Credit Cards

Banking

Personal Loans

Student Loans

Small Business

Investing

Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.

Advertiser Disclosure

Coinbase Review 2024

Cyrus Vanover
By
Cyrus Vanover
Cyrus Vanover

Cyrus Vanover

Contributor

Cyrus Vanover is a freelance contributor to Newsweek’s personal finance team. He is also the author of the personal finance book “Earn a Debt-Free College Degree.” His goal is to make money easy to understand to help families get more out of every dollar they earn. Based in the mountains of Virginia, he enjoys hiking the local trails and exploring old Civil War battlefields in his spare time.

Read Cyrus Vanover's full bio
Robert Thorpe
Reviewed By
Robert Thorpe
Robert Thorpe

Robert Thorpe

Senior Editor

Robert is a senior editor at Newsweek, specializing in a range of personal finance topics, including credit cards, loans and banking. Prior to Newsweek, he worked at Bankrate as the lead editor for small business loans and as a credit cards writer and editor. He has also written and edited for CreditCards.com, The Points Guy and The Motley Fool Ascent.

Read Robert Thorpe's full bio

Whether you are a beginner or advanced investor, Coinbase is a robust exchange for buying, selling and managing cryptocurrencies.

Methodology Icon Our Methodology

Our research is designed to provide you with a comprehensive understanding of personal finance services and products that best suit your needs. To help you in the decision-making process, our expert contributors compare common preferences and potential pain points, such as affordability, accessibility, and credibility.

Coinbase

Coinbase

See Offers

Vault Verified

Fees

Vary*

Account Minimum

$0

Promotion

Up to $200 with a new account and crypto purchase

Pricing

$29.99 per month for Coinbase One membership

Expert Take

Coinbase is a feature-rich cryptocurrency exchange that is simple to use. Although Coinbase’s fees are higher than other exchanges, it offers opportunities to earn free crypto through its learning resources and Coinbase Card debit card, which is a feature that some of its competitors don’t offer. There’s also Coinbase Advanced, which offers a variety of next-level trading tools for advanced investors.

Pros
  • Earn free crypto by completing short online courses
  • Trade over 200 cryptocurrencies
  • Earn rewards by staking certain cryptocurrencies
Cons
  • Fees are higher than other cryptocurrency exchanges
  • Fees can only be determined when you are ready to submit a trade
  • Customer support is lacking and frustrating
Additional Info*
  • Maker fee: Between 0.00% and 0.40%
  • Taker fee: 0.05% and 0.60%
  • ACH Deposit/Withdrawal fees: Free
  • Wire Deposit/Withdrawal fees: $10/$25

Vault’s Viewpoint on Coinbase

Coinbase is one of the best cryptocurrency exchanges and a great option whether you are new to crypto or an advanced investor. In addition to buying and selling crypto on Coinbase, you can also store your crypto and NFTs in the Coinbase Wallet and stake certain cryptocurrencies to grow your investment.

Although other cryptocurrency exchanges are more affordable, Coinbase offers ways to earn free crypto by taking short online courses and making purchases with a debit card that you link to your bank account. If you make infrequent trades, the opportunities to earn free crypto may offset the higher fees.

For advanced cryptocurrency investors, the new Coinbase Advanced platform replaces an older platform, Coinbase Pro. It features cheaper fees and advanced trading tools to help guide trading.


About Coinbase

Coinbase is one of the largest cryptocurrency exchanges in the United States. You can trade over 200 cryptocurrencies from your web browser or with the Coinbase Wallet app for your mobile device.

If you are new to cryptocurrency investing, Coinbase’s excellent educational resources make learning about crypto interesting and fun. Coinbase gives you opportunities to earn free crypto by taking short video-based courses. For example, if you are taking a course on staking Ethereum, you will earn some free Ethereum when you complete the course.

Coinbase also offers a trading platform for advanced investors. With Coinbase Advanced Trade, users can access lower pricing, advanced trading and charting tools and real-time market data.

Some of Coinbase’s most popular features include:

  • Educational resources: Beginner guides and tutorials are offered to help you learn more about cryptocurrency investing. Each course involves watching a series of videos and then completing a short multiple-choice quiz.
  • Staking: Staking is a way to earn crypto by helping to verify transactions made by others. It also helps to make the Blockchain more secure. You may earn up to a 10% APY in new crypto when staking.
  • Coinbase Wallet: With Coinbase Wallet, you can conveniently store all of your crypto and other digital assets, like NFTs. You can also access many different decentralized apps (DApps) from Coinbase Wallet, like decentralized exchanges, NFT marketplaces, blockchain games and others. This is a self-custody crypto wallet, so you control your assets and keys.
  • Coinbase One: This monthly $29.99 subscription eliminates most trading fees, which makes it a great option if you trade often. But you may still have to pay limit and spread fees. With a Coinbase One membership, you also get priority support, pre-filled tax forms and will also be eligible for exclusive sweepstakes.
  • Coinbase Card: If you’re a U.S.-based Coinbase user (except Hawaii), you can earn crypto every time you make purchases with the Coinbase Card. This Visa debit card links to your bank account and there are no fees. Getting started is quick and easy if you are approved and no credit check is required.

Who Is the Coinbase App Best For?

Coinbase is a great option for all cryptocurrency investors, from beginner to advanced. Its app and web browser interfaces are intuitive and easy to use, which simplifies trading. If you are a new crypto investor, you may also enjoy earning free crypto while you learn about different investing strategies and other things.

If you are an advanced trader, you can also use Coinbase Advanced to conduct in-depth technical trade analyses, chart cryptocurrencies and take advantage of other features. Coinbase Advanced is a replacement for Coinbase Pro, and more features are expected to be added soon including mobile stop limit orders and charting upgrades.

Coinbase may also be a good choice if you are a casual investor and you don’t buy or sell crypto often or you use long-term investment strategies. Although other crypto exchanges with tiered pricing may be more affordable if you make frequent crypto trades, the savings may not be worth it if you only make occasional trades.

Who Should Consider an Alternative to Coinbase?

Coinbase’s customer support is somewhat lacking, and it may not be a good option if you think you need occasional help with something. If you try to call the live support, you can only get assistance if you no longer have access to your account, want to file a complaint, or need assistance with your Coinbase Card.

For all other issues, you are directed to the online help center to open a case or get answers to frequently asked questions. An obvious way to open a case is curiously missing from the help center, however. Coinbase does have an online chat, but it’s automated and will abruptly end the chat session if it can’t answer your question.

Coinbase may also not be a good option if you are looking for the lowest fees. Some of Coinbase’s competitors are more affordable, and Coinbase’s fees can also be confusing because they are based on a fee spread instead of a flat fee. You also can’t see what the fees for a trade will be until right before you submit it. Because the fee spread is confusing and difficult to predict, you may underfund your account if you are new to crypto investing and will have to add additional funds before you can buy specific amounts of crypto.

How Does Coinbase Stack Up to its Competitors?

Comparing Coinbase to three of its top competitors may help you decide whether it’s a good option for your needs and investing goals.

Coinbase vs. Crypto.com

Crypto.com offers over 250 cryptocurrencies, with maker and taker fees starting at 0.075%

On top of the large selection of cryptocurrencies and competitive fees, the exchange also offers a non-custodial wallet and advanced features.

Crypto.com has slightly more cryptocurrencies than Coinbase and the chance at lower fees depending on how you buy crypto and more options for staking assets. But Coinbase’s easy-to-use basic platform can better fit beginner investors.

Coinbase vs. Kraken

Kraken is a cryptocurrency exchange that is available in over 190 countries. Both Coinbase and Kraken allow you to trade over 200 cryptocurrencies, and they both also allow you to use either a web browser or mobile app to trade and manage your account.

Like Coinbase, Kraken also has excellent educational resources for beginners, although they don’t offer opportunities to earn free crypto. Kraken’s interface is intuitive and easy to use for beginners but also offers advanced trading features—like futures trading and margin trading.

Kraken’s customer support is robust, and it’s easy to talk to a live specialist if you need one. Live customer support is available via chat or phone, and you can also submit a question by email. Coinbase’s support is mostly automated, although live support is available by phone for certain issues.

Kraken has a tiered fee structure that is based on how much you trade in a 30-day period. Maker fees start at 0.16%, and taker fees start at 0.26%.

Coinbase vs. Gemini

Gemini is available in over 70 countries and allows you to trade over 70 cryptocurrencies, which is fewer than Coinbase. Although Gemini’s “Cryptopedia” offers many different articles to learn about crypto investing, it doesn’t offer opportunities to earn free crypto as Coinbase does. Gemini accounts can be accessed by web browser or with a mobile app.

Gemini’s customer support is limited to frequently asked questions pages that are organized by topic. There is an automated chatbot, but it doesn’t allow you to speak to a live representative. You can submit a form to have your questions answered, however. Live support by phone is not offered.

Similar to Kraken, Gemini has a tiered fee structure, which decreases the fees you pay the more you trade over a 30-day period. In comparison, Coinbase uses a fee spread and you only know how much a trade is when you are ready to submit it. Whether you will save money with Gemini over Coinbase depends on your trading volume and other factors.

Frequently Asked Questions

Is Coinbase Safe?

Coinbase uses multiple security features to safeguard your personal information and the crypto it holds. Accounts are protected with encryption, password protection and two-factor authentication. It also stores most of the assets it holds offline in cold storage. Withdrawals also require multiple approvals to prevent unauthorized access.

Is There a Monthly Fee for Coinbase?

You can create a free Coinbase account and buy and sell crypto without paying a monthly fee. You also have access to other Coinbase features with your free account, like educational resources, Coinbase Wallet, staking and coin swaps.

Coinbase also offers a monthly subscription called Coinbase One. It’s a good option if you make frequent crypto trades or need advanced trading tools. Coinbase One is $29.99 per month and eliminates most trading fees, although you may still have to pay limit and spread fees. It also offers increased staking rewards.

Does Coinbase Report to the IRS?

If you are a U.S. Coinbase customer, Coinbase reports your crypto transactions to the IRS. You will receive a 1099-MISC form from Coinbase if you earn $600 or more in crypto annually. Coinbase customers who are citizens of other countries will not receive any tax forms. They can log on to their accounts and print their transaction history reports to use as records of their crypto trading activities.

Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.

Cyrus Vanover

Cyrus Vanover

Contributor

Cyrus Vanover is a freelance contributor to Newsweek’s personal finance team. He is also the author of the personal finance book “Earn a Debt-Free College Degree.” His goal is to make money easy to understand to help families get more out of every dollar they earn. Based in the mountains of Virginia, he enjoys hiking the local trails and exploring old Civil War battlefields in his spare time.

Read more articles by Cyrus Vanover