Coinbase experiences
Of course, the most important thing to note is the seriousness; after all, the steep rise in cryptocurrencies has also brought one or the other dubious provider onto the scene. In recent years, quite a few poorly been have poorly been deceived and have therefore traded without any return. With Coinbase, however, this danger does not threaten because, in our experience, it is a reputable and reliable provider at all times. Consequently, you can act here without hesitation.
Our experiences at a glance
Coinbase is by no means a young provider but discovered the cryptocurrency market for itself in 2012. That is exceptionally early because the alternative currencies in Germany only really came up a few months ago. However, this experience also gives the provider a few advantages, so the portfolio is by no means just focused on Bitcoin. Instead, Coinbase acts as an eWallet for Bitcoin, Litecoin, and Ethereum. In addition to this, a trading platform is provided for buyers and sellers to trade their currencies. Incidentally, Coinbase was supported by numerous prominent investors, who invested more than 270 million US dollars in the California company.
Incidentally, what is particularly favorable in the Coinbase test report is that the provider is one of the few representatives to present a German-language website. Of course, this makes it much easier to get started and ensures that even newcomers can quickly find their way around. However: not all parts of the homepage are fully available in German, and so, for example, the FAQ area must be used in English. The trading platform is provided by GDAX and is technically at a very high level. At first glance, numerous positive aspects can be seen, which makes a detailed test report all the more enjoyable.
Coinbase Check: Scam or not?
Before even trading on the Bitcoin Exchanges, the seriousness of a provider should be examined to be able to exclude dubious offers right from the start. A look at the seriousness of Coinbase shows that we are dealing with an extremely serious provider that is officially licensed and regulated by the responsible authorities in the United States. So we can rule out fraud or rip-off. A Coinbase fraud can therefore be completely ruled out because it is well known that the authorities of the states are thorough and strict in their controls. Even for users from Europe or Germany, this gives a good feeling when trading, especially since the deposits are protected by several insurance companies.
In addition, the experience of the provider speaks for the group; after all, Coinbase has not been guilty of anything in recent years. Two-factor authentication is also used by default.
All in all, all the requirements of a reputable provider are met, especially since the private data of all users are protected with the help of SSL encryption. In summary, there is no danger here at all.
Overview of Coinbase's offering
Coinbase's offer includes several activities. The provider gained initial experience as a simple e-wallet in which cryptocurrencies such as Bitcoin, Ethereum, or Litecoin can be safely stored. Secured deposits still exist today, but a platform for trading in digital currencies is now also available. The platform for this is provided by GDAX and can convince with a high level of quality.
Trading via GDAX is straightforward with Coinbase. The provider has designed its website to be extremely user-friendly so that opening your account, for example, can be described as entirely problem-free.
The trading platform can be used without prior download and is entirely browser-based.
In this way, appealing chart analyses are displayed, with which targeted trading is made possible.
The different orders can all be found in an order book, making the selection and an overview of the courses much more accessible. In general, however, it can be mentioned that the provider does not provide the most incredible variety in the portfolio with Bitcoin, Litecoin, and Ethereum. Most users should be OK with this selection, but there are usually significantly more currencies that can be traded, especially on Asian exchanges.
According to our Coinbase experience, the provider only incurs fees if a regular currency is paid in, and users then want to exchange it for Bitcoin, Litecoin, or Ethereum. The provider reserves the right to charge a fee of one percent for this, although this may be lower in some cases. If you pay directly via Bitcoin, Litecoin or Ethereum, you don’t have to worry about fees. When trading via GDAX, it is particularly positive that no maker fees are charged. The trade is also favorable in taker fees, as these are sometimes only 0.1 percent.
Compared to the competition, the fees are pretty low - and they are always suitable for your return. If you only use Coinbase as a wallet for your currencies, you don’t have to worry about any additional fees apart from the one percent payment fee.
Deposits and Withdrawals
To make deposits to the wallet at Coinbase, users have various options available.
We have already mentioned the fees, but the extended waiting time of several working days for the bank transfer must also be considered.
The credit card is a much faster alternative; there are no other payment methods for regular currencies. However, a cryptocurrency can easily be transferred from another wallet to the Coinbase wallet.
There are no fees involved. Incidentally, a maximum of 30,000 euros can be deposited. Amounts above this will be reversed.
Coinbase only pays out via the wallet of one of the cryptocurrencies or bank transfers. The transfer is associated with a specific waiting time and can only be recommended to a limited extent. Nevertheless, in this case, there is an advantage in that the amount can then be found in euros in the bank account. The provider does not charge withdrawal fees.
security and regulation
With a view to security, Coinbase can provide the usual protection mechanisms, including, for example, two-factor authentication when accessing the user account.
Here, protection has been negotiated with several insurance companies, which protects users' deposits of up to 250,000 US dollars. At the same time, the platform uses a cold wallet in which 98 percent of the assets are kept.
Just two percent of the assets are raised for the "day-to-day business," and the rest is permanently protected.
customer support
Coinbase implements customer support in several ways. For example, the chatbot on the website, which is an interactive FAQ area, is very interesting. Here the chat with an actual support employee is simulated, whereby the bot can, of course, only answer general questions. Essential for all users from Germany: The questions are only answered in English. This also applies to direct conversations with a support employee, which can be recorded using the ticket system. However, a specific waiting time must be accepted, but the answers are comprehensive and understandable.
Also available is a handy FAQ area in which the provider answers the most common questions from all users. Account-specific things cannot be clarified here, but the FAQ center provides quick help for all other topics. Especially good: The topics and questions are sorted into different categories, which of course,, makes it much easier to search for the answers.
Ease of use of the platform
The user-friendliness of the provider can be described as high simply because the website is available in German. The website is also very much designed for beginners and therefore easily guides you through the different processes. The opening is done quickly, and trading and "storing" the currencies is also easy. Coinbase is a suitable platform for newcomers, mainly since the excellent impression of operation is also reflected in subsequent trading with the trading software.
Mobile App
The majority of traders today no longer only access the trading platform with their computer but also use a mobile alternative for their smartphone or tablet. This is available in the form of the Coinbase app, which is offered in two different versions. Users with an Apple device can go to the App Store and download the provider's software.
The installation takes place automatically; after a few moments, you can trade. The process is similar for the Android app, which, however, has to be downloaded from the Google Playstore. However, this step is also unproblematic, so the mobile versions can be described as natural alternatives to trading on the desktop.
Conclusion: Ideal offer for beginners
In summary, our Coinbase experience can be summarised as extremely interesting. Especially for beginners, this provider is one of the most exciting bitcoin exchanges; after all, the website and platform are incredibly user-friendly. In addition, the portfolio focuses exclusively on the well-known currencies Bitcoin, Litecoin,, and Ethereum. Nevertheless, trading is fun unless you are betting on exotic digital currencies. The mobile app can do its job wonderfully as a supplement, and Coinbase is one of the few regulated and licensed providers. But that's not all because the deposit guarantee also guarantees users protection. All in all, we can recommend the offer.