Review on Coinbase Singapore: Best for Beginner Investors

A crypto exchange platform that stores, trades, and swaps different types of digital assets, Coinbase features an easy-to-use website and mobile app suitable for beginners. It offers an opportunity for investors to earn interest on eligible balances.

Furthermore, the Coinbase Wallet allows direct funds transfer from the platform to other exchanges and is considered one of the safest cryptocurrency wallets in the world. However, be on the lookout for poor customer service and high transaction fees that make trading on the platform expensive.

What is Coinbase?

Founded in 2012 by the former Airbnb engineer Brian Armstrong and his friend Fred Ehrsam, Coinbase is among the top crypto exchange platforms where you can send and receive digital assets. The company has grown over the years with over 4,9000 employees worldwide and unique cryptocurrencies on the platform. 

Coinbase is among a few decentralized companies around the globe and lacks a main headquarter. It supports a massive ecosystem of at least 13,000 financial institutions with users in more than 100 countries. This crypto exchange platform supports customer trade of around $309 billion.

It runs two separate trading platforms, including the Coinbase Wallets. Coinbase has an array of digital assets that you might be looking for to start your cryptocurrency trade. Coinbase currently has over 100 cryptocurrencies for trade, including Ethereum, Bitcoin, Dogecoin, and Litcoin, among others.

How It Works

Coinbase allows users to buy, sell and exchange more than 100 tradable cryptocurrencies. The exchange has over 98 million users with around $256 billion of assets. Coinbase has its original platform, which is excellent for beginners who want to execute simple buy and sell orders.

The more experienced users prefer using Coinbase Pro, which offers advanced features. Coinbase Pro is an intuitive application that provides a real-time charting tool with exponential moving averages and moving averages. You can also view the price chart, your trade history, and your order book from the platform.

Both Coinbase and Coinbase Pro support a range of fiat currencies, including GBP, USD, and EUR. You can also choose between more than 50 altcoins across both platforms. Coinbase has high-level security and a direct listing on the Nasdaq. It has the most secure safety standards in the industry.

Key Features

• User Interface: Intuitive user interface easy to use for beginners. You can easily use PayPal to sell or withdraw from the platform.
• Fees: Coinbase charges 0% to 0.50% per trade and 2.49% for Coinbase card transactions and other bank account transactions.
• Number of supported cryptocurrencies: 107
• Security features: Coinbase has biometric fingerprint logins and two-step verification. The platform also has insurance in case of a breach, AES-256 encryption for digital wallets, and FDIC-INSURED USD balances.
• Transactions supported: Sell, buy, send, exchange, and receive.
• Maximum trading amount: the limits vary depending on the payment method and region.

All 25 Features

• Data security
• Dashboard
• Cryptocurrency storage
• API
• Activity Dashboard
• Alerts/Notifications
• Cryptocurrency Exchange
• Cryptocurrency Sending and Receiving
• Online Wallets
• Desktop Wallets
• Financial Reporting
• Digital Asset Management
• Income and Balance Sheet
• Mobile Dashboards
• Multi-Coin Support
• Mobile Wallets
• Performance Metrics
• Portfolio Analysis
• Real-Time Reporting
• Stock Management
• Transaction History
• Transaction Management
• Trend Analysis
• Visual Analytics

Pros and Cons

The Pros

• Beginner-Friendly User Interface

The Coinbase website and mobile app are easy to use and allow crypto buyers and sellers to exchange cryptocurrency quickly and conveniently.

• A Large Number of Cryptocurrencies are Supported

Coinbase supports more than 100 tradable cryptocurrencies, and the number keeps increasing gradually.

• Earn Interest

Coinbase allows its users to earn interest on eligible balances. Users have the chance to get a small amount of a new cryptocurrency through Coinbase Earn.

• Easy Switch to Coinbase Pro

Users can easily switch to Coinbase Pro, an active trading platform with more features and lower fees than the main platform.

The Cons

• Poor Customer Service

Customers have reported receiving poor services from the Coinbase Customer Service team, even in the case of serious account security issues.

• High Transaction Fees

Coinbase has high transaction fees, especially on the primary platform.

• Limited Access to Many Altcoins

Coinbase supports a variety of crypto coins; a number of altcoins are missing from the list.

Cryptocurrencies Available on Coinbase

Here is a list of some of the popular cryptocurrencies available on Coinbase:

• Bitcoin (BTC)
• Ethereum (ETH)
• Cardano (ADA)
• Solana (SOL)
• Polkadot (DOT)
• USD Coin (USDC)
• Dogecoin (DOGE)
• Uniswap (UNI)
• Litecoin (LTC)
• Shiba Inu (SHIB)
• Algorand (ALGO)
• Stellar Lumens (XLM)
• Polygon (MATIC)
• DAI (DAI)
• SushiSwap (SUSHI)

Which Payment Methods Are Accepted?

The payment methods accepted on Coinbase include:

• Bank transfer (ACH)
• Credit card
• Debit card
• PayPal
• Bank transfer (SEPA)

Trading Experience: What Is It Like to Use Coinbase?

Coinbase has a beginner-friendly intuitive user interface. Anyone with basic computer skills can trade on the platform. If you have traded stocks before them, this will be a walk in the park for you. In addition, Coinbase is available on both iOS and Android devices. 

You can find your Coinbase portfolio on the main dashboard. From there, you can easily buy and sell your cryptocurrency. This crypto exchange platform is available 24/7, meaning you can log in and trade anytime. You purchase the funds in your Coinbase account or through the connected card or bank account.

Any purchases you make are credited to your account directly, but sometimes you will need to wait for your deposit to clear before you make a withdrawal.

Can I Use Coinbase Wallet in Singapore?

Yes. You can use Coinbase Wallet to buy bitcoins with your debit or credit card or through a bank transfer.

Security: Is Coinbase Legal in Singapore?

Coinbase keeps assets and customers safe using industry-leading security measures. While the company does its best to keep the crypto assets safe, it is essential to follow the best online practices to secure your account information.

This crypto exchange platform stores its customer assets offline using cold storage in a network of safe deposits across the globe. The deposit boxes are supported by paper and digital backups. Coinbase also uses bank-standard encryption and security for its site. Additionally, all accounts use two-factor verification to prevent unauthorized users from logging in to your account unless they have access to your PC or phone physically.

Coinbase is legal in Singapore, but it is important to note that concerning E-Money Services, the platform is not regulated under the Payment Services Act of Singapore. Coinbase is not licensed, registered, approved, or held under the PSA.

Coinbase User Agreement

Here is the Coinbase User agreement in Singapore:

Coinbase SG is not currently regulated by the Monetary Authority of Singapore (the “MAS”) and is operating under a licensing exemption pursuant to the Payment Services (Exemption for Specified Period) Regulations 2019. Coinbase SG is based in and provides its services from Singapore. The terms “digital payment tokens” or “DPT” refer to digital payment tokens within the meaning given in the PSA, which are supported by the Coinbase Platform for use under the Coinbase Services, as may be added, removed, or replaced from time to time.’

Signing Up for Coinbase

Opening up a Coinbase account is pretty straightforward. It is a similar process to that of opening a new brokerage or bank account online. You will need to enter your personal information, including your social security number, to open a verified Coinbase account.

Eligibility

Here is what you will need to open an account:

• Be at least 18 years or older.
• A government-issued photo ID.
• Smartphone or computer connected to the internet.
• A phone number connected to a smartphone.
• The latest version of a browser that supports the Coinbase App.

Steps to follow to open a Coinbase account:

1. Signup for the Coinbase Account

Go to the official Coinbase website from your computer or download the Coinbase app for iOS or Android.

Open the app and tap on ‘Get Started.’ You will be prompted to fill in the following information:

• Legal full name
• Email address
• Password
• State

Read the Privacy Policy and User Agreement and click on ‘Create Account’ on the site or ‘Sign Up’ on mobile once you agree with the User Agreement and Privacy Policy. Once done, Coinbase will send you a verification email to your registered email address

2. Verify Your Email Address

You will receive a verification email in your inbox from no-reply@coinbase.com. Click on the link sent, and it will redirect you back to Coinbase.com. You will log back in with the email and password you entered while signing up to complete the verification process.

3. Verify Your Phone Number

A code is sent to your mobile phone, and you will use it to verify your phone number.

4. Add Your Personal Information

Once you sign in, you will be prompted to fill in your personal information. Once you are done, you will need to wait to receive further instructions through your email address.

5. Verify Your Identity

For this process, you must sign in to your Coinbase account and complete ID verification. It is essential to set up the 2-step verification app (TOTP) to prevent access to your account by unauthorized users.

6. Link Payment Method

You can buy cryptocurrency on Coinbase using a credit or debit card that’s ‘3D Secure ‘or a bank transfer.

How Fast Be Will My Funds Available?

Deposits

Bank transfer deposits take up to 5 days to arrive on your account. For Coinbase, Wallets and Card purchases are completed instantly or within minutes.

Withdrawals

Wallet transfers between Coinbase wallets complete almost immediately, while withdrawals and sell orders often take 1 to 2 business days to get to your bank account.

If you are sending outside Coinbase wallets, it will take a few minutes to arrive at the bank account, depending on the state of the networks, the network fees, and the cryptocurrency.

Customer Service

Coinbase has many negative customer reviews due to its negative customer service. Customer support is also reported to offer little help navigating scams, locked accounts, and hacked accounts.

Coinbase has a rating of 1.7 stars on Trust Pilot with over 7,000 reviews, with the most complaints on lost funds, customer services, and frozen accounts. Users on other review sites seem to share the same sentiments.

Many users had filed complaints with the Commodity Futures Trading Commission and Consumer Financial Protection Bureau, claiming they received little to no support when they lost their funds due to hacked accounts.

Fees and Charges

Coinbase recently removed its fee structure from its online help section. However, you get to see the charges when entering a trade, so you are aware of the fees charged when entering a trade.

Here are the fees you expect on the main Coinbase platform:

Trades over $200 have a percentage-based fee. It is also important to note that Coinbase transactions are also subject to a spread-based fee of 0.50%.

Coinbase also charges other fees, including:

How Coinbase Compares to Other Cryptocurrency Companies

Latest News About Coinbase

Coinbase is among 70 applicants for a Singapore-based license to provide cryptocurrency services. According to the information posted on the Monetary Authority of Singapore’s official site, Coinbase operates with an exemption.

Singapore has set high standards for cryptocurrency firms’ entry. The country is trying to strike a balance by attracting enough firms to transform the country while maintaining high regulatory standards.

Closing

Coinbase is among the top cryptocurrencies in Singapore. The platform has a beginner-friendly intuitive user interface making it ideal for anyone who wants to venture into the crypto world for the first time. It offers an easy way to buy and sell cryptocurrency globally. However, Coinbase fails with its pricing structure and its customer service.

Key Takeaways

• Coinbase is great for beginner investors in cryptocurrency.
• Coinbase offers a secure way to invest in crypto.
• The platform offers more than 100 cryptocurrencies you can buy, sell and exchange.
• Coinbase users can access lower fees and more features on Coinbase Pro.

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