Reviews

Coinbase Review: What Makes It Different From Other Exchanges?

Coinbase is among the leading digital currency exchanges in the United States. This crypto exchange provides an array of products that includes crypto investing, custodial accounts for institutions, an advanced platform for trading, its own US dollar stablecoins, and a wallet for retail investors.

This company was established in 2012. It is a fully licensed and regulated digital currency exchange that supports all the states in the US except Hawaii. Initially, this company only allowed for trading with Bitcoin, but quickly started to add other digital currencies that fit the criteria of decentralization. Here is a detailed review of Coinbase.

Coins Available On Coinbase

  • Aave (AAVE)
  • Algorand (ALGO)
  • Cosmos (ATOM)
  • EThe Balancer (BAL)
  • Band Protocol (BAND)
  • Basic Attention Token (BAT)
  • Bitcoin Cash (BCH)
  • Bancor Network Token (BNT)
  • Bitcoin Satoshi’s Vision (BSV) (Send Only)
  • Bitcoin (BTC)
  • Celo (CGLD)
  • Compound (COMP)
  • Civic (CVC)
  • Dai (DAI)
  • Dash (DASH)
  • districtOx (DNT)
  • EOS (EOS)
  • Ethereum Classic (ETC)
  • Ethereum (ETH)
  • Filecoin (FIL)
  • The Graph (GRT)
  • Golem (GNT)
  • Kyber Network (KNC)
  • Chainlink (LINK)
  • Loom Network (LOOM)
  • Loopring (LRC)
  • Litecoin (LTC)
  • Decentraland (MANA)
  • Maker (MKR)
  • Numeraire (NMR)
  • NuCypher (NU)
  • OMG Network (OMG)
  • Orchid (OXT)
  • Ren (REN)
  • Augur (REP)
  • Synthetix (SNX)
  • USD Coin (USDC)
  • Universal Market Access (UMA)
  • Uniswap (UNI)
  • Wrapped Bitcoin (WBTC)
  • Stellar Lumens (XLM)
  • Ripples (XRP)
  • Tezos (XTZ)
  • Yearn.finance (YFI)
  • Zcash (ZEC)
  • 0x (ZRX)

Trading Experience Of Coinbase

Coinbase offers an extremely easy process when it comes to trading. The platform can also be visited through your iOS and Android devices. It does not offer any trading software that can be downloaded and is completely browser based, including the most advanced trading platform of Coinbase, the Coinbase pro.

When the user logs in they are immediately shown their portfolio balance and their performance in a selection of time frames.

There is a banner about the portfolio that reads, “Buy crypto” where the user can enter a value of the dollar and the market price in the order of their choice of coins. This also gives the user the option to sell their cryptos if they wish to.

Coinbase also has its advanced option known as the Coinbase Pro. Traders using Coinbase Pro can witness a short term like 1 minute line chart or candle and can use overlays such as exponential moving averages. Presently the only 2 overlays that are available are EMA (12) and EMA (26). It also offers more than 100 trading pairs that are available globally and more than 40 crypto-to-crypto trading pairs in 42 places. Coinbase Pro is still bare bones if compared to other serious trading tools that are out in the market.

Coinbase Fees

The fee system of Coinbase is highly evolved which is quite expensive when compared to its market competitors. The trading cost on the standard platform of Coinbase is quite high when compared to its competitors. Those who are beginners and are looking for a cheap yet easy to use exchange then they may overlook this. The fees of Coinbase differ based on region. Every region has a varied price range.

Security Of Coinbase

When it comes to security, Coinbase uses a range of security measures for its account holders. It is crucial to note that any crypto that is stored in any account is only secure to the extent the account holder wants to make it. It is very important to use a strong password and then include other security measures.

Coinbase offers 2 step verification, insurance to the event if Coinbase itself is breached, biometric fingerprint login, and it also stores 98% of funds of the user in the cold wallet which is less prone to hack.

Cryptocurrency is not thought of as a legal tender and therefore it is not backed by FDIC or SIPC. Coinbase offers insurance by pooling the balances of Coinbase and holding them in USD denominated money market funds, USD custodial accounts, or liquid U.S. Treasuries. It also offers a solid portion of security compared to a number of other top exchanges. This is one of the reasons why Coinbase is a great option for those looking to safely begin investing in digital currency.

Coinbase: Pros And Cons

Now that you know the important features of Coinbase and how it is among the leading digital currency exchanges in the world, let us now see the pros and cons of this exchange.

Pros

  • A solid variety of altcoin options
  • Extremely easy-to-use interface
  • Very high liquidity

Cons

  • When not using Coinbase Pro, they charge high fees.
  • Users do not have control over the wallet keys
  • The amount of altcoins is less as compared to some other exchanges.

Verdict

Coinbase is considered as an ideal tool for new digital currency investors who may not have any experience in investment. While the standard platform is highly expensive, its features, like its educational program and the option to establish recurring purchases, offer the inexperienced with a transparent path to becoming invested and actually evaluating cryptocurrency.

Stephanie Walker

Stephanie Walker has been a great journalist and continues to do so. Her knowledge of journalism helps her passion grow and survive in the field of the Dark Web. She has been continuously making efforts in scouring the darknet and deep web to find out gems for the users. Her dedication towards offering proper yet knowledgeable information is rightly reflected in her reviews.

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