Coinbase is this a scam? Review and Customers Reviews

Coinbase – one of the popular resources for traders to work with digital coins, which offers the user free reliable cryptocurrency wallets, as well as a functional platform for full-fledged currency trading. Informative official website, fast withdrawal of funds, professional support managers, etc. – all these factors make interaction with the platform comfortable.

Still, Coinbase is a scam, scam and fraud, not trustworthy platform or reliable cryptocurrency exchangewhich does not deceive clients, which allows withdrawing funds in time and without delays, and provides a decent level of earnings? The answers to these questions are offered in a detailed review of the exchange.

 

Why Coinbase?

The company focuses on the international market, and the interface of the official site coinbase.com translated into 16 languages. The site has a Russian-language version, which is convenient for users from the CIS countries. The project is headquartered in San Francisco, from where the platform is regulated.

A separate digital asset trading platform, Coinbase Pro, is provided for users. All users registered on the site, can join this functionality by upgrading their account. The platform provides the following functionality:

• on the left you can see an order to buy and sell cryptocurrencies;
• then you can see the order stack;
• In the middle there is a chart with information about the selected trading pair.

The site is suitable for both experienced traders and beginners. For inexperienced clients there are tutorials. For example, Coinbase Earn section can be found on the site to learn about cryptocurrency and the trading process. To make it easier for clients to access the account and functionality of the platform, a mobile application was developed. Both iOS and Android versions are available.

Cryptocurrency exchange Coinbase is quite well known among owners of digital coins. It has free cryptocurrency wallets and a full-fledged exchange for profitable investments. In 2014, the exchange launched a deployed series of secure vaults that can reliably protect users’ finances. A year later Coinbase Exchange was launched, in 2016 it was renamed GDAX and almost immediately the cryptocurrency Ethereum (The whole truth about cryptocurrency). Another year later – Litecoin. Owners of American-made bank cards were promised another innovation – a system of instant purchase of electronic coins. As a result, by 2018 Coinbase became a crypto-bank functioning on the basis of the exchange, but more often it is perceived as a crypto-wallet.

It only takes a minute to register on Coinbase. Coinbase.com has a Russian-language version. To register, it is necessary to click the button marked “Registration” on the main page of the resource and fill in the form that opens. It is necessary to enter the standard data – name and surname, a valid e-mail address and a password for the account.

Since minors are not allowed to work here, you must agree that you are over 18 years old, enter the captcha and click “Create an account”. An email with a link will be sent to the specified email address and you need to click on it to confirm your registration. The next step is to enter the phone number to which an SMS message with a code will be sent. Legal entities will also be able to cooperate with Coinbase by trading as an institutional investor or by using merchant services.

Once a trader has created an account on the platform, you can immediately start working here. For example, enter your cryptocurrency wallet and select “Settings” section, which has four tabs: “My Profile”, “Preferences”, “Security”, “API Access”. In the first tab you can change your data – email, password, set photo, add personal information, stating the country of residence, date of birth. In the second tab you can set up time zone and currency for payments. It also launches the electronic notification service. When going to the third page, the client can activate two-factor authentication to track his work in the account. The fourth section will interest advanced users or developers. After completing the settings, you can go to the “Tools” tab, which lists the tools available on the platform. These include:

• Adresses, picking up addresses that offer coins at a decent rate.
• Recurring Transactions, responsible for preparing all transactions.
• Reports, which stores all reports on the account functionality.
• History, which provides a history of transactions. Works in a limited number of regions.
• Accounts, which opens access to all available wallets. Each wallet has two buttons – “Send” and “Receive”. The first button is pressed to send funds, and the second – to receive them.

Pay attention to the “Buy/Sell” tab. For traders from Russia, it does not open all available functions, but only the opportunity to subscribe to update the resource information. That is, Russian traders will not be able to instantly buy currency here. The “Dashboard” section contains exchange rates, account data and recent transactions.

In my personal cabinet you can find materials about the affiliate program of the resource. The principle of its launching is standard: after the application you get a referral link. For each transaction made by users who have come to the exchange using this link, you can receive 10% of the transaction amount. Funds are credited to the purse. All complaints and questions should be sent to the support e-mail. Before contacting the manager with a problem, it is recommended to examine the “Help” section. You can also subscribe to exchanger groups on social networks: Twitter, Facebook.

All transactions are performed on weekdays, so an attempt to perform a transaction on a day off or after 16:30 will not be executed until the beginning of the next working day. If the order is made through the E-Money cryptocurrency wallet, then revoke your buying a crypto coin can only be done if the transaction has not yet been confirmed (that is, the order was made outside of business hours). In order to avoid possible difficulties with the cancellation of the order it is necessary to set the icon “Future transaction” in the system.

Some transactions can be unauthorized if the customer notifies the support service by e-mail or phone, including even if he calls managers from different countries. Notify the manager that you wish to cancel the transaction as soon as possible; the exchange will refund the lost funds within 24 hours.

 

How to exchange cryptocurrency on coinbase.com?

To proceed to the exchange of cryptocurrency, the user needs to perform a few simple actions:

• choose a trading pair;
• fill in the order field, specifying the amount of cryptocurrency to be exchanged;
• click on the Buy/Sell button, depending on the target.

Since the exchange as a trading platform works on several services (Buy / Sell Digital Currency, GDAX, Developer Platform, Coinbase Commerce), the user can choose the most convenient resource with a different set of orders – stop, limit or market orders. Market orders on GDAX will allow to buy cryptocurrency at the price in effect at the moment of exchange. All data is entered into the appropriate boxes and then the “Place Buy Order” button is pressed. More experienced traders will be able to use limit orders. The order will be opened as soon as the currency reaches the level you specify. Stop orders on Coinbase will allow you to protect yourself from possible risks.

 

Verification on the Coinbase platform

Verification is required on the exchange site coinbase.com and affects withdrawal limits. Thus, clients who have verified their identity can increase the daily limit up to $50,000. The identity verification process itself consists of 4 stages. The first stage of verification is to confirm the email address. To do this, the user has to follow the link in the letter sent by the organization to the email. To proceed to the next stage, the client needs to go to his profile and fill out the following information:

• name and surname;
• date of birth;
• street of residence;
• city and country of residence;
• zip code.

The next step is to upload the identity document. First, the user needs to select the type of document. It can be a passport, a driver’s license or an ID-card. Then it is necessary to select the type of upload – webcam, cell phone camera or uploading a ready-made photo/scan. After selecting the upload type, a number of documents should be uploaded:

• a spread of an identity document;
• taxpayer identification number.

If the first two steps are checked quickly, the last step can take several days.

 

Deposit and withdrawal

Users Coinbase exchanges start their work here by loading funds into a personal e-money wallet. To do this, you can use any of the available payment methods: bank transfers, transactions through Singapore Bank Payments, as well as through cryptocurrencies. There are not many methods offered, but perhaps this issue is being worked out by the site.

Once your wallet is funded, you can proceed with further transactions. Different currencies can be stored in it, and it is very easy to track the balance of each of them separately. It is possible to refuse to cooperate with the resource and not to store funds in the cryptocurrency wallet. The exchange is ready to redeem coins and transfer the equivalent amount in dollars to a bank account. Before withdrawal can be verified to prevent terrorist financing, fraudulent transactions, etc.

Cryptoexchange Commission

The company has loyal rates for both buying and selling combined with fixed and variable commissions, depending on the total amount and method of payment or deposit. On average, the service charges 0.5% of the transaction amount, but commissions can be higher or lower due to market fluctuations in the price of digital currencies on Coinbase Pro between when the price is quoted and when the order execution time arrives.

An additional Coinbase Fee is charged (in addition to the spread), which is greater than the fixed fee or variable percentage fee determined by region, product feature, and payment type:

• If the total amount of the transaction is less than or equal to $10, the fee is $0.99;
• If the total amount of the transaction exceeds $10, but is less than or equal to $25, the fee is $1.49;
• If the total amount of the transaction exceeds $$25, but does not exceed $50, the fee is $1.99;
• If the total amount of the transaction exceeds $50, but does not exceed $200, the fee is $2.99.

Withdrawal fees

There is also a fee for bank transfers, which depends on the user’s country of residence. A fee of 1.49% is charged for transfers via SEPA. The money is credited within three days after the transfer.

 

Coinbase Bonuses

Periodically, the company holds promotions and gives users bonuses. One of the promotions is the opportunity to earn money by studying cryptocurrency. The service has created tutorial videos so that customers can learn more about cryptocurrency. A total of up to $29 can be earned. To get the bonus, you need to:

• take a short survey after each training video;
• cryptocurrencies are credited to the Coinbase Wallet for each test.

Referral program

A referral program was developed for active traders who want to earn extra income. The program allows clients to attract new participants to the project and receive a reward of $10 for each attracted client who bought or sold cryptocurrencies worth $100 or more. Earnings are paid in BTCs.

 

Complaints about Coinbase

The exchange is quite popular among users, who write many positive points about its work: it is convenient, has regulation, a reliable degree of security, there is a mobile application. Virtually all of the money stock is transferred to closed vaults in offline access, this ensures its safety. Users go through a two-level authentication, which makes it difficult for fraudsters. All transactions are quickly confirmed. There is no commission when transferring between internal wallets, when withdrawing to other sites – it is minimal.

Traders note a number of disadvantages: there are enough restrictions, for example, on the number of coins, also, instant purchase with the card is only available to residents of the United States; in addition, you can start work only after a complete rejection of anonymity and specifying personal data. Another disadvantage is the recent refusal of the administration to multisignature, which may reduce the level of protection of the resource. There are also complaints about the slow reaction of the support service.

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Regulation of Coinbase crypto exchange

Coinbase Exchange began its work in 2012. Its country of incorporation is San Francisco, USA, so the resource is fully subject to state law. Users highly appreciated the ability to buy and sell bitcoin (tips on how to make quick money on bitcoin exchange rate, here) via bank cards, the number of customers on the site grew rapidly, exceeding 1 million people in 2014. The advantage of the resource is that it is regulated, for example, it is licensed by the Financial Conduct Authority of Great Britain (FCA, registration number 900635).

The administration of the service maintains centralized control over the accounts of clients, reserving the right to delete them if the rules of the resource will not be respected. Some customers perceive this as a violation of the principles of freedom, but it is necessary to read in detail the “Agreement on cooperation” before starting cooperation with the service. By registering on the site and in the mobile application, users automatically agree to the terms of service. All personal information is encrypted using the AES-256 algorithm, and data is transferred to USB and paper drives stored in company vaults around the world. The service uses the SSL protocol, which reliably protects the information of exchange members.

The resource warns its customers about the possible serious risks of losing finances during transactions. Those users, whose financial situation is unstable, are not recommended to engage in cryptocurrency trading; in addition, persons under 18 years of age are strictly prohibited from using Coinbase services. The site has a verification of the reliability of the information provided. The user of the resource automatically agrees to verify all the information that is requested from him.

The administration reserves the right to check the data of any account at any time. Users are prohibited from engaging in terrorism financing, any kind of fraud, money laundering, etc. To prevent such situations, the service uses certain verification procedures, after which individual restrictions on transfers and selection of cryptocurrencies for investments can be introduced for the user.

• Read the Coinbase User Agreement
• Read the “Privacy Policy” on the website

Coinbase.com User Agreement

The “User Agreement” is the main document of the project, which must be read before working on the site. The agreement contains basic information about the rules of trading activities, as well as the responsibilities of both parties. Although the website has a Russian interface, the document is in English, which may cause difficulties for traders from the CIS countries. Let’s consider some points in details.

The agreement states that the user must be aware and accept that the risk of loss in trading or owning digital currencies can be significant. As with any asset, the value of digital currencies may rise or fall and there may be a significant risk that the Client will lose money buying, selling, holding or investing in digital currencies.

Digital currency services and value-added services are not currently regulated by the Financial Conduct Authority or any other regulator in the United Kingdom. Digital currency services and value-added services are not within the jurisdiction of the UK Financial Ombudsman Service and digital currencies and electronic money are not subject to protection under the UK financial services compensation scheme. Clients should carefully consider whether trading or holding digital currencies is appropriate in light of their financial condition.

In addition to the standard verification procedure, the user authorizes the company to make requests, directly or through third parties, that it deems necessary to verify the identity of the customer, protect him or the exchange from fraud or other financial crimes, and to take such actions as the organizer reasonably deems necessary based on the results of such requests.

When making these inquiries, the customer understands and agrees that their personal information may be disclosed to credit and fraud prevention or financial crime agencies and that these agencies may respond to inquiries. This is only an identity check and should not have a negative impact on the credit rating. The arranger may require the customer to wait some time after the transaction before allowing the customer to use additional Coinbase services or before allowing the customer to participate in transactions that exceed certain volume limits.

The company is not responsible for any claims regarding unauthorized transactions if the customer has not notified the company in advance. The company shall not be liable for any claims regarding unauthorized transactions or incorrect transactions if the user has acted fraudulently, intentionally or with gross negligence and this has resulted in unauthorized or incorrect transactions.

The customer agrees to be liable for the first 35£ for any losses incurred in connection with an unauthorized transaction resulting from the use of lost or stolen credentials (for example, if the user has not kept the login information to his Coinbase account secure), and if the trader fraudulently or intentionally or recklessly fails to comply with his obligations under this agreement and this leads to unauthorized transactions, it will be the trader that will be liable for all losses incurred as a result

The organizer disclaims responsibility for the underlying protocols and cannot guarantee their functionality, security or availability. The user acknowledges and accepts the risk that the underlying software protocols relating to any digital currency it stores in its digital currency wallet may change.

The Company may refuse to complete, block, or cancel a transaction that a customer has authorized (even after funds have been debited from a Coinbase account), suspend, limit, or terminate access to any or all Coinbase services, or deactivate or cancel a customer account with immediate effect for any reason, including the following

• the company feels it needs to do so to protect its reputation;
• the Exchange must do so in accordance with applicable laws, regulations, any court or other authority to which it is subject in any jurisdiction;
• if there is a suspicion that the user has violated the terms of this agreement;
• the client has violated the “Conduct Policy” or the “Prohibited Use, Prohibited Business and Conditional Use Policy;
• there are concerns that the transaction is erroneous or about the security of the user’s account;
• Coinbase services are used fraudulently or in an unauthorized manner;
• suspected of money laundering, terrorist financing, fraud or any other financial crime;
• the use of the account is the subject of any pending litigation, investigation or proceeding, thereby exposing the company to increased risk
• non-compliance with legal or regulatory requirements related to the client’s activities on the exchange;
• Taking any action that might circumvent company controls, such as opening multiple accounts or abusing promotions the company offers.

The organization may also refuse to complete or block or cancel an authorized transaction if there is insufficient electronic money or digital currency in the digital currency wallet to cover the transaction and related charges at the time we receive notice of the transaction or if a credit or debit card or any other valid payment method associated with the customer account or digital currency wallet is declined.

Customer Service

You can contact the support team using:

• phone: +1-888-908-7930;
• email: support.coinbase.com.

 

Is Coinbase a Scam?

Exchange Coinbase is popular enough among traders, provides fast withdrawal of capital, reliable storage of coins on purses and possibilities of profitable investment. On purses E-Money Wallet and E-Money it is possible to place electronic currency, to transfer means from one purse on another, to trace their movement and carrying out operations. Thanks to service DC Exchange it is possible to receive a worthy price for the assets exposed on a site (How to Make Money on Cryptocurrency?). As a full-fledged service for the exchange of coins, Coinbase is trusted by traders. More functionality of the resource today is still available to residents of the United States.

The site offers cryptocurrency wallet services to Russian traders. There are practically no complaints from Russian users about the site’s functionality, as well as the version of the site in their native language. But the interface is so simple that even a modest knowledge of English is enough to understand everything. In case of difficulty, the support team will help the trader. Regardless of the functions of the exchange, registration is done here with a detailed indication of personal data. Customers are not very happy with this, as well as the warning about the possible blocking of the account and funds in case of detection of violations. On the other hand, the resource is interested in stable and safe work of the users, so it is particularly careful to study their actions.

In the network, you can study the reviews of the resource. Among the positive aspects are reliability and stability of the system, security of information and money, the presence of regulation, etc. But note here that customers leave negative feedback about the exchange: it is, first of all, the limited functionality, the minimum of coins. At the same time, the functionality of the service is difficult to overestimate. There is an affiliate program, a mobile application is available, transactions can be canceled if they are made without the participation of the owner of the purse. In this case, the administration undertakes to return all funds lost due to unauthorized transactions. So can we call Coinbase a scam? No, because it is a reliable and stable platform that allows fast transactions, work with cryptocurrencies and exchange opportunities for profitable investments.

 

Conclusion

Coinbase – a convenient platform to work with digital assets. Users have already been able to assess a number of its advantages: fast transactions, informative resource, instant help of technical support, convenient applications, stability and security of the site. It is also worth noting the presence of licenses, which make cooperation with the exchange more reliable. And although the resource is limited in functionality for Russian-speaking traders, it is popular in our country.

Edited by Revieweek. will not consider the Coinbase exchange as a scam. Today the service deserves attention from Russian traders. Real reviews of clients of the resource, which we are waiting for here, will be able to affect the rating of the site, will warn the rest of its participants about possible problems in the work.