Is Coinbase Legit and Safe to Use in 2025?

In the past few years, we have seen a significant rise in cryptocurrency investments. With its rise, crypto exchange platform like Coinbase have come under major scrutiny. The platform is famous for buying coins like Bitcoin, Ethereum, and Solana. However, before a user invests through the platform, an important question that rises is: ‘Is Coinbase legit?’

Coinbase is a platform for buying, storing, and selling cryptocurrencies. Apart from acting as a digital wallet, its has other Pro features that are very useful for experienced traders. So, be it an amateur invertor or an experienced trader, Coinbase targets everyone as their audience. But, before you delve into this world, scroll down and learn about the Coinbase platform and whether or not it is legit. 

What is Coinbase? 

Coinbase is an American cryptocurrency exchange platform. It was founded in 2012 by Brian Armstrong and Fred Ehrsam. The platform allows users to buy, sell, store, and manage their cryptocurrencies. It currently has over 100 million users, which is a commendable achievement for the platform. 

As of 2024, Coinbase is the largest U.S.-based cryptocurrency exchange platform as well as the world’s biggest bitcoin custodian. It became the first major cryptocurrency exchange to go public in 2021 and is publicly traded on the NASDAQ. 

Is Coinbase Legit?

Yes, Coinbase is a legit and safe platform. It is considered one of the safest platforms for crypto exchange. It is a secure platform, and with measures such as two-factor authentication, it is impervious to hacking, phishing scams, and unauthenticated attacks. The main features that make Coinbase legit and safe include:

1. It is publicly traded on the NASDAQ. 
2. It is registered with FinCEN as a Money Services Business.
3. It complies with U.S. regulations for anti-money laundering and Know Your Customer (KYC) policies.
4. It uses AES-256 encryption. 
5. It has  two-factor authentication (2FA)
6. It has biometrics for customer login.

All these factors together make the platform secure, safe, and confirm its legitimacy. 

Criteria for Setting Up Coinbase Account

Setting up and opening a Coinbase account is an easy process. Below, I have listed the requirements you need to follow before signing up on the platform.  

1. You should be at least 18 years old before signing up on the platform. 
2. You should have a government-issued photo ID, such as a driver’s license or state ID. It is to be noted that passports are not accepted. 
3. You need proper internet access on a computer or smartphone.
4. A functional phone number for SMS verification

Once all your requirements are fulfilled, you can get started on the platform by providing your first and last name, email, state of residence, and creating a password. Confirm that you are 18 years old, and then set a password. Ensure that the password set is strong and unique. 

You will also have to add a payment method. By adding a payment method, you can move money into your account. You can use a variety of approved methods for payment. It can include a debit card, PayPal, Apple Pay, or a wire transfer. Once you have created an account and added a payment method, you can easily start trading cryptocurrency on the platform.

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Cryptocurrencies Available on Coinbase

You might think that Coinbase supports all kinds of cryptocurrencies, but that is not true. While it may not support all cryptocurrencies, the platform does support major cryptos. Currently, there are more than 240 coins available on the platform. Some of the popular cryptocurrencies on Coinbase are:

1. Bitcoin
2. Ethereum
3. Cardano
4. Solana
5. Dogecoi
6. Chainlink
7. Litecoin
8. Tether
9. Bitcoin Cash

Pros and Cons of Coinbase

Like any other platform, Coinbase too has its set of pros and cons. Below are the pros and cons that you must consider before registering on the platform. 

Coinbase Pros

• Buy, sell, and store 240+ cryptocurrencies
• Only $1 minimum to start trading
• Earn rewards by holding the Coinbase USD Dollar stablecoin
• Advanced trading platform and wallet storage

Coinbase Cons

• High trading and transaction fees
• Accessing information about the fee ahead of buying is difficult
• About one million users recently had their personal information stolen

Reviews of Coinbase

We have established that Coinbase is a legit platform. However, before signing up on the platform, you should still check out what major review platforms are saying about it. To make things clear, here’s the breakdown of it. 

Trustpilot

With 18,201  reviews on Trustpilot, Coinbase has a ranking of 4 stars on the platform. This indicates a high level of user satisfaction. A 4-star ranking established that users generally have an excellent experience on the platform. 

App Store 

iOS users on the App Store have rated Coinbase with 4.7 stars, which is excellent for the platform. The rating indicates the highest level of user satisfaction. With 17,65,364 reviews, users have expressed a smooth financial exchange experience on the platform. 

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Is Coinbase Legit: Final Verdict

Yes, Coinbase is 100% legit; it is not a scam. The platform has more than 240 different types of cryptocurrencies that you can invest in. You can easily store, buy, sell, and manage your cryptocurrencies in your crypto wallet. Whether or not you are new to the world of cryptocurrency or are an experienced trader, Coinbase is an excellent platform that provides 100% security with its safe and authenticated features.

The platform is easy to use, and anyone can sign up for it. So, go for it and get started on your cryptocurrency journey. If you still have any queries or want us to review any platform for you, let us know. We would like to hear back from you. For more content like this, visit our website regularly!

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