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Coinbase Review 2024

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    Coinbase is one of a handful of publicly traded crypto companies. It also ranks high on the list of the most popular exchanges today. As of 2024, this company boasts nearly 100 million registered users from over 100 countries.

    But is investing and trading with Coinbase a good idea? To provide a fitting answer to that question, our team of experts spent many hours researching and evaluating Coinbase. We’ve summarised what we found out in this 2024 Coinbase exchange review. Use our insights and opinions to assess if this exchange meets your expectations.

    In This Guide

    Our Opinion about Coinbase

    Before preparing our Coinbase review UK, we rigorously tested and evaluated Coinbase. A few aspects impressed us, from the company’s intuitive user interface to its exceptional support service. But we also pinpointed a couple of drawbacks that every Briton should know before signing up with this exchange. We’ve summarised the most crucial elements in the Coinbase pros and cons sections below. 

    Coinbase

    ✔Authorised and regulated by the FCA
    ✔No account inactivity fee

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    Pros & Cons

    Pros

    • Authorised and regulated by the FCA
    • It’s a publicly traded, highly reputable company
    • High-volume traders incur low maker and taker fees
    • Offers free GBP deposits via Swift and ACH
    • Simplified, beginner-friendly website interface
    • No account inactivity fee
    • Allows users to purchase crypto with as little as £2

    Cons

    • Limited educational materials
    • Requires low-volume traders to pay higher maker/taker fees

    Cryptos Available

    Coinbase Cryptocurrencies Available

    With Coinbase, you gain access to over 200 cryptocurrencies that you can buy, sell, stake, or trade. Some of the most popular assets on this exchange include:

    • Bitcoin
    • Dogecoin
    • Tether
    • Ethereum
    • Bitcoin Cash
    • Cardano
    • Solana
    • Litecoin

    Storage & Security

    Coinbase Security

    In the UK, Coinbase is authorised and regulated by the FCA. That makes it a safe and secure exchange you can trust with your data and funds. And don’t worry about bankruptcy or misappropriation. This highly regulated service provider keeps corporate funds and client assets in separate accounts. Your resources will never be used to cover Coinbase’s day-to-day operations.

    Additionally, Coinbase is a publicly traded company. As such, it has to maintain top-tier standards and an unmarred reputation. Moreover, it’s supposed to adhere to stringent reporting and transparency. Rest assured that this company will never expose you to an issue that can soil its reputation or cause unnecessary regulatory scrutiny.

    We also consider Coinbase a secure exchange since it implements industry-leading encryption and security technologies. The company uses state-of-the-art encryption protocols to encrypt all communication between its servers and your device. Furthermore, it uses bank-level AES-256 encryption to protect the routing and account numbers stored in its robust infrastructure.

    Not to forget, Coinbase augments the security of your assets with top-tier tools like auto-enrolled 2FA and biometric authentication. On the other hand, Coinbase Vault users get the opportunity to enjoy unmatched security courtesy of advanced features like multi-approval withdrawals. Furthermore, this exchange offers the popular Coinbase Wallet, which is a self-custody, highly secure solution.

    Fees & Commissions for UK Traders

    Coinbase Fees

    Creating and maintaining a Coinbase account is free. We used that fact to our advantage by opening a new account and using it to test the Coinbase exchange. While exploring and evaluating this platform, we stumbled upon a few other noteworthy details.

    For starters, Coinbase allows its users to store their FIAT and digital assets on the platform free of charge. Moreover, the company’s clients can transfer crypto to and from different primary balances at no cost.

    That said, this company requires its users to pay a stipulated fee when transferring crypto from their Coinbase wallets to other digital wallets. The exact charges depend on factors like the prevailing network fees. Moreover, all Coinbase users must cover a 0.1% processing fee while using the Lightning Network to send Bitcoin from the exchange.

    Coinbase also requires investors and traders to cover specific fees while buying, selling, or converting crypto on the exchange. Numerous factors, including your order size and preferred payment method, will determine the costs you’ll incur while partaking in such ventures. You should always use the preview screen to view the fees you are supposed to cover before placing an order.

    Not to forget, this exchange includes a spread in every quoted price. Expect to cover this expense whenever you place simple buy/sell orders. If you want to avoid paying the spread, switch to Coinbase Advanced, where you can interact with the order book without an intermediary.

    Finally, Coinbase charges maker fees starting from 0bps and taker fees starting from 5bps. And although some payment methods, like ACH, offer free deposits and withdrawals, most require Coinbase users to pay transaction fees. For instance, when withdrawing GBP with Swift, you must pay a £1 withdrawal fee.

    Payment Methods

    Coinbase Payment Methods

    Coinbase supports a broad range of payment methods. That said, note that some of the options have transaction fees and minimum deposit requirements. Here’s a brief rundown of the payment methods you have access to as a Coinbase UK client:

    • PayPal: This is ideal for cashing out quickly. PayPal transactions are completed within 1 business day.
    • SEPA Transfer: You can use this option to add or withdraw large amounts of funds from your account. SEPA transfers can take 1-3 working days.
    • Easy Bank Transfer: With this method, you can deposit GBP into your Coinbase account and get access to your funds within less than 2 hours.
    • Apple Pay/Google Pay: You can use Google Pay and Apple Pay to make instant crypto purchases on Coinbase.
    • 3D Secure Card: This is yet another ideal solution for buying crypto-assets instantly.
    • Faster Payments Transfer: FPT allows you to deposit and cash out large sums seamlessly. The best part is this method supports free deposits and exposes you to reduced withdrawal fees.

    Please note that many of the supported payment methods don’t allow certain activities. For instance, you can’t cash out with Easy Bank Transfer or buy/sell crypto with PayPal. To learn more, visit the Coinbase Help page and search for available payment methods.  

    Coinbase Support Service

    Coinbase Customer Service

    Suppose you have any questions or concerns related to Coinbase. Before contacting the company’s support team, check out the FAQs. This exchange has FAQ pages related to everything from the fundamentals of Coinbase Commerce to the basics of setting up an account. You may find your answer under one of the addressed frequently asked questions.

    If the FAQ sections don’t have what you need, you can call the company’s hotline. We highly recommend doing that whenever you’re facing an urgent issue. You can also use the live chat feature or email the company’s representatives. And don’t fret. Coinbase support technicians are available 24/7, so rest assured you’ll get professional assistance whenever necessary.  

    How to Open an Account at Coinbase Exchange

    One attribute that makes Coinbase a splendid exchange is its simple account registration process. Our team set up a live account and started using it within an hour. You can do the same by following these easy steps:

    Step 1: Visit the Coinbase official page
    Step 2: Create your account
    Step 3: Verify your identity
    Step 4: Top up your balance
    Step 5: Trade and invest

    Before becoming a Coinbase user, visit the company’s official webpage and review the latest information regarding its services, charges, T&Cs, and more. Also, if you plan on using the Coinbase wallet, navigate to the bottom of the exchange’s landing page and download it.

    Begin creating your account by clicking “Sign up.” Provide a valid email address and your full name. Then, set a strong password with a minimum of 8 characters. Don’t use phrases or information that someone who knows you can guess. Then, read Coinbase’s User Agreement and Privacy Policy and continue. Finally, complete the registration form with the required personal information, including your first/last legal name, date of birth, and address.

    After adding your personal info, visit your Coinbase account and complete verification. This process is indispensable in fraud prevention and legal compliance, so you can’t skip it. You will need to upload the required documents via the web-based platform or mobile app. The company doesn’t accept emailed materials.

    Coinbase allows new signees from the UK to verify their identity with a valid driver’s license or passport. To avoid getting rejected, you should submit the clearest photos possible.

    ID verification should take a couple of minutes. But, if the Coinbase team is busy, you may have to wait up to 48 hours. Then, you can top up your GPB balance with Easy Bank or Faster Payments. You can also use a payment method like Apple Pay or Google Pay to make instant crypto purchases.

    Whichever option you choose, if you are a novice, we encourage you to risk the smallest sum possible while starting out. Use that capital to familiarise yourself with different market dynamics. Don’t invest too much since fluctuating crypto prices can cause immense losses.

    While trading and investing, choose assets you’re familiar with. If you encounter an alien coin or token, learn everything to do with it before committing financially. Most importantly, never invest all your capital in a single crypto asset. The secret to avoiding financial catastrophes while trading and investing in cryptocurrencies lies in portfolio diversification.

    Additionally, to avoid losing your assets to malicious actors, enable 2FA or biometric authentication. Also, consider updating your password frequently.

    Conclusion

    With 200+ digital assets and millions of active users, Coinbase is one of the best crypto exchanges in the UK. We highly recommend it because it’s publicly traded, highly reputable, and user-friendly. Plus, it offers quality educational resources for novices and professionals alike.

    That said, before registering with Coinbase, visit Google Play, the App Store, and Trustpilot and read past user reviews. Also, visit popular forums and communities for crypto enthusiasts and request the members who’ve used Coinbase before to share their opinions. 

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    Thadeus Geodfrey

    Thadeus Geodfrey and finance are inseparable. He is a versatile expert with a strong cryptocurrency and market analysis background. Thadeus provides a unique blend of technical and strategic insights as a seasoned financial writer. His overarching probe and attention to detail inspire the InvestingGuide community. He guides you through the continuously evolving market landscape to build solid investments or make successful trades.

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