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6 Reasons Coinbase Is the Best Crypto Exchange



coinbase logo on crypto chart background


Coinbase is one of the largest cryptocurrency exchanges in the world, both by number of users and volume of crypto traded on the platform.

It’s up there with the best crypto exchanges; there is little doubt about it. But what makes Coinbase so good? What makes Coinbase one of the best crypto exchanges?

1. Ease of use and user interface

Let’s start with one of the most important features of Coinbase: its ease of use. Crypto exchanges always strive to make things easy for users, but ease of use has been Coinbase’s identity since its launch.

Although Coinbase’s user interface has become a little more cluttered in recent years with the addition of new features and cryptocurrencies, the overall design and flow of the Coinbase app and desktop site remains intuitive.

Indeed, the Coinbase Android and iOS apps are highly rated, and this is one of the reasons many suggest newcomers to crypto use Coinbase for their first Bitcoin purchase.

To download: Coinbase for Android | iOS (Free)

2. Number of cryptocurrencies

When Coinbase first launched in 2012, Bitcoin was the only crypto you could buy. Of course, in 2012 the cryptocurrency market as a whole was still young, and there weren’t the thousands of cryptos we know today.

Now, Coinbase supports heaps of cryptocurrencies for spot trading, and there are even more available on Coinbase Pro (Coinbase’s most advanced trading tool, which we’ll talk about in a moment).

On Coinbase, you can buy the top-notch cryptos you’d expect to see, like Bitcoin, Ethereum, Litecoin, and Dogecoin, but also more obscure coins like Aptos, Liquidity, Mina, and more.

In short, you have a high chance of finding the cryptocurrency you want to buy on Coinbase.

3. Opportunities to Earn Free Crypto

Coinbase was one of the first cryptocurrency exchanges to pay its users to learn more about crypto. Coinbase Learning Rewards are a great way to earn free cryptocurrency, and all you have to do is follow the steps on your screen.

In the past, payments were made in better known cryptos. For example, at the time of writing, you can earn $4 from The Graph (GRT), $3 each from Chain (XCN), and AMP (AMP), with many more learning and earning opportunities.

You’re not going to become a crypto whale overnight, but who says no to free crypto?

4. Coinbase Pro is available for experienced traders

Coinbase comes in two versions: Coinbase and Coinbase Pro. Most of the time, a professional service has a cost, but Coinbase Pro does not.

screenshot of coinbase pro dogecoin order form

In fact, upgrading to Coinbase Pro could save you a few bucks here and there in transaction fees, so the switch might be worth it.

The biggest difference between Coinbase and Coinbase Pro is the trading interface. Where Coinbase allows you to perform spot trades, Coinbase Pro is a full-fledged trading platform with more advanced features. Its trading interface is different and you can trade between cryptocurrency pairs, set different buy and sell orders, and much more.

Like Coinbase, it’s not difficult to use, but since Coinbase Pro has more features, it will take you a bit of time to get up to speed.

5. Proof of reserves and liabilities

Coinbase is one of the few cryptocurrency exchanges to publish its proof of reserves, including liabilities. This is part of a broader push for transparency in the crypto world following the disastrous collapse and bankruptcy of FTX, a major crypto exchange.

Coinbase was already considered a haven among the mad before the FTX market craze. A Coinbase blog published in June 2022 addressed the issue directly, months before FTX overextended itself and caused a run on its self-issued crypto.

Many banks and financial institutions use customer funds for business purposes, including lending and trading, which means they often only hold a fraction of their customers’ assets at any given time. Coinbase still owns customer assets 1:1. This means funds are available to our clients 24 hours a day, 7 days a week, 365 days a year.

Additionally, Coinbase CEO Brian Armstrong posted a series of tweets confirming that the company does not engage in such practices, ensuring the safety of user funds.

The fact that Coinbase went through an initial public offering (IPO) on the stock exchange also means that the company should have opened its books to the auditors, who approved the company and its funding for investment.

6. Coinbase is secure

The crypto world has more than a few security issues. Coinbase has one of the best security records and has had few breaches over the years.

However, when you’ve been in the crypto game for over a decade, you’re bound to run into some trouble. For example, in 2021, around 6,000 user accounts were hacked, resulting in the loss of cryptocurrency. That said, it appears the breaches stemmed from a phishing attack, meaning the information was not stolen from Coinbase but rather directly from users.

The Coinbase SMS scam is a common crypto phishing attack you should be aware of!

Coinbase keeps the majority of its crypto holdings in cold storage wallets (as opposed to an online wallet connected to the internet). With funds held securely offline, there is less chance of a catastrophic breach. It’s not out of the question, but it does mitigate some risks.

Additionally, every Coinbase user must enable two-factor authentication. It adds another layer of security, requiring a second form of verification before unlocking your account. Again, it’s not foolproof, but it helps.

Coinbase isn’t perfect, but it’s a great option

No cryptocurrency exchange is perfect. If that were the case, we wouldn’t hear of crypto exchanges going on, gambling fast and free with user funds, performing all-in draws or other scams on users, or any of the many other problems.

But, Coinbase has been operating for over a decade at this point, and despite its documented issues, which it has, it has also fared better than other crypto exchanges.

So whether you’re new to crypto or have HODLed for years at this point (diamond hands, of course), Coinbase still has a place in the crypto-sphere for you.