Coinbase Review 2024: Fees, Features, Safety & More

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In the Coinbase review, we explore why this platform is a top choice for cryptocurrency investors, whether you’re a seasoned trader considering a switch or a beginner trader looking to earn a side income from crypto.

Coinbase is more than just an exchange; it’s a trusted partner in the industry—especially in the US. It powers 10 of 11 spot bitcoin ETFs and 8 of the 9 newly approved ETH ETFs. 

The platform also focuses on robust security, as evidenced by the U.S. Marshals Service selecting Coinbase Prime to safeguard and trade its large-cap digital assets. With its expansion into oil and gold futures alongside Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and more, Coinbase continues to set industry standards. 

This review will answer key questions about how Coinbase works, detail the Coinbase transaction fees, and explain Coinbase One. Whether you’re curious about Coinbase APY or Coinbase commission, this article covers all you need to know about Coinbase’s features and offerings.

Our verdict on Coinbase

Coinbase is a robust and user-friendly cryptocurrency exchange, offering a secure gateway to the crypto economy.

Its intuitive interface simplifies the buying, selling, and storage of cryptocurrencies,, making it a useful financial services provider for all kinds of digital assets.

For instance, to cater to more experienced traders, Coinbase Advanced Trade offers lower Coinbase transaction fees, extensive liquidity, and advanced tools, providing a competitive edge.

However, like any platform, Coinbase has its drawbacks. Some users have reported issues with account holds and the length of time it takes to resolve them. 

This highlights the importance of managing your assets carefully. While Coinbase is a great place to buy and trade, it is advisable to store your cryptocurrencies in a wallet where you control the keys for added security.

When considering the value of Coinbase One, its $29.99 monthly fee becomes justifiable, especially if you prioritize dedicated customer support and need access to zero-fee trading up to $10,000 per month. 

For U.S.-based users, Coinbase remains a leading choice, offering a reliable and regulated environment with the backing of institutional partners.

In summary, Coinbase is a top-tier platform for anyone entering the crypto space. However, advanced users should leverage its full potential by using Advanced Trade and taking advantage of Coinbase One’s perks. 

Overall, it stands out as a trusted and versatile exchange, still users should be mindful of where they store their assets.

Coinbase trading interface

Coinbase pros and cons

Coinbase is a reputable exchange that provides custody and trading services to the Justice Department’s U.S. Marshals Service. With that said, every cryptocurrency exchange has pros and cons.

Coinbase pros

• Low minimum deposit: With a minimum account balance of just $2, Coinbase is accessible to almost anyone interested in crypto.
• Learn to earn: This unique feature allows beginners to earn crypto rewards while learning about cryptocurrencies through video classes and quizzes.
• Staking: Users can earn yields on their holdings by staking crypto and participating in proof-of-stake validation for supported cryptocurrencies.
• Multiple storage options: Coinbase provides three wallet options – the Coinbase Wallet (a hot wallet), the Coinbase dApp Wallet, and default storage on the Coinbase Exchange.
• Crypto pairs: Coinbase supports more than 200 cryptocurrencies. This wide selection caters to both beginners and experienced investors.
• User-friendly interface: The platform is designed to be intuitive and easy to navigate, especially for beginners.
• Strong security measures: As a publicly traded company and custodian for US Bitcoin ETFs, Coinbase maintains high security and regulatory compliance standards.
• Native NFT marketplace: Users can buy, sell, and trade NFTs directly on the Coinbase platform.

Coinbase cons

While Coinbase offers many benefits, there are also some drawbacks to consider:

• Complex fee structure: Coinbase’s fee structure can be confusing, with “spread fees” that vary based on location, payment method, order size, and market conditions. This lack of transparency makes it difficult to predict transaction costs.
• High staking fees: Coinbase charges a 25% commission on staking yields, which is significantly higher than many competing platforms.
• Ongoing legal case: The US Securities and Exchange Commission (SEC) has filed a lawsuit against Coinbase, alleging it operated as an unregistered broker and exchange.
• Customer service can be improved: Some users have reported negative experiences with Coinbase’s customer support, citing long wait times and unhelpful responses.

Methodology: How we scored Coinbase

We scored Coinbase on the following criteria, measured across various data points. 

Our expert reviewers also used their own experience with the platform to judge subjective qualities like ease of use and customer service.

• Supported cryptocurrencies: We assessed the range and popularity of digital assets available on Coinbase, including major cryptocurrencies as well as emerging altcoins.
• Payment methods: We evaluated Coinbase’s variety of deposit and withdrawal options, considering factors such as speed, fees, and accessibility.
• Fees: We analyzed the fee structure for various Coinbase services, including trading fees, withdrawal fees, and conversion fees, to determine their competitiveness.
• Ease of use: We evaluated the platform’s user interface, onboarding process, and overall user experience to assess its suitability for both beginner and experienced cryptocurrency investors.
• Features: We examined Coinbase’s range of tools and services, such as staking, trading, and portfolio management, to determine their value to users.
• Customer service: We assessed the quality and responsiveness of Coinbase’s customer support channels, including response times and problem-solving abilities.
• Reputation and security: We evaluated Coinbase’s trustworthiness by considering its track record, regulatory compliance, and security measures.

About Coinbase

Coinbase is a U.S. publicly traded company and the second-largest cryptocurrency exchange in the United States by trading volume. Currently operating in over 100 countries, Coinbase is a fully distributed company, with all employees working remotely. 

The platform serves over 110 million verified users and has safeguarded $330 billion in assets. In Q1 2024, Coinbase recorded $256 billion in institutional trading volume, underscoring its significance in the crypto industry. 

Known for its intuitive interface, Coinbase caters to both beginners and experienced traders with features like staking, crypto rewards, and an educational “learn and earn” program. While the basic platform’s fees can be high, users can access a more competitive rate through Coinbase’s advanced trading option at no extra cost.

Its comprehensive services and secure infrastructure support the platform’s mission to increase global economic freedom. This Coinbase review highlights the exchange’s extensive offerings, fee structure, and value for all types of investors.

Coinbase fees

A complete breakdown of the fees charged by Coinbase.

Deposit and withdrawal fees

Deposit method	Deposit fees	Withdrawal fees
ACH	None	None
Wire (USD)	$10	$25
Sepa (EUR)	€0.15 EUR	None
Swift (GBP)	None	£1 GBP
PayPal	3.99% to buy crypto 2.5% for depositing USD	1.5% (up to $2.99 for withdrawals under $200).
Credit card	Up to 3.99%	Up to 1.50%

Coinbase Trading fees

	Buy (taker)	Sell (maker)	Instant purchase
Spot market	Varies based on trading volume (typically 0.3% – 0.00%)	Varies based on trading volume (typically 0.40% – 0.00%)	Higher fees than spot market
Futures	Depends on specific contract and trading volume	Depends on specific contracts and trading volume	Not applicable

Writer’s note: Coinbase fees can vary depending on several factors, including payment method, transaction amount, and market conditions. Its recommended to check Coinbase’s official website for the most accurate and up-to-date information before making any transactions.

Important considerations:

• Coinbase Pro: Often offers lower fees than the standard Coinbase platform.
• Coinbase One: Subscription service provides fee discounts and other benefits.
• Instant purchase: It typically involves higher fees depending on the convenience offered.
• Trading volume tiers: The amount and size of your transactions affect maker and taker fees on the spot market. Higher trading volumes generally result in lower fees.
• Network fees: For cryptocurrency withdrawals, network fees (gas fees for Ethereum) are separate from Coinbase’s fees.

Coinbase key features

Coinbase offers a platform for retail investors to buy, sell, and store cryptocurrencies while also providing institutional-grade trading, custody, and financing solutions.

Feature	Summary
The Coinbase Card enables cryptocurrency spending anywhere Visa is accepted, with real-time crypto-to-fiat conversion. It’s a seamless way to integrate crypto into daily spending.	Coinbase offers a beginner-friendly interface, making it easy for new users to buy, sell, and manage cryptocurrencies. It’s a straightforward entry point into the crypto market.
Staking	Users can stake eligible cryptocurrencies on Coinbase to earn rewards. This feature appeals to those looking to passively increase their crypto assets.
Spot Market Margin Trading	Advanced traders can utilize Coinbase Advanced Trade for spot market margin trading, allowing them to amplify their market exposure. This feature is geared toward those with more trading experience.
Futures Trading	Coinbase provides futures trading options through Coinbase Derivatives, available to qualified investors. This feature offers leverage and risk management tools for seasoned traders.
Coinbase Wallet	Coinbase Wallet is a self-custody wallet that gives users control over their assets while providing access to decentralized applications (dApps). It’s perfect for users who prioritize security and independence.
USD Coin (USDC)	USDC, a stablecoin pegged to the U.S. dollar, is used widely on Coinbase for stable transactions and savings. It’s a cornerstone for those looking to avoid market volatility.
Coinbase Card	The Coinbase Card enables spending of cryptocurrency anywhere Visa is accepted, with real-time crypto-to-fiat conversion. It’s a seamless way to integrate crypto into daily spending.
Coinbase Earn	With Coinbase Earn, users can watch educational videos and take quizzes to learn about various cryptocurrencies. In return, they earn small amounts of crypto, combining education with rewards.
Coinbase Pro	Coinbase Pro is tailored for experienced traders, offering advanced charting tools, real-time order books, and lower fees. It’s the go-to platform for those seeking professional-grade trading features.
Coinbase L (Earn)	Coinbase L (Earn) is more than just a learning platform; it offers users a way to earn crypto while expanding their knowledge. By completing courses, users can unlock valuable insights and rewards.

Coinbase app review

The Coinbase mobile app is a critical component of this review. It offers an intuitive experience for both newcomers and seasoned investors. 

Available on Google and Apple, the app mirrors the functionality of the desktop platform, offering a seamless experience. It’s designed with a clean, intuitive interface, making buying, selling, and managing digital assets easy. Users can easily buy and sell a wide range of cryptocurrencies with various payment methods, including bank accounts and cards. 

The app offers secure storage with a clear overview of portfolio balances, transaction history, and multiple wallet management. Sending and receiving funds is streamlined, with robust security measures in place.

In addition to the main Coinbase app, there’s also a separate Coinbase Wallet app for enhanced asset control.

About the Coinbase Wallet app

Anyone looking for a wallet application that offers a comprehensive on-chain solution can consider the new Coinbase Wallet web app. 

Coinbase wallet app

Accessible on both desktop and mobile devices, it provides a streamlined interface to explore, manage, and engage with crypto assets, NFTs, and DeFi positions in one place. 

The app supports multiple wallets, offering a 360-degree view of portfolios without switching between accounts. Its smart wallet feature simplifies the onboarding process, allowing users to get on-chain without installing extensions or mobile apps. 

As a non-custodial wallet, security is in your hands—ensure your login details are protected. This web app also serves as an alternative for users in regions where Coinbase.com is unavailable, offering a unified platform for seamless on-chain activity. 

In essence, Coinbase and Coinbase Wallet are two distinct platforms offering different levels of control and accessibility for cryptocurrency users. 

The Coinbase app is a centralized exchange that provides a user-friendly environment for buying, selling, and trading cryptocurrencies. It prioritizes security by holding users’ private keys and offers additional features like staking and rewards. 

On the other hand, Coinbase Wallet is a self-custody platform that grants users complete control over their digital assets by allowing them to manage their private keys. This approach is ideal for interacting with decentralized finance applications and NFTs.

While beginners may find the Coinbase app more convenient, experienced users looking for greater autonomy often prefer the Coinbase Wallet. Both platforms can be used in conjunction for a comprehensive cryptocurrency experience. 

It’s important to note that you can use both platforms simultaneously. For example, you could buy cryptocurrency on the Coinbase app and then transfer it to your Coinbase Wallet for self-custody.

User ratings of Coinbase

Platform	Rating	Number of reviews
Google Play	2.8/5	841K
Apple Store	4.7/5	2.3M
Trustpilot	2.0/5	9.4K

Coinbase customer satisfaction

This one’s a mixed bag. Coinbase is a prominent cryptocurrency exchange, but it has received mixed reviews regarding customer satisfaction. 

On the positive side, its user-friendly interface, extensive educational resources, and intuitive mobile app make it accessible for both beginners and experienced traders. However, significant challenges persist, particularly with customer support, where users often face long wait times, unhelpful responses, and unresolved issues.

The fee structure, account restrictions, and lingering security concerns further contribute to dissatisfaction.

Reddit reviews on Coinbase

One recurring complaint involves account restrictions. Users report accounts being locked without explanation, sometimes holding substantial amounts. This has led to frustration and even discussions of class action lawsuits. The difficulty of resolving these issues, coupled with inadequate support, echoes the experiences of Robinhood users.

Despite these challenges, it’s important to note that Coinbase serves millions of customers, and only a fraction of them report such problems.

While Coinbase has made efforts to expand customer support, reduce fees, enhance security, and improve overall user experience, the potential for facing these issues remains a critical consideration when evaluating the platform.

Coinbase customer support 

Coinbase’s customer service has garnered varied feedback, showcasing both its strengths and areas needing improvement. The platform provides multiple support options, such as live chat, social media, and a ticketing system. Nevertheless, users frequently encounter issues with these services. 

The live chat feature often results in automated responses rather than engaging with a live representative, which can prolong problem resolution. Social media support is another available option, but it, too, suffers from delays. The ticketing system allows users to submit requests but can be impersonal and less effective.

Coinbase’s customer service is generally adequate in regions like the United States and parts of Europe. However, users who move outside these areas may face difficulties.

For example, after relocating and updating their profiles, some users posted complaints about locked accounts, adding that they only received automated responses when they raised the issues. 

Such experiences are increasingly common, with many users finding it challenging to get human assistance. For those in unsupported regions, Coinbase’s self-help support may fall short, leading to frustration and concerns about accessing their funds.

How safe is your money with Coinbase?

While Coinbase is a leading exchange, it’s not without its challenges. 

Insider trading has cast a shadow over the platform, most notably in the July 2022 case, in which a former Coinbase product manager, his brother, and a friend were implicated in the first-ever insider trading prosecution in cryptocurrency. 

Following this, Nikhil Wahi received a ten-month prison sentence in January 2023 for trades based on privileged Coinbase information. 

Coinbase’s CFO, Alesia Haas, also made headlines by selling over $1 million in company stock in August 2024, raising concerns about executive confidence, though her sale followed a pre-set trading plan.

Security issues have also emerged. In 2023, hackers exploited a flaw in Coinbase’s SMS-based two-factor authentication, stealing funds from over 6,000 accounts. Phishing attacks have further highlighted vulnerabilities, with scammers successfully bypassing multi-factor authentication to steal user funds, this article by PCMag confirms.

Despite these concerns, Coinbase continues to evolve. The platform has taken steps to address security issues and reimburse affected users, signaling its commitment to improving user safety.

It is important to note that regulated crypto exchanges are taking measures to protect their client’s funds.

How to open a Coinbase account: A step-by-step guide

1. Visit Coinbase: Go to the Coinbase website and locate the “Sign Up” button in the top right corner of the page.
2. Provide personal information: Enter your:
   • Full name (as it appears on your government-issued ID)
   • Email address
   • Create a strong password
3. Create an account: Click the “Create Account” button. You will need to check the box(es) to agree to Coinbase’s terms of service and privacy policy. 
4. Verify email: Coinbase will send a verification email to your registered email address. Click the confirmation link within the email.
5. ID verification: You’ll need to verify your identity (also known as know your customer policy, KYC). This usually involves providing a government-issued ID (like a passport or driver’s license) and taking selfies.
6. Secure your account: Coinbase recommends enabling two-factor authentication (2FA) for added security.
7. Choose payment method: Once these steps are completed and your account is verified, you can link a bank account or debit card to deposit funds for cryptocurrency purchases.

Exchanges like Coinbase

Bybit caters more to experienced traders seeking advanced features.

Bybit is a derivatives powerhouse designed for experienced traders seeking advanced features. With its emphasis on leverage trading and a wide range of tradable cryptocurrencies, it’s a platform tailored for those looking to maximize their trading potential.

Essentially, Bybit caters to the thrill-seeking trader, while Coinbase provides a secure and accessible onramp to the crypto world. Read this comprehensive ByBit review for more context.

Is there a future for Coinbase?

Coinbase is strategically positioned for long-term success, offering both stability and innovation that make it a top choice for cryptocurrency investors. The platform’s recent performance reflects this strength, with Q2 2024 reporting $1.4 billion in total revenue and an adjusted EBITDA of $596 million. 

Despite some challenges in transaction revenue, Coinbase has seen substantial growth in subscription and services revenue, proving its adaptability in a volatile market. CEO Brian Armstrong’s emphasis on regulatory clarity and the increasing global utility of cryptocurrencies underlines Coinbase’s commitment to navigating the evolving crypto landscape. 

These factors make Coinbase a secure platform with continuous liquidity, reassuring users that it’s built for the long haul.

Financially, Coinbase is robust, holding $7.8 billion in USD resources. With a market cap of $51.11 billion and a P/E ratio of 33.28, the platform enjoys strong investor confidence. 

The company’s strategic expansion, including focusing on leveraging Europe’s MiCA legislation and promoting USDC adoption, indicates a bright future. Additionally, Coinbase aims to bring 1 billion people on-chain, underscoring its ambition to drive global crypto adoption.

Coinbase crypto ETFs

One of the most promising developments for Coinbase is its involvement in the rise of spot crypto ETFs. The recent approval of nine spot ETH ETFs by the SEC highlights the platform’s critical role in the future of digital assets. As a trusted custodian, 

Coinbase powers 10 of 11 spot bitcoin ETFs and eight of the newly approved ETH ETFs. This partnership boosts investor confidence and signals that Coinbase is a major player in the next phase of the crypto economy.

Moreover, Coinbase has expanded its offerings by partnering with the U.S. Marshals Service to manage large-cap digital assets, partnering with Stripe to enhance on-chain adoption, and launching new futures contracts for oil and gold. These moves highlight Coinbase’s versatility and commitment to offering diverse products. 

However, Coinbase’s strategic initiatives extend beyond traditional offerings, with its Base network emerging as a significant innovation. 

Coinbase Base blockchain network

Base is an Ethereum Layer 2 (L2) solution developed to provide a secure, low-cost, and developer-friendly environment for on-chain activities, and it’s rapidly gaining traction with trading activity soaring and positioning Base as the second-most active network in terms of decentralized exchange (DEX) users.

As of June 2024, Base reached $7 billion in total value locked (TVL). The network’s growth is driven by its ability to capture 20% of the total DEX user market share, with over 1.3 million daily active users.

The platform’s partnership with Stripe to enhance on-chain adoption and the success of Base, its Ethereum Layer 2 solution, further demonstrate its forward-thinking approach. Base has rapidly grown in user adoption, with over 1.3 million daily active users and $7 billion in total value locked, solidifying Coinbase’s position as a leader in blockchain innovation.

This activity surge highlights Base’s appeal to retail investors and showcases its capacity to support diverse and emerging markets within the crypto ecosystem. 

Coinbase’s new smart wallet (mentioned above), is designed to streamline on-chain transactions through account abstraction, further enhancing the user experience on Base.

Currently available on testnet, the smart wallet is set to eliminate friction points, making it easier for users to engage with decentralized finance (DeFi) and other blockchain-based activities. 

Conclusion

Coinbase is a safe, highly regulated cryptocurrency exchange. Large investors have great confidence in Coinbase and its platforms. While customer support can be improved, the exchange is constantly looking to expand its reach beyond the United States and Europe.

Whether you are new to cryptocurrencies or a skilled trader/investor, Coinbase is a great choice.

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