Established in 2012, Coinbase is the United States of America based cryptocurrency exchange that facilitates transactions and trading of cryptos. It supports all major and minor crypto coins. It has a self-developed trading platform. And also has independent electronic wallets to store traders’ cryptocurrencies. Nevertheless, the cryptocurrency broker Coinbase has many flaws in its services and we will discuss them in this Coinbase review.
The official website of Coinbase provides us with information about its head office that is situated in San Francisco, USA. It provides buying, selling and trading of more than 30 cryptocurrencies including Bitcoin, Ripple, Ethereum and many more. The cryptocurrency broker Coinbase accepts payments via wire transfer, credit cards, debit cards, crypto coins from electronic wallets, and PayPal. It provides trading on the self-developed trading platform Coinbase Pro. Nevertheless, it charges many fees on its services these are trading platform service fee of 0.5%, a transaction fee of $200 or a certain percentage of withdrawal amount whichever is greater, also USA based wire transfer costs dollar 10. It performs KYC on all of its customers and asks for personal information like ID, Contact Number, and Residential Address. It also claims to support traders from 100+ countries.
Being all that said, the broker Coinbase was accused of frozen trader’s accounts without prior notification. It also runs a Multi-Level Marketing affiliate program and does not pay for referrals. It also falsely claims to have successfully registered 9 cryptocurrency services-related patents. However, these patents are already registered by other inventors. Withdrawals at Coinbase takes three working days. Furthermore, traders have to deposit crypto coins to Coinbase and it continuously tracks all the transactions. It also monitors all of the accounts and it’s a bad sign. Their customer support system is poorly criticised by many reviewers and traders. Some of them have also accused Coinbase as scam broker.
Is Coinbase scam or legit?
The offerings of Coinbase are lucrative and diversified. It promotes its self-developed trading platform over MetaTrader. Your electronic wallet keys are in control of Coinbase. It also tracks you and your transactions. Even trader’s personal information is asked by the broker. Considering all these facts we don’t have any choice rather than claiming Coinbase a potential scam cryptocurrency broker. The cryptocurrency market is without a doubt risky affair and traders must be alert at all the time.