Cryptocurrency Exchanges: Coinbase

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Coinbase is a cryptocurrency exchange that allows users to buy, sell, and trade over 100 cryptocurrencies such as Bitcoin, Ethereum, and altcoins like Dogecoin. It is one of the most popular exchanges, with over 73 million users and $255 billion in assets on the exchange.

Coinbase markets itself to beginners, and it has been highly successful in doing so. It offers simple buy and sell orders, while advanced traders can use additional features by using Coinbase Pro.

Coinbase was founded in 2012 as a platform to send and receive Bitcoin. The company kept adopting additional cryptocurrencies and skyrocketed in popularity, and now employs nearly 3000 employees. Coinbase itself is a decentralized company with no main headquarters.

Coinbase is available in over 100 countries, and users trade approximately $327 billion per quarter.

While offering Coinbase and Coinbase Pro, the cryptocurrency exchange also offers a wallet service.

Supporting the trading of over 100 cryptocurrencies, Coinbase regularly adds new altcoins to its arsenal.

Trading on regular Coinbase is beginner-friendly and has an understandable UI. It is available on the web, Android, or iOS.

Coinbase Pro is targeted at more advanced users but is open to anyone with a Coinbase account. The Pro version gives more trade types, such as limit and stop orders.

Coinbase has come under fire for not being transparent with its pricing and fees. Costs are shown when entering the trade screen, but these fees are not visible for someone trying to select a cryptocurrency exchange, to begin with.

Similarly, Coinbase has received a lot of criticism for its customer support, or rather, its lack of it. It is extremely difficult to reach a human for help, so it’s best to see Coinbase as self-service. Officially, support channels are the help change, email support tickets, a chatbot, and an automated phone system.

Coinbase uses industry-standard security practices to keep assets safe. For example, 98% of customer assets are stored offline in cold storage located around the world, which is backed up digitally and on paper. Accounts also use 2FA.

Coinbase is a good starting point for beginners and has been used by many to dip their toes in the world of crypto without having to worry about the complexities of the space. However, given the fee structure and poor customer service, many choose to move on after a time.

Coinbase Pros

  • Great for beginners
  • Supports a large number of cryptocurrencies

Coinbase Cons

  • Awful customer support
  • Fees are high and the structure is not transparent

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