Coinbase Exchange in-depth review – part 1/5
Coinbase is the world’s largest Bitcoin broker and is available to users in over 55 countries. Its customers can buy the desired amount of Bitcoin by using their bank account, debit card, SEPA transfer, Interac Online, as well as many other payment methods.
Coinbase’s PROs and CONs
Just like every other exchange, Coinbase has its pros and cons.
High liquidity and high buying limits;
Ease of access to new users;
Instant buy option with a credit card as a backup.
Limited payment methods;
Coinbase sometimes tracks users’ Bitcoin spendings.
Coinbase and safety
Coinbase is the world’s largest crypto exchange, so its reputation must be saying a thing or two about its safety. This San Francisco-based company is backed by trusted investors. It even offers FDIC insurance of up to $250,000 for cash that is held in their wallets.
Coinbase and payment methods
Coinbase’s interface is made easy to use and aims to make buying cryptocurrencies extremely simple and straightforward. The most popular payment methods, according to Coinbase customers, are credit and debit cards followed by bank transfers.
Coinbase offers support to over 55 countries. The payment methods available to you depend greatly on your country you are from. Its users can convert between cryptocurrencies regardless of where they are from but cannot always convert their local currency into cryptocurrency.
Countries supported by Coinbase
Coinbase offers its brokerage services to customers that are from the United States, United Kingdom, Canada, and Singapore. It offers support to the following European countries:
Andorra, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Gibraltar, Greece, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, and United Kingdom.
Coinbase offers support to Canada, the USA, and Mexico in North America, while it only supports Chilean customers in South America.
Coinbase and privacy
Users are not exactly private on Coinbase, which many consider its biggest flaw. Its users must provide full identity verification as well as many personal details. When purchasing crypto with a credit card, Coinbase requires a picture of your driver’s license or passport.
Privacy is much better preserved when using a decentralized exchange. However, that comes with disadvantages as well.
Limits and liquidity
One of Coinbase’s advantages is its high limits. As an example, fully verified US customers have the option to buy $50,000 worth of Bitcoin daily. European customers, however, are allowed to have a maximum of €30,000 in their accounts.
The time for Bitcoin to be available for use depends greatly on the payment method as well as the country of origin.
In the United States, Debit Card purchases are instant once ID verification has been completed. As for Bank Transfers, the Bitcoin will be available five business days from placing an order. As for Canadian users, Canadian EFT purchases will take four days to complete, while Interac Online purchases are instant. European users that are paying with SEPA transfer will receive their Bitcoin within 1-3 business days.
For a more in-depth review of Coinbase, watch part 2 of our Coinbase Exchange in-depth guide.