You have read our ranking on the most used exchanges and you have difficulty choosing which exchange to buy cryptocurrencies on ?
Here is an analysis of Coinbase, one of the best known and most trusted exchange.
Coinbase is one of the most used exchanges and for a good reason, it is extremely easy to use, very intuitive, and a very good platform to start with.
Coinbase appeared in 2012, so it is a pioneer in the sector.
This exchange has several advantages, it’s easy to use, Coinbase relies on this strength to attract new users. As well as its ergonomics, its design has been thought to be user friendly.
However, it has relatively high fees, particularly during the period of the cryptocurrencies bull run at the end of 2017, when the fees applied were excessively high because it was at the time one of the only exchanges that accepted credit card payments and SEPA transfer. Today the competition is tougher, especially with Binance, which has implemented since January 30th the possibility of buying Bitcoins (BTC) and Ethereums (ETH) directly via credit card on its platform.
The team is very active, and the support is very fast.
For the moment only 9 different crypto-currencies are available.
It’s a very secure platform.
The scores are out of 20, they are subjective, you may not have the same appreciation for them.
User interface 19/20: It includes our general opinion on the interface, its responsiveness, its consistency, its efficiency and its user friendliness.
Means of protection 17/20: The exchange and connection on the platform are taken into consideration.
Customer service 17/20: We deal here with the responsiveness of customer services.
Choice of currencies 10/20: According to the number of cryptocurrencies present on the platform, as well as their volume of exchange.
Fees 9/20: Here we analyses the level of fees in comparison to competitors.
Its interface is extremely easy to use.
You can judge for yourself below:
Just as buying / selling tokens is extremely simple, it is like a very usual buying site where you choose the token you want to buy, you enter the amount of money you want to invest, then you will automatically get your desired amount of tokens.
Choice of currencies
Coinbase has a low diversity of cryptocurrencies, indeed the platform only offers 9: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), 0x (ZRX), USD Coin (USDC), Zcash (ZEC) and finally the Basic Attention Token (BAT).
Deposits and Withdrawals on the platform
Deposits on Coinbase are extremely simple, and unlike a large majority of exchanges, Coinbase has the particularity of accepting payments by credit card as well as SEPA transfer.
Deposits are made in a few minutes by credit card, while a SEPA transfer will take 4 to 5 days. When your account is fully validated, the weekly limit for credit cards is €10,000 and €15,000 for SEPA transfers.
Withdrawals are made by bank transfer and take up to 2 to 5 days to be transferred to your account (in FIAT).
Fees are very high on Coinbase, for credit card deposits the fees are 3.99% and 1.49% for transfers.
For withdrawals, the fee is set at €0.15 per withdrawal, which is acceptable.
For transactions Coinbase has rather high fees especially for small amounts (<400€).
The means of protection
Due to its age and notoriety, Coinbase is a trusted platform. In addition, the company complies with US laws and regulations, is registered with FinCEN and is subject to all laws and regulations on the transmission of public funds. Unlike a large part of Coinbase exchanges, it is one of the best regulated to date.
To connect to Coinbase, the platform has integrated the dual authentication function to make account hacking very difficult. Indeed to connect to Coinbase, you must of course have an account but you must then enter the “Google Authentication” code which is an application available on your mobile and which will allow an optimal security because without this code a person will have your account identifiers but he will not be able to connect to it without your mobile.
Same principle you can also choose the “SMS Authentication” option to receive a confirmation SMS with a code each time you connect.
(Also note that an email is sent to you when you connect to a foreign computer).
There are 2 different levels of deposits and withdrawals.
Level 1 which only requires you to have your phone number and ID card verified, and will allow you to buy and sell cryptocurrencies with a ceiling (ceiling visible on the right of the photo).
Level 2, requires you to have your personal information verified, so that you do not have a limit.
Coinbase has a high quality customer service, it is quite responsive unlike many competing exchanges, count between 1 and 3 days to receive a response, except in case of abundant demand.
You can find assistance by clicking on this link:
The CIA’s opinion
Coinbase is now a reference, it is the perfect platform for beginners in cryptocurrencies, however its spearhead, which is the possibility of being able to make purchases directly by credit card will have to be quickly reworked, because Binance, a much more competitive exchange in terms of fees and possibilities incorporated this option on January 30, 2019. We are therefore waiting to see what Coinbase will offer in order to adapt to this new competition because previously Coinbase almost held a monopoly in this field.
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