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Coinbase Review 2022: Is It Great For Long-Term Investments?

June 20, 2022
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According to all the research and testing of the platform and the Coinbase review that we prepared, we can state with all confidence that Coinbase.com is perfect for long-term investments. You can use all the advanced functions of the platform like charting instruments and the hot wallet option that will make your long-term investing process more convenient.

Coinbase Trading Platform Overview

The Coinbase exchange platform offers various benefits to its customers. An excellent range of crypto pairs to trade and bonuses make the site very attractive for traders. The possibility to choose between basic and pro accounts creates great trading conditions both for beginner traders and for skilled professionals. As it has been proved by the years of excellent service provided to customers – Coinbase isn’t a scam. Try trading on the website yourself and make sure that the high reputation of this broker is well deserved.

How Does It Work

Coinbase works in a simple and accessible way. To start trading with the broker, you will need to register an account on the website or a specially created Android/iOS mobile application. After you enter all the necessary information and go through the required verification levels to ensure security and exclude any suspicious activity on your account, you can proceed to buying and selling crypto assets on the platform.

The Main Features

Coinbase is a platform developed for cryptocurrency traders. It has plenty of advantageous features that differentiate the platform from other brokers in the industry. Starting with the variety of cryptocurrencies available to traders and finishing with the convenient mobile interface – Coinbase is safe and exceeds all the expectations.

Number Of Available Crypto  

With the Coinbase platform, a trader will have access to more than 100 cryptocurrencies including Bitcoin, Ethereum, USD Coin, Polygon, Solana, Dogecoin, etc. As to the Coinbase Pro platform, it offers access to more than 250 digital tokens. There are diverse trading limits, minimum and maximum number of coins that can be deposited or withdrawn to and from the account. Some types of crypto can be used only for converting one crypto digital coin to another or FIAT currency. The country or state you perform your trading from also affects the coins trading, making it impossible to trade some of them. Coinbase states the list of limits which refers to each currency on their website.

Bonuses Paid By The Coinbase Broker

As our Coinbase review shows, another advantage that you can enjoy when trading cryptocurrency on the platform is the bonus program. The first type of promotion that you can get from the website is the $5 Bitcoin welcome bonus when you complete the registration of your account and buy your first cryptocurrency. It will appear automatically on your account. Another promotion program you can count on is the referral program. Once you recommend the platform to your friend, he/she registers on it and starts trading $100 or more digital coins, you will become eligible for a $10 worth bonus in crypto. You will be able to use all the bonus cryptocurrencies for trading on the website.

Crypto-to-Crypto Trading Pairs

Coinbase offers more than 80 crypto-to-crypto pairs to buy and sell on the platform including dozens that can be used to trade BTC and ETH. There are also more than ten coins that can be used to trade stablecoins, for example, USDC (a type of crypto whose price is $1 without any changes).

Coinbase Wallet

There are a variety of solutions related to crypto storage on Coinbase. The most straightforward option is to keep your digital tokens on the website. You need to go to your account, purchase the cryptocurrency you like, and leave it on your account. In this case, you will not have access to your private key which will limit the possibilities of operating the crypto a bit. But there won’t be any troubles with security. According to the majority of Coinbase reviews, the broker is especially well-known for its security measures, thus you shouldn’t be worried about the protection of your funds.  

Alternatively, you can use the services of Coinbase Wallet where you can transfer your crypto savings to. Keeping your earnings in this kind of hot wallet will give you the right to use the private key. The bigger control over the crypto will allow you to send digital tokens between wallets and take part in other financial activities outside the exchange.

Rewards Card

Coinbase card is another wonderful feature accessible to US traders. It is a very convenient way to use crypto for payments wherever a Visa card is accepted. The best part here is that it is possible to employ the card both for crypto and cash payments. On top of this, if you use the card for purchases, you can earn rewards. The more often you use your Coinbase card, the more reward points you can accumulate over time. Each trader can check what type of reward is eligible for him/her in their accounts. You can always change the selected reward offer via an app.

Liquidity

If we talk about cryptocurrency, it is liquid which means that one digital asset can be converted to another. When liquidity is low, it implies that the market is highly volatile which causes spikes in digital coins prices. Coinbase offers the tools necessary to keep an eye on liquidity like Liquidity Network price where you will be able to follow all the fluctuations in crypto prices. Moreover, there is the possibility to use Ethereum to purchase Value Liquidity if you go to the “Trade” section of your account.

Coinbase Pro

The broker offers the possibility to switch to the Coinbase Pro platform without additional commissions. It works best for learned and more advanced traders and usually is not necessary if you are only getting started with cryptocurrency. The variant of the platform offers less costly trades for the bigger number of them for those who buy and sell crypto more often. There are more trading instruments, charting, and research tools you can use in this advanced platform. Our detailed Coinbase exchange review has proven that there is no necessity to use the Pro version until you want to purchase the digital currency more frequently and operate it on a higher level of expertise.

Coinbase Account Review

In order to buy, sell and keep your crypto funds safe on Coinbase, you will need to create an account on the platform. In this Coinbase account review, we can confirm that it is pretty easy to open a new account with the website. Go to coinbase.com via your PC or, download and install the broker’s Android/iOS – based application via your smartphone. Find the blue “Get started” button and you will be immediately taken to the information box you’ll need to fill in. After you share your full name, email address, state, and create a password, you are almost finished with creating your account on the resource.

Verification Levels & Benefits

Coinbase is a safe trading platform that does everything possible to ensure the security of your digital money. Thus, you will be required to go through three levels of the verification process. Of course, it takes some additional time but this single effort will ensure higher security during the whole experience of trading with the broker.

1. Email verification – after you submitted your data, you will get an email from [email protected] Click on the link you will find in the email that will transfer you back to the website. There you will need to re-enter your email and password to confirm them.

2. Phone number verification – the next step of the verification will require some additional information from you. Choose your country and enter the phone number you currently use. After you click on “Send code”, an SMS with the seven-digit code will be sent to your phone. Fill in this code on the Coinbase site and click “Submit” and “Continue”.

3. Verification of your personal information – a necessary part to ensure the most rigid security of your account you will need to submit the information featured on your valid ID card and answer a couple of questions. Click on “Continue” to complete the verification.

Available Banking Options

In the Coinbase overview, we would like to feature the available payment methods that the broker offers to its customers. They all are convenient to use to perform different money transactions related to withdrawing and depositing funds to the trading site.

Bank Account

In the Payment methods section on the website, you can choose to link your bank account to the trading account. Make sure that the name under which you registered your Coinbase account matches the name of the bank account you are going to use. There is the possibility to use this way of transferring money to cash out your earnings from Sell orders.

Debit Card

Our Coinbase review shows that to make purchases with the help of your Visa or Mastercard debit card, first, you will need to connect it to your trading account on Coinbase. In “Add a payment method” on the Payment methods page select the Credit card option. To verify the credit card information two small debits will be transferred to your card. Your task is to fill in the exact amounts on the Coinbase site. After this, you will be able to perform debit card payments in a couple of seconds.

Wire Transfer

Another possibility to deposit and withdraw money on coinbase.com is a wire transfer. Each time you perform a money transaction, the bank you linked to your Coinbase account will ask for the reference code to confirm the transaction. On the bright side is that there is no minimum deposit when you apply this payment method. However, there is a commission of $10 for depositing and $25 for withdrawing your funds.

Coinbase Fees Rating

Preparing the Coinbase rating review, we have found out that the cost policy that Coinbase adopts is a little complicated, and it doesn’t officially reveal its fee levels. The broker states that charges are calculated when you make an order. The charges vary for orders that are worth more than $200.  As to trades that cost less, there is a stable range of fees that the broker charges:

Worth of an orderFee amount
$10 or less$0.99
$10-$25$1.49
$25-$50$1.99
Over $50$2.99



Mind that these fees are charged if you use certain types of payment methods like wire transfers or money in your Coinbase wallet. As to other payment options like Visa, Mastercard, ewallets, there may be additional commission fees charged while transferring your funds.

How Legit Is Coinbase?

The broker is legit and has all the rights to provide cryptocurrency trading services to the US and foreign customers. This is one more reason why the Coinbase rating is high. Each state in the US has different laws and regulations regarding online crypto trading. Moreover, the broker also provides the official service to foreign traders which demands an additional license.

Licenses

It is licensed by all the US State authorities that require the State Agency license for any cryptocurrency trader to operate in their jurisdiction. For example, the website has a Sale of Checks License to work in Alabama, Connecticut Money Transmitter License to function legally in Connecticut, Transmitter or Money for trading in Illinois, Money Transmitter License for Mississippi, and many other licenses for each state that requires them. The licenses cover the majority of the funds transfers. In some states, there is no need to get a transfer license for crypto trading. Outside the US Coinbase is safe and legally operates under Financial Conduct Authority license.

Pros & Cons

ProsCons
The high-security level provided by three stages of the verification processThe fees are higher than average
The activity is licensed and regulated in each separate US state and foreign regulatorsYour private crypto password is not controlled when you keep your digital assets on your site’s account
Offers convenient banking methods
Great selection of educational instruments
More than 150 cryptos to trade
You can upgrade your account to PRO with more useful features



Coinbase vs Coinbase Pro

CoinbaseCoinbase Pro
– Higher fees+ Lower fees
+ Is better designed for those who do not trade that often+ Works best for traders who trade often
+ Possibility to cash out funds via PayPal+ Has advanced features
+ More accessible for beginner traders+ Preferred by experienced traders
– Less access to charting instruments+ Better charting tools
– Lower selection of cryptocurrencies to trade+ Larger choice of cryptocurrencies to trade
– Not that broad choice of transactions to complete+ Larger variety of supported transactions
– Offers basic features – No possibility  to withdraw earnings via PayPal



Conclusion

Coinbase is a safe and legit platform to store and trade your crypto funds on. It works best for traders who are interested in buying and selling various crypto pairs, use the digital currency for a range of money transactions with the help of Coinbase Card and get rewards for this. Keep your assets safe and sound on the platform with the marvelous opportunity to take part in advanced trading activity on the Pro platform with more useful features accessible to active traders.

Frequently Asked Questions

How Long Does A Coinbase Withdrawal Take?

As a rule, Coinbase withdrawal is processed instantly. It takes around one minute for the funds to appear in your bank account.

Is Coinbase Safe To Store Crypto?

Yes, Coinbase is safe to store crypto. Several layers of verification, the regulated activity of the website, and a high level of personal data encryption ensure the necessary security level.

What Countries Does Coinbase Allow Access?

Coinbase exchange review proves that the platform allows access for almost every country in the world, like the US, France, Spain, Russia, Portugal, Australia, and many more.Add question

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