Coinbase Review 2024: Pros, Cons and How It Compares

Coinbase is the largest U.S.-based exchange. It has a wide variety of options for users, from beginners to advanced traders.

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Profile photo of Kevin Voigt
Written by Kevin Voigt
Writer
Profile photo of Arielle O'Shea
Edited by Arielle O'Shea
Lead Assigning Editor
Fact Checked
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Co-written by Andy Rosen
Lead Writer/Spokesperson

Our Take

4.8

NerdWallet rating 

The bottom line:

Coinbase is the largest U.S.-based cryptocurrency exchange, trading more than 200 cryptocurrencies. Coinbase fees, however, can be confusing and higher than some competitors, and the company is facing some legal uncertainty as the SEC accuses it of breaking securities rules.

Coinbase
Fees
0% - 4%
varies by type of transaction; other fees may apply
Account minimum
$0
Promotion
Get $200 in crypto
when you sign up. Terms Apply.
Learn more

on Coinbase's website

Pros & Cons

Pros

  • Offers access to a large selection of cryptocurrencies.

  • Low minimum to fund account.

  • Quick crypto withdrawals.

Cons

  • Higher fees than other cryptocurrency exchanges.

  • Fees aren't very transparent.

Compare to Similar Brokers

Current Product

NerdWallet rating 

4.8

/5
NerdWallet rating 

3.9

/5

Fees 

0% - 4%

varies by type of transaction; other fees may apply

Fees 

$0

per trade

Account minimum 

$0

Account minimum 

$0

Promotion 

Get $200 in crypto

when you sign up. Terms Apply.

Promotion 

None

no promotion available at this time

Learn more

on Coinbase's website

Learn more

on Robinhood's website

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Full Review

    Where Coinbase shines

    Trading platforms. Coinbase users can trade on multiple platforms. The original Coinbase platform is a relatively simple interface that allows users to purchase cryptocurrency with U.S. dollars. Coinbase Advanced Trade has advanced charting functions and allows users to make crypto-to-crypto transactions and place market, limit and stop orders. Toggling between the two platforms is as simple as clicking a dropdown.

    Coinbase also has an option called Coinbase One, which offers no-fee trades and other benefits in exchange for a monthly fee of about $30.

    Learn to earn. A novel way to “earn while you learn,” Coinbase provides a series of video classes and exams as a way to educate users about cryptocurrency trading and some of the cryptocurrencies on offer. And, by taking the classes, users can earn a few dollars worth of certain cryptocurrencies.

    Quick withdrawals. Coinbase is one of the few crypto exchanges to allow users to withdraw crypto immediately after they purchase it using fiat currency, rather than waiting several days for the payment transaction to clear. This can be a big help for users who want to use cryptocurrency in decentralized apps and other external services.

    Where Coinbase falls short

    Fees and worsening transparency over time. Coinbase has a lot of ways you can pay for crypto, and they can carry different fees that are at times hard to understand. And although Coinbase technically does disclose fees to users before completing a transaction, the way the fee is presented in relation to the amount of crypto you're buying is more confusing now than it used to be, and those fees are difficult to look up ahead of time. In our opinion, this is the biggest knock against Coinbase. We've been reviewing the platform since 2020, and this fee transparency has gradually worsened since then.

    Legal woes. As the largest U.S.-based crypto exchange, Coinbase has been — and will likely continue to be — a focus of regulatory efforts to rein in the industry. In June 2023, Coinbase was hit with a sprawling complaint by the U.S. Securities and Exchange Commission, which accused it of dealing in unregistered securities. The case has implications for the entire U.S. industry, in part because it also names several popular cryptocurrencies as securities.

    Coinbase is best for:

    • Cryptocurrency traders looking for convenience.

    • Traders who want to easily convert one cryptocurrency to another.

    Coinbase at a glance

    Transaction fee

    Varies depending on payment method, cryptocurrency type, transaction size and platform. $3.74 for $200 Bitcoin purchase, or about 1.87%.

    Minimum trade

    $1.

    Number of cryptocurrencies

    More than 240

    Crypto-to-crypto trading pairs

    More than 350.

    Website transparency

    Most important information, including investment minimums, supported assets and how to close the account, can be easily found on the website, but fees are difficult to find and understand.

    Staking offering

    Rewards on a handful of coins, with rates up to about 12%

    Customer service

    Phone, email and chat.

    More details about Coinbase's ratings

    Trading and transaction fees: 2 out of 5 stars

    Coinbase's fee structure is a confusing combination of elements that depend on three factors:

    Here's what the screen looks like if you purchase $200 worth of BTC with a debit card.

    Here's what the screen looks like if you purchase $200 worth of BTC with a debit card.

    • Coinbase charges a spread on cryptocurrency sales and purchases. While rates can vary depending on market fluctuations, the company has previously said the fee is about 0.5%. (This fee doesn't apply for orders placed with Advanced Trade.)

    • Coinbase also says it charges fees based on factors “including the selected payment method, the size of the order, and market conditions such as volatility and liquidity.”

    • In addition, Coinbase charges fees to cover the costs of executing transactions on the external blockchain networks that support the cryptocurrencies in which it deals.

    Overall, these factors can make Coinbase fees difficult to predict on its main platform. The company says it clearly lays out fees for customers before finalizing a transaction, which we found to be true — but you'll only see it on the screen just before purchasing. Even so, it still seems like they try to obfuscate the amount in BTC you're actually receiving. (Note the screenshot to the left: You can see the fee comes out to $8.38, or about 4.2%, and we'd only receive $191.62 in Bitcoin.)

    Fees are lower if you purchase through a connected bank account. When we purchased $200 of Bitcoin with USD that way on Sept. 12, 2024, the total fee came out to $3.74, or 1.87%.

    By comparison, Coinbase Advanced Trade’s pricing model is more straightforward, though fees have risen slightly in recent years. It's based on your monthly trading volume and liquidity of the asset at the time of purchase; if immediately available, you're charged a “taker” fee, and if your order needs to wait for a buyer, you are charged a “maker” fee. Your fee tier is recalculated every hour.

    Level

    Pricing tier

    Maker fee

    Taker fee

    Advanced 1

    Up to $1K

    0.60%

    1.2%

    Advanced 2

    $1K to $500K

    0.35%

    0.75%

    Advanced 3

    $10K - $1M

    0.25%

    0.40%

    Advanced 4

    $50K - $5M

    0.15%

    0.25%

    Advanced 5

    $500K - $10M

    0.10%

    0.20%

    Advanced 6

    $1M - $15M

    0.07%

    0.16%

    Advanced 7

    $15M to $75M

    0.05%

    0.14%

    Advanced 8

    $75M to $250M

    0.02%

    0.10%

    Advanced 9

    $250M+

    0.00%

    0.08%

    Minimum trade: 5 out of 5 stars

    We were able to purchase $1 of BTC on Coinbase. However, it's worth noting that that came with a $0.50 fee, so we netted about $0.50 of BTC.

    Number of cryptocurrencies: 5 out of 5 stars

    Coinbase offers more than 240 cryptocurrencies for U.S. customers to trade, a larger number than many other platforms. However, the number of assets available can change regularly as Coinbase adds and delists cryptocurrencies in the fast-changing crypto landscape.

    Crypto-to-crypto trading pairs: 5 out of 5 stars

    Coinbase offers more than 350 crypto-to-crypto trading pairs.

    Staking and rewards: 4 out of 5 stars

    The potential APY on staked coins tops out at around 12% on Coinbase, and there are nine coins that can earn rewards.

    Some context on staking and rewards: Staking programs operated by centralized businesses such as exchanges have been under regulatory scrutiny, with some facing allegations that their offerings amount to unregistered securities. In this fast-moving space, a company's outlook can change quickly, so it's possible that an exchange could end its program and unstake your tokens without your approval or knowledge.

    Coinbase's staking program was part of the SEC's complaint against the company, so the legal questions over staking on the platform will likely linger as the case moves forward. Coinbase says it disputes the SEC's interpretation of the legality of its offerings. Chief executive Brian Armstrong said in a written statement in June that the company is "proud to represent the industry in court to finally get some clarity around crypto rules."

    Customer support options: 5 out of 5 stars

    Coinbase has 24/7 live phone support. It also allows customers to reach out by email or chat.

    The platform also has a strong library of educational content, and Coinbase Learn is a creative way to incentivize users to understand what they’re doing.

    Is Coinbase right for you?

    Coinbase is considered one of the top cryptocurrency exchanges in the U.S. The interface for Coinbase basic service is quick and user-friendly, but it also has a handful of features that might appeal to more seasoned users. That said, the costs of using Coinbase can be difficult to track, especially if you are purchasing cryptocurrency with cash.

    Methodology

    How do we review cryptocurrency platforms?

    NerdWallet’s comprehensive review process evaluates and ranks platforms and companies that allow U.S. customers to buy and/or sell cryptocurrency. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgments on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.

    We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The questionnaire answers, combined with demonstrations, interviews of personnel at the providers and our specialists’ hands-on research, fuel our proprietary assessment process that scores each provider’s performance across more than 10 factors. The final output produces star ratings from poor (one star) to excellent (five stars).

    For more details about the categories considered when rating brokers and our process, read our full methodology.

    Learn more

    on Coinbase's website