Interested in learning about Coinbase Review and knowing whether it’s available in Nigeria? Hang on.
Coinbase is an American business that runs a platform for trading cryptocurrencies. The cryptocurrency trading and investment platform is a distributed organization. By trading volume, it ranks as the top cryptocurrency exchange in the US.
Coinbase enables users to purchase, sell, and trade over 100 tradable cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin.
Coinbase is a sizable corporation with more than 98 million users and $256 billion in assets on its platform. You can also explore 8 Best Cryptocurrency to Invest in 2022- 7 Factors to Consider.
Is Coinbase Available in Nigeria
Coinbase is not available in Nigeria. It is an American crypto platform for traders. Therefore, Nigerians cannot trade on Coinbase. Read on to learn more about the Coinbase review.
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Coinbase Review Overview
As a platform for sending and receiving bitcoin, Coinbase was established in 2012. With more than 4,900 people worldwide, the company has expanded to offer dozens of distinctive cryptocurrencies. With no central office, Coinbase is a decentralized business.
More than 100 nations have users on Coinbase, and each quarter, customers trade almost $309 billion worth of goods. 13,000 financial institutions are supported by the extensive cryptocurrency ecosystem that Coinbase oversees.
In addition to providing a stand-alone cryptocurrency wallet service, Coinbase operates two different trading platforms. You may probably find everything you need to create and manage a bitcoin portfolio or trading plan among the variety of goods offered by Coinbase.
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49 Supported Countries on Coinbase
Africa, Asia, Australia, Europe, North America, and South America are the continents that Coinbase supports.
It serves 13 African nations, including Kenya, Ghana, and South Africa, among others.
It does not support Nigeria.
Nigerian users are only permitted to own a wallet; they are not permitted to buy or sell bitcoins on Coinbase.
In Nigeria, Coinbase does not operate. Yet.
Other supported countries are :
- Austria
- Belgium
- Bulgaria
- Croatia
- Cyprus
- The Czech Republic
- Denmark
- Finland
- Greece
- Hungary
- Ireland
- Italy
- Latvia
- Liechtenstein
- Malta
- Monaco
- The Netherlands
- Norway
- Poland
- Portugal
- San Marino
- Slovakia
- Slovenia
- Spain
- Sweden
- Switzerland
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7 Pros of Coinbase
- Secure exchange of cryptocurrencies
- An interface that is simple and clear
- Accepted in over 30 nations
- Simple to use for those new to cryptocurrencies
- They support many coins
- Chances to earn cryptocurrency
- Coinbase Pro offers cheaper prices.
3 Cons of Coinbase
- High transaction costs compared to other exchanges.
- Difficulties with customer service
- Having difficulty trading many altcoins
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Cryptocurrencies Offered on Coinbase
Over 100 cryptocurrencies can be traded on Coinbase, and new coins are added to the list regularly. There are too many to list all of them, but here are a few of the most widely used ones on Coinbase:
- Bitcoin (BTC)
- Ethereum (ETH)
- USD Coin (USDC)
- Dogecoin (DOGE)
- Cardano (ADA)
- Solana (SOL)
- Polkadot (DOT)
- Polygon (MATIC)
- DAI (DAI)
- Uniswap (UNI)
- Litecoin (LTC)
- Shiba Inu (SHIB)
- Algorand (ALGO)
- Stellar Lumens (XLM)
- Polygon (MATIC).
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Trading Experience on Coinbase
The business operates two distinct platforms known as Coinbase and Coinbase Pro. Each offers different benefits while still allowing you to purchase, sell, and trade cryptocurrencies.
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Coinbase Review
Coinbase review has to do with everything you need to know about Coinbase. Anyone with rudimentary computer abilities can use Coinbase Trading because, for beginners, it is user-friendly. You can access Coinbase on the web or you will have a somewhat comparable experience if you’ve ever traded stocks through an online brokerage.
Your Coinbase portfolio on the main dashboard, and a page where you can buy and sell currencies is never more than a few clicks away.
Log in and place a trade at any time because cryptocurrency markets are open around-the-clock. You can make purchases with money in your account or directly with a linked bank account or credit card.
Depending on how you pay for your cryptocurrency purchase, there can be additional charges. Although you might need to wait for your deposit to clear before making a withdrawal, purchases are instantly credited to your account.
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Coinbase Pro
Although Coinbase Pro may seem to be only for experienced traders, anyone with a Coinbase account can access and utilize the pro version. You get access to more trade options, including limit and stop orders that aren’t available on Coinbase’s main platform.
Additionally, Coinbase is experimenting with a brand-new service called Coinbase One, which provides no-cost trades and other advantages in return for a monthly subscription. Even though the application was still in beta testing in May 2022, the price was roughly $30.
Coinbase offers several video lessons and exams to teach users about cryptocurrency trading and some of the cryptocurrencies available, offering a creative approach to “earn while you learn.” Also, users can earn some cryptocurrency by enrolling in the classes.
Coinbase Fees
In addition to recently removing its whole charge schedule from the Coinbase online help area, Coinbase is discreet about its pricing and fees.
Costs are, however, displayed on the trade screen before you initiate a deal, so you are aware of your costs when you enter a trade.
Coinbase Charges
When you deposit money into your Coinbase account, there are no costs; however, a 1.49 percent fee is applied when you buy coins. While your financial institution will, Coinbase does not charge a deposit fee.
Although they differ from nation to nation, these fees are typically 1.49 percent for bank transfers and 3.99 percent for debit/credit cards. Because Coinbase’s costs are greater than those of many other well-known exchanges, it is not recommended for cryptocurrency day traders.
The network transaction fees and other small expenses associated with virtual currency transfers must also be paid by dealers in addition to these costs.
Additionally, consumers will pay a conversion fee as well as an exchange rate cost that is based on the spread. When a user completes a transaction, the fees are always disclosed and displayed to them.
Methods for Deposit & Withdrawal on Coinbase
For depositing and withdrawing money to buy and sell cryptocurrencies, Coinbase users have a variety of choices.
While some of these methods may differ significantly from nation to nation, the majority of deposit and withdrawal options are accessible worldwide, including in the US. Below are the procedures for making deposits and withdrawals.
Coinbase Bank Account (ACH)
This deposit/withdrawal option, which takes 4-5 business days, is suitable for big and modest amounts.
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Coinbase Wire transfer
The ideal way for large deposits and withdrawals is wire transfer, which takes one to three business days.
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Coinbase Cryptocurrency
- Bitcoin
- Bitcoin Cash
- Ethereum, and
- Litecoin may all be purchased, sold, deposited, or withdrawn using Coinbase.
Levels of Security and Verification On Coinbase
To protect users’ cryptocurrency balances from loss or theft, Coinbase saves 98% of its users’ cryptocurrency funds offline in a cold-storage wallet. All across the world, safe deposit boxes and vaults are used to store the cold-storage wallets. Users’ wallets are stored using AES-256 encryption on the Coinbase website, which operates via fully encrypted SSL (HTTPS).
Coinbase, therefore, is extremely safe.
Moreover, customers can increase the security of their accounts even further by using two-factor authentication, email confirmation, and other security measures in addition to Coinbase’s security.
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Coinbase Customer care
One of the biggest complaints people have about Coinbase is their customer service. Consider Coinbase to be mostly self-service since it is really difficult to contact a professional for any form of assistance.
The Coinbase help page, email support tickets, an automated phone system, and a chatbot are all officially supported customer service alternatives.
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Coinbase Customer Satisfaction
You are likely to be a satisfied customer when everything goes as planned. But occasionally, things don’t work out as expected, and consumer feedback reveals bad customer care encounters and minimal assistance handling frauds, hacked accounts, and frozen accounts.
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Conclusion
In this Coinbase review, I hope you enjoyed the read. For further assistance, you can contact or leave a review in the comment section.
