Coinbase Review

The need for safe and secure cryptocurrency transactions is at an all-time high, and so is the need for a secure and reliable exchange platform. Welcome to Coinbase, facilitating the exchange of cryptocurrency since its inception in San Francisco in 2012, and now operating in more than 32 countries across the globe, serving over 12 million customers, and exchanging over $40 million dollars in digital currency. Operating slightly differently from the rest, Coinbase permits its users to trade their cryptocurrency at a set price, based on the market value, giving users the fastest cryptocurrencies exchange on the market today.

Learn about bitcoin and how to exchange with this Coinbase Review

Fees

Coinbase charges their users fees according to their method of payment, and can range anywhere between 1.49% and 3.99%. Credit card fees do appear on the higher end of the percentage fee range, Coinbase is however one of the only few cryptocurrency exchanges that accept credit cards.

Safety and Security

It is safe to say that Coinbase is one of the safest and most secure platforms on the net today. Forced to follow both US State and Federal laws, rules, and regulation when transacting within the United States makes Coinbase an additionally safe bet for American residents. The separation of customer money and the business’s operating funds is a feature that brings additional peace of mind to their customers. Coinbase openly stating that even if the company becomes insolvent, their customers’ money is secure.

98% of Coinbase’s cryptocurrency is stored offline, either via paper wallets and/or hardware wallets that have further been moved to safety deposit boxes and vaults around the world for safe keeping. The remaining 2% of funds is fully insured a syndicate of Lloyd’s of London, guaranteeing that any funds lost or stolen will be duly reimbursed.

Transaction Limits

Due to the global nature of the business of cryptocurrencies, transactions vary from and between country to country, as well as the result of payments and the verification status. User have the liberty to apply for increased limits, although these applications are generally not applicable to credit card transactions. Identity verification is required for the application of higher limits. Fully verified US citizens have the liberty to transact up to $50,000 per week, while a maximum of $30,000 is allowed in the accounts of verified European customers at any one time.

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Coinbase Shift Card

The Coinbase Shift Card allows Coinbase users, within certain states and territories, to spend their Bitcoin’s available any time and at any place where VISA cards are accepted. An initial cost of $10 will get you your card, and you will pay no transaction fees for domestic transaction. Additionally, with the Shift Card, no fees will be charged when exchanging Bitcoin to USD.

Customer Support

Coinbase offers its customers support through a number of effective channels: email, FAQ pages, as well as Knowledge Base page. Due to the rapid increase in the popularity and demand for cryptocurrency, customer support wait times do vary, and at the moment it seems like waiting has become an option. Typical response times range anywhere between 24 to 72 hours, and serves customers from more than 30 countries.

Downtime

Coinbase has in the past had some negative experiences with downtime. This is due to the high volatility of Bitcoin, almost daily, and has caused some downtime for both the app and the website, causing users to be unable to purchase o trade through the system. Coinbase has assured its customers that the issue is being resolved for future operations, and are working on the scaling problems they encountered earlier.

Even though Coinbase is not perfect, the security and services that they offer their customers is unmatched. Easy to use and practical for beginners, buying and trading cryptocurrency has never been this safe and easy. A good recommendation would be to always transfer your cryptocurrency purchase into a personal wallet, allowing you full access and a private key to your wealth and fortunes.