Headquarters: San Francisco, CA, USA
Description: A digital currency wallet allowing traders to buy and sell bitcoin.
24-hour trade volume: $117 M (GDAX)
Availability: US, Canada, Singapore, Australia, Europe and more
Coinbase is a well-designed platform with an intuitive user interface, making it perfect for beginners as well as experienced traders. The navigation is simple and organized so anyone can find the information they’re looking for. If you have any experience with mobile applications you could easily start buying and selling Bitcoin in less than 24 hours.
Yes — Thanks to detailed documentation and a full-featured mobile app, Coinbase is one of the most user-friendly cryptocurrency exchange products on the market.
Yes — Coinbase offers a robust support community with detailed documentation on a variety of frequently asked questions.
Compared to the majority of cryptocurrency exchanges, Coinbase offers a variety of support tools. Answers to most questions can be found in their detailed support documentation. If you have trouble finding an answer on your own, they’ve created a custom Coinbase chatbot to help guide you to the right answers. If all else fails and you have to submit a support request, don’t plan on getting a quick response. This warning frequently appears on their support page:
Tier 1 – $10,000 weekly buy/sell limit
- Requires a verified account, but doesn’t require a government issued ID
Tier 2 – $15,000 weekly buy/sell limit
- Requires upload of government issued ID
Tier 3 – TBD
When you complete identity verification and build a history of successful purchases, you will receive higher buy and sell limits. – Coinbase Support
Yes — Coinbase works with the most popular 2FA applications including Google Authenticator, Duo, and 1Password.
Yes — All digital currency that Coinbase holds online is insured. If you are a U.S.-based customer, your funds are FDIC insured up to $250,000. Less than 2% of customer funds are actually held online, just enough to cover regular transactions. The rest is held offline in cold storage.
98% of all funds are stored offline to protect against threat or loss. Coinbase uses geographically distributed safety deposit boxes around the world to store sensitive customer data.
Yes — AES-256 Encryption (a.k.a. State of the art financial encryption)
Fees & Payment
Minimum Fee – Transactions under $200
Percentage Fee – Varies by region and payment type (1.49% – 3.99%)
Accepted Payment Methods
Varies by country (Paypal (U.S. Only), Debit/Credit, Bank Account, Deposit)
No issues so far with reliability. However, I’ve heard from several sources that reliability has been an issue in the past.
Yes — Available on Android and iOS. I’ve had zero issues to date with any reliability on the app or web versions of Coinbase.
I’ve fallen into the Coinbase fee trap on more than one occasion. So if you find yourself paying 3% – 5% fees on Coinbase, you’re not alone. Coinbase takes advantage of the fact that they’re an easy-to-use platform by charging incredibly high fees. Luckily, with a little patience and planning, there is a way around these fees.
Follow these 10 steps to buy bitcoin, ether and litecoin without paying any Coinbase fees:
1. Create a Coinbase account
After initial signup, you’ll be prompted to confirm your email address, phone number and add a method of payment. It’s much faster to just add a credit/debit card, however if you want to avoid Coinbase fees in the long run, you’ll have to connect a bank account.
2. Connect a bank account
3. Verify your identity
4. Add funds to your USD wallet on Coinbase
Once your identity is verified and your bank account has been added, it’s time to add funds to your USD Wallet. Click “Accounts” in the navigation and then deposit funds to your USD Wallet from your newly added bank account.
5. Login to GDAX (using your Coinbase credentials)
6. Deposit funds via Coinbase Account
7. Create a limit order
8. Click on the top buy order on the order book to set your limit price
9. Enter the amount of bitcoin you would like to purchase
10. Click buy (Your order should appear under open orders until it’s filled)