Coinbase Review: Important Things You Need To Know About This Exchange

Q: 2. Can you get scammed on Coinbase?

If you are wondering, how can Coinbase scam me? There is a button that actually contains a phishing link. If you fall for the trap and click on that link, you will be redirected to a fake Coinbase login page and will be asked to enter login credentials. Scammers will then record your sensitive information and use it to take control of your account. Don't let them!

Anurag Arya 03/08/2024 Reviews, Exchange Reviews Leave a comment 191 Views

Coinbase is a leading mainstream digital currency exchange in the US. It has become a general on-ramp for new cryptocurrency investors. Coinbase exchange provides a wide range of products that include digital currency investment, advanced platform for trading, wallet for retail investors, institutions’ custodial accounts, and its native US dollars, a stable coin. Let us have a look at the Coinbase review.

Coinbase was founded in 2012 by Fred Ehrsam and Brian Armstrong. It asserted that it serves approximately 56 million verified users, over 8,000 institutions, and 134,000 ecosystem partners across the globe.

Contents hide

1 Cryptocurrencies Available On Coinbase

2 Coinbase Review: Pros And Cons

2.1 Pros

2.2 Cons

3 Coinbase Review In Terms Of Security

4 Verdict

5 Frequently Asked Questions On Coinbase Review

5.1 1. Is Coinbase a legit company?

5.2 2. Can you get scammed on Coinbase?

5.3 3. Has Coinbase been hacked?

Cryptocurrencies Available On Coinbase

As mentioned above, Coinbase offers an array of digital currencies. So before we get into the Coinbase review, we should know the crypto coins that are available in Coinbase. They are as follows:

Aave (AAVE)
Algorand (ALGO)
Cosmos (ATOM)
EThe Balancer (BAL)
Band Protocol (BAND)
Basic Attention Token (BAT)
Bitcoin Cash (BCH)
Bancor Network Token (BNT)
Bitcoin Satoshi’s Vision (BSV) (Send Only)
Bitcoin (BTC)
Celo (CGLD)
Compound (COMP)
Civic (CVC)
Dai (DAI)
Dash (DASH)
districtOx (DNT)
EOS (EOS)
Ethereum Classic (ETC)
Ethereum (ETH)
Filecoin (FIL)
The Graph (GRT)
Golem (GNT)
Kyber Network (KNC)
Chainlink (LINK)
Loom Network (LOOM)
Loopring (LRC)
Litecoin (LTC)
Decentraland (MANA)
Maker (MKR)
Numeraire (NMR)
NuCypher (NU)
OMG Network (OMG)
Orchid (OXT)
Ren (REN)
Augur (REP)
Synthetix (SNX)
USD Coin (USDC)
Universal Market Access (UMA)
Uniswap (UNI)
Wrapped Bitcoin (WBTC)
Stellar Lumens (XLM)
Ripple (XRP)
Tezos (XTZ)
Yearn.finance (YFI)
Zcash (ZEC)
0x (ZRX)

Coinbase Review: Pros And Cons

Coinbase provides a secure option to trade and invest in digital currencies. It features an evolving list of more than 25 digital currencies. Let us have a look at why you should choose Coinbase and why you should not choose Coinbase.

Pros

Being among the early and largest crypto exchanges it got a lot of advantages. Its services, security, and platform make it among the top digital currency exchanges. Here are the pros of Coinbase.

Great variation of Altcoin: Coinbase offers more than 25 digital currencies to choose from for trading, investment, and also staking purposes.
Simple user interface: Coinbase is probably the easiest platform for crypto investment. This exchange was formed in 2009, soon after Bitcoin came into play. It provides extremely easy options for buying and selling cryptos. Along with that it also includes a learning program that pays users digital currency to learn more about the working of digital currencies.
High liquidity: When you choose a crypto exchange, this is the main thing you look for: liquidity. And in this case, Coinbase offers high liquidity. It constantly ranks among the most liquid exchanges. This protects the users from intense slippage of price in an already fluctuating market.

Cons

But with the advent of the latest crypto exchanges, these early exchanges lack many features the new exchanges provide, and this lack acts as their disadvantages.

High fees when not using Coinbase Pro: Compared to its competitors Coinbase has higher fees. Most new users who use the standard platform of Coinbase will have to pay a huge amount, till they shift to Coinbase Pro where they get everything for free and a range of new products.
Users do not control their own wallet key: This is the same with many centralized exchanges but it is still a disadvantage for them. When a user buys digital currency in an exchange, it is kept in a wallet that Coinbase can control. This implies that the user lacks autonomous control over their own holdings, which generally goes against the ethos of decentralized finance or currency. This Coinbase wallet review gives it a low score for considering it as an option for investment.
Not enough variety of altcoins for altcoin traders: Coinbase has an array of Altcoin options that can amaze the new traders in the market. But for serious and old players, the list is not enough, as its competitors offer a wider array of coins for traders to choose from.

Coinbase Review In Terms Of Security

Coinbase uses varied safety measures for its account holders. It is crucial to evaluate that any digital currency on any exchange account is as safe as the account holder makes them. It is very important to secure your account with a strong password and also avail the remaining security elements like 2 step verification.

Coinbase enables biometric fingerprint logins, 2-step verification, insurance in the event that Coinbase itself is breached, and also keeps 98% of users’ funds in offline cold storage.

Verdict

In this Coinbase review, it can be concluded that it is an ideal exchange for new crypto investors who may lack other investment knowledge. While its regular platform is overpriced, its other features like the ability of this exchange to set up recurring purchases, or its learning program, offer the less knowable investors with a clear path in understanding digital currencies.

Those who have more experience in trading will find Coinbase Pro a cheaper and more robust option but it will still be behind in respect to features.

Frequently Asked Questions On Coinbase Review

1. Is Coinbase a legit company?

The short answer is “yes, Coinbase is a legit digital currency exchange and broker”. That is because of its high profile investors and highly regulated location.

2. Can you get scammed on Coinbase?

If you are wondering, how can Coinbase scam me? There is a button that actually contains a phishing link. If you fall for the trap and click on that link, you will be redirected to a fake Coinbase login page and will be asked to enter login credentials. Scammers will then record your sensitive information and use it to take control of your account. Don’t let them!

3. Has Coinbase been hacked?

According to Coinbase, it has never been hacked. It said 0.004% of its users had experienced “account takeovers” in the past years, where someone breached their devices and then got access to their Coinbase accounts.

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Anurag Arya

Anurag Arya is a cryptocurrency enthusiast who has done great research in ICO (Initial Coin Offerings) in the cryptocurrency space. He has worked with a cryptocurrency firm for the last 4 years and is now, here to share his crypto market and crypto exchange experiences.