Coinbase review & 22 testimonials for coinbase.com (01.2020)
- Overview: is Coinbase safe?
- Pros & Cons of Coinbase
- Services, Coinbase Provides
- Currencies & Payment Systems
- Coinbase fees
- Buying and selling limits
- Supported countries
- Customer service
- Verification at Coinbase
- Deposit/withdrawal speed
- Customers' testimonials
- FAQ about Coinbase
- Coinbase vs other exchanges
- Conclusion: is Coinbase legit or scam?
What is Coinbase in a nutshell? It's a trusted, respectable, well established, promising exchange service (e-wallet) supporting 11 cryptocurrencies: you can buy and sell coins using 6 fiat currencies (4 banks & payment systems are supported). Exchange service started the business Jun 2012, it's a fully compliant, licensed financial company. Besides the cryptocurrencies exchange, Coinbase also provides other services, for example, ATM Cards, Merchant Services.
This service works with a number of currencies, banks, and payment systems. Hence to estimate the fees level we calculated an average fee you'll spend for an exchange here. Based on this number (2.56%) we may say that Coinbase charges moderate fees: 1.49% — 3.99% (according to our statistics, the average fee for the SGD to BTC exchange is currently ~6.0%) — you'll find all the details about the fees, limits, etc. below — and has great buying limits: $2 — $5,000 (although, in accordance with the statistics we've collected, 61% exchanges have higher order limits). This e-wallet welcomes customers from 39 countries (including your country: United States!). It serves the US and allows registrations from all the 56 states and territories. According to the feedback from users, customer service is below average; although the exchange is always instant or so. You will have to verify your account (ID Verification, Phone Number Confirmation should be normally required) before being able to use the service.
Based on all these facts, our verdict is the following: Coinbase is a legit and perfectly safe place to buy and sell cryptocurrencies, almost an ideal exchange with great feedback we can recommend to our dear visitors!
Overview: is Coinbase safe?
Coinbase is the e-wallet; Coinbase, Inc. (dba Coinbase) started the business in June 2012. The company is based in the United States with the headquarters located in the San Francisco. Official Coinbase address is 548 Market St #23008 San Francisco, CA 94104. The firm is a licensed MSB, regulated by the FinCEN; it holds the Money Transmission license.
Coinbase was founded by Brian Armstrong & Fred Ehrsam. Union Square Ventures, Andreessen Horowitz, Ribbit Capital, etc. are among the lead investors. Coinbase CEO is Brian Armstrong; other notable people are holding various positions in firm, for example Gavin Andresen (Advisor).
It's one of the biggest and most popular exchanges in the world with millions of customers worldwide; a "unicorn" — business valued over a billion USD. Non-US clients are served by the UK-based entity, authorized by the FCA.
Coinbase has a long history, it started the business as bitcoin brokerage (one of the first in the US and worldwide), adding a number of other services along the way. It's extremely popular in the US and is one of the most trusted exchanges worldwide.
Answering the question how safe is Coinbase:
Coinbase is definitely safe! 95/100 rating is rather hard to get, 100% exchanges have lower rating! Let's break down how the Coinbase exchange got such a rating.Pros & Cons of Coinbase
Since Coinbase is rated very highly by our visitors, it should have a lot of strong sides and just a few downsides. Let's check it out:
- It's very stable and reliable exchange service operating from 2012.06. Fully compliant and regulated business, service provided by licensed financial company.
- Coinbase got some nice testimonials from the customers.
- 11 digital currencies and 6 fiat ones are supported: definitely a good choice! 4 payment systems and banks are supported, both international and national ones: Visa & Mastercard, Any Local Bank, Paypal, etc.
- Fees are relatively low.
- High purchase and withdrawal limits, convenient min/max amounts.
- Many countries are not supported, please check if yours is in this list before registering!
- Account verification can take a long time; (due to the results of polls taken from the clients).
- E-wallet business model is based on holding the clients funds at the online wallet; such approach has some risks.
Seems that there are not so many cons, but a lot of pros. We hope you will enjoy your experience exchanging at Coinbase! Try Coinbase today and let us know how you like it!
Services, Coinbase Provides
The platform provides the following cryptocurrency exchange-related services:
- Allows the customers to buy cryptocurrencies with fiat currencies
- Provides the clients with ways to "cash out" the crypto to fiat currency
- Issues ATM cards (debit cards) you can load with coins to shop with cryptocurrency, etc.
- Provides merchant services (accepting cryptocurrency at e-stores, etc.)
That's impressive number of features! According to our statistics, 89% of the competition provide less services, many just allow the buying and selling, so this e-wallet is among the champions in this field!
Currencies & Payment Systems
Coinbase provides the service of buying and selling 11 digital currencies using fiat currencies. The following cryptocurrencies are available to buy/sell: Bitcoin Cash (BCHABC), Bitcoin (BTC), EOS (EOS), Ether Classic (ETC), Ether (ETH), Litecoin (LTC), USD Coin (USDC), Stellar (XLM), Ripple (XRP), Zcash (ZEC), 0x (ZRX).
There are not much exchanges with so many cryptos supported! If you are not sure, which one of these electronic currencies you are most interested in, you are welcome to read our guides. For example, these: Cryptocurrencies without proof of work to buy in 2020.
6 fiat currencies are supported to provide crypto purchase and selling: Australian Dollar (AUD), Canadian Dollar (CAD), Euro (EUR), Pound Sterling (GBP), Singapore Dollar (SGD), US Dollar (USD). The e-wallet will let you buy and sell Bitcoins and 10 other cryptos using the following payment systems:
- Visa & Mastercard. An international payment system (available worldwide) allowing credit/debit cards payments in various currencies. EUR, SGD, USD, CAD, AUD and GBP payments are available for purchasing cryptos at the exchange. Visa & Mastercard is a popular way to buy BTC and other cryptocurrencies available at 33 exchanges of various types. You are welcome to find the best rate for buying bitcoin with visa & mastercard at our home page!
- Any Local Bank. An universal payment method, allowing payments from/to all the banks in various currencies. Coinbase has options to use local bank transfers in the United Kingdom and United States. GBP and USD payments are available for both buying and selling cryptocurrencies at this exchange.
- Paypal. An international payment system (it's available in 232 countries) allowing e-wallet payments in various currencies. USD and GBP payments are available for selling cryptocurrency to fiat solely; at the time you can't buy crypto using this payment method here.
- SEPA Transfer. An international payment system (it's available in 46 countries) allowing international bank transfers payments in Euro currency. Just the EUR payments are available for both buying and selling cryptocurrencies at this exchange.
Coinbase fees
The fees you need to pay at this e-wallet during the process of buying and selling cryptocurrencies are easier to understand if you break it down like that (note that you can skip the details, jumping to the conclusion):
-
Deposit/withdrawal fee.
Depending on the fiat payment system and currency, it's as follows:
- Commission for the money withdrawal to Any Local Bank in Pound Sterling: 1.49% + £1.0 (but not less than £1.49)
- Commission for the money withdrawal to Any Local Bank in US Dollar: 1.49% (but not less than $1.49)
- 1.49% (but not less than $1.49) to deposit funds by Any Local Bank in US Dollar.
- 1.49% to deposit funds by Any Local Bank in Pound Sterling.
- Commission for the money withdrawal to Paypal in US Dollar: 1.49%
- Commission for the money withdrawal to Paypal in Pound Sterling: 1.49% (but not less than £1.49)
- 1.49% to deposit funds by SEPA Transfer in Euro.
- Commission for the money withdrawal to SEPA Transfer in Euro: 1.49% + 0.15 (but not less than 1.49)
- 3.99% (but not less than £1.49) to deposit funds by Visa & Mastercard in Pound Sterling.
- 3.99% (but not less than 1.49) to deposit funds by Visa & Mastercard in Australian Dollar.
- 3.99% (but not less than 1.49) to deposit funds by Visa & Mastercard in Canadian Dollar.
- 3.99% (but not less than €1.49) to deposit funds by Visa & Mastercard in Euro.
- 3.99% (but not less than 1.49) to deposit funds by Visa & Mastercard in Singapore Dollar.
- 3.99% (but not less than $1.49) to deposit funds by Visa & Mastercard in US Dollar.
-
Cryptocurrency withdrawal fee.
Please note that this fee applies only when you
transfer the crypto out of this wallet: to the third party, etc.
- 0 BTC: great news! at the moment there is no such a fee!
Are Coinbase fees high or low?
Now it's time to draw a conclusion: considering the average fee the exchange changes for an operation we can state that Coinbase charges moderate fees. According to our statistics, the median (average) fee the local exchanges take from a buyer for the SGD to BTC exchange is currently about ~6.0% that's roughly the same charges Coinbase does. The exact rate depends on the Bank or Payment System choice. For example, an average fee you pay to buy Bitcoin with Visa & Mastercard in USD across various exchange brokers, trading platforms, p2p marketplaces and e-wallets is 9%, Coinbase charges 3.99% for this. A nice opportunity and as you can see, the fee is low enough!
Buying and selling limits
This e-wallet has the following limits, applicable when you buy or sell cryptocurrencies:
-
Purchase limits (when you buy crypto).
- $2 minimal buy and $25,000 max purchase when using Any Local Bank in US Dollar.
- £2 minimal buy and £25,000 max purchase when using Any Local Bank in Pound Sterling.
- EUR 2 minimal buy and EUR 25,000 max purchase when using SEPA Transfer in Euro.
- £2 minimal buy and £5,000 max purchase when using Visa & Mastercard in Pound Sterling.
- AUD 2 minimal buy and AUD 5,000 max purchase when using Visa & Mastercard in Australian Dollar.
- CAD 2 minimal buy and CAD 5,000 max purchase when using Visa & Mastercard in Canadian Dollar.
- €2 minimal buy and €5,000 max purchase when using Visa & Mastercard in Euro.
- SGD 2 minimal buy and SGD 5,000 max purchase when using Visa & Mastercard in Singapore Dollar.
- $2 minimal buy and $5,000 max purchase when using Visa & Mastercard in US Dollar.
-
Withdrawal limits (when you out-exchange crypto to the fiat money).
- £2 min and £25,000 maximal withdrawal when receiving money to Any Local Bank in Pound Sterling.
- $2 min and $25,000 maximal withdrawal when receiving money to Any Local Bank in US Dollar.
- $2 min and $5,000 maximal withdrawal when receiving money to Paypal in US Dollar.
- £2 min and £5,000 maximal withdrawal when receiving money to Paypal in Pound Sterling.
- EUR 2 min and EUR 25,000 maximal withdrawal when receiving money to SEPA Transfer in Euro.
And the good news: there are no limits on other payment systems (the limitations the payment system has aside) Coinbase supports! Comparing to other exchanges, Coinbase has a very convenient buying/selling limits setup; the minimal amount is tiny and the max is high. Whatever amount you have in mind, you can exchange it at this e-wallet!
Supported countries
Platform allows the users from 39 countries to use the exchange. The following countries are supported by the e-wallet:
- Andorra (AD)
- Australia (AU)
- Austria (AT)
- Belgium (BE)
- Bulgaria (BG)
- Canada (CA)
- Chile (CL)
- Croatia (HR)
- Cyprus (CY)
- Czech Republic (CZ)
- Denmark (DK)
- Finland (FI)
- Gibraltar (GI)
- Greece (GR)
- Guernsey (GG)
- Hungary (HU)
- Iceland (IS)
- Ireland (IE)
- Isle of Man (IM)
- Italy (IT)
- Latvia (LV)
- Liechtenstein (LI)
- Lithuania (LT)
- Malta (MT)
- Mexico (MX)
- Monaco (MC)
- Netherlands (NL)
- Norway (NO)
- Poland (PL)
- Portugal (PT)
- San Marino (SM)
- Singapore (SG)
- Slovakia (SK)
- Slovenia (SI)
- Spain (ES)
- Sweden (SE)
- Switzerland (CH)
- United Kingdom (GB)
- United States (US)
Does Coinbase allow the users from United States (US)?
Yes, Coinbase allows the registrations from the United States! E-wallet permits the users from 56 states and territories to register at and use the services exchange provides:
- Alabama (AL)
- Alaska (AK)
- American Samoa (AS)
- Arizona (AZ)
- Arkansas (AR)
- California (CA)
- Colorado (CO)
- Connecticut (CT)
- Delaware (DE)
- District of Columbia (DC)
- Florida (FL)
- Georgia (GA)
- Guam (GU)
- Hawaii (HI)
- Idaho (ID)
- Illinois (IL)
- Indiana (IN)
- Iowa (IA)
- Kansas (KS)
- Kentucky (KY)
- Louisiana (LA)
- Maine (ME)
- Maryland (MD)
- Massachusetts (MA)
- Michigan (MI)
- Minnesota (MN)
- Mississippi (MS)
- Missouri (MO)
- Montana (MT)
- Nebraska (NE)
- Nevada (NV)
- New Hampshire (NH)
- New Jersey (NJ)
- New Mexico (NM)
- New York (NY)
- North Carolina (NC)
- North Dakota (ND)
- Northern Mariana Islands (MP)
- Ohio (OH)
- Oklahoma (OK)
- Oregon (OR)
- Pennsylvania (PA)
- Puerto Rico (PR)
- Rhode Island (RI)
- South Carolina (SC)
- South Dakota (SD)
- Tennessee (TN)
- Texas (TX)
- U.S. Virgin Islands (VI)
- Utah (UT)
- Vermont (VT)
- Virginia (VA)
- Washington (WA)
- West Virginia (WV)
- Wisconsin (WI)
- Wyoming (WY)
It's possible to use the USD currency to buy/sell 11 cryptocurrencies at the Coinbase: 3 banks and payment systems totally (out of the 4 the e-wallet supports, that's 75% of all the available ones) can be used by people from the U.S.A.:
- Any Local Bank
- Paypal — please note — just the withdrawals to this payment system are available at the moment!
- Visa & Mastercard (note: buying only!)
Customer service
Verification at Coinbase
The e-wallet requires it's clients to pass through obligatory user identification (account verification). The following procedures should be completed before the client will be able to buy and sell on the exchange:
- ID verification
- Phone confirmation
According to the data submitted by the customers with the reviews and testimonials, the average time the account verification takes is no less than a couple of days. The feedback is the following:
Looks like this exchange is among the slowest ones in the field. But remember, you have to pass through the user identification only once!
Deposit/withdrawal speed
Although the exchange process is fully automated on any e-wallet or trading platform, you may face some delay when you send the money "outside", i.e. say you are withdrawing the BTC you purchased to your personal wallet. Let's see what other cryptocurrency enthusiasts say about how fast is Coinbase!
Is Coinbase instant?
So, what can we see? According to the feedback we got from other users of this e-wallet worldwide, Coinbase is instant: money arrives right after you order it all the time. That's great to know!
Customers' testimonials
Our users left 22 testimonials about their experience dealing with Coinbase, 95% of the testimonials are positive, 5% are neutral and there are 0 negative ones. Feel free to read as many of these as you like!
Use it for years, zero issues so far. It's a most trusted service I used in the industry! 👍🏿
One of the exchanges I used almost since my day one in crypto. What can I say, it's super reliable for sure. Such huge companies won't steal from customers )) The support is far from good though, seems they have TOO MUCH clients to serve them all. KYC can also be ridiculous like "you use your money for gambling => BANNED". But if you just need fast buy/sell option and your country is supported. IT'S ALMOST PERFECT ONE! 👍 just remember that the support is bad, hopefully you won't need it )
Used this one and Coinbae Pro also, not bad but there are better ones IMO. But if you are just startin with crypto and stuff, this is a smart choice
Support may be some slow in case of responding time to tickets and verification time but also very helpful. All my purchases and cashouts were done without troubles. Thank you!
there are plenty of exchanges for aussies, but this is one of tops! limits are good at least for my case and everything is fast
Once it was the best exchange for me, now just OK but I found better. What I like is the design and interface and what I don't - slow support and rather small limits. The fees are reasonable.
Cool exchange for CAD, one of the best I ever tried bro! 🙏 Thank you for amazing service!
I used this exchange several times and have never had a problem. All my transactions, crypto and fiat, have completed rapidly, never had to contact support. Account verification was also rather fast
Wallet is good. Bad is that India is not supported country to add money! I wish one day to see us in the list
Nice wallet and good deposit options. My choice, I recommend to all!
I bought my first sats here. Good wallet for a noob! Safe and easy
Trusted exchange, but customer support is slow as a sloth. Or worse? Good that I have no problems, but when you need to ask smth, it may result in a looooong wait.
One of the best exchange sites web I ever tried. Works perfect for me!
Coinbase has one of the lowest fees when you buy BTC with your Visa or MasterCard debit or credit card. I am not sure they accept prepaid and gift cards but if your card has a name on it and it's yours 😁 Coinbase will be great choice.
Good one. No need to store money here especially if you are goin to spend it for something you won't tell everyone or your momma 😅 but to buy with your card this is one of the best!!!
Good exchange. Everything is cool but the support is unbeliaveably slow and sometimes too mush questions asked. I've heard you can wait for weeks! In my case it was days, very bad result anyway. They also love to block accounts when you gamble etc. Why I can't spend my own money for something I like. AND WHY YOU EVEN CARE HOW I SPEND MY COINS?? What's wrong with you people?? 🥶
It was my first wallet when I started use cryptocurrencies. Very easy to start and deposit money. Some people say their support is awful, but honestly, why would you even need it?? Everything works well so I dunno, there is no need in anything else. I vouch for Coinbase, it's one of the best crypto wallets and the best one with fiat deposits!
Coinbase is a very good service if you just buy coins here and transfer to some wallet of your choice. Just remember that and you'd love the coinbase like I do!
I use it for a while buying some BTC with my MasterCard. All works perfectly, thanks !!!
Although the user reviews of Coinbase are not the best-of-the-best, 95% positive ones is definitely a good result! Most likely, your experience doing business with this e-wallet will be worthwhile, and who knows, maybe it will turn out that for you this exchange is #1!
FAQ about Coinbase
Does Coinbase holds my funds?
Yes, it does. Although you can always withdraw the funds to your e-currency wallet "by default" Coinbase holds your balance at it's own hot storage wallet. That's something all e-wallet providers do; it's their main purpose, after all!
Is Coinbase a good e-wallet?
According to our rating and the clients' testimonials, it is! Feel free to get acquainted with the details reading this review or just jump to the conclusion!
Is Coinbase licensed? Does it hold e-money license?
Yes, Coinbase, Inc. (entity doing business as Coinbase exchange) is licenced and regulated financial company. It holds Money Transmission license and is regulated by the FinCEN of the United States.
Does Coinbase provide a debit card (ATM card)?
Yes, Coinbase provides such a card, you can get one if you are residing in any of the supported countries.
Does Coinbase provide services for the merchants willing to accept crypto?
It is! You may accept payments in all the cryptocurrencies supported by the Coinbase and get paid in fiat or your preferred crypto.
Is Coinbase a ripoff?
It definitely isn't! Feel free to read the whole this review to understand why or check our conclusion: is Coinbase legit or scam.
Is Coinbase FDIC Insured?
If you are a United States resident, your Coinbase USD Wallet is covered by FDIC insurance, up to a maximum of $250,000. Please note that the insurance won't cover the loses resulting from from unauthorized access to your personal account(s).
Coinbase vs other exchanges
Let's compare Coinbase to other similar exchange services with similar features: others of e-wallet type mostly. Besides, seems reasonable to compare the platform with the exchanges having similar rating and serving (mostly) the same geographic, etc. Remember that if you wish to find the exchange offering the best price to buy/sell Bitcoin and 33 other cryptos, check the best rates to buy bitcoin and crypto in United States!
Coinbase vs Bitpanda
Let's compare the key features of these two platforms to see which one suits you best:
- Bitpanda is a trading platform Coinbase is an e-wallet, it has a different business model (feel free to read about the differences between trading platform and e-wallet)
- Bitpanda had started the business June 2014 Coinbase started the business June 2012 (Coinbase operates 2 years and 0 months longer).
- Bitpanda has all the required business licenses and permissions Coinbase has all the required business licenses and permissions (both exchange services operate using the same approach to the business, utilizing a same legal model).
- Besides buying and selling cryptocurrencies, Bitpanda provides the following extra services: Payments for Utility Bills and the Precious Metals Trading / Investments Coinbase provides the same number of services as Bitpanda: it allows us to purchase and sell digital currencies, and besides that: ATM Cards and the Merchant Services.
- Bitpanda supports 4 cryptocurrencies Coinbase allows to exchange 11 cryptos (Coinbase supports 7 cryptocurrencies more).
- 4 fiat currencies are available at Bitpanda You'll be able to use 6 fiat currencies to swap with digital ones at Coinbase (Coinbase supports 2 fiat currencies more).
- Bitpanda accepts deposits from and allows withdrawals to 11 fiat payment systems / banks Coinbase allows the user to utilize 4 various fiat payment systems and/or banks (Coinbase supports 7 banks and fiat payment systems less).
- Bitpanda charges 1.29% — 5.09% fee Coinbase charges the client 1.49% — 3.99% fee, depending on the currency, payment system, etc. (Coinbase has lower fees in general).
- Bitpanda allows registrations from 46 countries; we are sorry, but United States is not supported this time You may register at Coinbase if you reside in one of 39 countries; it serves United States among others (Coinbase supports less countries).
- During the account verification Bitpanda usually asks for 3 documents and/or procedures: (id verification, a bank account verification, additional information upon compliance staff decision) User identification at Coinbase usually consists of 2 different procedures: id verification, phone confirmation and the process usually takes no less than a couple of days (Coinbase 's KYC policy requires the customer to take less actions or to provide less data).
- Our users left 2 testimonials about Bitpanda, 100% of which are positive We've collected 22 users testimonials about Coinbase, 95% are positive (Coinbase was rated lower by the community).
Although the final decision, which exchange — Bitpanda or Coinbase — is better is up to you, we'll try to help you with the decision. Both exchanges are great, since at least one of them is not yet rated at our platform, we recommend you to look at the list above and decide, what is most important for you!
If you feel like need more comparison versus other exchanges, feel free to check these:
Coinbase vs CEX
Let's compare the key features of these two platforms to see which one suits you best:
- CEX is a trading platform Coinbase is an e-wallet, it has a different business model (feel free to read about the differences between trading platform and e-wallet)
- CEX had started the business July 2014 Coinbase started the business June 2012 (Coinbase operates 2 years and 1 months longer).
- CEX has all the required business licenses and permissions Coinbase has all the required business licenses and permissions (both exchange services operate using the same approach to the business, utilizing a same legal model).
- Besides buying, selling and exchanging cryptocurrencies, CEX provides the following extra services: Margin Trading Coinbase provides the same number of services as CEX: it allows us to purchase and sell digital currencies, and besides that: ATM Cards and the Merchant Services.
- CEX supports 16 cryptocurrencies Coinbase allows to exchange 11 cryptos (Coinbase supports 5 cryptocurrencies less).
- 4 fiat currencies are available at CEX You'll be able to use 6 fiat currencies to swap with digital ones at Coinbase (Coinbase supports 2 fiat currencies more).
- CEX accepts deposits from and allows withdrawals to 4 fiat payment systems / banks Coinbase allows the user to utilize 4 various fiat payment systems and/or banks (Coinbase & CEX support the same number of banks and payment systems).
- CEX charges 1.0% — 5.0% fee Coinbase charges the client 1.49% — 3.99% fee, depending on the currency, payment system, etc. (Coinbase has higher fees, generally).
- Buying limits at CEX start from $1,000 and are up to $5,000 Deposit/withdraw limits at Coinbase are $2 — $5,000 depending on the payment method (Coinbase & CEX have more or less the same buying/selling limits).
- CEX allows registrations from 224 countries; United States is among the supported ones You may register at Coinbase if you reside in one of 39 countries; it serves United States among others (Coinbase supports less countries).
- During the account verification CEX usually asks for 3 documents and/or procedures: (id verification, phone confirmation, selfie) and it takes no less than a couple of days in most of the cases User identification at Coinbase usually consists of 2 different procedures: id verification, phone confirmation and the process usually takes no less than a couple of days (Coinbase 's KYC policy requires the customer to take less actions or to provide less data).
- Due to results of community feedback, CEX process deposit/withdrawal orders in about in couple of minutes (although the exchange is instant) Due to results of community feedback, Coinbase process deposit/withdrawal orders in about a couple of seconds, in fact — instantly, without any delay; everything is automated (Coinbase processes deposits and withdrawals faster
- Our users left 16 testimonials about CEX, 94% of which are positive We've collected 22 users testimonials about Coinbase, 95% are positive (Coinbase has better testimonials from the clients
Although the final decision, which exchange — CEX or Coinbase — is better is up to you, we'll try to help you with the decision. Both exchanges are great, although Coinbase has a better total rating 95 vs CEX's 93, we recommend you to look at the list above and decide, what is most important for you!
If you feel like need more comparison versus other exchanges, feel free to check these:
Coinbase vs Binance
Let's compare the key features of these two platforms to see which one suits you best:
- Binance is a trading platform Coinbase is an e-wallet, it has a different business model (feel free to read about the differences between trading platform and e-wallet)
- Binance had started the business April 2017 Coinbase started the business June 2012 (Coinbase operates 4 years and 10 months longer).
- Binance has all the required business licenses and permissions Coinbase has all the required business licenses and permissions (both exchange services operate using the same approach to the business, utilizing a same legal model).
- Besides the crypto to crypto exchange, Binance provides the following extra services: Mobile wallet, Lending and the Margin Trading Coinbase provides the same number of services as Binance: it allows us to purchase and sell digital currencies, and besides that: ATM Cards and the Merchant Services.
- Binance supports 31 cryptocurrencies Coinbase allows to exchange 11 cryptos (Coinbase supports 20 cryptocurrencies less).
- Binance doesn't have any fiat currencies supported You'll be able to use 6 fiat currencies to swap with digital ones at Coinbase (Coinbase supports 6 fiat currencies more).
- Binance doesn't allow any fiat payments Coinbase allows the user to utilize 4 various fiat payment systems and/or banks (Coinbase supports 4 fiat payment systems and banks more).
- Binance charges 0.0% fee Coinbase charges the client 1.49% — 3.99% fee, depending on the currency, payment system, etc. (Coinbase has higher fees, generally).
- Binance allows registrations from 255 countries; United States is among the supported ones You may register at Coinbase if you reside in one of 39 countries; it serves United States among others (Coinbase supports less countries).
- During the account verification Binance usually asks for 1 document / procedure: (selfie) User identification at Coinbase usually consists of 2 different procedures: id verification, phone confirmation and the process usually takes no less than a couple of days (Coinbase 's KYC policy requires the customer to take less actions or to provide less data).
- Our users left 17 testimonials about Binance, 94% of which are positive We've collected 22 users testimonials about Coinbase, 95% are positive (Coinbase has better testimonials from the clients
Although the final decision, which exchange — Binance or Coinbase — is better is up to you, we'll try to help you with the decision. Both exchanges are great, although Coinbase has a better total rating 95 vs Binance's 94, we recommend you to look at the list above and decide, what is most important for you!
If you feel like need more comparison versus other exchanges, feel free to check these:
Coinbase vs Changelly
Let's compare the key features of these two platforms to see which one suits you best:
- Changelly is a broker Coinbase is an e-wallet, it has a different business model (feel free to read about the differences between broker and e-wallet)
- Changelly had started the business December 2013 Coinbase started the business June 2012 (Coinbase operates 1 years and 6 months longer).
- Changelly has all the required business licenses and permissions Coinbase has all the required business licenses and permissions (both exchange services operate using the same approach to the business, utilizing a same legal model).
- Besides the digital currencies exchange, Changelly provides no extra services Coinbase provides more exchange-related services: it allows us to purchase and sell digital currencies, and besides that: ATM Cards and the Merchant Services.
- Changelly doesn't have any fiat currencies supported You'll be able to use 6 fiat currencies to swap with digital ones at Coinbase (Coinbase supports 6 fiat currencies more).
- Changelly doesn't allow any fiat payments Coinbase allows the user to utilize 4 various fiat payment systems and/or banks (Coinbase supports 4 fiat payment systems and banks more).
- Changelly allows registrations from 242 countries; we are sorry, but United States is not supported this time You may register at Coinbase if you reside in one of 39 countries; it serves United States among others (Coinbase supports less countries).
- Changelly allows the user to be anonymous, there is no account verification, etc. User identification at Coinbase usually consists of 2 different procedures: id verification, phone confirmation and the process usually takes no less than a couple of days (Coinbase 's compliance program requires the client to take more actions or to provide more data).
- Due to results of community feedback, Changelly process deposit/withdrawal orders in about a couple of seconds, in fact — instantly, without any delay Due to results of community feedback, Coinbase process deposit/withdrawal orders in about a couple of seconds, in fact — instantly, without any delay; everything is automated (Coinbase & Changelly process the deposits and withdrawals with equal speed).
- Our users left 17 testimonials about Changelly, 94% of which are positive We've collected 22 users testimonials about Coinbase, 95% are positive (Coinbase has better testimonials from the clients
Although the final decision, which exchange — Changelly or Coinbase — is better is up to you, we'll try to help you with the decision. Both exchanges are great, although Coinbase has a better total rating 95 vs Changelly's 94, we recommend you to look at the list above and decide, what is most important for you!
If you feel like need more comparison versus other exchanges, feel free to check these:
Coinbase vs BitQuick
Let's compare the key features of these two platforms to see which one suits you best:
- BitQuick is a p2p marketplace Coinbase is an e-wallet, it has a different business model (feel free to read about the differences between p2p marketplace and e-wallet)
- BitQuick had started the business October 2013 Coinbase started the business June 2012 (Coinbase operates 1 years and 4 months longer).
- BitQuick has all the required business licenses and permissions Coinbase has all the required business licenses and permissions (both exchange services operate using the same approach to the business, utilizing a same legal model).
- Besides the digital currencies exchange, BitQuick provides no extra services Coinbase provides more exchange-related services: it allows us to purchase and sell digital currencies, and besides that: ATM Cards and the Merchant Services.
- BitQuick doesn't have any fiat currencies supported You'll be able to use 6 fiat currencies to swap with digital ones at Coinbase (Coinbase supports 6 fiat currencies more).
- BitQuick doesn't allow any fiat payments Coinbase allows the user to utilize 4 various fiat payment systems and/or banks (Coinbase supports 4 fiat payment systems and banks more).
- BitQuick charges 2.0% fee Coinbase charges the client 1.49% — 3.99% fee, depending on the currency, payment system, etc. (Coinbase has higher fees, generally).
- BitQuick allows registrations from 1 countries; United States is among the supported ones You may register at Coinbase if you reside in one of 39 countries; it serves United States among others (Coinbase supports more countries worldwide).
- During the account verification BitQuick usually asks for 1 document / procedure: (phone confirmation) User identification at Coinbase usually consists of 2 different procedures: id verification, phone confirmation and the process usually takes no less than a couple of days (Coinbase 's compliance program requires the client to take more actions or to provide more data).
- Due to results of community feedback, BitQuick process deposit/withdrawal orders in about a couple of seconds, in fact — instantly, without any delay Due to results of community feedback, Coinbase process deposit/withdrawal orders in about a couple of seconds, in fact — instantly, without any delay; everything is automated (Coinbase & BitQuick process the deposits and withdrawals with equal speed).
- Our users left 4 testimonials about BitQuick, 100% of which are positive We've collected 22 users testimonials about Coinbase, 95% are positive (Coinbase was rated lower by the community).
Although the final decision, which exchange — BitQuick or Coinbase — is better is up to you, we'll try to help you with the decision. Both exchanges are great, although Coinbase has a lower total rating 95 vs BitQuick with 100, we recommend you to look at the list above and decide, what is most important for you!
If you feel like need more comparison versus other exchanges, feel free to check these:
Conclusion: is Coinbase legit or scam?
Now it's time to draw a conclusion, is Coinbase a scam or is it a legit exchange? We are 100% sure Coinbase is a trusted, legit exchange with great reputation in the community. There is no way it can be called a scam! Let's summarize what we like most (and what we don't) about the Coinbase:
- It is licensed, regulatory compliant financial company
- The e-wallet holds users' funds
- This company has being in the business for a long time; exchange was started 8 years and 3 months ago
- Exchange supports 11 cryptocurrencies and 6 fiat ones (totally 4 payment systems / banks are available). Besides buying, selling and exchanging digital currencies, the following services are available: ATM Cards and Merchant Services
- It charges moderate fees: from 1.49% to 3.99% depending on the payment method; although the exchange of smaller amounts is rather inexpensive
- The purchase and withdrawal limits are high and you may exchange small amounts, if you wish to: from $2 to $5,000 USD, it depends on a payment system choice
- Coinbase allows registrations from 39 countries; people from United States may use the service
- Customers' testimonials are rather good, 5% (1 of 22) are neutral or negative. According to the customers feedback:
- Deposits and withdrawals are instant
- Verification is not very fast
Coinbase is without any doubt, legit and safe. Although as any big business, there are complaints; in this case, most of these are blaming the customer service and rigorous Know Your Customer (KYC) process with many questions asked. If you don't mind these and if your country is supported, Coinbase is an excellent choice!