If you, like most people, then you probably hear about cryptocurrency all the time. Whether it’s in the news, on social media, or from that one friend that just won’t stop talking about it. Crypto is everywhere. Even tech billionaire Elon Musk is in the cryptocurrency game. And while it may seem like crypto receives too much of the spotlight sometimes, it is warranted attention. Thanks largely to crypto, there are more millionaires than ever. And it’s not only the tech moguls who are benefitting, regular people all around the world are having their lives change overnight thanks to some savvy crypto investing. If investing in crypto is something you are interested in doing, then you may inevitably come across Coinbase.com. In this review, we will cover some of the pros and cons of using Coinbase.com.
Extremely User Friendly
One of the biggest benefits of using Coinbase.com is the website’s extremely user-friendly software. Especially in the case of people who are new to the crypto game, using it can make trading much more simple. Both the website and companion app have easy-to-navigate platforms that enable crypto trading with the click of a button.
While the platform does offer trading on their site without Pro, we highly recommend you check out if Coinbase Pro is right for you. With Coinbase Pro you receive detailed statistics, market history, and portfolio guidance. This information helps you not only track your current investments but also to better plan and strategize for the long term. For any serious crypto investor using the platform, Coinbase Pro is a must-have.
One of the largest pros of using Coinbase is its massive selection of cryptocurrencies. Users on the platform can find any cryptocurrency, anything from Dogecoin to Bitcoin can be found on Coinbase. Platform users can build a massive portfolio of diverse options.
Top of the Line Security
Utilizing Coinbase allows users to feel 100% confident that their finances are secure. The platform has built its brand on its security, and with massive profits on the line, security is a top priority. With most of the money on the site being stored in various locations worldwide, users can rest easy knowing they use the platform.
Unfortunately, thanks to the size of the software, customer service runs into issues at times with Coinbase.com. With millions of active daily users, customer service can be slow and inefficient sometimes. Some users reported extremely long wait times on calls or communications with the customer service team. While the site is very user-friendly this can provide a barricade for some new platform users. The issue isn’t an uncommon one but prepare for some tedious phone calls and communications with customer service needs.
Unfortunately for casual users, the regular Coinbase platform comes with sometimes costly trading fees. Especially when conducting smaller transactions, these fees can add up quickly and really hurt user profits. All platform users have the option to upgrade to Coinbase Pro for cheaper fees, but for casual traders, this subscription fee can also be an annoying burden.
The transaction fees can be confusing as well as expensive. Coinbase oddly uses a structured fee system that charges more for smaller transactions. But the fees also aren’t consistently structured so casual traders can lose huge profits with misunderstood fees. Coinbase Pro simplifies some of these transaction fees, but again not everyone will want to upgrade to Coinbase Pro.
After beating around the bush it’s time to finish off our list of cons by addressing the elephant in the room—Coinbase Pro. While Coinbase Pro is a great addition to the site for serious traders and investors, it adds a barrier for casual and new traders. Without the Coinbase Pro subscription, users receive a severely limited platform. While we enjoy Coinbase Pro, we recognize that it may not be a good option for everyone.
Overall, we have decided to rank Coinbase.com an 8.3/10. Coinbase has a great website interface, a selection of cryptocurrencies, and an outstanding reputation for security. Coinbase Pro also brings a unique level of detail and insight to those who are serious about crypto trading. Detailed statistics and history reports can help elevate your investing.
Unfortunately, Coinbase Pro also provides a bit of an entry wall for new or casual traders. Without the subscription service trade fees can be expensive and confusing. The site also runs into some issues and delays when dealing with customer service. All in all, though, we feel Coinbase is an extremely strong cryptocurrency platform. And we highly recommend you check the platform out for yourself.