Before selecting a cryptocurrency exchange, one of the best we can do is to check a Coinbase review. In this article, we will be making a full Coinbase review that would help you know more about this platform. One of the most important things about Coinbase is that it allows you to trade several cryptocurrencies, including XRP.
In this Coinbase review, we will share some of the best characteristics of this exchange. We will also provide you with the details of the services offered and more. Coinbase is also experiencing constant changes. As the market moves forward Coinbase will also have to provide new solutions.
Coinbase Review - Basic Information
Coinbase was created back in June 2012 and it rapidly became one of the largest crypto exchanges in the world. It was offering the most popular cryptocurrencies to trade, including Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC). However, it later started to add new cryptocurrencies.
The exchange is located in California and they are currently offering services in around 32 countries. The founders were Brian Armstrong and Fred Ehrsam. The services were launched in October of 2012.
For example, the exchange decided to add other altcoins such as XRP, Decentraland (MANA) or Ethereum Classic (ETC), among others. With these new digital assets, the trading volume massively surged.
The main difference between Coinbase and other exchanges is the fact that it has always added respected digital assets. The exchange has never added support to a cryptocurrency that was accused of being a scam. In addition to it, Coinbase has very close contact with regulators all around the world. The main goal is to be compliant with all the international regulations in the crypto space.
However, this is something that many users do not like. They complain about it because it doesn’t follow the crypto ethos of decentralization. The exchange received many critics because of this.
Finally, Coinbase has been offering a very good service for users. The platform experienced very few shortages and the interface is very user-friendly.
Moreover, in this Coinbase Review, we will share with you more information about the trading pairs offered. Other services users can enjoy while using Coinbase include a crypto wallet and staking.
To have a more complete Coinbase review, we will tell you which are the main services the exchange offers. While the main services are related to crypto trading, there are other solutions for users.
As the cryptocurrency market expanded and new projects were developed, Coinbase had to update its solutions. For example, it is is now allowing users to stake their Tezos (XTZ). If you own XTZ coins, you will be able to earn rewards on this virtual currency on Coinbase.
To make a more in-depth Coinbase review we need to take into account the services they will launch in the future. As they have already launched staking solutions, they can also offer staking for other digital currencies. Two of these virtual currencies could be Cardano (ADA) and Ethereum (ETH).
Although ADA and ETH are already supported in the spot exchange, they may be added to staking in the future. Ethereum has yet to move to its final Proof-of-Stake (PoS) stage before being able to reward users. Moreover, Cardano must also test and try the new network recently released.
Coinbase Liquidity & Security
Currently, Coinbase is the 8th largest cryptocurrency exchange in terms of liquidity. CoinMarketCap shows Coinbase has a liquidity of $17.55 million. In the last 24 hours, Coinbase handled a trading volume of $339 million. You can also check our Ripple Exchanges page to see the Liquidity of Coinbase.
The exchange is also offering an API for developers and merchants that want to accept crypto payments. This is very useful for individuals and companies that want to receive money in digital assets. Nonetheless, not all cryptocurrencies are supported by these services.
Regarding the support offered, clients have usually a fast answer to their inquiries. Nevertheless, many of these requests have been related to frozen accounts or issues with their funds.
One of the most important things to mention is the fact that Coinbase didn’t experience any hack in the last years. Other exchanges such as Binance or Coincheck have been affected by security breaches. Coinbase is considered to be one of the safest crypto exchanges were to hold virtual currencies. Despite that, we always recommend users to store their funds in hardware crypto wallets.
At the moment, there are no plans for Coinbase to launch a decentralised exchange (DEX). While other platforms are already doing so, Binance decided to stay on the sidelines on this matter.
Coinbase Ripple Integration
It is worth noting that Coinbase has added support for XRP, as we mentioned before. Currently, XRP can be traded against the U.S. dollar (USD), the Euro (EUR) and Bitcoin. XRP trading pairs represented 5.72% of Coinbase’s trading volume in the last 24 hours.
Coinbase decided to add support to XRP in early 2019. Many users expected the exchange to add support for the third-largest cryptocurrency before adding other tokens. This generated criticism among the crypto community and enthusiasts.
Nowadays, Coinbase is working with XRP without any problem. Many users found it very useful and it already represents a very important part of the trading volume of Coinbase. Compared to Binance, Coinbase seems it does not have any specific plan to integrate its platform to Ripple’s solutions.
Nonetheless, users can simply use the XRP cryptocurrency to move funds to other platforms. For example, Coinbase Pro does not have withdrawal fees. By using XRP, it is possible to send and receive payments fast and for very low fees.
In this Coinbase review, we have shared some of the most important things about this exchange. We explained when the exchange was launched and which services they are currently offering. In addition to it, we have described to you how Coinbase decided to integrate XRP.
Coinbase became a respected firm in the market. Through their great user interface and solutions, it is now one of the most popular crypto exchanges in the world.