Home » Coinbase Short Review 2022: Is It a Scam or Legit?

Coinbase Short Review 2022: Is It a Scam or Legit?

Coinbase Short Review

by Matthias Kuerpick
Coinbase Short Review 2022: Is It a Scam or Legit?

One of the most well-known cryptocurrency exchanges in the market is Coinbase. The fact that they make it so simple for new customers to purchase Bitcoin using PayPal, a debit/credit card, as well as a bank transfer, is one of the key causes for this. More than 50 different cryptocurrencies, including well-known ones like Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, are presently supported on the site.

Make sure to read our in-depth guide if you want to learn more about Coinbase. We’ll discuss the exchange’s background, supported cryptocurrency, fees, level of security, and other topics.

What is Coinbase?

One of the best cryptocurrency exchanges, Coinbase, lets you purchase and sell a variety of virtual currencies. Along with well-known cryptocurrencies like Bitcoin and Ethereum, this also applies to ERC-20 tokens like USDC. The U.S.-based exchange, which was established in 2012, states that it has over 89 million customers.

The fact that Coinbase lets you purchase and sell cryptocurrency using conventional payment methods is one of its key attractions. Debit and credit cards, bank transfers, and e-wallets are examples of this.

How does Coinbase Work?

The fact that Coinbase functions more as a broker than an exchange sets it apart from other well-known cryptocurrency exchanges. In other words, rather than exchanging them with other users, when you buy cryptocurrencies on the site, you are actually buying the coins directly from Coinbase.

In exchange for this, Coinbase charges you a transaction/trading fee each time you purchase or sell coins in addition to a fee for depositing and withdrawing money.

After purchasing cryptocurrencies on the platform, you may choose to either withdraw them to personal Bitcoin wallets or keep them in your Coinbase account. Remember that at the crypto exchange, you only have the choice of going long. This implies that if you believe that markets will decline, you cannot profit.

What cryptocurrencies does Coinbase support?

Coinbase supported ten different cryptocurrencies. Simply go to the Buy/Sell section of your Bitcoin account and look through the drop-down list to see what you can purchase there.

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Bitcoin Cash (BCH)
  • Ethereum Classic (ETC)
  • Litecoin (LTC)

Coinbase fees

The precise account activity you want to carry out will determine the fees you will pay at the crypto exchange. Every time you deposit money, withdraw it, or buy or sell a cryptocurrency, you’ll have to pay a charge.

Also Read: Invest In metaverse In India

Trading fees

The maker-taker fee model is how Coinbase Exchange calculates its trading commissions.

The cost for a taker ranges from 0.05 to 0.60 percent, whereas the fee for a manufacturer is from 0.00 to 0.40 percent. This price is established using the most recent pricing tier, which is available here. Taker charge is 0.01 percent and maker fee is 0.00 percent for stable pairs.

This is incredibly expensive, making Coinbase one of the priciest cryptocurrency exchanges to purchase and sell coins on. Additionally, these trading expenses render regular trading entirely unprofitable.

Coinbase platform dashboard

The fact that Coinbase is so simple to use is one of its best aspects. The exchange is excellent for people with extensive trading knowledge, but it’s also terrific for new traders.

The main dashboard is the first thing you see after logging in to the website. You may see your account, access more trading tools, buy or sell bitcoin, view your settings, and access your account information at the top of the screen. Because of the platform’s excellent clarity, it is simple to navigate through the various dashboard settings.

How to trade with Coinbase?

We’ve provided a thorough step-by-step guide below if you decide to proceed with creating an account with Coinbase.

Sign up for a Coinbase account

The first thing you must do is go to the official Coinbase website and select new account. Various personal details, including your entire legal name and your nation of residence, must be entered here.

Verify your phone number and email address.

You’ll need to confirm your email address after entering your personal information. This can be verified by simply clicking the link that the crypto exchange delivers to your email address. Additionally, you must verify your phone number. To accomplish this, Coinbase will text a special PIN to your phone. You must then enter it into your Coinbase account after it comes.

Establish your identity.

Before you begin trading, the crypto exchange is obligated to confirm your identification in order to stay in compliance with regulators. You must upload a copy of your government-issued ID for this. This must be either a copy of your passport or your driver’s licence.

Deposit funds

You must deposit money for the following stage. Your deposit alternatives will depend on the nation in which you reside, but in most circumstances, a debit/credit card or a bank transfer will be required.

Verdict

Safety is among the most crucial considerations when determining whether or not to use a bitcoin exchange. You wouldn’t want to deposit your own money if it were at risk, after all. This is especially true for the Bitcoin sector, where hacks appear to be a regular occurrence.

If you are looking for an alternative of Coinbase, easyMarkets is the best option for crypto trading in Australia.

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