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Coinbase has been active since 2012 and is one of the most frequently used providers - the most important digital currencies such as Bitcoin, Litecoin and Ethereum can be traded on Coinbase
Payment options
Pro
- 3-stage security concept
- Good customer service (mail, telephone)
- Mobile app
- Tutorial with rewards
Contra
- Fewer cryptocurrencies
90%
4.5 out of 5.0 stars
Sehr gut
Verified provider
Long-standing expertise
Transparent selection
Regulated platform
If you want to trade cryptocurrencies and are looking for a suitable trading platform, you have certainly heard of the Coinbase crypto exchange. On the Internet you can already find numerous test reports and view the Coinbase experiences of many different users, but these are not always objective and up-to-date.
Therefore, in our Coinbase Review, we report on our experiences. Thanks to our many years of expertise in the cryptocurrency sector, we can classify most aspects of the crypto exchange well. The ideal template if you want to carry out a Coinbase test yourself. In our Coinbase rating, we will discuss the features of the exchange in Germany, Austria and Switzerland.
What is Coinbase? – the Story behind the Crypto Exchange
Coinbase is a so-called crypto exchange where investors can trade various cryptocurrencies. Coinbase is one of the best-known and most frequently used providers in this sector. Coinbase was founded in 2012. The exchange is headquartered in San Francisco, USA. According to the crypto exchange, there are now over 100 million registered users. After Binance, Coinbase is considered the largest crypto exchange in the world.
Coinbase Registration: Experiences are Positive
Coinbase is a centralized crypto exchange that must comply with the requirements of regulatory authorities worldwide. Therefore, registration on the trading platform is necessary first. This is quick and easy, as the entire registration process only takes a few minutes.
To register with Coinbase, you need to provide an email address and choose a password. The exchange recommends that this password should be at least 32 characters long to be particularly secure. You will then receive an email from Coinbase containing a link that you can use to confirm your registration. This completes the Coinbase registration process.
Coinbase Verification
With reputable crypto exchanges, it is now normal to go through a verification process after registration. This also applies to Coinbase. We have included this positively in our Coinbase review, as verification is an important part of the security concept. The verification process is necessary at Coinbase if you want to buy or sell cryptocurrencies and consists of the following steps:
- Establish webcam connection with Coinbase
- Hold identification document (ID or passport) into the camera
- Wait for confirmation
- Verification process completed
Alternatively, Coinbase also offers a verification option via smartphone for customers who do not use a webcam. For this purpose, the Coinbase app only needs to be downloaded and installed, which is available for both Android and iOS.
Coinbase Security: how Secure is the Exchange?
Since the vast majority of crypto exchanges are not yet regulated, security plays a major role for many traders. Especially against the background that there have been hacker attacks on some crypto exchanges in recent years, in which sometimes larger holdings of coins were stolen, customers attach great importance to the highest possible security. The fraud of the crypto exchange FTX in 2022 also ensured that the security of crypto exchanges has gained in importance.
At Coinbase, there are numerous measures that are taken in this context to protect the systems and customer data. Of course, due to the fact that not only cryptocurrencies can be traded via Coinbase, but also wallets are offered, it is particularly important to secure the holdings. For this purpose, Coinbase takes the following measures, among others:
- AES-256 encryption
- SQL injection filter
- Lock after several unsuccessful login attempts
- Password encryption using hash values
- Separate storage of login data, separated from the database
- 3-Key encryption
We would like to briefly discuss the last point, as it is a positive feature. The so-called 3-Key encryption is currently the safest way to ensure the use of the crypto exchange. This encryption method is based on the following components:
- Coinbase key
- Shared key
- User key
The Coinbase key is used to confirm transactions carried out from the customer account. The shared key is stored not only here, but also with the customer. The so-called User Key is ultimately used to verify transactions made by the customer. This key is only known to the user.
The Trading Offer
The trading offer from Coinbase is good according to our experience. Coinbase enables trading with more than 150 cryptocurrencies. The offer is therefore much smaller than that of Binance (more than 600 coins in the trading offer), but the 150 cryptocurrencies offered should be sufficient for the normal crypto investor.
However, Coinbase only relies on pure spot trading here. This means that you cannot trade futures on Coinbase. Coinbase also does not currently support margin trading. The Coinbase Card (a debit card) and the Coinbase NFT marketplace should also be interesting. However, both aspects are currently more niche products that the average crypto investor does not need.
Costs: the Fees at a Glance
An interesting comparison aspect between the crypto exchanges for traders are always the costs incurred. The integrated online wallet from Coinbase is free of charge. We rated this positively in our Coinbase test.
The fees for buying and selling cryptocurrencies are very high at Coinbase. This is because there is a fee of 1.49 percent plus spread. The high fees are related to Coinbase’s broker-like user interface.
If you want to trade like a professional, you can also use the “Coinbase Advanced” function. Then the fees are only 0.40 or 0.60 percent of the traded amount. Although this is significantly cheaper than the normal Coinbase fee, it is still more expensive compared to other crypto exchanges such as Binance or Bitvavo.
Although we have had positive experiences with deposits and withdrawals at Coinbase, the costs are sometimes very high here too. If you want to buy cryptocurrencies with a credit card at Coinbase, a fee of 3.99 percent of the purchase amount is charged. This is enormously high even in the highly volatile crypto market. Sepa deposits, on the other hand, are free of charge. A processing fee of 0.15 euros is charged for withdrawals.
Support: Customer Service is Easy to Reach by Phone or Email
A very important aspect within a test report and in connection with the offer of crypto exchanges is now also the customer service for traders. Especially for beginners, it is important that they feel well looked after if they have questions and problems. According to our experience, Coinbase employees are easy to reach by email or alternatively by telephone. The predominant language is English, but you may also reach a customer service employee who speaks German. According to the crypto exchange, customer service is available 24 hours a day. More about the Earn program.
Coinbase Earn Experiences: a Learning Program with Rewards
The exchange also offers a special feature: Coinbase Earn. This is a learning program that introduces new cryptocurrencies again and again. This is how you can expand your crypto knowledge. The tokens, the system behind them and the goals are presented in short videos. After the videos, you have to answer a question and get tokens worth several francs for each correct answer. A great concept, as we think.
Conclusion of our Coinbase Test: Good Overall Offer from the Crypto Exchange
Our overall conclusion on the crypto exchange, which also provides a wallet, is positive overall. The provider receives a big plus point from us, especially in the security category, as it uses modern security systems and applies an extremely secure 3-key encryption. In Germany, the BaFin license is also a very positive sign.
The fees are in the middle range, customer support is easy to reach and registration is quick. Overall, in our opinion, Coinbase is definitely a recommended crypto exchange for all those who value a provider regulated in many parts of the world.
Coinbase has been active since 2012 and is one of the most frequently used providers - the most important digital currencies such as Bitcoin, Litecoin and Ethereum can be traded on Coinbase
Payment options
Pro
- 3-stage security concept
- Good customer service (mail, telephone)
- Mobile app
- Tutorial with rewards
Contra
- Fewer cryptocurrencies
90%
4.5 out of 5.0 stars
Sehr gut
Verified provider
Long-standing expertise
Transparent selection
Regulated platform
