Coinbase is a US-based cryptocurrency exchange platform founded in 2012, and it’s one of the most popular crypto exchanges. The exchange operates in 32 countries and is registered as a Money Services Business with FinCEN and complies with the Bank Secrecy Act and state money transmission laws and regulations. It’s supported by investors like Reddit co-founder Alexis Ohanian, Bank of Tokyo, Digital Currency Group and Blockchain Capital. This Coinbase review will help to provide you with a better understanding of the company’s policies and hopefully provide the information you are looking for.
Users wishing to open a Coinbase account must first verify their identity by sending a photo of a government-issued document. Once the verification is complete, you can start using the platform. There are two payment methods available: bank transfer and credit card. To verify a credit card, Coinbase will charge a small amount to the card and then refund the charge once the verification is complete. After adding funds to your account, you can purchase the following currencies on Coinbase: Bitcoin, Litecoin, Bitcoin Cash, Ethereum, Ethereum Classic, Ox, USD Coin, Basic Attention Token, and Zcash. Bank and SEPA transfers can take up to 5 days, while credit and debit card transactions are instant. Coinbase fees depend on your country and payment method, ranging from 1.49% to 3.99%.
Privacy and Security
Coinbase is a reputable exchange platform, well known for its security. 2-factor identification is available in order to further increase account security.
About 98% of customer funds are stored offline on hardware and paper wallets which are distributed in different vaults and safe deposit boxes all over the world. US residents who use USD wallets are covered by insurance up to the value of $250.000. However, it is recommended for your safety to store the funds in a hardware wallet, rather than on the platform.
Coinbase retains the IP addresses of its users and tracks the movement of funds in order to prevent money laundering. Despite being exposed to criticism in regard to this policy, the company argues that it’s necessary to keep the platform free from illegal activities. The accounts may be frozen for sending funds to gambling sites, LocalBitcoins, and the darknet.
You can contact customer support by calling or via email at email@example.com. Wait times for an email reply vary depending on demand, but it usually takes 24-72 hours. Alternatively, an extensive list of the most frequently asked questions regarding account management, wallet services, security, etc, is available online or you can try out an automated chatbot that is designed to answer some basic questions about the exchange.
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Coinbase Review Summary
Lack of privacy on how you spend your cryptocurrencies is the main flaw expressed by users of the exchange. On the other hand, Coinbase is a platform with a good reputation as well as being suitable for beginners and experienced investors alike. Its security measures make the platform safe, but it’s always recommended to take proper precautions and store any funds offline. To make your account on Coinbase, click here.
Disclaimer: Buy For Bitcoin does not provide any warranties towards the accuracy of the statements in the above Coinbase review. Any content on this site should not be relied upon as advice or construed as providing recommendations of any kind. It is your responsibility to perform your own research of the platform. Trading and investing in cryptocurrencies involves considerable risk of loss and is not suitable for every investor.