Coinbase is one of the biggest crypto exchanges in the world, coming second in trading volume only to Binance. On this page we’ll be displaying comments and reviews for Coinbase that people have submitted to us (if you’ve used Coinbase yourself, please submit a comment here).
What do people say about Coinbase?
Most people praise Coinbase’s interface and ease-of-use, and recommend it to beginners. It’s also one of the most trustworthy and reputable exchanges. The downsides of Coinbase is that the number of coins you can trade on it is limited (since it’s not easy to get a coin onto Coinbase, so if you’re trading a lot of smaller cryptocurrencies you may be better off going with another exchange), and their fees are often significantly higher than other exchanges.
I've tried many crypto exchanges and for me Coinbase has the easiest interface to buy and sell bitcoin if you are a newbie. The main downside is that you won't find all coins you might be interested in, however, you will find nothing more transparent and straightforward to get into crypto trading.
--Daniel Penzing, Maze of our Lives
Coinbase is a cryptocurrency wallet whose interface is quite easy to use. I have used Coinbase for over a year and it does the job for me. Occasionally I see other exchanges to take advantage of some premium deals or to test out their interface. However, I always come back to Coinbase for my actual trading. It's also pretty cool that Coinbase offers both the basic beginner level trading setup, as well as the Coinbase Pro console that allows for expert level trading.
--Joseph Meyer, The Dollar Soldier
I have been using Coinbase since 2016, and I do not have very many complaints about the service, but I do have a few.
I keep a majority of my cryptocurrency holdings in a secure hardware wallet, and the initial reason for me using coinbase was because of the ease of access it allows someone to purchase cryptocurrency initially. I do not think it is the safest place to store your crypto long term, because of the fact that you do not have access to your private keys and your coins are stored under the primary control of the company. Whereas if the company were to experience a hack or breach, your coins along with everyone else's would be at risk. On top of this, their rates are always a little over or underpriced from what the actual value of bitcoin or other coins are. It is not a good place to day trade, or try to profit from trading alt coins (they are very limited in what they offer)
A few good things about coinbase I have experienced:
They make it very easy to link to your bank account, and whenever I want to cash out USD to my bank account, they do so in under 2 business days usually.
Whenever they list a new coin, there is usually always an increase in that coins value overall. This is because of the sheer amount of users that coinbase has, and it’s popularity among new crypto users.
I lost access to my 2 factor authentication code, and also changed my phone number that was registered to my account. I thought I had lost access to my account forever (because they don’t allow the users any form of recovery by means of a private hexadecimal key like most wallets)
HOWEVER - they were able to recover my account fully within about 72 hours by a lot of verification and KYC processes via email - so in regards to customer service, they were very helpful to me.
--Christopher Adams, ModestFish
I’ve been using Coinbase since 2013 and I find it a very safe trading platform for cryptocurrency. It may not have lots of trading volume compared to Binance but if I were to choose between these two, I would still prefer to use Coinbase. Unlike Binance, Coinbase is regulated and has insurance of deposits. Therefore it's a very secure platform to trade.
I find it very easy to trade in Coinbase especially on trading Fiat as there’s no need to visit another exchange before you can start trading. And for beginners who are still in doubt that they might lose their investment, Coinbase is the best platform to start. It's one of the most trusted exchanges in the world and is US-licensed so you’ll have protection against theft or fraud.
The only drawback I see is that Coinbase’s fees are high. So I would recommend signing up on Coinbase Pro then link it to your Coinbase account. This way you can avoid those high fees by moving funds from your Coinbase account to Coinbase Pro and trade from there.
Lots of cryptocurrency traders are complaining about undergoing KYC verification when trying to use Coinbase. And I just find it frustrating too, hearing them moaning about it. This process is needed in order to prevent money laundering. So unless they have some hidden agenda, there’s no reason for them to complain.
--Ryan Patel, Lottery Sambad
As a Coinbase user for almost a year now, I am happy to share my experience. I am also a user of the cryptocurrency exchange Gemini, and a user of PayPal & Venmo (which offer crypto as well).
Coinbase is my favorite exchange, and it is extremely easy to use and encourages learning about different tokens before purchasing. Coinbase even offers small incentives of free cryptocurrencies for answering questions about different cryptocurrency, which is great for bringing in new users.
I enjoy that you can use both the Coinbase app or the Coinbase website for buying or selling crypto currencies and that they also compile news and research related to different cryptocurrencies from different credible sources online and then show those articles on the specific cryptocurrency coins listing page.
I also like that you can compile a Watchlist of different crypto that you will load right as you open the app. They definitely dominate U/X in the cryptocurrency exchange space, much like a Seeking Alpha + Fidelity for stocks, and I expect to use them for buying bitcoin long into the future.
--Nick White, Ryan Lawn & Tree
I have been using Coinbase as one of my exchanges for about 4 months now. The one thing I absolutely love about Coinbase is that I can link my Paypal account to it. It makes it so simple to trade crypto. No other exchange does this that I could find. Now the thing that I don't like about Coinbase is the fees. They are higher than any other exchange I trade with. So it is a trade. This is why sometimes I will use Coinbase and other times Binance or Voyager.
--Jeff Moriarty, JMoriarty Marketing
The User Experience of Coinbase has been brilliant for quite a few years now. I primarily started using Coinbase when I was using another exchange - Poloniex - and I faced difficulties regarding withdrawal. Though it was resolved soon, I got hooked onto Coinbase and on what it had to offer. Speaking about now, I frequent between Binance and Coinbase, both of which have very brilliant features and add substantial value to their users (apart from the ability to simply Trade).
Buying and selling being the core features are definitely very smooth on Coinbase, and I haven't faced any issues regarding withdrawals. It has started adding newer coins at a much higher speed which is something I look forward to the most at this moment and going forward.
--Abhishek Bhattacharya, Whrrl
Coinbase is where I first began trading crypto, and it has undoubtedly provided me with the highest amount of trust compared to the other platforms. Now that it is a publicly traded company, I feel that it has become the clear winner in terms of where traders should start out and/or store your money if you do not want to own your own private keys.
Now, let's get to the bad... Although Coinbase has earned my trust more so than the other platforms, there are some pain points that this platform has caused and continues to do so.
1.) Liquidity: If you are trading with little volume, this may not be a concern, but I have had countless stop losses and take profits trigger with too much slippage. Until they find better market makers, or there is more adoption (especially in the bear markets), the liquidity is non-existent if you would like to get into and out of a trade quickly.
2.) Fees: Nobody likes fees. Coinbase had the highest fees that I could find which is why I had to leave their platform all together for a place with lower fees. I hope that more platforms move to zero fees in time, but that may just be wishful thinking.
3.) Downtime: I won't go down a conspiracy theory rabbit hole, but it is a bit surprising that Coinbase has had years of experience dealing with just about any type of market condition, yet when the market has a huge correction, many users are unable to log in to manage their trades due to the platform is down. That is why I use API access to handle trades, which sometimes gets around this. Now that they are publicly traded and have had the resources to provide better failover and redundancy, one would hope/expect these occurrences to not happen so often. We shall see...
4.) Coinbase Commerce: We started accepting crypto as a form of payment a couple years ago on our ecommerce site (blackinkcoffee.com). We saw that Coinbase had something called Coinbase Commerce, which was a plugin that handled blockchain transactions. Being a fan of Coinbase, it was an easy decision to use their services. The issue though is that they did not provide us with accurate keys to withdraw our funds. After talking with customer support about the issue, they claimed there was nothing that they could do despite the fault being theirs. So, we now have a wallet with a good chunk of change lost forever (or until quantum computing can crack it) thanks to Coinbase Commerce. For that reason, we made the decision to stop allowing crypto transactions on our website if we couldn't even get support from Coinbase for their own lapse in providing accurate data.
--Parker Russell, Black Ink Coffee
Moving into Coinbase from another trading platform was like introducing a kid to an immense stockpile of candies. I was looking for a platform where I could trade different cryptocurrencies without moving shop. With Coinbase’ 50+ cryptocurrency options, this hunger has been satisfied.
The coinbase user interface is worth noting too. Compared to other exchange platforms, Coinbase appears clean, well-designed and also easier to use. It didn’t take long to figure out what needs to be done, and how to do it. This was different from my experience with a few other platforms.
As a user, my only concern with Coinbase comes from the cost of transactions. Charging between 0.5%-4.5% per transaction is almost exorbitant. Other sites charge much less in comparison
--Patrick Moore, CryptoWhat
I signed up to the Coinbase platform two weeks ago and traded in Dogecoin. This was after using Binance on a similar trade.
I found Coinbase very user friendly. The setup process using a combination of a PC to register, and then mobile phone to scan a copy of my ID, was very well thought out and simple to use. Compared to Binance the setup process on Coinbase is a little faster, and slightly more intuitive.
Funding my account in Coinbase was fast and easy to do. This, a major plus point compared to Binance, where I had several issues.
The updated Coinbase news feeds are helpful, and I really like their way of encouraging users to discover new coins by asking them to watch short videos and take quizzes in exchange for small denominations of that particular coin. For example I was given $3 of Polygon (Matic) and $3 of GRT for correctly answering a couple of questions on each coin.
The Portfolio and Wallet interface could be improved, as the screen is a little cluttered and not so user friendly, but I would recommend Coinbase to friends and family.
--Dean Jackson, Money Boost
I’ve used Coinbase for several years now to buy, sell and exchange a variety of cryptocurrencies including Bitcoin, Ethereum and Cardano.
I’ve found it a very user-friendly platform and great for beginners who want to dip their toes into the world of cryptocurrency. Once your account is approved you can buy crypto instantly with a debit/credit card.
There’s also Coinbase Pro which offers full trading functionality for those who want to play the markets and try to profit from the price volatility of cryptocurrency.
I’ve also used Coinbase Learn which offers free crypto rewards for watching educational videos and answering a few questions. Through these learning opportunities I’ve gained exposure to new cryptos and increased the value of my portfolio.
One drawback to Coinbase are the fees which tend to be higher than other exchanges. For example, Binance, another exchange I've used, is much cheaper, but is more complex to navigate and may be daunting to new users.
--Adam Smith, The Crypto Adviser
I have been using coinbase from around 2016 and am a very satisfied customer. Having used coinbase for so many years, I appreciate how it has kept its USP integrated which is its simplicity. While I first thought of trading in cryptocurrencies, I didn't knew which platform to choose and a friend suggested me coinbase as he said it is the best option for beginners and so it is.
--Prashant Tiwari, Divine Intellects
One of the best things about Coinbase from a user standpoint is the opportunity to earn crypto rewards simply for learning more about them. They offer bite-sized courses for several cryptocurrencies, and each has a quick one-question test at the end. By watching the lessons, and completing the quiz, you earn anywhere from $1 to $3 in various cryptocurrencies. Over time, you can net a nice little chunk of passive income in your crypto exchange wallet.
As for the experience of buying and selling cryptocurrencies on Coinbase. I’d posit that most exchanges are about the same. The biggest concerns are security and reliability, which CB seems to be one of the better exchanges at providing.
--Karl Hughes, Draft.dev