Swen Keller
Swen Keller
In the crypto world Swen has consistently found success through his effective communication skills and the unique ability to navigate the details.
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    Coinbase Singapore Review 2022: Fees and More

    Coinbase Singapore review

    Coinbase Singapore Review: Our Opinion

    Coinbase is a popular cryptocurrency exchange that makes it easy for beginner traders to trade over 100 coins and tokens. But this comes at a price, as the exchange charges very high fees for its services. There are also many user complaints about their poor customer service. However, Coinbase remains one of the most trustworthy cryptocurrency exchanges in the industry.

    With over $309B in quarterly volume traded, 98M+ verified users, and 100+ countries supported, Coinbase is one of the largest cryptocurrency exchanges on the globe.

    Coinbase allows users to buy, sell, receive, and send over 100 cryptocurrencies such as Litecoin, Ethereum, and Bitcoin through its web and mobile platforms.

    Newbie crypto traders will appreciate the cryptocurrency exchange as it makes executing basic buy and sell orders easy. There are also advanced features for advanced users on Coinbase Pro.

    The cryptocurrency exchange offers users offline storage, crypto, and FDIC insurance as measures to secure digital assets.

    In this Coinbase review, we’ll provide a deep dive into what you can expect from this global exchange. We studied over 100 user reviews, carried out competitor research, and had first-hand experience of the exchange to provide valuable information for your decision.

    An Overview of Coinbase

    Coinbase Home Page

    Coinbase was founded in 2012 by Brian Armstrong and Fred Ersham in San Francisco, California, the United States. Initially, the company was created as a platform to send and receive Bitcoin. But it has since evolved to support numerous cryptocurrencies and has over 4,800 employees globally. Currently, Coinbase operates in more than 100 nations.

    Pros

    Cons

    Key Features of Coinbase

    Coinbase Earn

    Coinbase Earn

    Coinbase Earn allows you to earn as you learn about crypto. The program covers how various cryptocurrencies work and then rewards you with a bit of each to try out.

    For example, the screenshot below shows a course on AMP coins and it offers $3 in AMP as the reward.

    Coinbase Earn AMP reward

    The tutorials are primarily video classes. After completing the course, you’ll have to finish a basic quiz testing what you’ve understood. Upon completion, you’ll receive a reward in the same digital asset as the course completed.

    Coinbase NFT

    Coinbase NFTs Platform

    This is a peer-to-peer platform/community that enables NFT collectors and creators to come together to browse, discover, purchase, display, and create NFTs.

    That said, though NFTs can take the form of audio recordings, illustrations, regenerative art, and short and feature-length films, Coinbase currently only supports files in the form of videos, photos, and digital illustrations. For purchases, Coinbase NFT requires a connected wallet and enough Ethereum in the wallet to buy an NFT plus cover the miner’s gas fees.

    In the future, Coinbase intends to add the ability to create auctions and bids which will need wETH. They also plan more blockchain support and crypto assets for Coinbase NFT.

    For listings, Coinbase NFT only allows you to list NFTs that you own and that is in your connected wallets. The program also requires that every NFT put up for sale needs to have a smart contract that can be traced to the original creator. Here’s how to put up NFT for sale.

    • Go to NFT on your dashboard
    • Choose List for sale
    • Type in the amount in ETH that you want to sell NFT for
    • Choose “confirm price” once you’re done
    • Follow the subsequent prompts to finish listing your NFT

    Coinbase Card

    Coinbase Card

    The Coinbase card is a debit card issued by the exchange that allows you to earn crypto on everyday purchases. It doesn’t have to be crypto that you buy to get rewards. You will also be able to use the Coinbase card anywhere that Visa is supported.

    What’s more, Coinbase Card allows you to diversify your rewards. You can earn either popular assets like Bitcoin or upcoming projects like The Graph. Coinbase Card also lets you choose what to spend (cryptocurrency or fiat currencies). Plus, Coinbase works with both Apple Pay and Google Pay.

    The feature does not charge transaction fees as well. To get started you can just sign up. Coinbase also does not run credit card checks or require you to stake certain assets first.

    Coinbase Pay

    This is a payment feature that enables Coinbase users to purchase or transfer supported cryptocurrencies on Coinbase directly from decentralized apps and self-custody wallets like MetaMask. However, not every supported coin on Coinbase is available via the Coinbase Pay feature on third-party apps.

    You can use this payment feature on the following:

    • Coinbase NFT

    • Third-party apps

    • Coinbase wallet

    If you’re using a third-party app Coinbase Pay must be available for use on that app.

    It’s important to note, that when you connect your Coinbase account to third-party apps like decentralized apps, another Coinbase product, or self-custody wallets you’re giving the app permission to

    • Access your Coinbase account data

    • Buy crypto using your payment details

    • Send cryptocurrency out of your Coinbase account

    However, a third-party app cannot move customer funds out of their account without permission.

    The whole idea behind Coinbase Pay’s integration with third-party apps is that it enables you to buy crypto from Coinbase without having to leave the third-party app.

    That said, Coinbase recommends that you carry out research on the third-party app before connecting your account to prevent compromising your data to bad actors.

    Also, some Coinbase Pay partners may have limited the ability to transfer or buy a number of cryptocurrencies. And not all payment methods in your Coinbase account will be supported by the third-party app.

    Cryptocurrencies Available on Coinbase Singapore

    Coinbase Singapore supports more than 100 cryptocurrencies. Here is a list of some of the available coins on the exchange:

    • Bitcoin
    • 1Inch
    • Litecoin
    • Ethereum
    • AAVE
    • Badger
    • 0x ZRX
    • Adventure Gold
    • Aergo
    • Aioz Network
    • AirSwap
    • Alchemix
    • Alchemy
    • Aleph.im
    • Algorand
    • Amp
    • Ampleforth Governance Token
    • Ankr
    • ApeCoin
    • API3
    • ARPA Chain
    • Assemble Protocol
    • Augur
    • Automata Network
    • Avalanche
    • Aventus
    • Axie Infinity
    • Badger DAO
    • Band
    • BarnBridge
    • Basic Attention Token
    • Biconomy
    • Binance USD
    • Bitcoin Cash
    • BitDAO
    • Bluzelle
    • Bonfida
    • Bounce Token
    • Braintrust
    • Cardano
    • Cartesi
    • District0x
    • Dogecoin
    • Drep

    Coinbase Fees

    Coinbase fees do not apply for storing your cryptocurrency assets on the platform. But they do charge trading, deposit, and withdrawal fees.

    The exchange uses a maker-taker fee model to determine its trading fees. So orders that provide liquidity (maker) cost differently from orders that require liquidity (taker). Coinbase calculates its trading fees based on the pricing tier you are in at the point of the transaction, not the one you’ll be in after the trade.

    If you place an order that gets filled instantly you’re considered a taker and will be charged a 0.05% and 0.06% fee. When you place an order that isn’t matched instantly by a current order, your order will be placed on the order book. If another user places a new order that satisfies yours, you will be considered the maker and will be charged 0.00% and 0.40%.

    However, if you place an order that is partially matched instantly you’ll be charged a taker fee for that portion. What’s remaining of the order is put in the order book and when satisfied is considered a maker order. You’ll then have to pay a maker fee for the leftover portion of the overall order.

    Here’s a list of the following pricing tiers and their respective trust and maker fees.

    • $0 – 10K pricing tier with a 0.60% taker fee and a 0.40% maker fee
    • $10K – 50K pricing tier with a 0.40% taker fee and a 0.25% maker fee
    • $50K – 100K pricing tier with a 0.25% taker fee and a 0.15% maker fee
    • $100K – 1M pricing tier with a 0.20% taker fee and a 0.10% maker fee
    • $1M – 20M pricing tier with a 0.18% taker fee and a 0.08% maker fee
    • $20M – 100M pricing tier with a 0.15% taker fee and 0.05% maker fee
    • $100M – 300M pricing tier with a 0.10% taker fee and a 0.02% maker fee
    • $300M – 500M pricing tier with a 0.08% taker fee and a 0.00% maker fee
    • $500M+ pricing tier with a 0.05% taker fee and a 0.00% maker fee

    Coinbase also offers taker and maker fees of 0.01% to 0.00% respectively based on stable coin pairs as listed below:

    • BUSD-USD
    • DAI – USDC
    • DAI – USD
    • PAX – USD
    • PAX – USDT
    • USDC – EUR
    • USDC – GBP
    • USDT – EUR
    • USDT – GBP
    • USDT – USDC
    • USDT – USD
    • UST – USD
    • UST – USDT
    • UST – EUR
    • WBTC – BTC

    The con here with Coinbase taker and maker fee structure is that the pricing tiers take time to update. So you have to check your current free tiers before conducting a trade to ensure your pricing tier is updated.

    In general, Coinbase calculates your taker fees based on the total USD trading volume over 30 days on all order books. All transactions conducted on books written in USD count as the total USD amount of every filled order.

    Transactions in non-USD books are converted to USD depending on the most current filled price on the book. So a purchase of 1 BTC on the BTC-ETH book will be instantly converted to a USD equivalent based on the current fill price on the BTC-USD book.

    Fiat Currency Deposit and Withdrawal Fees

    All ACH transfers are free but a bank transfer via wire deposits and withdrawals cost $10USD and $25USD respectively.

    If you’re paying with GBP via swift deposits are free and withdrawals cost 1GBP.

    Miner Fees

    Coinbase charges users miner fees to ensure fast transactions and processing times. The catch here is that the fee charged is an estimate of the network fees that they expect to pay per transaction. But this fee is dynamic depending on the particular circumstance. So the fee that the exchange pays might differ from the estimate.

    Coinbase Payment Methods

    Coinbase allows you to buy cryptocurrency in Singapore using a credit or debit card that supports 3D Secure. You cannot use bank transfer as it isn’t a supported payment method in Singapore.

    To know if your debit card is compatible with the exchange, Coinbase suggests that you simply try adding it to the account or contacting your credit or debit card issuer.

    If the card does not support 3D Secure you will get an error message upon the attempt.

    To add this payment method, follow these steps:

    • Sign in to your account and then go to the payment methods page. Next, choose Link New Account
    • Pick Debit/Credit Card
    • Type in your card data (ensure that your address matches your card’s billing address)
    • You should see a window stating that your credit or debit card has been added and a Trade button.
    • To buy cryptocurrency you can just navigate to the buy/sell page.

    Here’s how to use this payment method to make a purchase:

    • Visit the buy/sell page
    • Next, enter the amount to purchase your chosen crypto
    • Choose the card on the payment methods drop-down menu
    • Confirm that your order is correct and choose Complete Buy.
    • You will typically be redirected to your bank’s website but this process may differ depending on the bank you use.

    Coinbase Security

    Coinbase Security

    Coinbase offers various security measures to secure customer funds. However, in the spring of 2021, over 6,000 of its users were hacked completely draining their accounts.

    But before this incident, Coinbase had successfully avoided any hacking incident.

    One of the measures used by this exchange includes compulsory multifactor authentication. Every user that signs up to Coinbase must set up multifactor authentication before being able to use the platform effectively. This is inclusive of hardware keys and services like Coinbase Address and Vault at no additional cost.

    Asides from the aforementioned, Coinbase stores 98% of all crypto on its platform offline in cold storage in secure servers that are guarded and watched 24/7. This makes it harder for bad actors to hack.

    There are also proactive security measures offered. For example, Coinbase reviews all its crypto offerings before adding them to the exchange to ensure they comply with the required security needs.

    Coinbase Staking Rewards

    Coinbase allows you to earn staking rewards via the Coinbase Staking program. You can earn up to 5.07% APY and rewards are added to your account periodically depending on the particular asset staked.

    Here are some of the cuurently available cryptocurrencies for staking:

    • Ethereum at 3.675% APY
    • Tezos at 4.63% APY
    • DAI at 0.16% APY
    • Cosmos at 5.00% APY
    • Cardano at 2.60% APY
    • Algogrand at 5.75% APY

    To be eligible for staking your identity must be verified and you must reside in a supported country. Fortunately, Singaporeans are eligible to stake on Coinbase.

    Opening a Coinbase Account

    To open a Coinbase account go to Coinbase.com.

    Next, click get started and enter your account details. This includes your legal name, email address, and password.

    Coinbase Sign Up

    Click sign up or create an account depending on the device you’re using.

    You should receive a verification email. Click verify the email address in the message sent to you. It’ll redirect you to Coinbase.com. You’ll have to sign in using your email and password to finish the email verification.

    Next, you’ll be prompted to enter your phone number. Coinbase will send you an SMS and you will have to verify your phone using the SMS code sent to your device.

    You’ll be asked to provide your date of birth, name, intent, occupation, source of funds, and employer.

    Next, you’ll need a government-issued ID as Coinbase will require that you take a photo with it and upload it.

    The documents you’ll have to verify include a driver’s license, passport, and government-issued ID.

    After verifying your ID you can link your payment method and start trading.

    If you want to open a Coinbase Pro account after creating a normal account, you must use the same email address for the two accounts. This is because Coinbase will link your 2 accounts and enable you to transfer funds between them.

    To create a Coinbase Pro account visit here. You may be prompted to provide additional information.

    Trading Experience on Coinbase

    Coinbase offers 2 account types Coinbase and Coinbase Pro.

    Coinbase

    Coinbase trading platform

    Trading on Coinbase is newbie-friendly and easy for users with basic crypto knowledge. It is available via a web platform and the Coinbase app (iOS and Android devices). Right from the dashboard, you can view your crypto portfolio and are just one click away from buying and selling. In Coinbase Singapore purchases are primarily via credit or debit cards and are instantaneous.

    Coinbase Pro

    Coinbase advanced trading platform

    This account type is for advanced crypto traders. The major difference is that it supports additional trade types such as stop orders and limit orders.

    Coinbase Customer Support

    Coinbase Customer support

    Coinbase offers various customer support channels; email, phone support, live chat, and Twitter.

    The live chat and phone option start with a bot but allow you to reach out to a real agent. But it is incredibly hard to get across to a real agent. This makes Coinbase come off as a self-serve platform to most experts and users.

    Beyond these channels, Coinbase also offers a lot of guides and articles on how to use the platform effectively.

    Customer Satisfaction

    Coinbase has a terrible rating on TrustPilot. The exchange is currently sitting at a 1.6-star rating over 5. Over 78% of users state that the platform is bad. The major complaint of users on Trustpilot is impromptu account closures, wire transfer fees, poor customer service, and lagging Coinbase wallet speed.

    Education on Coinbase

    Coinbase offers education via Coinbase Learn. The platform allows you to learn about various cryptocurrency topics from basic topics to advanced ones. And even investment advice. Some topics you can find there include: what is Bitcoin?, Guide to Defi tokens, etc.

    Is Coinbase Right For You?

    Coinbase is best for users who want instant easy-to-buy crypto and NFTs through a simple interface.

    Final Thoughts

    Coinbase is a popular cryptocurrency that allows its users to buy digital currency instantly. It offers strong security measures like offline storage, multi authentication, and much more. However, users are dissatisfied with the platform’s customer service, account closures, and operational speed. Coinbase fees are also very high. But all in all, Coinbase is an easy-to-use crypto exchange for both expert and beginner traders.

    Our extensive analysis of the Singaporean Crypto Exchanges doesn’t stop here. You can also read about our Kucoin Singapore review as an alternative to Coinbase or you can check out our list of Best Crypto Exchanges Singapore to find out which exchange we think is the best of all the ones available in Singapore.

    FAQ

    Most frequent questions and answers

    Yes, Coinbase offers cold storage, multi-factor authentication, and asset verification.

    Coinbase is one of the most trusted cryptocurrency exchanges globally as it ensures cash on FDIC-secured accounts.

    Yes, there have been multiple incidents of scammed Coinbase users. However, it needs to be highlighted, that customers were not scammed by Coinbase themselves, but bad actors.

    You should not use Coinbase in Singapore if you don’t have a 3D Secure credit or debit card or if you don’t want high transaction fees.

    Yes, Coinbase stores account numbers and routing numbers using bank-level AES-256 encryption on their servers. Plus, employee access is limited.

    Yes, Coinbase holds the term of coin holder. However, some argue that if you do not own the private keys of your assets they don’t truly belong to you.

    Any bank that supports cryptocurrency transactions.

    Coinbase Singapore is not regulated by the Monetary Authority of Singapore unlike other crypto exchanges like Independent Reserve.

    Coinbase supports over 100 cryptocurrencies and multiple fiat currencies like SGD, USD, GBP, and EUR

    Only credit and debit cards are supported on Coinbase Singapore.

      We always try to provide the most accurate information available, and make sure our team follow through.
      If you want to know more about our Crypto Exchanges Review Methodology follow the link below

      Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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