Coinbase trades nearly 100 cryptocurrencies and is the largest US-based crypto exchange. However, some of Coinbase’s fees can be higher than some competitors and often confusing to understand. In this Coinbase review UK, we’ll help you decide if this is the right exchange for you.
Although Coinbase has some incredible security features, it’s good to remember that trading cryptocurrencies come with high risks and rewards. This risk is due to the daily volatility of digital assets and the leverage used on open positions.
In this Coinbase review…
Coinbase Review UK Summary
Overall, Coinbase significantly expanded its crypto offerings and now allows users to access around 100 digital coins. This immense selection of digital assets is one of the reasons why people love this platform because it enables them to diversify their portfolios.
Coinbase Pro, formally known as GDAX, allows users to make crypto to crypto transactions and has some advanced charting functions. You can place a market stop and limit order so that your capital is protected if an investment goes the wrong way.
What’s great about the company is that you can earn while you learn by using video classes and exams provided by Coinbase. This educational material is easy to understand and can help even the most novice cryptocurrency trader get up to speed.
Users also get awarded cryptocurrencies by taking classes and passing examinations provided by the platform.
Coinbase Pros and Cons
Coinbase is available for Android and iOS and is highly rated by traders worldwide who love its intuitive features and functions. The mobile app is responsive and offers a well-balanced trading hub that makes it easy to get started on your trading journey.
Customer Support Options
Sadly, in the customer support category, Coinbase struggles to deliver. Clients can request support by phone, email, or Twitter, but the problem is Coinbase does nothing to help resolve customer issues.
That is a deplorable state of affairs as it gives them a negative rating when it comes to customer service. However, some security standards are in place, such as an automated phone system to lock your account if you think it’s compromised.
It’s good to note that Coinbase does have an exceptional library of educational information for clients to learn more about the world of cryptocurrencies. We love the creative way the company has incentivized users to learn about digital assets so traders know how the market works.
By participating in a series of video classes and exams, you can earn a set amount of cryptocurrency when completed correctly.
Security and Digital Wallet Options
Coinbase says that all the digital currency it holds online is insured, even though the SIPC or the FDIC does not protect other cryptocurrency exchanges. The platform says less than 3% of customers funds are held online, while the rest is stored offline. That helps to protect client funds from possible online breaches or DDOS attacks on its server.
In the case of any losses related to Coinbase’s encryption or staff theft, the company’s insurance can cover those compensations. If a person’s account is hacked (let us say the password is compromised), they are not covered by Coinbase or its insurance company.
US treasury, money market funds, and US custodial accounts are all held in cash balances for your convenience and safety. If your capital is stored in a US bank account, it’s covered by insurance up to $250,000 per investor.
On the plus side, Coinbase allows you to use your digital wallet to store or trade cryptocurrencies on its platform. That can give a lot of investors the peace of mind they are looking for from a broker, as there is total control of their digital assets.
Vast Selection of Cryptocurrencies
What is fantastic about Coinbase is that it offers an extensive range of cryptocurrencies for clients worldwide to trade. Traders have the option of investing in over 90 cryptocurrencies with this platform, which is ideal for portfolio diversification.
Remember, by diversifying your risk; you can protect your capital from imbalances of a particular coin or financial instrument.
Crypto to Crypto Trading Pairs
The company offers around 75 crypto to crypto trading pairs, so there is something on the platform for novice and intermediate investors. There are dozens of digital coins that can be traded for Ethereum and Bitcoin, and more than 15 currencies are matched with stable coins like USDC.
Interestingly, the USDC asset price always remains equivalent to $1, so it’s perfect to leverage in trading pairs.
Coinbase includes a host of essential information for new and old traders, easily accessible on its website. Some of the data supplied include supported assets, closing an account, and minimum investment requirements for traders in different countries.
All in all, we give Coinbase 5 stars for providing such in-depth information to its clients at the click of a button. We like to see companies offering clients this education as it is vitally important to understand the cryptocurrency industry before your first investment.
Another great thing about the website is its response time when handling click requests from users. The website is fully mobile responsive, and if you want to take it one step further, try downloading the Coinbase mobile application.
Coinbase investors can trade on Coinbase Pro and the original Coinbase platform, letting them purchase cryptocurrency with US dollars. On the other hand, Coinbase Pro permits users to perform crypto to crypto trades while still changing market limits or stopping orders.
Another excellent thing about Coinbase Pro is its unique charting system that functions efficiently for beginners and professional traders. The bespoke software design takes a while to learn and doesn’t offer as many tools as more complex applications.
That does not mean that it is terrible in any way, as once you understand it correctly, you can get started with your first investment. If you already know something about buying crypto on Coinbase, it does not take long for you to get the gist of it.
The company offers a way to earn while you learn, a novel idea to get clients more involved in the industry. You can view a host of video classes that educate you on the advantages and disadvantages of trading certain digital assets. After the lessons, you can take the relevant exam and see what you learnt from the program.
Coinbase rewards users for every examination passed, and it does this by giving them the particular cryptocurrencies the test was based on. In most cases, rewards end up being lower value cryptocurrencies, but that is fine considering it is for free and you are getting educated at the same time.
This is an excellent initiative from Coinbase, and other exchanges should follow in its footstep by providing such valuable content for clients.
The Coinbase web platform is excellent and comparable to the mobile version in its ease of use plus functionality. Accessing the platform through the Coinbase website is as simple as clicking a button and waiting for the trader to load.
When you access the web trader for the first time, it might be overwhelming with all the available functions. It’s good to take your time and research the various tools you can use to conduct an analysis.
There are tons of articles online and on Coinbase’s website that can be referenced if you struggle to understand something.
Coinbase Review UK: Pricing and Plans
We mentioned that the lowest amount you need to buy cryptocurrency on Coinbase is $2, meaning anyone can get in on the action. However, it ends there as the Coinbase fee structure is a bewildering combination of components determined by two factors.
You can find these factors in the text below, so keep reading to learn more about Coinbase’s fee structure.
The company has a spread of roughly 0.4% for cryptocurrency purchases and sales; rates could be lower or higher depending on market conditions. That can be a problem for some investors as it leaves them without a sense of control, which can be detrimental to their trading strategy.
Coinbase also charges a fee depending on the amount of cryptocurrency purchased and the payment type. This fee is either a variable or flat fee and gets decided when you invest in your first cryptocurrency with the platform.
On the other hand, Coinbase Pro offers unlimited balance and trade levels, which could favour advanced users. The more you invest, the lower the fees and the less expense you need to remove from your potential profits.
Coinbase Review UK Summary
If you are someone looking to invest in a variety of cryptocurrencies, Coinbase can assist with that. The company is one of the most prominent digital asset exchanges in the United States and has more than 90 cryptos to trade.
Its encryption software keeps your account protected, while an insurance company covers any security breach of its servers.
Unfortunately, Coinbase’s terrible customer service has upset many people over the years, so be aware of that when purchasing digital coins from this provider.
Check out these alternative trading platforms or use our comparison tool below to help you find what’s best for you.
Some digital bank accounts also have a trading platform included in their apps.
If this Coinbase review UK has helped you, please recommend DigitalSupermarket.