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Coinbase Review: The worlds easiest bitcoin and cryptocurrency exchange?

Coinbase Review: The worlds easiest bitcoin and cryptocurrency exchange?

 

Go to Coinbase and get $10 of free bitcoin

People are rushing to get into cryptocurrency for the amazing underlying technology and the great hedge against an economic crisis.

But many get stuck in the processes of buying as it’s a pretty complex process for someone new to the space. However, Coinbase does a fantastic job removing the hard parts of buying, making it very easy for a newcomer. With a quite limited amount of available coins, Coinbase is still the very best place to get started with cryptocurrency.

What you will find in this review and guide

  • General information
  • Pros and Cons
  • How to use Coinbase to buy Bitcoin and other cryptocurrencies
  • Isย  Coinbase available in your country?
  • Buy/sell limits and fees
  • Summary

General information

Coinbase
Main FocusEasy to use Exchange
Beginner friendlyYes
Mobile appYes
Payment MethodsCredit Card, Bank Transfer
Withdrawal MethodsBank Transfer
SecurityHigh
FeesHigh
Customer supportGood
Available currenciesBitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH)

Coinbase is one of the fastest growing cryptocurrency exchanges that is operating on the market. It’s also the easiest to use exchange available for newcomers. Coinbase gets around 100.000 new users every day, mostly because of its simplicity.

On the other hand, Coinbase requires you to verify yourself with an ID like a passport or drivers license. But the verification process is quick as long as you fill out the correct information, it is also very simple to verify as you can take a picture of your ID with your mobile phone or web camera. More often than not you can get started with buying in just a few minutes on Coinbase.

Coinbase is among the few that are exposed to the fiat market (Regular currency markets like USD or EURO). Which means you can buy Bitcoin, Ethereum, Litecoin and Bitcoin Cash with your credit card or a simple bank wire transfer. If you invest with your credit card the buying process is instant and you get your coins right into your Coinbase wallet.

If you decide to do a bank wire transfer it will take some time to get your money onto the platform but instead, you are charged a lower fee.

Pros

  • Accepts many payment methods
  • Very beginner friendly platform
  • Very high security
  • Fast verification

Consย 

  • High fees
  • Sometimes the exchange crashes when a lot of people want to buy or sell

How to use Coinbase to buy Bitcoin and other cryptocurrencies

We have done a separate guide on this topic, in this guide we also go through how to send and recieve crypto currency to your Coinbase wallet. Go to CoinSpecto How to buy Bitcoin to get a step by step guide on how to buy Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

Is Coinbase available in your country?

Coinbase is available in the following 32 countries:

Australia, Austria, Belgium, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark, Finland, Greece, Hungary, Ireland, Italy, Jersey, Latvia, Liechtenstein, Malta, Monaco, Netherlands, Norway, Poland, Portugal, San Marino, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom and United States.

The country list was last updated in January 2018, check if your country is available today

Buy/sell limits and fees

Buy/sell limits

The buy and sell limits can differ between countries and verification statuses, and can also be set to a higher amount if requested. The limits are automatically calculated depending on your purchase history, if you have a phone number set, if you have entered your personal details and if you verified your id. They also check for how long you have been trading on the platform.

So as you can understand your limits might be quite different from this, but with standard settings and verification you will probably get the following limits:

  • 5000โ‚ฌ or $5,000 when you buy through a bank transfer.
  • 500โ‚ฌ or $500 when you buy with your Credit/Debit Card
  • 50000โ‚ฌ or $50,000 when you sell

On the other hand, we at the CoinSpecto have around twice that after being active on Coinbase for quite a while.

Fees

The fee structure differs quite a lot depending on what country you are from, but here are the most common fees.

The most common fee for using a credit card to purchase on Coinbase is 3.99%
Sending money to Coinbase via bank transfer is free, and withdrawals cost 0.15โ‚ฌ or $0.15.

The standard buy/sell fee is 1.49% ( When using money you have sent to Coinbase via bank transfer)

 

Summary

Coinbase is definently the perfect platform to begin your journey into cryptocurrency. This is the place we recommend every new person that are interested in cryptocurrency, because it is so easy to get started.

Its also a very secure place to buy cryptocurrencies on as the company behind it takes great security measures to store your cryptos safely. We feel safe spending our money on Coinbase.

Another key feature of Coinbase is that it is very simple to get your money out of the exchange. This is something that is not a guarantee if you invest in some other shady exchange.

CoinSpecto gives Coinbase 5 out of 5 stars and a big recommendation for beginners and pros.

Go to Coinbase and get $10 of free bitcoin