You’re probably here because you want to dabble in crypto trading and investing.
Of course, Coinbase is the perfect platform for that.
You probably also want to sign up and immediately get a sweet bonus.
Well, I’ve got you covered.
In this post, I’m going to discuss Coinbase’s fantastic features.
And if you decide it’s your ideal crypto wallet, you’ll have a bonus when you sign up with this referral link.
If you love the service, you can also set up your Coinbase referral code!
Good plan?
Then, let’s get started.
What is Coinbase?
Coinbase is an online marketplace where you can trade digital currencies like Bitcoin, Ethereum, and Solana.
Coinbase doesn’t support all currencies, but you can trade over 120 distinct coins on the platform.
That sounds like a lot, but thousands of distinct digital currencies are currently available worldwide.
Nevertheless, Coinbase facilitates trading in the most widely used cryptocurrencies and serves most traders well.
Coinbase is marketed as an excellent platform for novice investors to buy and sell their preferred digital assets.
Are there any risks associated with Coinbase? Are there any fees?
In the following sections, we’ll answer these and other related questions.
Is it Safe to Use Coinbase?
Coinbase is one of the most reliable exchanges out there.
You don’t have to stress over losing any of your cryptocurrency holdings there.
More than 98% of customer funds are kept offline, in “cold storage,” away from potential cyber threats.
This is the preferred technique for storing cryptocurrency since it offers superior protection against hackers.
A crime insurance policy protects the funds you deposit to your Coinbase account.
Funds kept in a Coinbase wallet are insured by the Federal Deposit Insurance Corporation (FDIC) up to a maximum of $250,000 per customer.
Your bank will likely have the same kind of policy.
All Coinbase accounts are required to use 2FA for increased security.
You can restrict access to your cryptocurrency by allowing withdrawals only to approved withdrawal addresses.
Vaults are available on Coinbase for people who want an extra layer of security.
Withdrawals from a vault require a 48-hour waiting period and the consent of one or more authorized persons.
Although Coinbase has a stellar track record, a security breach did occur in 2021.
Using a flaw in the service’s SMS account recovery function, hackers could access the accounts of over 6,000 customers and steal their money.
Coinbase has resolved the issue and issued full refunds to affected customers.
That’s a good sign.
How To Create a Coinbase Account
Coinbase’s signup process is like opening a new bank or brokerage account.
You must provide your name, contact information, and Social Security number.
Coinbase may keep track of your transactions for tax reporting and other regulatory purposes.
So, despite popular belief, cryptocurrency is not entirely anonymous.
Once you’ve created an account and validated your identity, you can access Coinbase’s buying and selling features.
Easy-peasy.
We’ve scratched the surface, but don’t miss bookmarking this fantastic piece – ‘Top Crypto Platform for Trades?’ – for a deeper exploration later.
Notable Coinbase Features
Brokerage Service
Coinbase’s primary offering is a marketplace where users may buy and sell cryptocurrency through a broker.
Due to the company’s stellar reputation, extensive marketing, and user-friendly interface, many people who are new to cryptocurrencies purchase their first coins through Coinbase.
One major criticism of Coinbase is that consumers cannot access their own money.
You will not receive a private key or a seed phrase when you register a Coinbase account, and you will not have immediate access to your money.
You can do this by transferring the funds to another non-custodial wallet or by using the standalone Coinbase Wallet app.
Coinbase is a safe place to save your currencies.
This is the same as depositing money in a bank; you no longer have legal possession of the funds; the bank does.
Coinbase Pro
Coinbase Pro is an exchange for digital currencies formerly known as GDAX.
It is a brokerage service offered by Coinbase designed for more advanced users.
It streamlines the process of purchasing cryptocurrency at a premium.
Coinbase Pro users can buy and sell Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and ZRX.
More sophisticated trading tools are available, and the fees are far cheaper than those traditional brokers charge.
Coinbase Staking
In addition to its other offerings, Coinbase now provides a simple staking service through which customers can earn staking rewards on specific Proof-of-Stake cryptocurrencies.
Even though customers can stake these independently, Coinbase simplifies the process.
It does away with the need for technical knowledge or expensive hardware.
Coinbase Wallet
Coinbase released a standalone app for iOS and Android devices to store and access digital currency in 2018.
To ensure that only the user can access their funds, the Coinbase USD wallet generates private keys and saves them on their device.
It seems that Coinbase has come full circle.
It began as a wallet, became an exchange, and now it’s giving virtual wallet services.
Coinbase Commerce
To facilitate the acceptance of cryptocurrency payments by online retailers, Coinbase provides a plugin for their websites.
Some of the most prominent content management systems (CMS) include Shopify, Magento, and WooCommerce, all of which support the plugin.
Explore the world of digital currency—Bitcoin, Ethereum, and more! This video is an enlightening Crypto Talk for a deep dive into money and cryptocurrencies.
Stay curious and keep exploring the thrilling universe of digital currencies. Happy trading!
The Coinbase Referral Program
I know this is why you’re here, so let’s get to the meat of the matter.
You’ll earn a bonus if you sign up for Coinbase using this referral link and complete a qualified crypto exchange.
This bonus amount is subject to change and may vary by country.
You are not required to buy or trade Bitcoin to receive your bonus.
However, the bonus will likely be paid out in Bitcoin.
How Coinbase Referrals Work
Coinbase’s referral system uses referral links instead of codes. The following are the steps you need to take so you won’t miss out on your bonus:
- Click on this referral link. It will take you to Coinbase’s signup page.
- Enter your details to create an account and agree to the terms.
- Hit the “Create Account” button.
- Once you’re in, you’ll want to complete a qualified crypto exchange to earn your bonus.
Sharing Your Coinbase Referral Link
After joining, you can earn Bitcoin and increase your cryptocurrency holdings by referring other people to the platform through your unique referral link.
You will be incentivized if your invitee creates an account through your unique link and meets all of Coinbase’s conditions.
Coinbase Fees
This is perhaps the most significant consideration for the perfect crypto exchange.
How much does it charge users for its services?
Since last year, Coinbase has become less transparent about its fee structure.
You can no longer see the exact fee amounts from their Pricing & Fees page.
Although the final costs might be comparable to previous Coinbase fees, you won’t know until an order comes through.
This total shifts depending on factors like order size, payment method, and current market circumstances.
In the past, Coinbase’s average transaction cost was 1.49%, while the price for bank card purchases was 3.99%.
Trading costs for Coinbase Pro began at 0.60% and decreased with trading volume and maker/taker order type.
ACH transactions are free when making a deposit or withdrawal in a fiat currency, while wire transfers in US dollars cost $10 and $25.
Coinbase Customer Support
Coinbase provides a wealth of information in its help section.
The vast majority of typical inquiries will most likely be addressed there.
Generally, you can expect a reply to your email support ticket within 48-72 hours.
Coinbase also has a phone helpline.
But based on user feedback, it looks like you’d have a hard time getting in touch with anyone.
The consensus is poor regarding the quality of the help.
In most cases, the first response you receive from the support team will be a generic one that doesn’t do much to solve the problem.
Several Coinbase critics have voiced dissatisfaction with the company’s lackluster customer service.
Often, the lack of transparency surrounding fees causes common problems.
Coinbase Pros and Cons
Now, we’ve come to the part where you’ll probably decide to go for Coinbase or not.
I’ll help you weigh the perks and disadvantages of this platform.
PROS
Wide Crypto Selection
Coinbase’s portfolio of available currencies is unrivaled when it comes to serving US-based customers.
From Bitcoin (BTC) and other significant coins to obscure digital tokens, it supports trading over 150 cryptocurrencies.
Trading For Novice and Advanced Investors
You can use your Coinbase account to access primary and expert trading tools.
The user-friendly layout of the “simple trade” option facilitates quick and easy transactions.
Charts, a live order book, and limit orders are just a few of the perks of trading at the advanced level.
Free Crypto
Coinbase Earn, a function that allows users to earn cryptocurrency for completing instructional modules, is one of the exchange’s most remarkable features.
You won’t make much money this way, but the courses take less than a minute to finish, and you’ll have a great time learning about various digital currencies.
Educational Resources
Coinbase provides many learning materials, including guides, tutorials, and market reports.
These cover everything from cryptocurrency fundamentals to advanced strategies.
Looking for a comprehensive Bitcoin primer that won’t break your brain?
Do you need help understanding the tax ramifications of cryptocurrency trading and investment?
When it comes to these and other concerns, Coinbase has you covered.
Dedicated App
Buying, selling, and managing cryptocurrencies couldn’t be easier than using the Coinbase mobile app, which is just as user-friendly as the website.
If you’re looking for a reliable app for mobile cryptocurrency trading, this one comes highly recommended from both the Apple App Store and the Google Play Store.
Rewards
Coinbase now provides the option to earn interest on several different cryptocurrencies.
Some stablecoins on Coinbase, including USD Coin (USDC), earn interest automatically. And you can stake coins like Solana and Ethereum.
To increase the value of your cryptocurrency, you might want to stake some of it. Be aware that the cryptocurrency and the region you are in will determine your eligibility.
Debit Card
Those who already use Coinbase can apply for a Coinbase Card.
You can use this prepaid Visa debit card linked to your Coinbase account to buy and sell bitcoins.
In addition, the Coinbase Card allows you to select the cryptocurrency you would like to receive as a reward from a rotating list.
CONS
Complex and Vague Fee Structure
Coinbase’s fee structure is needlessly complex and unclear.
While the fees for complex trades are transparent and easy to understand, the prices for basic trades are not revealed until the preview of the transactions is completed.
Like many other exchanges, it would be more convenient for customers if Coinbase charged the same fee for all trades.
Overcharges on Basic Trades and Stakes
Coinbase’s fees might add up quickly in a couple of situations. Fees for even relatively minor trades (those under $200) are pretty steep.
At least you can cut costs by opting for the more advanced form of trading.
If you like Coinbase’s more simplistic trade interface, you may be disappointed that you’ll need a more sophisticated trading tool to find the best deals.
When you use Coinbase’s staking services, the exchange will also deduct a sizable fee.
Coinbase takes a 25% cut of any funds staked on the exchange! You can stake cryptocurrency yourself for a lower cost than that.
I guess you’re paying for convenience.
Not Enough Reward Opportunities
While it’s cool that Coinbase lets you accumulate rewards, it’s disappointing how limited the supported cryptocurrencies are.
Though we appreciate that Coinbase lets you accumulate rewards, we are disappointed by the limited number of cryptocurrencies supported.
If you’re looking for a better rewards program, you can find one on another exchange that gives you a higher rate of return or lets you accrue interest on a wider range of digital assets.
Coinbase Referral Code FAQs
Does Coinbase give out referral codes?
Not currently, no.
There are other exchanges that provide incentives this way, but not Coinbase.
Instead, they have a referral program that gives out links.
You and a friend can earn bonuses if the invitee signs up and carries out qualifying exchanges.
This bonus will differ based on time and location.
Why haven’t I received my Coinbase bonus?
You’re still waiting for your bonus to arrive for a couple of reasons.
Please take note of the following rules regarding referral bonuses:
1) sign up for a new account using a legitimate Coinbase referral link.
2) You have to buy and sell crypto via Coinbase.com only. If you place orders on Coinbase Pro or Advanced Trade, those aren’t eligible for bonuses.
3)You must exchange the minimum account required within 180 days of creating your account.
4)Referral bonus eligibility is also contingent on your time and location.
I did everything I was supposed to. When will I get my Coinbase referral bonus?
You can expect to receive your bonus within four business days.
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Final Thoughts
Coinbase simplifies crypto trading with its user-friendly interface.
However, watch out for accumulating fees, even on small trades.
I am glad to share my link for a bonus as you begin.
Pay it forward when you can—let’s spread the wealth!
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