July 03, 2018
Score 9 out of 10
Overall Satisfaction with Coinbase
Coinbase acts as my crypto wallet for the Ethereum I have purchased. Many of the other solutions either aren't as secure or are more challenging to set up and as a result, take a much longer time. So Coinbase saves me time. In a nutshell, Coinbase simplifies everything for me and is one of the most reputable/ trusted solutions as a crypto wallet.
- Very simple dashboard for monitoring your coins
- Makes buying and selling Cryptocurrencies very simple once your account is set up
- Has a price alert feature for monitoring prices when they go above or below your target prices
- Same complaint I have about any other coinbase competitor. Setting up an account takes too long (a few days). But it's understandable as it has to be a very high level of security
- Higher transaction fees than other platforms for purchasing the same product. But because of Coinbase's simplicity relative to other platforms they are able to charge a bit of a premium here. You just need to know what you're getting into. If you're doing high volume, it's worth learning a GDAX or other platform. If you're buying and holding and don't have the time to research the lowest fees then Coinbase is great.
- They're limited in the payment methods they accept. Not a huge deal, but they don't accept paypal.
- It's saved time from figuring out how to buy and sell cryptocurrencies
- It makes monitoring market prices and fluctuations in the value of crypto holdings very easy and simple. Which also saves time.
- We don't do as high of volume so the lower transaction costs even though there is a slight premium saves us a lot of money in contrast to many of the exchanges that can charge 4-5+% transaction costs.
Coinbase is great for its simplicity. It is no doubt the best entry level option for someone who is new to blockchain/ cryptocurrencies and wants to begin investing in it. However, while they do have relatively low transaction fees, they don't have the lowest fees. So for someone who is doing a high volume of trading, there are other platforms that would be a better fit.