Coinbase Review: Pros and Cons

 

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Description

Pros

  • One of the world’s most popular cryptocurrency exchanges, which means high liquidity
  • Access to a good selection of top cryptocurrency assets, including bitcoin and Ethereum
  • Instant buy feature available
  • Easy to use for beginners
  • Insured bitcoin deposits are available
  • Relatively low fees
  • Established reputation, USA’s largest exchange
  • Super simple buying process
  • Secure, trustworthy and US based
  • They pay your transaction fees when you move your Bitcoin around
  • Great user interface, mobile and desktop.
  • Integrated exchange called GDAX
  • Easiest way to buy bitcoin with a credit card.
  • It is well integrated into the US banking system.
  • Established in 2012
  • Headquarters: San Fransisco, CA
  • Mobile Wallet which works on your iPhone or Android.
  • Robust security features like two-factor authentication, customized daily transaction limits, encrypted passwords, email encryption, over 97 percent of coins kept in cold storage, the private keys used for authorization of cold storage transactions held in fragments between offline hard drives and paper in different locations, etc.
  • 2,500,000 Users (2017)
  • Maintain control of your private keys with multi-sig vault

Cons

  • Poor support: Service tickets might take over 24 hours to resolve.
  • Restrict yourself to buy Bitcoins, Ethereum and Litecoin.
  • Users’ don’t have access to private keys. Therefore it’s basically clear that your fund will be managed of Coinbase.
  • Fees of about 1%
  • Limited payment methods
  • Accounts are monitored and the company has the liberty to freeze and close your account without notice when you do anything illegal.
  • Customer service has received mixed results
  • Lack of privacy
  • Lack of total control over your Bitcoins
  • 3-5 day lag time for initial purchase
  • Slightly higher than market price for purchase
  • Not intended to be used for trading.
  • Using fiat money; it takes a minimum of a week for your Bitcoin orders to be processed.
  • Will occasionally cancel orders for ‘high-risk’ behavior (suspected motive is really to not honor the price).
  • Some features is not yet available outside of the United States.
  • Bitcoin gambling/adult services might lead to account freezing.
  • Limits imposed on transactions like daily limits, payment method limits, etc.
  • Increase limits by uploading your ID and providing government documentation for identity verification.
  • Coinbase does not offer margin trading, futures and derivatives trading, or short selling.
  • Some of the users complain of glitches in the website.
  • One is required to give personal information which goes against everything cryptocurrency. IRS may be looking into Coinbase users’ activities.
  • No prepaid credit cards allowed
  • By purchasing the Bitcoins, you do not essentially own them as the company owns the private keys. Your role is simply to tell them who and when to give the Bitcoins. However remote, there can be a loss of a lot of money when the company officials decide to run away with the cash.
  • It supports only a few currencies like USD, CAD, EUR, GBP, SGD, and AUD.

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