The best bitcoin exchange reviews – Coinbase

Coinbase the best exchange

Coinbase is the largest exchange in the U.S. There were about 100,000 customers registered in one day. Coinbase now has 11.9 million users using its services. Coinbase supports trading Bitcoin with a credit card, debit card, bank account, PayPal(for selling) in 32 countries. Are you interested in trading Bitcoin with Coinbase? Let me walk you to understand the Coinbase.

Coinbase Review – Pros and Cons


  • Coinbase supports to buy Bitcoin, Ethereum and Litecoin instantly through a bank account.
  • Coinbase provides a concise and clear interface in which customers sell and buy Bitcoins easily without cryptocurrency knowledge.
  • Coinbase provides a vault for improving the security of Bitcoin trade.
  • Coinbase offers customers to be able to create offline paper wallets if customers would like to manage their security and backups.
  • 2 Steps Verification on an account, customers log in to account with their username and password, send Bitcoins with a code from your mobile phone.


    • Customer service isn’t great, but Coinbase is trying to improve it. The service takes the average of 48 hours to solve customers’ issues.
    • Coinbase tracks each transaction and prevents any illegal activity for customer protection. For example, gambling, trading on LocalBitcoins website, trading on the dark market, etc… But users aren’t asked for a permission.
    • Some bugs and outages in GDAX system.
    • Coinbase charges fees for each conversion.

Where Do I Start in Coinbase?


  • Visit Coinbase and fill your information out the page.
  • Receive and verify a mail from Coinbase after sign up the page.
  • Complete phone number verification.
  • Choose a method of payment which you preferred.
    • There are two methods of payment in the U.S. Bank Account and Credit Card/ Debit Card.
    • Note: If you preferred to use credit card/ debit card, Coinbase will ask you for ID verification. You will be accepted to use credit card/ debit card after complete ID verification.

Build an Advanced Security

Coinbase-Two Factor Authentication

Log in your account and navigate to Settings / Security and enable Authenticator for advanced security.

Note: Before you enable Authenticator, please install Google Authenticator first. For Android. For iPhone. As you click Enable Authenticator, an Authenticator Support page will be showed up. Keep the 16-digital Authenticator Secret Code in a safe place. If you lost your phone, a 16-digital secret code will be used to connect Coinbase with your new phone.

Coinbase SecurityScan the QR code and browse the URL with your phone, the Google Authenticator will be connected to your Coinbase account.


Coinbase 2-step verification code

Fill the code where is from your phone in the 2-step verification and click Enable to complete the security setting.

Coinbase Trading System- The Fee

Coinbase charging fees depends on different payments and countries.

The minimum fee: a flat fee that applies to conversion transactions under $200, and which is disclosed before you execute the transaction.


  • Credit / Debit Card buys: 3.99%
  • Canada
  • Credit / Debit Card buys: 3.99%


  • Standard Buy / Sell: 1.49%
  • Credit / Debit Card buys: 3.99%
  • Bank transfers ( SPEA ) – in / out: Free / €0.15


  • Buy / Sell: 1.49%
  • Credit / Debit Card buys: 3.99%


  • Standard buy / sell: 1.49%
  • Credit / Debit Card buys: 3.99%
  • Bank transfers (SEPA) – in / out: Free / €0.15

USA – Payment Method for Purchase and Effective Rate of Conversion Fee

  • U.S. Bank Account: 1.49%, with a $0.5 minimum
  • Coinbase USD Wallet: 1.49%
  • Credit / Debit Card: 3.99%

USA – Payout Method for Sale and Effective Rate of Conversion Fee

  • U.S. Bank Account: 1.49%, with a $0.15 minimum
  • Coinbase USD Wallet: 1.49%
  • PayPal: 3.99%

USA – Deposit Method and Fee

  • ACH Transfer: Free
  • Wire Transfer: $10 ($25 outgoing)

Coinbase Transaction System – For Bitcoins

On the Accounts page, Coinbase accepts you to receive and send Bitcoins to other wallet address.Coinbase - receive bitcoins

For receiving Bitcoins, click Receive, there will be a page showing for receiving address generation like below. ( Don’t use this address for trading Bitcoin, but if you sent me Bitcoin as the donation, I would appreciate it. )

Bitcoin - receive bitcoinClick Show Address, there will be a QR code and a set of the digital address. You are able to send QR code or digital address to other people who would send you Bitcoin.

For sending Bitcoin, click Send, fill in the digital address and amount of Bitcoin which you would send with.

Coinbase Vault System – Advanced Security to Store Bitcoin

Coinbase vault setting

The Coinbase vault provides a security method to prevent stored Bitcoins from being immediately withdrawn. A user is able to have several vaults for different purposes. There are two security methods, Individual and Group.

Coinbase vault types choosing




  • On the Individual Vault setting, the user is asked to provide secondary email for verification. When the vault was withdrawn by someone, Coinbase will send a notification to both of primary and secondary mails for approving the action.
  • On Group setting, requires email confirmations from multiple different users when the master account holder (you) requests a withdrawal. No one else can create a withdrawal, but a certain number of approvals are needed before funds can be withdrawn either 2-of-3 or 3-of-5. It is very important to designate only trusted individuals as co-signers!

Conclusion – My Opinion of Coinbase

There are two reasons for why I promote Coinbase to new users:

  • Advanced security to send Bitcoin with Authenticator. According to my experience with fraudulent activities, once you were defrauded or hacked by hackers, they can’t send your Bitcoin to other wallet address without a code from your phone.
  • High-security vault. You are able to separate an amount of Bitcoin and put Bitcoins into several vaults for different purposes. Multi verification for withdrawing Bitcoins from a vault is a better function than other competitors.

Although the Coinbase provides awesome security functions for user’s assets, to have a strong antivirus software on the computer and good habit of using a computer is more important practice for your data protection.

If you have any question about Coinbase, feel free to leave a comment below, I will be happy to help you.

Eli Hsu

Bitcoin Market

18 Comments on “The best bitcoin exchange reviews – Coinbase”

  1. Well written article here. I like the way you laid out a simple yet extensive overview of coinbase. For me it looks a bit complicated but like anything once you do it, it becomes easier. Can you really make money with this opportunity? Isn’t it relatively new? Very informative!

    1. Hi David,
      I was so glad to answer your question.
      Coinbase is an exchange platform.
      You are able to buy, sell, send and receive cryptocurrency like Bitcoin on this platform.
      Because Coinbase provides a reasonable cryptocurrency trading rate for users.
      You won’t be cheated and lost money here.
      If you wanted to earn a profit on Bitcoin investment, please visit eToro platform and get more information.
      I am going to prepare information on eToro for next article.
      Thank you.

  2. There is a huge discussion going on all around the world about bitcoin and whether it is actually going to be legit or not. I wish I knew personally so i could invest and guarantee that I would get ROI. Coinbase seems pretty legit with what you said but its still hard to tell. Do you think bitcoin is going to profitable?

    1. Hi Josh,

      Thank you for your reply.

      It is hard to say that Bitcoin is going to profitable or not. But I would like to let people understand that there are many scam websites going to defraud people and get their Bitcoins, eventually, those scam websites are closed and remained victims. This is what I am working on . Telling people the trusted exchange platforms is my purpose, keeping people away scam websites is my goal.

  3. I am developing an interest in cryptocurrency. I have been doing some reading on it because I believe I will be investing in it very soon. I am just been careful because I do not want to do anything I do not understand. This article has been very helpful to me.
    I am interested to find out if I can move money out of a cryptocurrency account into my bank account.
    Is it illegal to invest in cryptocurrency in the USA?

    Thanks for writing such an educative post.

    1. Hi Luna,
      About your question: Is it illegal to invest in cryptocurrency in the USA?
      The Coinbase complies with all applicable laws and regulations in each jurisdiction in which it operates.
      It is licensed to engage in money transmission in most U.S. jurisdictions.
      Investing and trading Bitcoins on Coinbase exchange platform in the USA is a legal activity.
      But before you start using Bitcoin, please read my other article about bitcoin and scam mail.
      You will understand Bitcoin and keep away from any fraudulent activities from scammers and hackers.
      Have a nice day.

  4. Thanks for this Eli. I knew nothing about cryptocurrency until a few days ago and now I’ve found your website all about Coinbase too. I wonder if someone is trying to tell me something! Very informative. Not sure if I’m quite ready to take the plunge on things like this yet but that probably means I’ll miss the boat. Thanks for opening my eyes. Gail

  5. Hi,

    I have stayed away from Bitcoin investing because of all the fraudulent activity. Where is the best place in your opinion to get information on how to invest for a beginner?


  6. I noticed you listed the fact that coinbase tracks all transactions in order to prevent illegal things like theft as a con, why is that a con?

    I have never worked with bitcoins before, but I know that there is a huge investment potential within the bitcoin market. I am glad to see that you recommend coinbase, I will check it out myself.

    1. Hi Jacob,
      People trade bitcoins because they would like to keep anonymous in the transaction.
      The Coinbase will track transactions actively without permission from users.
      If the Coinbase thought that you were doing something unacceptable, your Coinbase account would be banned without any warning and you couldn’t get Bitcoins back.
      Do you accept the bank tracking your financial activities without your permission?
      A lot of Bitcoin users disagree with this way of the Coinbase.
      But if you were a new Bitcoin user, I would recommend you to choose the Coinbase to be your first exchange.
      Have a nice day.

    1. Hi Charles,
      I visited your website and understood that you are familiar with Bitcoin.
      It’s glad to have your comment.
      I am confused about your opinion of Coinbase. You gave the Coinbase very high score (9.8).
      Do you have any further information about why the Coinbase is not good enough for Bitcoin users?

  7. Hello Eli! Wow, this is such a comprehensive overview on how to deal with Coinbase. I am absolutely believing that cryptocurrency is the wave of the future. And with such thorough articles like yours, it helps us to understand how to interact with the possibility. It is certainly a force to be reckoned. with. Do you have one currency that seems to be working for you? And is it possible to get involved with small investment? How small would be acceptable? Thank you!
    Great job! ariel

    1. Hi Ariel,
      I am glad to answer your questions.
      1. I traded online services with Bitcoins. For example, virtual debit card, burn phone number, etc…
      2. If you wanted to buy Bitcoins, purchasing around 50 USD to 100 USD at one time would be appropriate for you.
      3. Do not store your Bitcoins in an online wallet, I have a better solution for wallet security, please read The Ledger Nano S Review.
      I hope that you will have the best experience on Bitcoin journey with my suggestion.
      Have a nice day.

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