Richard Montana | May 17, 2022
Coinbase is a leading cryptocurrency wallet, crypto exchange and trading platform. It one of the most popular online platforms where merchants and consumers can transact digital currencies, such as Bitcoin, Ethereum, and Litecoin. The exchange provides you with the easy-to-use Coinbase mobile trading app so you can exchange cryptos, analyse markets and manage your trades. I like that they have a generous selection of educational materials to help beginners learn more about cryptocurrencies and the products they provide. You can also try them out with a small $1 deposit but it would be better if there was an option for a demo account as this is something nearly every broker has nowadays. I think if you are only focused on crypto trading, then Coinbase are a top choice. However, if you want to trade forex, stocks and commodities as well, then you may want to look for another option from our broker reviews.
Pros / Cons
- Easy to use trading platforms & apps
- Great selection of Cryptocurrencies
- Good choice of payment options
- $1 minimum deposit to open an account
- Useful trading tools such as the Coinbase Pro API
- A selection of educational materials to help beginners
- Dedicated customer service team available 24/7
- No demo accounts available
- Cryptocurrency trading only
- No MetaTrader platforms
- Cannot accept clients from certain countries due to regulations
- No Islamic account options for Muslim traders
- Not a great choice of additional tools
Founded in June 2012, Coinbase is a digital currency wallet and trading platform that is based in San Francisco, California. They are one of the industry leading crypto brokers when it comes to transacting with a huge range of cryptocurrencies available. Coinbase has an impressive hundreds of billion dollars traded by millions of users globally. This is evident with their website being available in over 10 languages. I would say that they are an absolute juggernaut and one of the founding fathers of the crypto trading boom.
One of my favourite aspects of Coinbase and what attracted me to them in the first place is that they make cryptocurrency a lot more easily accessible than it used to be. I think this is what has helped them to be the trusted brand in the crypto industry. I find the platform very easy to use and have learnt so much about cryptos in the process. They have built one of the world’s leading trading platforms for digital currency integration. This is also backed up by a dedicated 24/7 live customer support team who are happy to assist you as and when needed.
Coinbase, Inc., the company which operates Coinbase and Coinbase Pro in the US, is licensed to engage in money transmission in most US jurisdictions. Most of Coinbase’s money transmission licenses cover US Dollar wallets and transfers. In some states, money transmission licenses also cover cryptocurrency wallets and transfers on the platform. In other states, no money transmission license is required to operate a cryptocurrency business.
Coinbase is also registered as a Money Services Business with FinCEN. According to Wikipedia, FinCEN is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes.
Whilst I appreciate this can give some traders and investors peace of mind, I would usually be on the lookout for another regulator. However, we also need to consider how crypto is still in its infancy when it comes to regulation. If regulation and crypto trading are both important to you, then you may want to consider XTB as an alternative.
Coinbase services are available in over 100 countries across several continents, including North America, South America, Europe, Asia, Australia, and Africa. However, the exchange states that its website is not directed at jurisdictions where its services will be contrary to local laws. If you find your country is restricted, feel free to use our broker comparison tool to see some of the other options that are available to you.
Coinbase Mobile App
The exchange provides you with the Coinbase mobile app which is available on iOS and Android devices. The Coinbase iOS app is available in the app store for iPhone, while the Android app is available in the Google Play store. The Coinbase app lets you get quick and easy access to trade cryptocurrency anytime and from anywhere in the world provided there is an internet connection.
I a really like how the app has a modern and simplistic interface. I found it very easy to navigate and was able to check the price of various cryptocurrencies. There are plenty of tools if you want to do some analysis on the charts. Trades can be placed in just a few taps on the app. My favourite part of the app is that it enables me to check my account and trade from wherever I like. I don’t always want to fire up my laptop so it is handy to be able to access my account from my phone.
This is a secure and insurance backed platform that gives you the ability to trade a variety of digital assets. It is available as also available as a mobile app for Android and iOS, making it easy for you to trade cryptos on your smart devices.
Coinbase Pro offers an intuitive interface with real-time order books, charting tools, trade history, and a simple order process so you can trade with ease from day one. The app is built for advanced crypto traders with all the necessary info and tools to trade on the go.
If you are looking for more complex market analysis capabilities then I think it would be worth considering another platform such as MetaTrader or cTrader, both of which you can get access to through RoboForex. If you just want a basic platform to follow crypto prices and manage your positions with minimal fuss, then the Coinbase app should do the job.
Some of the key platform features that I found useful include:
- Real-time candlestick chart and order book
- Limit and market orders
- Advanced order form and portfolio overview
This is the Coinbase’s professional trading platform that is designed specifically for institutional clients. It gives you access to diversified liquidity pools underpinning all Coinbase products.
If you are a casual trader just looking for a decent crypto exchange, then you can make do with the other apps. This is more for those who are using strategies that require the fastest execution speeds and direct market access to the best possible prices at all times. I would certainly deem this to be useful for those of you who are using scalping systems that rely on the smallest discrepancies in price.
I couldn’t find any additional tools other than those already built-into the platforms. That being said, I feel there is already more than enough to meet the demands of the average retail trader. If you have some programming experience and want to try and push the platform to its limits, there is the possibility of API integration with Coinbase Pro. If you would prefer some assistance with your market analysis, I recommend checking out Autochartist and Trading Central. These are both excellent tools for automatically scanning markets for trading signals. You can get free access to them with Forex.com.
Coinbase Pro API
The exchange provides traders with the Coinbase API, which makes it easy to integrate Bitcoin, Bitcoin Cash, Litecoin, and Ethereum into both new and existing applications. Coinbase Pro’s fully featured trading API offers an efficient way for developers to build digital asset trading applications and to offer related functionality.
You can build tools to track the market, view your trading history, monitor open orders, and more. It gives safe, secure, and reliable access to a U.S-based Bitcoin exchange. The Coinbase API allows developers to use the OAuth2 protocol to enable a Coinbase user to grant a 3rd party application full or partial access to his/her account, without sharing the account’s API key or login credentials.
It is a slightly more complex integration than the API Key authentication method, but it is more flexible. OAuth2 works well for web applications, as well as desktop and mobile apps. Coinbase’s APIs enable a variety of capabilities: from simply gathering read-only data, to building something that’s never been done before.
The Coinbase API has the following features:
- Generate bitcoin, bitcoin cash, litecoin, and ethereum wallets and addresses
- Buy/sell and send/receive bitcoin, bitcoin cash, litecoin, and ethereum
- Securely store the coins with the exchange
- Retrieve real-time or historical price information
- Receive notifications when payments arrive
The website has a well-established blog that contains a good selection of trading articles. I feel these can help to improve the overall trading skills and knowledge of those of you who are beginners. The more experienced clients may find the market analysis in the blog informative to get a clearer understanding of what is happening in the markets.
The ’Learn’ section of the Coinbase website has a good range of educational articles covering various topics, such as how to buy Bitcoin, Bitcoin Cash, Litecoin, Ethereum, XRP, EOS, Tezos, Stellar, Ethereum Classic, Chainlink, Augur, Algorand, Dash, Basic Attention Token, USD Coin and much more.
There is also the Frequently Asked Questions (FAQ) section on the website with answers to some common questions that you may have. I found some really helpful information there that helped me to compile this review.
There are so many cryptos for you to exchange and trade. In terms of crypto, the selection really doesn’t get much better than this. You can choose from the following cryptocurrencies: Bitcoin, Bitcoin Cash, Litecoin, Ethereum, XRP, Algorand, Dash, Dogecoin, and plenty more. If you want to trade instruments other than cryptos, I would recommend having a look at IG instead.
Coinbase provides varying levels of support for different cryptocurrencies. The availability for buying, selling, depositing, and withdrawing supported cryptocurrencies varies by cryptocurrency. Transaction fees and availability also depend on your country and payment method. This is pretty standard as crypto is still in its infancy and not widely accepted as of yet.
To use the Coinbase Services, you will need to register for a Coinbase account by providing your name, email address, and password and accepting the terms of their agreement. The exchange provides clients with a variety of different account types which depends on the preferred trading platform, and they include Coinbase, Coinbase PRO, and Coinbase Prime Accounts. The Coinbase Pro Accounts is designed for individual traders, whereas the Coinbase Prime is designed specifically for advanced institutional traders. The account type that you opt for will depend on the platform you wish to use.
They provide you with a knowledgeable customer service team who can be reached via telephone, email, and online live chat. Alternatively, you can fill the form on the website and a customer support representative will respond swiftly. The exchange is also available on the usual social media handles, such as Twitter and Facebook. I have seen them trending on Twitter on numerous occasions, for both good and bad reasons. As Phineas T. Barnum once said, no publicity is bad publicity.
Coinbase allows you to deposit funds directly into your crypto wallets using Coinbase Commerce. This is a platform that helps merchants anywhere in the world accept cryptocurrency payments in a fully decentralized way.
You can fund your Coinbase Commerce account using cryptocurrency, bank transfer, credit/debit card, or PayPal if you are in Europe or the US. No fees are charged to use Coinbase Commerce, however, you will need to pay a network fee to cryptocurrency miners and third party processors may also charge additional fees.
I have always found crypto transaction fees to be costly and take a long time to complete. I would personally prefer to use card payment or digital wallets for quicker access to my funds. You might want to check with your bank if the impose any limitations on the amount of funds you can transfer to an exchange. I am aware that some banks do this to try and combat crypto fraud. Unfortunately, it is an industry rife with scammers due to lack of regulations. Please make sure you are as careful as possible.
To withdraw your funds, log into your Coinbase Commerce account and click on a ’Withdraw’ button next to the relevant cryptocurrency in the ’Balances’ section. A modal will pop up with the ability to specify how much you would like to withdraw and where you would like these funds to go.
Opening a Coinbase account is a simple and quick process. It shouldn’t take more than a few minutes for you to complete. You can click on the ’sign up’ button on the Coinbase website and fill out the form accordingly. You only need an email address and you don’t require any documentation.
Next, confirm your email address and start trading when you feel ready to do so. By using a Coinbase Account, you agree that you will use the services only for yourself and not on behalf of any third party unless you have obtained prior approval from Coinbase in accordance with Section 3.2 and 4.10 of their agreement. You are fully responsible for all activity that occurs under your account. The exchange may, in their sole discretion, refuse to open an account for you or limit the number of accounts that you may hold or suspend or terminate any of your accounts or the trading of specific digital currencies in your account.
Overall, I think that Coinbase can be a great option for anyone who wants to buy and sell cryptos. They have multiple intuitive trading platforms and apps with user-friendly interfaces and an API trading tool. You can open an account with just $1 and choose from convenient payment options. If you are a beginner, you will find a good selection of educational materials to learn more about cryptocurrencies. I like how they have 24/7 customer support, especially as cryptos can be traded on weekends. I think they could improve by increasing their product range to some non-crypto assets and by adding some other regulators. It would also be great if they had demo accounts so that users can trial the platform before making a financial commitment.