Coinbase Review: Is it the best exchange for the UK?
Are you looking for a secure crypto exchange in the UK? Our Coinbase Review UK covers features, fees, and security.
The choice of cryptocurrency exchange plays a vital role in the execution of trading strategies. The fees, transaction processing time, ease of trading, the legal status of the platform, and transaction security can impact your trading journey. And that's when choosing the right crypto exchange becomes crucial.
Coinbase is one cryptocurrency exchange that has dominated the market since its launch in 2012. It is one of the most credible platforms for buying and selling crypto. It is second only to Binance exchange regarding liquidity and markets. Besides, it remains the most trusted platform for trading crypto globally.
This article presents a Coinbase review for UK customers. So, let’s get you started!
Coinbase review UK: The start
Coinbase is a US-based crypto firm with a distinguished reputation among crypto exchanges. The platform deals in over 200 cryptocurrencies and supports over 50 fiat currencies, including USD, GBP, AUD, and EUR.
The exchange is known for its interactive and easy-to-navigate interface, offering a seamless experience for traders. It also makes the platform convenient to use, especially for beginners. In addition, you can get constant guidance on the platform through its educational content. It provides you with a series of tutorials and crypto trading insights to help you make informed decisions.
The platform has more than 110 million verified users from over 100 countries. This speaks volumes for its global popularity. It aims to create a transparent financial ecosystem that makes financial products and services more accessible to a wider audience. Over the years, the exchange has contributed significantly to the broader crypto economy.
A wide range of cryptocurrencies and fiats.
Strong reputation for security.
A program to earn free cryptocurrencies.
A beginner-friendly exchange.
Helpful educational content.
Authorised by FCA.
Varying trading options.
High trading fees.
Complicated fee structures.
Coinbase review UK: How does it work?
This crypto exchange allows you to easily buy, sell, or trade digital assets. It smooths out the trading procedures for you by offering a wide range of payment gateways and other trading tools.
The exchange supports transfers through banks, debit cards, PayPal, money wires, and ACH transfers. Among these payment methods, ACH is the best cost-saving option as it allows depositing money directly from your bank without additional fees.
The platform offers various features that not only help in trading but also assist in portfolio management. It has numerous beginner to advanced-level trading tools, allowing every trader to benefit from its services.
Moreover, you can stake your crypto on the platform and earn rewards through its Earn program. The exchange has an ecosystem of different offerings, like a separate wallet, Coinbase Pro, or Coinbase One. These offerings make the platform all-in-one for your trading needs.
Coinbase review UK: Getting started
You can get started with the exchange by downloading the Coinbase App. To set it up, you are required to enter your full name, email address, and a unique password. After that, you will get a verification email from the app.
You can follow the link and instructions to verify your account. Then, enter your phone number to set up two-factor authentication. You can select the UK in the country section and proceed with your number here.
Next, the app will require you to verify your government-issued identity. For this, you will have to upload a picture of your ID that confirms the following:
You are above 18.
Your legal name.
Your current residence.
Note: You cannot upload your passport cards for this purpose.
Once you have uploaded your ID, you must answer questions like your occupation, source of income, the reason for choosing the forum, etc., to complete your registration process.
Finally, you can integrate your preferred payment method into your account. For UK customers, there are different options, including transfer from crypto-friendly banks in the UK, SEPA transfer, PayPal, and 3D secure card.
Source: Coinbase Help
Coinbase review UK: The features
Here are some of the prominent features of the Coinbase cryptocurrency exchange:
1. Easy-to-use interface
Coinbase is a user-friendly platform that comes with an interactive interface. Its browser-based platform, as well as a mobile app, both offer an easy-to-navigate interface for a smooth user experience. Even if you are a crypto non-native, you can easily browse through it and familiarise yourself with the platform.
Apart from the interface, registering on the platform is also straightforward. You provide the basic personal information and get registered on the exchange. UK clients have various payment options, so you can easily integrate one into your account.
#### 2. Supports 200+ cryptocurrencies
Coinbase UK has an array of different cryptocurrencies. It supports all the popular digital assets, including BTC, ETH, LTC, BNB, DOGE, USDT, ADA, SHIB, MATIC, SOL, USDC, AVAX, and various others. Moreover, it also offers a few rising crypto tokens like MAGIC, IDEX, EOS, LCX, and numerous other upcoming tokens.
It is also compatible with a range of fiat currencies and allows trades with GBP and EUR for UK customers, so there are no barriers for UK clients to acquire Coinbase services.
3. Coinbase Earn Program
Coinbase UK also provides you with enough opportunities to earn crypto. It runs an Earn Program through which you can generate a passive income for yourself. It is an innovative platform that offers incentives if you complete its educational modules.
Though the Earn Program does not offer sizable rewards, it uniquely motivates clients to learn about crypto. Besides, the modules are not too complicated, and users can easily complete the video tutorial instantly and get earned rewards.
4. Crypto card
Coinbase also offers a crypto card for spending your digital funds from the wallet. Fortunately, the virtual crypto card is also available for UK-based customers. These cryptocurrency cards are quite similar to most debit cards. The only difference is that these are connected to your crypto wallet instead of a traditional bank account.
To enable the crypto card, you must first activate its physical copy. These cards are supported by VISA and can be used on any platform that accepts them. The exchange also provides incentives through these cards. It also lets you select the token you want to receive rewards. You can earn up to 4% through a crypto debit card.
The cards have a withdrawal limit of £200 per month, which is free. However, you may have to pay 1% on each transaction if your withdrawals exceed the limit.
5. Educational content and tutorials
Coinbase’s popularity among beginners is partly because of its educational resources. These resources involve a range of crypto tutorials that offer guidance to beginners. The resources include different sections like tips and tutorials, crypto basics, market updates, and Web3.
The learn and earn program uses these resources to offer incentives to the customers. You can follow and learn through these resources and get rewards at the same time.
6. Staking program
You can also earn rewards on the Coinbase exchange through its staking program. Crypto staking includes using tokens backed by the Proof of Stake mechanism. You may earn a percentage if you stake these tokens or use them as collateral for verifying transactions.
The exchange allows the staking of various tokens, including Ethereum 2.0. Through Ethereum staking, you can earn between 3% to 7.5%. However, this program charges around 25% of the staking rewards.
Is Coinbase legal in the UK?
Yes, Coinbase is a completely legitimised crypto exchange in the UK. Fortunately, it is one of the few crypto firms that has secured approval from the Financial Conduct Authority (FCA).
The legal document from Coinbase User Agreement mentioned that CB Payments Ltd is “authorised and regulated” by the UK FCA. It also says that the firm is an Electronic Money Institution (EMI), and its registration number is 900635.
Coinbase review UK: The fees
Coinbase is one of the most convenient crypto trading platforms. However, this feature comes at a cost. Therefore, the exchange’s fees are on the higher side in comparison to its competitors like Binance. Interestingly, even one of its sister projects, Coinbase Pro, offers cheaper rates.
Coinbase review (UK) shows that its fee structure is also quite complicated for traders. There are two parts to the fees, which include:
Firstly, the spread fee is applied on transactions that show the difference between the actual price of the coin and the price with the platform’s profits. The exchange mostly charges around 0.5% on each transaction.
The latter is the platform fee which depends on the nature of the transaction. Payment method, fiat currency, transaction amount, and other factors affect the platform’s price. The confusing part is that there are flat fee estimates. Still, the Coinbase fee can be higher than the estimates or can be a varying percentage.
The estimated flat fee for the UK clients are:
Less than £10 transactions will cost £0.99.
£10 to £25 transactions will cost £1.49.
£25 to £50 transactions will likely cost £1.99.
Similarly, £50 to £200 transactions cost £2.99.
1.5% will be charged for transactions above £200.
UK bank transfers will cost around 1.49%, and using debit cards costs 3.99%.
Coinbase review UK: Is it trustworthy?
This cryptocurrency exchange is one of the most trusted ones because of its authorisation by the most reputed financial watchdogs. In the US, the exchange has the backing of Federal Deposit Insurance Corporations (FDIC). If the depositors lose their funds through a crime, the corporation will cover it through crime insurance. It is regulated by FCA in the UK, ensuring security to UK customers.
The platform maintains high security by storing clients' funds on an offline server. It limits the risk of potential cyber-attacks. Meanwhile, it maintains client security through 2FA, biometric fingerprint logins, and AES-256 encryption for wallets.
Coinbase also shows high liquidity, backed by financial giants like J.P. Morgan, Goldman Sachs, and others. The backing of such giants builds further trust among the people and gives them surety about their funds.
Coinbase review UK conclusion
Over the years, Coinbase exchange has remained among the top-rated cryptocurrency exchanges, and there are good reasons behind it. The platform offers one of the most user-friendly interfaces, allowing anyone to familiarise themselves with the exchange instantly.
Furthermore, it provides great learning material for anyone looking to enter the crypto market.
Although it charges higher fees, our Coinbase Review UK indicates the platform is well-protected. It ensures funds security and has insurance to give a backup to their clients. Meanwhile, you get numerous earning opportunities on the forum. All these reasons make Coinbase an ideal platform to kickstart your trading journey.
Author: Wasay Ali
Wasay Ali is a versatile professional writer with global experience and a background in mechanical engineering and social science. He is adept at crafting news and informational content for the crypto space and has experience writing for other niches. He is a professional SEO content writer who has worked with several digital marketing agencies and clients in the US, UK, Pakistan, and Europe. He is a dedicated volunteer and enjoys reading, writing, poetry, and going to the gym. He is an INFJ-A personality type dedicated to positively impacting the world. Wasay has a passion for writing as it allows him to express his creativity, share his knowledge, and connect with people worldwide.