Reviews
12
Feb
coinbase

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Coinbase review

Coinbase is a US-based cryptocurrency exchange that was founded in 2012. There is no Finnish version of Coinbase. Opening a Coinbase account is free. You can deposit euros into your Coinbase account with a SEPA bank transfer or debit card.

It is possible to buy more than 200 different cryptocurrencies on Coinbase. Coinbase charges a fee of 1.49 percent for purchases when your purchase is at least 200 euros. Advanced Trade offers a professional interface and lower costs suitable for active traders. Each Coinbase user must take care of crypto taxation themselves.

Coinbase offers additional features to improve the security of your account. You can also transfer the crypto you bought from Coinbase to your wallet. Our team has had positive Coinbase experiences for more than five years.

Coinbase is a very easy-to-use and reliable service suitable for beginners and active traders.

Coinbase company overview

Coinbase is a US-based cryptocurrency exchange that was founded in 2012. The CEO of Coinbase is Brian Armstrong. Armstrong is the company’s founder and one of the most famous people in the crypto industry.

Coinbase has always had a reputation as a safe, easy-to-use, and reliable trading platform. The company serves more than 100 million customers around the world. It is also one of the largest service providers for institutional clients.

Coinbase’s services include buying, selling, and selling cryptocurrencies with storage options. Coinbase has a debit card, an Earn program, and an NFT marketplace. The Coinbase Wallet (a separate app from the exchange) is also a popular Web3 wallet.

In April 2021, Coinbase was listed on the US Nasdaq stock exchange. It became the first publicly listed crypto exchange.

Coinbase Registration and KYC

Opening a Coinbase account is free. Click the link below to start the registration process.

Sign up for Coinbase

Next, click on the Get Started button on the home page. Enter your name, email address, and password on the registration form.

coinbase registration

The KYC process, i.e., verification of personal data, begins next. Since Coinbase offers bank transfers, it needs to identify its customers. You must go through this same process in every crypto exchange where bank transfers are available.

To complete the KYC process, you need a photo of your passport and electricity bill (or similar). The passport must be valid, and the invoice must be under three months old. Upload the images to the system according to the instructions. Depending on traffic, account verification can take minutes or a couple of hours. You will receive a notification in your email when your account has been verified.

Coinbase has its mobile app in the Google and Apple app stores. You can download it after registration to use the service on a mobile device. Coinbase also works great on a desktop web browser.

How to deposit euros to Coinbase

You can deposit euros into your Coinbase account with a SEPA bank transfer or debit card. Start the process by adding a new payment method. Click Settings from the main menu and select Payment Methods in the browser version. On this page, you will find the Add a payment method button.

In the mobile app, the link to add a new payment method can be found in the opening view of the Settings page.

Coinbase supports the following payment methods: Debit card, bank transfer, and PayPal. The table below shows the costs and restrictions for each payment method.

Deposit methodInfoFees
Credit / Debit card Only for buying crypto 3% fee per purchase
Bank transfer (SEPA) Euro deposits and withdrawals Deposit: €0.15 Withdrawal: €0.15
PayPal Only for euro withrawals No fees

You can pay with a credit card if you want to buy crypto. This is significantly more expensive than a purchase with a euro account balance. Hence, we recommend opening a bank account as a payment method. You can make a SEPA deposit with very low costs. SEPA transfers usually appear within a couple of hours.

PayPal can only be used to withdraw euros.

Below is a picture of adding a new payment method in the mobile app.

coinbase deposit method

Click on the Euro Bank Account option to add a new bank account. Next, you will see a reference code on your screen. Copy this code.

On the next page, you will see the Coinbase bank account where the deposit will be made. Go to your online bank and make a transfer to this account. Type the reference code in the message field because it is invalid as a reference number.

If you want, you can try depositing a small amount first. This way, you can make sure that you have done everything correctly. SEPA transfers often appear within a couple of hours, but sometimes they are finalized within 1-2 banking days. You will receive a confirmation email when the deposit is in your account.

How to buy crypto from Coinbase

It is possible to buy more than 200 different cryptocurrencies on Coinbase. The selection includes almost all of the best-known cryptocurrencies on the market, and new coins are added almost monthly. Coinbase’s selection is guaranteed to meet the needs of both beginners and professionals.

You can buy the following popular cryptos on Coinbase:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Cardano (ADA)
  • Polygon (MATIC)
  • Dogecoin (DOGE)
  • Solana (SOL)
  • Polka Dots (DOT)
  • Shiba Inu (SHIB)

Coinbase’s selection also includes the most popular stablecoins, Tether (USDT), USD Coin (USDC), and DAI (DAI).

You can buy crypto after first making a bank transfer to your account. You can also buy cryptocurrencies directly with a credit/debit card. This is far more expensive, so we recommend making a euro deposit.

You can buy cryptocurrencies by clicking the Buy & Sell button in the web browser version at the top of the page. There is also a Buy button on the front page of the mobile appClick the Buy button to open the purchase form.

buy bitcoin coinbase

You can buy crypto by specifying a euro amount (e.g., €100) or a specific number of coins (e.g., 1000 Dogecoins). When you have entered the desired amount of euros or cryptocurrency, click Review order to see the confirmation page. Here, you can also see the fees charged by Coinbase.

The sale of your crypto is a similar process. Please note that there is also a Convert option in addition to the Buy and Sell options. If you want to exchange, e.g., all your Litecoins to Ethereum or Bitcoins to Cardano, click Convert. You will save on fees by using the Convert option because you don’t have to sell coins to euros before making a purchase.

The cryptocurrency you bought is available on your account in seconds. You will also receive an email confirmation of purchases, sales, and conversions.

Coinbase fees

Coinbase charges a fee of 1.49 percent for purchases when your purchase is at least 200 euros. A fixed fee is used for purchases under 200 euros, which varies according to the transaction amount. You can see Coinbase’s fee structure for cryptocurrency purchases in the table below.

PurchaseFees
Less than €10 €0.99
More than €10 and less than €25 €1.49
Over €25 and under €50 €1.99
Over €50 and under €200 €2.99
€200 or more 1.49%
Purchase with a debit card 3%

We recommend making purchases of at least 200 euros because the costs are otherwise really high in percentage terms. The 1.49 percent fee for purchases of at least 200 euros is in the ballpark of what a similar exchange charges. The costs of Finnish crypto exchanges are also between 1-2 percent.

For active traders and more experienced users, there is also a pro version of Coinbase, i.e., Advanced Trade. The fees (taker fee) begin at 0.6 percent and drop to 0.05 percent at the lowest. Advanced Trade is discussed in more detail in the next paragraph.

Opening a Coinbase account is free, with no monthly or annual fees. You only pay fees when you make deposits, withdrawals, or trades with cryptocurrencies. Cryptocurrency deposits are free of charge, but withdrawal fees depend on the cryptocurrency and network congestion.

Advanced Trade

Advanced Trade offers a professional interface and lower costs suitable for active traders. Coinbase Advanced Trade was previously known as Coinbase Pro. Advanced Trade is available in the mobile app and desktop browser versions.

In the browser version, click Trade from the main menu and select Advanced from the Simple and Advanced options at the top of the page. From here, you can always get back to the basic view if needed. In the mobile version, click Trade from the footer menu and select Advanced Trade from the drop-down menu at the top of the page.

Below is a picture of the mobile app’s Advanced Trade view for the BTC / USDT trading pair.

advanced trade

Advance Trade offers the features of a typical crypto exchange. You have an interactive trading view to follow the prices, which includes technical analysis tools. Advanced Trade also enables Limit and Stop Limit purchases. It is intended for active traders and industry professionals.

Advanced Trade offers significantly lower fees than regular Coinbase. On the “Beginner side,” costs are 1.49% per trade, but Advanced Trade starts at 0.6% and goes down to 0.05%. The more you trade, the lower the costs.

In the table below, you can see the costs of the Advanced Trade version of Coinbase.

TurnoverTaker fee
<$10,000 0.6 % 0.4 %
$10,000 to $50,000 0.4 % 0.25 %
$50,000 - $100,000 0.25 % 0.15 %
$100,000 - $1 million 0.2 % 0.1 %
$1 million - $15 million 0.18 % 0.08 %
$15 million - $75 million 0.16 % 0.06 %
$75 million - $250 million 0.12 % 0.03 %
$250 million - $400 million 0.1 % 0 %
$400+ million 0.05 % 0 %

The turnover means the 30-day average of the trading volume. The trading volume is updated once an hour, so an active trader can quickly reach better fee levels.

Taker Fee means the cost you pay for a purchase at the market price. The Maker Fee is even cheaper. You pay this expense if you offer liquidity to the exchange, i.e., you place limit price orders.

Coinbase and taxes

Each Coinbase user must take care of crypto taxation themselves. Coinbase does not automatically send information about your transactions to the Finnish tax authorities. Every investor must keep records of purchases, sales, and account-related transactions (euros & cryptocurrencies).

Many crypto investors use other exchanges in addition to Coinbase. Accounting becomes too difficult in an Excel spreadsheet when there are hundreds or thousands of trades per year. It is a good idea to use a utility related to taxation.

We recommend trying Divly, a popular and easy-to-use crypto tax software.

divly

Divly supports importing purchases, sales, and other transactions into the app. You can collect the necessary data in a CSV or Excel file and import transactions to Divly. After this, Divy calculates the gains and losses for each tax year.

You can download the transaction history from Coinbase by clicking on the profile picture in the upper right corner of the browser version and selecting Reports from the main menu. Coinbase prints all your purchases, sales, and transactions in a CSV or PDF format. You can download the CSV file to Excel and edit further it to the format accepted by the tax software you use.

Coinbase security

Coinbase offers additional features to improve the security of your account. You should adjust the security settings from the browser version because changing all features via the mobile app is impossible.

We recommend enabling two-factor authentication (2FA) immediately. After this, no one can log into your account without the code of the authentication app. The Google Authenticator app is in the Apple and Google app stores.

Click the user icon in the upper right corner of your browser and choose Settings from the drop-down menu. After that, select Security.

coinbase 2fa

You can change your phone number and choose a two-step authentication method. 2FA is available by SMS or by using the Google Authenticator application. Although an SMS seems convenient, you should prefer an authentication app, as it is a significantly safer option.

Mobile app users should select Require PIN / Face ID from the security settings. After this, the App cannot be opened without facial recognition or a PIN code.

Coinbase is currently a safe place to store bitcoins. It is a service trusted by over 100 million customers and has never been hacked.

Withdrawing crypto from Coinbase

You can also transfer the crypto you bought from Coinbase to your wallet. We recommend that every investor learns how to use crypto wallets and how to take care of long-term storage themselves. Storing cryptocurrency in exchanges is not a good idea if you do not need it for active trading.

We have written a comprehensive guide to cryptocurrency wallets for those interested.

Transfer cryptocurrencies to your wallet by clicking Send in the main menu. After that, enter the address of your wallet and confirm the transaction.

Euros are transferred by clicking More in the mobile app’s main menu and then clicking the Cash Out button. We are withdrawing 100 euros to a bank account in the picture below.

coinbase withdrawal

From the same view, you can also withdraw euros to your PayPal account if you have added that payment method.

In the browser version, the withdrawal of euros takes place as follows. Click on My Assets from the main menu and select your euro account. The Cash Out form will then open on the screen.

Coinbase experiences

Our team has had positive Coinbase experiences for more than five years. Almost everyone on our team has an active Coinbase account. It is one of the best trading places on the market, which is well-suited for crypto investors of all sizes.

Coinbase’s user interface has been refined to be very pleasant over the years. It’s really easy to use and is perfect even for a beginner. Using Coinbase is smooth both with the mobile app and the browser version.

Security is also a major factor in Coinbase’s popularity. Coinbase is one of the few exchanges that has never been hacked in its 10+ year history. Coinbase is also the only publicly listed crypto exchange on the market. This means that Coinbase as a company must report the company’s financial situation openly to investors. Other exchanges do not have such requirements.

Do you have experiences of using Coinbase? Write your experiences in the comment fields below and help to make this article more useful for other readers!

Summary

Coinbase is a very easy-to-use and reliable service suitable for beginners and active traders. Coinbase has been operating on the market for over ten years and currently serves over 100 million customers. The company’s status has also risen to a new level, with the Nasdaq listing in 2021.

Coinbase’s strength is its excellent user interface. All basic functions are easy, even for beginners. Advanced Trade, on the other hand, offers professional features for active traders with more trading pairs and significantly lower costs.

Coinbase’s mobile app is also stylish and easy to use. It is available for both Android and iOS. Buying, selling, sending, and receiving cryptocurrencies conveniently can be done on a mobile device.

We recommend Coinbase to all crypto investors.

Open a Coinbase account

If you are an active Twitter user, follow Coinbase’s official handles @coinbase and @Coinbase_Support. Coinbase CEO Brian Armstrong is also an active tweeter with the handle @brian_armstrong.

AboutBitcoin Team

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