Coinbase Review UK

If you’re thinking about investing in crypto, the first thing you need to do is to find a reliable platform.

There are many good crypto platforms out there, and Coinbase is one of the leading exchanges in the industry. With over 68 million users, it’s one of the most popular places to trade crypto in the UK and is often referred to as the best crypto exchange for beginners.

Coinbase was established in 2012, and it managed to achieve one of the highest capitalizations of $52 billion. However, the Coinbase reviews on Trustpilot are rather bad. So, is Coinbase really a good option?

In this Coinbase review UK, we will take a look at the platform’s features and benefits as well as potential pitfalls.

What is Coinbase?

As one of the most popular crypto exchanges, Coinbase offers services to investors from over 100 countries. In terms of trading volume, it’s one of the largest crypto exchanges. It also has a reputation for being accessible, trustworthy, and efficient.

Let’s take a look at some of the platform’s quite impressive characteristics:

  • 68+ million users
  • $462 billion quarterly volume traded
  • $180 billion assets on the platform
  • 100+ countries
  • 2100+ employees

Coinbase allows you to buy, sell, trade, earn, and invest in cryptocurrency. It’s available in 12 languages, and you choose to access it via their mobile app. Generally, it’s a very flexible and efficient exchange.

In fact, during the pandemic, Coinbase proclaimed itself the first remote trading platform without any formal headquarters.

Coinbase Features

Coinbase became one of the most popular crypto exchanges thanks to its numerous features. For starters, Coinbase is fairly easy to use.

The website is very easy to navigate, and it allows you to use a bank account to save on fees. The registration process is also very straightforward, and the verification procedure doesn’t take long.

When it comes to security, Coinbase has insurance for all funds. Only 2% of all user coins are stored online, while the rest is being kept in cold storage, which ultimately makes it a very safe platform. And cash balances are stored in the US custodial accounts, market funds, and treasuries.

As we mentioned earlier, Coinbase has a mobile app. It’s available for Android and iOS devices, and it provides flexibility in trading. With the Coinbase app, you can trade anytime, anywhere.

And if you’re a newcomer, Coinbase offers a variety of educational resources you might find useful. Their classes will help you understand how everything works. Plus, you might be rewarded for your success.

Many other possibilities await you if you decide to use Coinbase. You can turn to crypto-to-crypto trading. You can buy and sell crypto for fiat money. And you can spend crypto using a card and earn rewards.

Furthermore, like all leading exchanges, Coinbase offers the possibility to store coins in the wallet, but we will come back to that later.

Is Coinbase Available in the UK?

The United Kingdom is among the countries where Coinbase operates. UK investors can use all the features of the platform, and there are no restrictions.

So, let’s take a look at all the services provided to users from the UK and other European countries.

Coinbase Services

The most popular services on Coinbase are the following:

  • Coinbase Pro – this version of Coinbase offers advanced charts and trading options, so it’s ideal for professional traders. It also offers lower trading fees that occur whenever the volume increases.
  • Coinbase Card – the development of a payment Visa card will allow users to get rewards for spending crypto.
  • Coinbase Wallet – if you want to store crypto or NFTs, you can do it with this self-hosted crypto wallet with ease. You can trade over 500 assets and earn interest, and you can do it using the platform’s mobile app.
  • Private Client – benefits of this service include personalized support, high-level protection, and a trading desk with professionals trading on your behalf. This is a great opportunity to get in touch with an experienced team of experts and high-net-worth investors.

Businesses also have a wide range of options on Coinbase:

  • Prime – this integrated service offers secure custody and prime services that allow users to manage their assets in one place.
  • Custody – as a standalone business capitalized under NY State Banking Law, this solution supports the segregation of all digital assets and holds them in order to serve clients with benefits.
  • Exchange – Coinbase API is offered to businesses that want to grant users access to the liquidity of the best crypto spot exchange.
  • Commerce – thanks to this useful service, you can accept crypto from anyone with ease. You can also convert to fiat currency and enter the global customer base.
  • Asset Hub – if you own a startup, you can list your new coins here.
  • Analytics – this service enables crypto compliance for financial institutions, crypto businesses, and governments.

How to Use Coinbase

As we’ve already mentioned, Coinbase is very easy to navigate. But we will take you through the whole process of registering and getting started on Coinbase.

1. Open an account with Coinbase

If you want to trade on Coinbase, you first need to open an account. You can do that easily on the platform’s website or by downloading their app.

To register on Coinbase, you just need to provide some personal details and contact information and create a password.

2. Get Verified

Once your e-mail gets verified, you’ll also have to enter a code you’ll get on your phone. Furthermore, Coinbase will ask you to verify your identity. You can complete this step by uploading a few documents like your ID or passport.

3. Start trading

When Coinbase lets you know the verification process is complete, you can link your bank account or credit/debit card. And then you’ll be ready to start trading!

Supported Coins and Fiat Currencies

Coinbase supports over 50 coins, and that covers popular assets like Bitcoin, Ethereum, Litecoin, Cardano, Bitcoin Cash, Tether, and so on.

There’s also a wide range of fiat currencies you can use including USD, GBP, EUR, etc. Users from the UK can deposit and withdraw both EUR and GBP.

Payment Options

On Coinbase, you can choose from different payment methods.

In the UK, you can opt for banking options depending on your goals. For example, you can choose Faster Payments and SEPA Transfer for deposits/withdrawals that take 1-3 business days.

And if you want to make an instant purchase, you can opt for a 3D Secure Card. And then there are also PayPal and Instant Card Withdrawals for cashing out funds.

Buying and Selling

After you open an account on Coinbase, you will be able to access the buy and sell option. If you want to buy crypto, you just need to follow these steps:

  1. Select ‘Buy’
  2. Pick the asset you wish to purchase
  3. Enter the amount of money you want to spend
  4. Choose the preferred payment method
  5. Confirm the order
  6. Click ‘Buy’ to complete the purchase

You can also select ‘One Time Purchase’ and determine how often you want this purchase to be recurring.

And when you decide to sell your coins, you just need to complete the following steps:

  1. Select ‘Sell’
  2. Pick the coin you wish to sell
  3. Enter the amount
  4. Check the Preview Sell page
  5. Select ‘Sell’ to complete

As you can see, the process of selling crypto on Coinbase is quite similar to buying.

Once you complete it, you’ll get money in your Coinbase wallet right away. You can then cash it out or use it to buy coins on the exchange.

Coinbase Fees

In terms of fees, Coinbase determines them based on several factors including the payment method, size of the order, and market conditions. Fees apply for all crypto transactions: buying, selling, and converting.

You can check the exact fee you’ll have to pay on the preview page. These fees usually vary from 1.5% to 4%. For crypto conversions, a 2% fee applies.

There are no fees for fiat and crypto wallet services though. But credit transactions are charged a flat fee of 2%. And if you want to withdraw funds from an ATM, you’ll be charged a flat 2.49% transaction fee.

Limits

You can find all about the limits in the Account limit section. They depend on the user’s location. But if you want to make the limits higher, you can update your account level by going through an additional identity verification process.

The minimum amount for buying and selling crypto is 2.00 denominated in your local currency. And there are no maximum limits on the coins you wish to sell, but the limits for cashing out depend on your preferred banking method.

Customer Support

When it comes to help and support, Coinbase offers different kinds of assistance. There’s a professional Help Center for all users, and you can opt for the Message Me option to get an instant response.

Alternatively, you can check out the FAQ section to see if your question has already been answered. And if you don’t find what you’re looking for, you can contact their customer service via the Contact Us button.

Their support is available 24/7 and it’s very responsive and helpful.

Coinbase Pros & Cons

All things considered, Coinbase seems to be one of the most popular crypto exchanges for a good reason.

So, what are the negative aspects of using Coinbase? Let’s take a look at both advantages and disadvantages of this leading crypto exchange.

Coinbase Pros:

  • Well-established platform
  • Variety of tools and services
  • High liquidity
  • Responsive customer support
  • User-friendly interface
  • Rewards for staking and learning
  • Different banking options

Coinbase Cons:

  • Relatively high fees
  • No control of wallet keys
  • No good selection of altcoins

Is Coinbase UK Safe?

The most important question is related to the platform’s safety. Coinbase sticks to the General Data Protection Regulation (“GDPR”) and has an official subsidiary in London.

So, the platform complies with European laws, and all personal information is secured with a variety of safeguards. Also, all the funds on Coinbase are ensured and protected from unexpected losses.

Is Coinbase a Good Choice for you?

If you’re looking for a simple and secure exchange, Coinbase will meet your expectations. However, if you want to avoid high fees, you should look elsewhere.

Compared to some other options, Coinbase is relatively expensive. But it’s also very reliable and easy to use. So, it all comes down to your preferences and financial goals.

Coinbase Review UK – Final Thoughts

Coinbase is a good option both for beginners and seasoned traders. It’s safe and easy to use, and it offers a variety of useful tools and educational resources.

However, the platform is also known for its hefty fees. But despite that, Coinbase remains one of the top crypto exchanges, and after taking a closer look at all of its features, it’s easy to understand why.

Team

Our UK-based team writes articles to help beginners understand the world of cryptocurrency. We are firm believers that Blockchain technology has great application in our future.

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