Coinbase is one of the most popular cryptocurrency exchanges, and for good reason. It’s easy to use, has a simple interface, and is one of the most secure exchanges in operation today.
However, Coinbase also has its fair share of drawbacks. Let’s take a look at some of the cons of using Coinbase.
One of the biggest drawbacks of Coinbase is its fees. While the fees are not exorbitant, they are higher than some other exchanges. For example, when buying Bitcoin on Coinbase, you’ll pay a 1.49% fee.
When compared to other exchanges like Kraken (0.26%) or Bitstamp (0.25%), Coinbase’s fees are significantly higher.
Another downside of Coinbase is that it doesn’t offer as many coins as some other exchanges. While it does offer the major coins like Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, it doesn’t offer much beyond that.
If you’re looking to trade altcoins, you’ll need to look elsewhere.
Finally, Coinbase has been known to be quite slow in processing withdrawals. In some cases, it can take days for your withdrawal to be processed and sent to your wallet.
This can be frustrating if you’re looking to cash out your coins quickly.
All in all, Coinbase is a great exchange for those looking to buy and sell the major cryptocurrencies. However, if you’re looking to trade altcoins or want to avoid high fees, you might want to look elsewhere.