Coinbase Review 2020
Coinbase review articles are probably one of the most widely written about content pieces in the the crypto space in 2020, that being said Platinum Crypto Academy wanted to bring a direct review to our clients as most of us have been using the platfrom for over 5 years and so thought we are in a great position to provide our own detailed review to our clients, subscribers and audience. Coinbase was founded in June 2012 and the platform enables merchants and users to trade on digital currencies such as BTC, ETH, BSV and BCH.
Coinbase Review – Where they Started
The platform currently supports over twenty cryptocurrencies. Coinbase has the backing of top investors and VC funds across the world such as Andreessen Horowitz, BBVA, IDG Ventures and Garry Tan and raised over USD 200 Million from these investors. The company is based in the US and currently has over 30 Million users across the world. It is also supported in over 100 countries.
Since its inception, the platform has traded over USD 150 Billion. It has an exchange, called Coinbase Pro, where users can trade in cryptocurrency. Users can trade on a desktop version or download a mobile version from the apple store or Google play.
The exchange is on top of its game as it offers an opportunity to integrate trading bots through its API. It also offers insurance protection in all the crypto assets traded on the platform. This insurance is up to a maximum of USD 250,000 for each customer. It also has a flexible fee structure that reduces as your order size increases.
There is also a desk that caters for institutional clients who may have bulk orders. Coinbase merchant services allow businesses to accept crypto within minutes. It is free, fast to integrate and accepts over five cryptocurrencies.
IS COINBASE SAFE TO USE
Coinbase has employed state of the art technology to run its platform. The company employs top brains across multiple disciplines to make sure that services offered observe the highest levels of professionalism. During this Coinbase review research we found that the Team members in the company hail from notable backgrounds in top investment and technology companies, the SEC, and even the CFTC ensuring the highest level of care is given to funds while complying with all legal, security and technological issues.
Client funds are stored in a cold wallet that is the state of the art.98% of customer deposits are maintained in the cold wallet. The remaining 2% is left online, enough to cater for users who may want to trade from time to time. The hot wallet on the platform has been insured. An active insurance package is maintained by the company whose total amount is more than the amount of crypto assets in the hot wallets.
The platform has insured thee hot wallets against theft of the cryptocurrencies that may result from a hack, theft by employees, security breach or from fraudulent transfers.
Cash balances on the platform are held in custodial accounts. These accounts are held separate from other accounts used for corporate purposes by Coinbase. These funds will not be touched by anyone for company engagements. These funds are also FDIC insured (US Clients) up to a maximum of $250,000.
Review of Coinbase – How Does Coinbase work?
You’ll need to open an account with Coinbase to access their services. The platform has support in over 100 countries. You can log in to your account on the platform once you verify your email. On the accounts dashboard, there is a section for you to look at the portfolio of cryptocurrencies that you have. There is also a section to check the prices on different cryptocurrencies in the market.
The account can also be used as a wallet for the various cryptocurrencies listed. So basically, you can send or receive cryptocurrencies from one account when you click on each cryptocurrency. It leads you to the dashboard where you can get access to your wallet details and the amount of crypto you have on each wallet. You can receive or send cryptocurrencies from this section.
There are over twenty-five cryptocurrencies currently supported on this platform. You’ll have access to over 25 wallets. You do not need to open a new wallet every time you want to access your crypto portfolio.
Once you verify your identity you can also trade directly from this account. Alternatively, you can open an account with Coinbase Pro. This will involve sending an SMS to your phone number so as to secure your account. Once you log in, you can start trading in digital assets from this platform.
Coinbase review for 2020 – Who Are Their Main Competitors?
Blockchain.com is crypto asset wallet and explorer that serves over 30 Million clients across the world. Some of the crypto assets that are supported on this platform are BTC, ETH and BCH. The company provides a crypto wallet, an exchange and markets sections that provide users with unrivaled news coverage in the crypto space and also offer crypto custody for institutional clients for its users. Blockchain.com was established in 2011 and offers 24/7 support to its users. It also has operations in over 150 countries across the world and has carried out over 100 million transactions since inception. It raised over USD 70 Million in funding and is backed by top investors such as Virgin and Mosaic Ventures.
Binance is an exchange that enables you to trade in crypto assets while it also acts as a wallet for your crypto assets. The platform has its native token called BNB that is used to power various transactions within the platform. It is one of the largest exchanges in the world with a daily volume of over USD 2 Billion. Binance was founded in China in 2017 but moved its headquarters from China to Japan after there was a crypto ban in China. It also has offices in Taiwan and Malta. Recently, the company allowed for crypto purchases on its platform using Visa and Master Cards. We have also written an extensive review on Binance for more information click here
Bittrex is a cryptocurrency trading platform that can be accessed on the web and on mobile devices. The company has its headquarters in Las Vegas and it was founded in 2014. It accepts customers from around the world. It offers one of the largest online exchanges where you can trade multiple crypto assets with BTC, ETH, USD, EUR and USDT as the base currencies. The exchange continues to introduce new tokens on its trading platform from time to time. Bittrex recently made it possible for users to trade on cryptocurrencies using their local fiat currencies. All a user needs is to get verified, come from an eligible location and have an account that is activated for local fiat trading.
Bitfinex is a crypto asset trading platform that also allows for margin trading. The company was founded in 2012. It is currently privately held and has it’s offices in Taipei and Paris. It currently has an employee base of about 200 and made revenue of about USD 300 Million in 2018. Traders can either use the web platform or download mobile apps that they can use for trading. Other services that are offered by the platform are Peer to Peer Lending and an OTC market for clients. It also periodically carries out token sales on some projects in the Blockchain filed. The platform has its native utility token called UNUS SED LEO.
OST is a Blockchain project that enables communities to build their own tokens on this platform. It helps platforms develop their own Ethereum based in-App currencies in minutes and launch them on their platforms. Users have full access to their funds and control their private keys. It’s also friendly to people with little Blockchain experience and can be integrated into existing apps. The Apps can be both Apple and Android apps and no additional licenses are required. OST is privately held and was established in the year 2017. Headquarters are located in Hong Kong but also has offices in Berlin. It currently has a total employee base of 274.
Review for Coinbase- How to Earn Crypto
You can also trade and earn crypto from the trading profits on the platform. If you are a merchant, you can accept crypto payments on your account through the Coinbase commerce platform and integrate this with Presta Shop, Woo-commerce and Shopify.
Finally, it is possible to earn crypto on this platform as an affiliate. You can promote Coinbase and earn commission once a client joins Coinbase through your link or utilise the earn feature on coinbase and learn about cryptocurrencies.
Is Your Privacy Kept While Using Coinbase?
The company may require information about the identity of a user and may also have financial information about users. This information is usually collected because it is required by law. Coinbase does not sell user data to any third party without the consent of the users. Users can request Coinbase to delete some of all data collected on their accounts.
It is important to note that if some data is deleted, then this would mean closure of the account. However, there are other data that may be deleted without interfering with the account. Some of these are Marketing and communication data, survey responses, referrals and connected applications.
Coinbase Review 2020 – Coinbase Services
Coinbase Brokerage allows users to buy, sell and use cryptocurrency. This service gives clients a chance to get access to most of the dominant crypto assets in the digital world. Some of the notable cryptocurrencies that you can purchase from the platform are BTC, ETH, USDC and BSV. There are over 25 crypto assets that you can buy and sell on this platform. Liquidity on this platform is high as there are over 30 million users across the world who use this platform. The platform is also available in over 100 countries. The platform charges a fee of 1.49%. If the cryptocurrencies are bought using a credit card, then this fee is about 2.9%.
Coinbase Pro is an advanced cryptocurrency trading exchange for traders. The company continues to add more digital assets and trading pairs that can be traded on this platform. Some digital assets that have been recently added on the platform are COMP, Horizen, Livepeer, Origin Protocol and Vechain. Before a digital asset is listed, it has to undergo a rigorous technical review. Some digital assets may be prohibited in certain jurisdictions. Traders can use the platform as a web-based platform or download it on their mobile phones- Android or Apple phones. Traders also have the opportunity to use trading bots on the platform. Digital assets on this platform have also been insured. The fee structure on the platform is also quite competitive and reduces as the order sizes increase.
Coinbase wallet allows you to store all your digital assets in one wallet. Downloading the wallet app allows you to store all your crypto assets as a standalone wallet. You do not need to have an account with the main Coinbase account to access this wallet. You also manage your own private keys and store your assets directly on your device using this app. This app also allows you to store ERC-20 tokens. You can also import other wallets like MyEther Wallet and Metamask on this wallet. All you need to do is to access your private key in your current wallet and use your 12 word mnemonic phrase on your Coinbase wallet.
This is a Visa Debit card that is funded by your balance on Coinbase. This card enables you to spend crypto as easily as you would have funds in your bank. The card can be used across the globe on all Visa branded merchants. You can also withdraw as cash from ATMs. You also get to decide which crypto you will use on the card. You can easily switch from one crypto to another. Making this switch is fast and only takes a couple of seconds. Two-step verification has been added on the card to enhance security. You can also block your card in the event that you lose it or suspect a breach. Users also get instant notifications on transactions and summaries of all the transactions they have been engaged in.
Coinbase enables merchants to accept over five cryptocurrencies in their stores. Integrating this solution into your store is free and fast. It takes only a few minutes to go live. You can include stable cryptocurrencies into your list of accepted crypto assets. This helps avoid the volatility experienced with other cryptocurrencies. This solution can be integrated into e-commerce shops that have been set up using the following CMS: Woocommerce, Shopify and Presta Shop. There are over 8000 merchants across the globe who have already onboarded this solution. This enables them to accept payments from anyone across the globe and access these payments immediately. This solution is also highly secure and gives the merchant access to customised payment buttons.
This is a stable currency. You can redeem 1 USD Coin for USD 1.00. Currently, there is over 931 Million USDC in circulation. If you have a US dollar-based bank account, you can always redeem the USDC into fiat currency and send it to your dollar account. Each USDC is backed by fiat currency (USD) of corresponding value. This is stored safely in bank accounts and constantly monitored. USDC is an Ethereum based token. This basically means it can be stored in an Ethereum based wallet. This token is also divisible and you can access as little as 0.000001 USDC.
This service allows Coinbase to provide crypto-custodial services for its clients. This service is regulated by the New York State Federal Banking laws. The Crypto assets are stored in secured cold storage facilities. They are also fully insured and undergo regular financial and security audits by top external agencies.
This platform allows Coinbase clients to directly trade tokens from their wallets. It was first allowed to residents from out of the US before launching in the US. The platform offers hundreds of digital tokens that can be traded directly. There are no trading fees, no custodianship and no signups when you use this platform.
This service provides funding to early-stage companies that seek to grow in the crypto industry. They have already invested in a number of companies. Some of these are Blockfi, Dharma, Etherscan Reserve and Rarebits.
Coinbase Review – How Coinbase Makes Money
Coinbase makes money by charging fees on its platform and exchange. When buying cryptocurrencies the platform also charges fees from 1.49%. If you are purchasing crypto using credit cards, then the fees charged are about 3.99%. The exchange of the platform charges fees that reduce as volume of orders increases. These fees on the exchange start from 0.50%. On VISA transactions, the platform charges a fee of 2.49%. When you place an order that gets partially matched immediately, you pay a taker fee for that portion. The remainder of the order is placed on the order book and, when matched, is considered a maker order. You pay a maker fee for this remaining portion of the total order.
Coinbase Fees For Depostis and Withdrawals Review
Coinbase vs. Other Exchanges
Coinbase is definitely at the top with its multiple offerings and its focus to deepen the crypto ecosystem. We see in Coinbase a desire to take the crypto landscape to the next level through various products that are being offered. The company can be considered an all service crypto solutions provider. This is unlike other exchanges that may focus on just one or two products.
Coinbase In Recent News Headlines
Coinbase is undoubtedly a global leader in the cryptocurrency space, although people can argue about the fees, storage safety and other aspects one thing is very clear people look to Coinbase for information and ease of access to the crypto market. There are many recent developments at Coinbase one major development is the possibility of the company going public, here are some of the recent news headlines currently in the market.
Crypto exchange Coinbase could go public later this year
According to several Crypto News websites, Coinbase Inc has begun procedures for a stock market listing which could take to the market this year. In a landmark occasion being the first major U.S. cryptocurrency exchange to go public, according to three people familiar with the matter.
It would, however, require the U.S. Securities and Exchange Commission’s (SEC) blessing which is not an easy thing to accomplish given the industry.
Paul Grewal, Former US Magistrate Judge, Joins Coinbase as Chief Legal Officer
The stars seem to be aligning with the recent release of the concept of Coinbase becoming and publicly listed company. Coinbase has also announced that Paul Grewal is joining Coinbase as their Chief Legal Officer.
With Coinbase striving to achieve greatness in the crypto space on numerous fronts it’s not surprising such a figurehead has joined the team. to be a world-class company you need a world-class team Paul Grewal is from Facebook, where he served as Vice President and Deputy General Counsel.
Compound (COMP) is now available on Coinbase Earn
Coinbase Earn which we have mentioned earlier in this article is a valued place for crypto users/traders/investors can educate themselves about new developments in crypto and earn assets as rewards.
Coinbase has announced on 26th June that Compound (COMP) can be earnt by watching lessons and completing quizzes for rewards.
Compound (COMP) is an Ethereum token that governs the autonomous Compound protocol. This is part of the new wave of Ethereum based tokens which are focused on Decerrelised finance, COMP enables anyone to borrow and lend Ethereum tokens through a decentralized market. Lenders can earn interest on the crypto they supply to the protocol and borrowers pay interest to borrow it.
Review of Coinbase Conclusion
Coinbase is definitely at the forefront of all its peers in the crypto space. As it continues to roll out more products in the crypto landscape, we expect to see more users interacting with their products. The platform is definitely redefining the crypto landscape and setting the pace for other peers in the industry.