinbase is a leading cryptocurrency exchange offering services to crypto enthusiasts from over 100 countries all around the globe. The official company name is Coinbase Global Inc. It was established back in March 2012 by Brian Armstrong and Fred Ehrsam and has become the largest crypto exchange in the US by trading volume. The company set a goal to build a crypto economy – a system characterized by fairness, accessibility, efficiency, and transparency. Currently, the company has achieved lots of significant goals represented in the following numbers:
- 68+ million users;
- $462 billion quarterly volume traded;
- $180 billion assets on the platform;
- 100+ countries;
- 2100+ employees.
The platform is used to buy, sell, trade, invest, earn, and use cryptocurrency. The platform is available in 13 languages and has mobile apps for both Android and iOS devices to be used anytime and anywhere. It has also become the first crypto company listed on the US exchange: its value was estimated at around $86 billion. One more great breakthrough was made by the company in the pandemic period when it has announced itself to be the first remote trading platform that did not recognize formal headquarters.
Coinbase exchange has a number of features that helped it get to the top of the best crypto swap platforms operating nowadays.
Ease of use: it offers one of the least effortless registration procedures with quite fast verification. It is possible to link a bank account to the platform to save on transaction fees and trade select cryptos each time you wish. The website interface is user-friendly and easy to navigate too.
Security and insurance: the main benefit of the platform is Coinbase insurance of all funds stored on the platform. According to the platform, only 2% of all user coins are stored online, the rest is sent to cold storage for better security. Cash balances are stored in the US custodial accounts, treasuries, and market funds.
Mobile app: being the same functional and easy-to-use Coinbase has prepared mobile apps for both Android and iOS users to provide them with the flexibility of trading.
Earning opportunities: Coinbase has prepared a number of educational classes that allow not only to deepen knowledge in cryptocurrency but also be rewarded cryptocurrency for the equivalent of up to $115 for successful results.
Different tools for everyone: not only crypto-to-crypto trading is supported by the service. Users can also benefit from buying and selling cryptocurrency for fiat money in particular, borrow cash using Bitcoin as collateral, spend crypto using a card and earn rewards for that, store coins in the wallet, learn more about the cryptocurrency, and be rewarded for that, etc.
Is Coinbase available in the United Kingdom?
The United Kingdom is one of the countries where crypto enthusiasts can use Coinbase services and make the most of cryptocurrency on this platform. There are no restrictions for users from the UK and other European countries, so it is worth checking all the services of this platform if you plan to use it.
The range of services according to different Coinbase reviews is quite various. The most popular of them look as follow:
- Coinbase Pro: this is a special Coinbase version created for professional traders. It offers more sophisticated charts and trading options, but the main benefit of this solution is lower trading fees that drop when the volume increases.
- Coinbase card: the service is working on the development of a payment Visa card. It will offer users to spend crypto in a new way and get rewards for that. You can join the card wishlist only if you are in the US (except for Hawaii).
- Coinbase wallet: this is a self-hosted wallet of the platform that allows storing both crypto and NFTs in one place, trading over 500 assets on decentralized exchanges and earn interest, and access it from a mobile device thanks to the brand app.
- Private client: navigating the world of crypto can be more exciting with a high-touch team of experts. You will get access to ultra-high net worth individuals, personal investment vehicles, trusts, and family offices. Other benefits of the client are personalized support, best-in-class protection, and a dedicated trading desk with professionals trading on user behalf.
There is also a range of solutions offered to businesses:
- Prime: an integrated solution that provides secure custody, an advanced trading platform, and prime services for users to manage their crypto assets in one place.
- Custody: this is a standalone business capitalized independently under NY State Banking Law. It supports the segregation of all digital assets and holds them to provide clients with benefits.
- Exchange: businesses can get Coinbase API to offer their users access to the liquidity of the best crypto spot exchange.
- Commerce: this service allows accepting crypto from anyone in a fast manner, with the possibility to convert for fiat, get access to the global customer base, and forget about chargebacks.
- Asset hub: startups can list their new coins on the Coinbase trading platform thanks to this service.
- Analytics: access to this data allows powering crypto compliance for governments, financial institutions, and crypto businesses.
How to use Coinbase
It is absolutely easy to become a Coinbase member and trade on the platform. However, if you want to have a closer look at the procedure, here are the main points about how to use the exchange, what banking options and currencies are supported, and what fees and limits to expect.
Registration and verification
When you decide to become a Coinbase account holder, start your way with the download of a mobile app or opening the official website. There you will see the Get Started button that redirects users to the registration page to enter the following details:
- First name.
- Last name.
When you access a newly created account, the exchange will also ask you to provide a phone number and send you a verification code to confirm it. This number can be further used for 2FA. As soon as you complete this stage, go to the final but also the most important one - identity verification. You will be asked to upload state-issued IDs such as a Driver’s License or Identification Card in the USA and a government-issued photo ID, national identity card, or passport outside of the US. When you get a notification about being verified, you can link your bank account or credit/debit card and start trading.
Supported coins and fiat currencies
The list of Coinbase currencies supported consists of over 50 coins and includes such popular assets as Bitcoin, Litecoin, Ethereum, Cardano, Tether, Bitcoin Cash, Uniswap, and others. The range of fiat currencies used to fund a Coinbase wallet is quite impressive including USD, GBP, EUR, CAD, and many others. UK users can deposit and withdraw both GBP and EUR.
Payment methods accepted by Coinbase differ depending on the country. When it comes to banking options available in the UK, there are 5 of them but each van be used for different purposes:
- Faster Payments and SEPA Transfer are for deposits and withdrawals that take 1-3 business days.
- 3D Secure Card allows making instant purchases but is not suitable for deposits and withdrawals.
- PayPal and Instant Card Withdrawals can be used only to cash out funds.
Buying and selling
Any crypto trade on Coinbase begins with signing in to the account created. Only then can you access the Buy/Sell category located on the upper right-hand side. If you want to proceed with the crypto purchase, complete the following steps:
- Select the Buy field.
- Choose the asset you want to buy.
- Enter the amount you want to get in crypto or the amount to give in your local currency.
- Make the choice of the payment method.
- Confirm the order after checking the preview page.
- Complete the process by pressing the Buy button.
If you want this purchase to be recurring, press the One Time Purchase button and set up the frequency wished.
If you want to sell coins owned, pass through the following procedure:
- Select the Sell field.
- Choose the coin you want to sell.
- Enter the amount to give.
- Check the Preview Sell page.
- Press the Sell button to complete.
- The money will land your Coinbase fiat wallet automatically. After that, these funds are available for cash out either to the bank account or to buy coins on the exchange.
Coinbase charges fees on all crypto transactions including buying, selling, or converting. Fees are calculated at the time of order placement and depend on several factors including:
- The payment method used;
- Size of the order;
- Market conditions (volatility and liquidity).
Users can learn the exact fee on the preview page before submitting the transaction. On average, these fees vary from 1.5% to 4%. Crypto conversions are charged a 2% fee.
It is absolutely free to use fiat and crypto wallet services. Credit transactions are charged a flat fee of 2%. Coinbase card allows spending USDC for free, while purchases and ATM withdrawals in all other cryptocurrencies are charged a flat 2.49% transaction fee.
Limits depend on the country of user location and payment method used. They can be found out in the Account limits section of account settings. If you want to make the limits higher, you can increase the account level passing through additional stages of identity verification.
The minimum amount to buy or sell cryptocurrency is 2.00 denominated in the local currency of yours: e.g. $2 or €2. There are no maximum limits on the coins you want to sell. The limits for cash out depend on the banking method used.
Coinbase has a professional Help Center for users. They can find it on the bottom menu and choose what kind of assistance is required: for individuals, businesses, or developers. There is a search line to enter a query to get results quickly as well as the Message Me button at the bottom right corner of the screen to get an instant response.
The platform offers an extensive FAQ section where users can find answers to lots of questions. There is the Contact Us button under it for users who have not found what they were looking for. The exchange can provide assistance on popular social media platforms too.
Coinbase customer support is available 24/7 and is highly responsive and professional.
Looking at the coinbase.com review it can be difficult to imagine any negative aspects connected with the platform, but are there any? Let’s consider both advantages and disadvantages of the Coinbase exchange.
- Years of successful and secure operation in the crypto industry;
- Various tools and services;
- Qualified and fast customer support;
- High liquidity;
- Simple and easy to use interface suitable for beginners;
- Rewards for learning and staking;
- Wide range of banking options.
- Quite high fees in comparison with other exchanges;
- Registration and verification required;
- No control of wallet keys;
- Not a big variety of altcoins.
Is Coinbase UK safe?
Despite the fact that Coinbase is registered in the US, it complies with European laws to operate on its territory legally. It sticks to the General Data Protection Regulation (“GDPR”) and has an official subsidiary in London, the UK registered in the country to provide fiat services there. All the personal information is stored by maintaining physical, electronic, and procedural safeguards in compliance with the applicable laws and regulations. Furthermore, the exchange ensures user funds to prevent them from unexpected losses.
Is Coinbase right for you?
Coinbase is the right choice if you look for security and ease of use. However, you may regret your choice if you compare fees which are relatively higher than on other platforms. Therefore, it is necessary to evaluate all the pros and cons as well as consider platform functionality prior to making the choice since not all exchanges can guarantee such a range of solutions like Coinbase.
Q: How much does Coinbase charge?
Coinbase fees differ depending on the amount of the order, payment method used in market conditions. If you want to see the exact fee, you should place the order and check the preview page to see how much you are charged.
Q: Is Coinbase secure?
Security is one of the greatest benefits of Coinbase. The exchange has never been hacked and all the funds stored by it are insured. It protects personal information provided by users and operates in accordance with the laws. It also offers additional levels of account protection like 2FA.
Q: How can you earn on Coinbase?
The platform supports coin staking and offers the Coinbase Earn solution that allows learning about cryptocurrencies using its educational content and gets rewards for successful results.
Q: How long does it take to make a purchase or conversion?
If you are a registered user who completed verification and connected a bank account to the Coinbase platform, you can expect to get instant transactions without delays. However, deposit and withdrawal procedures may last for several days.
Q: Is the Coinbase card available in the UK?
Yes, it is. Users can order a card in the majority of the EU countries including the UK and spend cryptocurrency with its help.
Coinbase has become a trusted and reliable assistant for many crypto enthusiasts. It is a number-one solution for people who want to get cryptocurrency for the first time as well as users who seek security on a user-friendly and easy-to-use exchange operating worldwide. Despite a quite limited number of coins and higher fees, Coinbase remains one of the top-visited crypto exchanges in the world and it is not surprising!