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Coinbase Crypto Exchange Review UK 2021

Led by CEO Brian Armstrong, accessible from over 100 countries, and home to over 30 million users worldwide, it is easy to see why Coinbase is considered one of the largest cryptocurrency companies in existence.

Since 2012, Coinbase has viewed cryptocurrency as the future and aims to create an open financial system for the world, prioritising ease of use and simplifying trading. The platform is accessible online, or via the app and allows Coinbase withdrawals and deposits to be made by debit card and bank transfer, enabling less experienced traders to have full access to the world of cryptocurrency trading.

Pros & Cons of Coinbase
Pros & Cons of Coinbase
  • Ease of use – Layout makes trading simple
  • Support – A dedicated team offering support
  • Availability – Accessible to over 100 countries
  • Earn free crypto through interactive learning
  • Coinbase have expanded tradeable altcoins
  • No live chat options available at the moment

How To Trade – Simple & Effective

To create your Coinbase account, go to the Coinbase homepage and click ‘Get Started’ (This is in the top right corner of the page). You must then enter your first and second name, alongside your email address, choose a suitable password and confirm you are over 18 years of age. Coinbase will send you an email to confirm this information is correct (check your junk folder).

Once you have verified this email, Coinbase will then request your mobile number. You should receive a text that includes your unique code. Ensure you input this code correctly to verify you are the owner of this device (this is a critical step in the process as all of your future log-ins will require two-step authentication, with unique codes sent directly to your mobile).

The next step will be to deposit funds into your new Coinbase crypto exchange account. To do this, you must select and set-up your desired payment method (these methods are mentioned earlier in this Coinbase crypto review).

Security is taken very seriously at Coinbase HQ. The next step of your sign-up experience will take you through a quick KYC process, where you will need to upload a copy/provide proof of identification. Coinbase review all applications before you can trade. Thankfully, their online system will analyse your documents and confirm if they are legitimate, in less than a minute.

Your account set-up is nearly complete! You will now need to verify your chosen payment method and confirm you are the legal owner. Check your online statement for two small fees (Coinbase will request you log-in to your bank and confirm the last two digits of the reference number associated with these two payments). Once all of these steps have been completed, you are ready to make your first purchase!

NB: If your chosen method is via bank account, you will need to transfer funds into the account details supplied by Coinbase.

Coinbase has made it nice and easy to purchase crypto: Select which asset you are looking to buy, ensure you select funds from the wallet you have just deposited to (EUR, BTC, USD), enter the amount you are looking to purchase and pay for the transaction using your verified payment method.

Once the transaction is complete, the coins will show directly in your account (We advise clicking on the portfolio tab if you’re in a hurry, rather than waiting for your account to auto-update).

With the successful purchase of your crypto, you now have the option to withdraw your assets to a private wallet, send them to another cryptocurrency exchange or hold on to the currency to sell/withdraw at a later date.

Security, Usability, Look & Feel – Coinbase have their priorities right

With a total volume traded of over £235 billion, and currently boasting £18 billion assets on the platform, the temptation for hackers and attempts are bound to be high. Coinbase investors have input a lot of time, effort, and money to ensure the platform remains secure for its users.

Coinbase aims to make trading simple and enjoyable for all users, regardless of experience. You can set up an account and be a verified trader within an hour (further down the Coinbase crypto review we explain how), buy/sell currency in less than five clicks of a button and educate yourself on any tokens of interest. The blue/white colour scheme is friendly and welcoming, similar to the culture they are trying to create within their offices and behaviours instilled in their customer service reps.

Being home to over 30 million users, and featuring on the first page of Google when searching for a cryptocurrency exchange platform, the Coinbase crypto exchange needs to be able to accommodate traffic. One Coinbase review states the app is 5-stars and a quality platform. Even on the slowest of devices, you can feel comfortable knowing your trade will be completed in real-time, with minimal delay.

How To Trade – Simple & Effective

To create your Coinbase account, go to the Coinbase homepage and click ‘Get Started’ (This is in the top right corner of the page). You must then enter your first and second name, alongside your email address, choose a suitable password and confirm you are over 18 years of age. Coinbase will send you an email to confirm this information is correct (check your junk folder).

Once you have verified this email, Coinbase will then request your mobile number. You should receive a text that includes your unique code. Ensure you input this code correctly to verify you are the owner of this device (this is a critical step in the process as all of your future log-ins will require two-step authentication, with unique codes sent directly to your mobile).

The next step will be to deposit funds into your new Coinbase crypto exchange account. To do this, you must select and set-up your desired payment method (these methods are mentioned earlier in this Coinbase crypto review).

Security is taken very seriously at Coinbase HQ. The next step of your sign-up experience will take you through a quick KYC process, where you will need to upload a copy/provide proof of identification. Coinbase review all applications before you can trade. Thankfully, their online system will analyse your documents and confirm if they are legitimate, in less than a minute.

Your account set-up is nearly complete! You will now need to verify your chosen payment method and confirm you are the legal owner. Check your online statement for two small fees (Coinbase will request you log-in to your bank and confirm the last two digits of the reference number associated with these two payments). Once all of these steps have been completed, you are ready to make your first purchase!

NB: If your chosen method is via bank account, you will need to transfer funds into the account details supplied by Coinbase.

Coinbase has made it nice and easy to purchase crypto: Select which asset you are looking to buy, ensure you select funds from the wallet you have just deposited to (EUR, BTC, USD), enter the amount you are looking to purchase and pay for the transaction using your verified payment method.

Once the transaction is complete, the coins will show directly in your account (We advise clicking on the portfolio tab if you’re in a hurry, rather than waiting for your account to auto-update).

With the successful purchase of your crypto, you now have the option to withdraw your assets to a private wallet, send them to another cryptocurrency exchange or hold on to the currency to sell/withdraw at a later date.

Payments – Access for all

Earlier in our Coinbase UK review, we mentioned fees that will occur when making a payment. To confirm, the full list of accepted payment methods include wire transfer (including SEPA), debit & credit cards, cryptocurrency deposit/transfer from other exchanges & PayPal (Withdrawal only)

Your purchase of currency will be in your account as soon as Coinbase receives payment. As a European client, your currency will be stored within your Coinbase account, meaning all buys & sells will occur instantly. When using SEPA, the average processing time for a deposit is 2/3 business days, and a withdrawal will take between 1/2 business days to reach your account.

The smallest one-time purchase you can make via your bank is £1.99. From this, you will receive £1.00 of your chosen cryptocurrency and Coinbase will receive the remaining £0.99.

Customer Service – Coinbase review staffing structure and reap benefits

Back in 2018 as the cryptocurrency world boomed, the Coinbase customer service team grew to better support the demand and needs of their clients.

The Coinbase crypto exchange boasts numerous ways of supporting and fixing any potential problems/issues you may have and hosts various channels of communication, including their help centre, designated hotlines or you can reach them via email.

A team of knowledgeable and dedicated staff have helped to create the Coinbase help centre. The help centre showcases an extensive insight on how to use their site, potential problems and fixes, as well as an AI bot who can help steer you in the right direction. If you cannot find your answer there, you can also email the support staff, who will aim to respond within 48-72 hours.

Of course, if you have a more serious concern, such as a potential account compromise, be sure to call the UK hotline on 0808 168 4635.

License & Security – Excellent all-around

Fully regulated and licensed, authorised by FinCEN and the FCA, you can rest assured that all digital currency Coinbase holds online is insured. Less than 2% of customer funds are held online, the rest are held in cold storage.

Their insurance policy covers any losses resulting from a breach of Coinbase’s security, cybersecurity, or employee theft. It is worth noting that they will not cover losses resulting from the compromise of your individual Coinbase account (the sharing of passwords, etc.).

Despite being around for nearly ten years, Coinbase has never experienced a hack. They pride themselves on keeping your assets safe, including the assets of leading investors such as Andreessen Horowitz, Rabbit Capital & The NYSE.

The crypto exchange follows traditional banking laws, meaning they are more likely to suspend, or close, an account if it is being used unlawfully. This has resulted in various negative reviews of the site, which we will touch on later in this Coinbase crypto review.

Reputation and Customer Feedback – Coinbase UK reviews not the most flattering

According to uk.trustpilot.com, Coinbase UK reviews hold a score of 1.7/5 stars (bad). From looking closer at client feedback, the negative results seem to stem from the time it takes to set up and verify accounts. As previously mentioned in this Coinbase review, the security is taken very seriously at Coinbase and could see identification rejected more frequently than other popular Bitcoin exchanges. Other Coinbase crypto reviews and feedback suggest the platform is simple to use, fees are high & issues are dealt with efficiently by the customer service team.

Overall Conclusion – Fantastic exchange, easy to navigate and gain experience

Coinbase has cemented itself as one of the best cryptocurrency exchanges in the business. The simplistic approach has proven to be a success among both experienced and inexperienced traders alike. The ability to earn and learn is a great feature to enhance individual knowledge and lower the potential risk of losing capital.

When viewing online Coinbase UK reviews, it would seem that Coinbase is moving too fast, focusing on expansion, rather than their current customer base.

From the points mentioned earlier in this Coinbase review, we feel more than confident that your assets will remain safe and secure in your Coinbase wallet. However, before chucking all your crypto in one basket, make sure you have read through our Binance review and see which exchange is best suited to you!

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