Disclaimer: We may receive a commission for purchases made through the links on our site. However, this does not impact our reviews and comparisons. Learn more about our Affiliate Disclosure.
|Year of foundation||2014||2012|
|Languages||English||English, Portuguese, German, French, Spanish, Italian, Dutch|
|Mobile app||iOS, Android||iOS, Android|
Registration and Verification
Registration is done in several stages:
- standard questionnaire (first name, last name, country, email, and so on).
- email confirmation.
Unverified users have a daily withdrawal limit of $2,000. To increase this limit, you need to enter additional information; then, the user must upload an image of documents that confirm personal information.
Simply registering with Coinbase is not enough to start trading. To begin using a Coinbase account, you must immediately undergo verification, which includes a photo ID. Verification usually takes a few hours. There is no verification only if you use the service as a wallet for storing cryptocurrency.
Depositing and Withdrawing Funds
Among the site’s advantages is its high liquidity, especially in cryptocurrency pairs with altcoins. Poloniex is also great for withdrawals, as the user pays only for the transaction itself in the blockchain.
You can deposit your Coinbase wallet in dollars or euros via card, bank transfer, and PayPal. However, euros can only be deposited through the web interface (not through the mobile app). Of course, you can also transfer cryptocurrency directly to Coinbase wallet.
Trading Volumes and Traded Pairs
There are 101 trading pairs available on the exchange. The option to trade in pairs with fiat is not available on the exchange. Margin trading is available on the exchange. Poloniex exchange has implemented the JustSwap mechanism. It allows you to exchange coins without using the trading terminal. The platform also offers a gaming project Poloniex WINk with games and roulette (similar to a casino). The currency for games is the Tron coin.
There are 78 trading pairs available on the exchange. The option to trade in pairs with fiat is not available on the exchange. Margin trading is not available.
The Exchange uses the standard model, which actively stimulates market liquidity; each user can get a lower commission for transactions. The higher the volume of transactions made in one month, the lower the commission for all subsequent transactions. This model is significant for the Poloniex exchange because it supports more than a hundred cryptocurrencies, and they all need to provide high trading volumes. The commission calculation is automatic; it is based on the last 30 days’ trading volume for each user. Deposits on Poloniex are free. Withdrawal assumes a commission for each coin.
There is no transfer fee to Coinbase via SEPA, but the withdrawal costs €0.15 and takes 1 to 3 business days. From the United States, you can fund your account in dollars through the ACH system for free (up to 5 business days) or by regular transfer for $10. Withdrawals will cost $25. It is not possible to withdraw money from Coinbase to the card – only to the account. When buying cryptocurrency with a bank card, the commission at Coinbase will be 3.99%, and in the case of buying from a bank account – 1.49%. At the same time, third-party cryptocurrency buying services using Coinbase API may charge an additional fee.
First of all, the exchange administration monitors the safety of its users’ accounts and strongly recommends two-factor authentication. As for the exchanger’s security, the standards, site’s protection does not exclude various hacking and DDOS-attacks. In the history of the Exchange there have been cases where money was, stolen from members’ accounts. The Exchange itself compensated for these losses – a very loyal approach to customers.
There is nothing wrong with the security of this Exchange. Necessary user account data is stored on equipment that is wholly disconnected from the Internet. Data is distributed between encrypted USB drives and paper backups located in different geographic areas around the world. All site information travels over encrypted SSL – HTTPS. Wallets and private keys use AES-256 encryption to protect them.
Pros and Cons
I have been studying cryptocurrency for over 5 years. I have accounts in every exchange and I test everything on myself.
I want this market to be more understandable for everyone.