As of this writing, fees are the highest of all major apps for buying crypto. Even just depositing dollars costs 1.99% (ACH) 3.99% (instant debit card). Exchanging between coins costs a whopping 2% “spread fee.” Selling a coin for cash costs up to 1.5%.
What you’re paying for is simplicity and speed of opening an account to be able to buy crypto quickly. They also offer good learning video courses for a few of the newer coins on the platform. What’s cool is you earn a small amount of that actual coin for answering 1 question quizzes after the 2-min videos.
If you’re new to crypto, you’d be wise to open an account with just a very small amount just to learn the basics. Then, if you decide you like crypto investing/usage, open a Kraken account. 0% dollar deposit fees, extra low coin exchange fees (small fraction of a percent), and a much better selection of more of the most widely held coins and vetted up and coming coins. The user interface is very good for intermediate level users and it offers the more advanced features you’ll want if you decide to trade more actively.
If you don’t want to open a Kraken account, then simply login to Coinbase Pro using your same Coinbase credentials and deposit your large dollar amounts to invest. It’s almost as good as Kraken (fewer coins & still higher fees) and at least you’ll avoid the 2% deposit fee. Also fees are only 0.5% for buying/selling coins. Most people don’t learn that they can simply login to the Coinbase Pro site or app until after wasting a lot on fees with regular Coinbase. Don’t get duped. Move on to Kraken or at least login to Coinbase Pro before putting major amounts in crypto.
I’ve been using coin base for the last year and a half for making purchases. I am level 3 verified and have had no problems.
Until today when it matters the most.
I needed to make I needed make a withdrawal and send 1,200 dollars worth of assets to Nexo in order to leverage a loan. And as you would expect, the delayed it 72 hours for security purposes. That was frustrating. But then again they give you the option to accelerate your request with photo verification.... Well, even if you’re already verified, you need to verify it AGAIN just for that single request! What kind of BS is that? Well it gets worse. No matter how many times you put in your documents, it skips over the selfie option and automatically fails your attempt.
No matter what I do, how many times I try, they fail my attempts. Fine. Fine! So after that I canceled my larger request and went with a much smaller 400 dollar withdrawal to another address.
AND THEY FROZE IT AGAIN!!
Tell me, what is the point of a digital economy if the platforms we trust to facilitate payments is as slow as central banking? Coinbase is no longer meeting my needs as a consumer and I will be very soon looking for another exchange that’s going to give me tools that make my job simpler and that I can trust to not screw me over and hold my funds just for the hell of it.
If you are looking for fast and reliable, Coinbase barely cuts it...
At first I thought Coinbase was so great because it was so easy to use. Then I started hearing accounts of bad experiences people were having. I just thought oh wow hope it doesn’t happen to me. After I started to invest heavily using Coinbase all of a sudden all hell broke loose. They used one of my crypto’s to purchase another, a transaction I didn’t do. I thought oh I’ll just contact them about this glitch. Customer service is awful. You can’t speak to anyone you can only send emails. Then they decided to disable my account so I have NO IDEA what is going on with all the money I have in my account! I’m constantly writing emails saying this is crazy why can’t I access my account to see what’s going on and last I was told is it could take 5 days to get a response. This is shady and crazy business practices! So I feel like the significant money I trusted them with is being held hostage currently. I’m just hoping I can get my money back soon and get the hell off Coinbase! And of course this all happens when there’s a great amount of good activity in the market and I have no idea what’s going on with my money. Horrible horrible horrible.
I started w the app about 2 years ago. I am not a trader, just a bit curiosity about the bitcoins. The app, simplicity as it is, was working fine. However, without any notification whatsoever, it changed security. All is sudden I cannot get into the account, in which, I do have some coins. The app kept asking for this code, that code, uploading this ID, that selfie, with all sorts of jargon but super unclear instructions. Eventually I have to seek out help desk...oh well, they are totally not helpful and carry a big attitude. They only send emails with repeated 3 step instructions, despite that the steps don’t work. Then they asked me to create another account in order to solve the first account security problems. What the?! 2 weeks now I am still waiting to get back in so I can clear up the account and run away as far as possible for these people. Technical thugs, that’s what they are! Buyers be aware. Just sayin.
Starting with the good, you have a multitude of tradeable cryptocurrency, customer service is quick to respond to your issue, and it is fairly simple to navigate the app.
The cons that I have notice is that you are limited to how much you can invest at once(this may be a security feature for the company), there is more than a 2% spread when you convert your coins resulting in a dramatic loss in fiat currency(where the company states it can be more or less than 2% spread depending on some factors), and the same goes for investing into the coins($1000 with a $14 fee somehow became $980 instantly).
I recommend investing your money, wait for a good time to withdraw, and continue on that path.
I personally find other apps better and more clear but since I have money tied up in this app and the customer service is good I will ride it out for now.
This application is a farce, I spent the last 5 days trying to verify my account and for some reason I could not do it, contact customer service and the answer was to send me a link where they would make me repeat the
same procedure that I did on my own the previous days and the result is the same, nothing worked, to have such high fees they should have a better customer service, they waste the time of the users, as it is possible that in 5 days nobody in Customer service could solve my problem? how quickly the currency market fluctuates and these people waste your time and money
You need some features for the crypto’s that are in the portfolio for users to have a better feel of what’s happening in the crypto market
-Average total cost price of crypto’s
Went to Coinbase pro but it’s a little more complexed for people that aren’t day traders
I had to write down everything .the price I bought my crypto’s for . which is a pain. the app is very bland it’s user friendly but definitely has way more potential . Possible put a suggestion box on your website
I don’t know what’s gloving with Coinbase but terrible experience right now. I have been buying and selling 2 years now. On Coinbase. I have had to verify my identity 6 times on here.
Now the last time I had to verify my account is still on hold because they said I have to wait 5 days to get a response. ridiculous now bitcoin is on the rise I can’t even purchase anything. Is there any other exchanges giving these same problems because I can not go though this anymore
The start of coinbase is good; however each stock investment requires a fee. If you want to invest in a large portion Coinbase is good, as for beginners fees are to high. Depositing $20 you have a fee of $1.49, and also as you invest there is a fee. FEE'S EVERYWHERE!!!!! Once as you want to withdraw money things become terrible. Coinbase doesn't allow you to withdraw money...... Coinbase is not a good option for beginners. Don't get coinbase.
Extremely high transaction fees when you transfer money or convert it to another crypto currency. Also the app shows different balances on portfolio section and on the main page, you need to keep on refreshing the screen.
And finally I decided to transfer all my money and close my account but this is another frustrating situation, believe me you don't want this app to dry down your money, go learn BinanceUS.