Coinbase is a cryptocurrency exchange and wallet platform that was founded in 2012 by Brian Armstrong and Fred Ehrsam. It is based in San Francisco, California and operates in over 100 countries around the world.
The crypto exchange was founded in the midst of a growing interest in cryptocurrency, as the value of Bitcoin and other digital assets began to rise. Armstrong and Ehrsam saw an opportunity to create a platform that would make it easy for people to buy and sell cryptocurrency, as well as store it securely.
Since its founding, Coinbase has become one of the most popular and well-known cryptocurrency platforms in the world. It has millions of users and has processed billions of dollars in transactions. In addition to its exchange and wallet services, Coinbase also offers a variety of other products and services, including a custody solution for institutional investors, a crypto payment gateway, and a suite of tools for developers.
Despite facing some controversy and regulatory challenges, Coinbase has remained a leader in the cryptocurrency industry and has helped to bring greater mainstream acceptance to digital assets.
Trading Fees
Coinbase’s fees for trading cryptocurrency vary depending on the trading tool you select. The exchange offers a simple trade option and an advanced trade option, with different fees associated with each. The advanced trade option is generally considered to be more cost-effective, as it utilizes a tiered fee structure based on your trading volume.
Coinbase charges a variable percentage fee of just under 1.5% for simple trades of $205 or more, and a flat fee for smaller trades, although the exact amounts for these fees are not published upfront and are instead calculated at the time of the order.
This option also follows a maker-taker fee model, in which orders that are not immediately filled are classified as makers and incur a lower fee for adding liquidity to the order book. In contrast, orders that are filled immediately are classified as takers and incur a higher fee for taking liquidity from the order book. It is important to note that these fees are subject to change and may be adjusted by Coinbase at any time.
It can be frustrating for users to have to switch to Advanced Trading in order to save money on fees on Coinbase. While the advanced option may be more suitable for experienced traders, it can be overwhelming for those who are new to cryptocurrency or who prefer a simpler trading interface.
It would be convenient if the fees for Simple Trades were the same as those for Advanced Trades, as this would eliminate the need for users to constantly switch between the two options in order to get the best deal. Unfortunately, this is not currently the case, and users who want to save on fees may have to put in extra effort to do so.
Staking Cryptocurrencies
Coinbase makes it easy for beginners to get started with staking crypto and earning more returns on their investments. The platform offers a variety of staking options for a range of different assets, and the process for getting set up is straightforward and user-friendly.
All you need to do is hold a supported asset in your Coinbase account and opt-in to the staking program. From there, you can start earning rewards just by holding on to your crypto.
Staking is a great way for beginners to get started with earning more from their crypto investments without having to worry about the complexities of trading or the risks of holding assets on an exchange.
Coinbase allows you to stake the following assets: Tezos (XTZ), Polkadot (DOT), Cosmos (ATOM), Solana (SOL), Celo (CGLD), Ethereum (ETH), Polygon (MATIC), Kusama (KSM), and Near protocol (NEAR).
Can you trust Coinbase?
Coinbase is a cryptocurrency exchange based in the United States that was founded in 2012. It has over 56 million users in over 100 countries and has traded over $150 billion in digital assets. It is a publicly traded company on the Nasdaq stock exchange, with the ticker symbol COIN. Despite some reported issues with customer support, Coinbase is generally considered to be a safe and trusted exchange for both individual and institutional investors.
One of the reasons Coinbase is viewed as a safe exchange is because it utilizes a variety of security measures to protect user funds from theft and hacking. These measures include 2-factor authentication, biometric and fingerprint logins, and the ability to connect to hardware storage.
Additionally, Coinbase stores 98% of user funds in cold storage. While customer deposits are insured, they are not protected by the Federal Deposit Insurance Corporation or the SIPC.
In addition to its strong security measures, Coinbase is also popular among users due to its ease of use and wide range of products. It is well-reviewed on the internet and has received high trust scores on third-party review sites. However, the Better Business Bureau has given Coinbase a F rating due to a high number of customer complaints and a class action lawsuit alleging violations of securities laws.
Despite these issues, Coinbase is still considered to be a trusted exchange by many due to its strong track record of halting suspicious or fraudulent transactions and its backing by trusted investors.
Cryptos Available on Coinbase
Coinbase boasts an impressive selection of over 150 cryptocurrencies, including all the market leaders like Bitcoin, Ethereum, Polygon (MATIC), Avalanche (AVAX), and Cardano (ADA). But it’s not just the big players that are represented – the exchange has just about every type of cryptocurrency you could imagine, from serious projects to meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) to smaller tokens.
The crypto exchange has managed to list many new coins on the platform throughout the last few years, it was even quick to list $SHIB. Plus, the exchange is always on the lookout for new and exciting cryptocurrencies to add to its offerings for investors to discover.
The Coinbase App
Coinbase has one of the best crypto trading apps for mobile devices, and both Simple and Advanced Trades are easy to manage from mobile devices. It’s available on iOS and Android. The app also features a new Web3 area and you can manage a Web3 wallet from there.
At the moment, they are giving away free NFTs on Polygon’s network if you move MATIC to your web3 wallet. This offer probably won’t last long as over 1k people have claimed their free NFT. This is just one of the many awesome reasons to use Coinbase!
When you directly compare it to Crypto.com’s mobile app, you will find that it’s much quicker and overall easier to navigate. Not to knock the Crypto.com app but this is actually very noticeable and many people will use both to avoid keeping all of their crypto on one exchange.
Final Thoughts on Coinbase
Coinbase is a solid pick for anyone who wants an easy-to-use platform with lots of crypto options and a mobile app that makes it easy to trade on the go. It’s also great for beginners, with lots of resources to help you learn the ropes and even some opportunities to earn free crypto. So if you’re looking to get into the world of crypto, Coinbase is definitely worth checking out.
