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Coinbase is an established cryptocurrency trading platform
Read 100% Free Coinbase Review by Scamorno Team
FULL REVIEW OF Coinbase
With the interest and investment in cryptocurrencies having surged this year, the requirements for secure exchanges to facilitate the purchase of crypto has become increasingly important. One of the most popular exchanges around right now is Coinbase.
Launched in San Francisco in 2012, Coinbase operates in 32 countries and has over 12 million customers to exchange over $40 billion in digital currencies. By 2013, Coinbase was the highest funded Bitcoin startup and also the largest exchange of cryptocurrency in the world.
What Are The Fees To Use Coinbase?
Coinbase charge fees ranging from roughly 1.49% to 3.99%, depending on your purchase method, with credit card transactions resulting in fees at the higher end of the scale. Coinbase fees are generally lower than its competitors who operate a similar business model, such as Coinmama or CEX.
Is Coinbase A Safe Cryptocurrency Platform To Buy From?
One of the perceptions of cryptocurrency among newbies to the platform is that it is still risky to invest in. And although it is correct that there have been problems around cryptocurrency exchanges in the past (such as Mt. Gox),
Coinbase is considered to be one of the safest platforms currently available. First of all, Coinbase is US based and is therefore needed to comply with US State and Federal law. This can be contrasted with some of their competitors that are operating in countries that may have lighter regulations when it comes to such platforms. Coinbase has actively pursued discussions with regulators in order to ensure that they were providing an open and innovative financial system and the regulation of Coinbase is thought by some to have restored confidence in cryptocurrencies following the Mt Gox collapsed (although other commentators have complained that Coinbase operates more like a bank, which, within the community, is against the fundamental nature of a decentralised cryptocurrency). In addition, Coinbase has received investment from several high-profile backers, including the Bank of Tokyo and BBVA, which boosts its legitimacy
When it comes to storage of funds, the Coinbase platform is transparent about its methods. Coinbase segregates customer funds from company operational funds, with Coinbase stating on their website that any money held on behalf of customers are stored in custodial bank accounts and, in the event of insolvency, neither Coinbase nor its creditors would have any rights or entitlements to such customer funds. In terms of its cryptocurrency storage, Coinbase states that 98% of customers’ cryptocurrency funds and stored offline, even through hardware wallets and paper wallets that are stored in vaults and safety deposit boxes worldwide. In addition, Coinbase states that the remaining portion of cryptocurrency that is stored online is insured, and that if there was a hack, customers will be entitled to receive any funds lost through this insurance policy.
Coinbase offers customers a two-factor authentication method, which can be through SMS to your phone, or through third party apps such as Google Authenticator or Duo. In addition, Coinbase notifies members if a new device or IP address attempts to access your customer account. However, despite this, if client accounts are compromised, Coinbase does not accept any liability for funds being lost. For that reason, it is typically recommended that once you have bought any cryptocurrency on the Coinbase exchange, you store this cryptocurrency offline in a wallet that you control.
Review Verdict: Coinbase is a legitimate service that works
Consumer Fraud Alert Regarding Coinbase
The success of Coinbase has given rise to many frauds who try to sell their own fake platforms in its name. This is a big issue as many customers have lost their money in joining from such fake sites. It is advised that customers should be really careful when they are joining and should do some research before they join from any website. To spot these, watch out and avoid sites that claim to write about Coinbase, yet the write-up is completely garbage and unreadable as they are created by software and spammed all over the internet. It is always better to avoid joining from any other site other than the official one. Therefore, it is highly advised that consumers do careful research, or only join from the site from the official website here – http://CoinbaseOfficial.com/ (link opens in a new window). The official website that they have includes the legitimate platform.
Conclusion about Coinbase
Though not perfect (like everything in life), Coinbase offers customers (and particularly newcomers to cryptocurrency) a practical and easy-to-use service for buying and selling cryptocurrency. However, as with any online exchange, despite the security levels outlined above, the recommendation will always be that any cryptocurrency purchased through Coinbase should be transferred to your own wallets allowing you to have full access to the private key to your cryptocurrency.
Overall, it is a good introduction to the world of cryptocurrency and allows new players to dip their toe into the world of cryptocurrency without it feeling like it’s a strange new world.