Coinbase Exchange Review

Coinbase is famous for being the largest exchange in the US. Its fast rise to a dominant multibillion dollar company has afforded them many opportunities and benefits. One of which is its ability to exert strong influence on crypto markets and shape the pricing landscape.

Like Binance, Coinbase sees the big picture crypto market and is not limiting itself to simply exchange based activities. They have opened a custodian-based service for institutions and large crypto holders. In a shrewd move, they have been acquiring outside platforms to integrate into their current service platform. Further, they have rebranded their consumer exchange to try and make it more appealing to the public.

One of the reasons Coinbase has become so successful is because of their straightforward, no frills platform. Once the KYC/AML requirements are met, Coinbase allows the user to link up their bank account for fiat transactions. Using ACH deposits and withdrawals, the transactions are generally smooth and seamless. By far, this is the quickest way to purchase cryptos because it removes the need for traditional bank wires. In this fast-paced environment, standard bank wires are too slow. Wires can take days to receive, days to approve and days to credit to accounts.

Coinbase has a limited number of coin options to purchase. What many users do is buy Bitcoin (or crypto of their choice) and send it to an exchange like Binance or Einstein. At these other exchanges they can purchase an assortment of other Altcoins.

Limit and market orders are fairly easy to place. A debit card is also offered for expenditures. As a result, this is a good starting point for beginners looking to dip their foot into the crypto waters.


Customer Service

As anyone who has dealt with them can tell you, one of the most unsettling things about Coinbase is their Customer Service.

Many users have wondered if anyone even works in this department. To be honest, Coinbase customer service isn’t bad - it’s more like downright, horridly awful. For a company making billions, one would think they would hire extra support staff to help users troubleshoot and deal with issues. Users report waiting days, even weeks, to receive support ticket replies. Others have reported lackluster responses that border on infuriating.

One such example illustrates this point quite well. A friend of mine sent Coinbase a bank wire and when the funds weren't credited to his account, he inquired via a support ticket. He was shocked to discover how they left him in the dark for weeks with no answer. When they did finally reply, they told him the wire had been lost and expressed little interest in finding the missing funds. Thankfully, his friend personally knew the CEO and reached out to him. Consequently, the lost funds were located and credited to his account.  

Lesson: Coinbase is now such a massive behemoth they have lost their concern for the little guy who helped make them great in the first place. That said, we believe there are better options available to crypto users, such as Einstein. Further, if you do move forward and aren’t friends with someone who knows the CEO, proceed with extreme caution!

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