Founded in 2012, Coinbase is the third-largest crypto exchange in the world and the company always aims to be better. The exchange is based in San Francisco, CA and also has offices around the world. What makes the exchange special is the trust built by the transparency and information exchange in the eyes of traders. In this review, we analyze the Coinbase crypto exchange more deeply to clear all question marks in your mind.
Is My Money Safe With Coinbase?
Coinbase is one of the most reliable exchanges in the industry and regulated by the US financial authorities. The external threats are more of a concern since the company has a name in the market and does not involve in any type of scam. Many exchanges are the primary target for hackers but Coinbase has not been hacked in its history and it has an insurance policy in case of losses emerged by cyber attacks. Moreover, your wallet is covered up to $250,000 by FDIC Insurance.
Range of Products
Coinbase offers more than 25 cryptocurrencies including top ones like Bitcoin, Ethereum, XRP and altcoins such as Cosmos, Uniswap and Litecoin. However, it is possible to say that the exchange is not a serious altcoin provider and planning to increase the number of altcoins in its system.
Coinbase has two platforms, Coinbase and Coinbase Pro. While Coinbase Pro is more suitable for experienced traders, it also charges fewer fees than Coinbase’s standard platform. As you can see, many traders use this standard platform and have to deal with larger fees compared to the exchange’s competitors.
The company practices different rates of fees due to the payment option ranging from 1.49% to 3.99%. In addition to these fees, Coinbase also charges variable spreads on trades. Coinbase says that it usually charges 0.50% for the trade of cryptocurrencies worth below $1,.000. The portion decreases to 0.35% when the amount goes up to somewhere between $10,000 and $50,000 and keeps decreasing with the increasing amount of trading volume.
There is also another fee called Coinbase Fee on top of the costs mentioned above. The fee can vary according to the total value of purchase, payment option and area you are purchasing from.
The following examples are from Coinbase’s official website:
- If the total transaction amount is less than or equal to $10, the fee is $0.99 | €0,99 | £0,99
- If the total transaction amount is more than $10 but less than or equal to $25, the fee is $1.49 | €1,49 | £1,49
- If the total transaction amount is more than $25 but less than or equal to $50, the fee is $1.99 | €1,99 | £1,99
- If the total transaction amount is more than $50 but less than or equal to $200, the fee is $2.99 | €2,99 | £2,99
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