Coinbase Card, A Complete Review
Coinbase is one of the largest cryptocurrency exchanges worldwide and it launched its own card in the United Kingdom, April 2019. The card allows clients to use digital currencies at their own convenience without being delayed by bank withdrawals.
This payment service allows users to pay for in-store and online services and products using ethereum, bitcoin litecoin, and several others. The best part is that users will be able to withdraw their funds from any ATM kiosk around the world. Once the customers use the card, it is instantly converted to flat currency that can be used to complete purchases.
According to their site, Coinbase is a digital currency platform that was founded in June 2012. Their platform allows merchants and buyers to transact with various digital currencies such as bitcoin, litecoin, and ethereum. They are currently headquartered in San Fransisco, California.
Coinbase is a company that offers a highly regulated trading environment for maximum security and trust. It is a platform that is easy to use and makes it easy to buy, sell withdraw and deposit cryptocurrencies. You will have to pay for this efficiency but the amount is not too much.
Coinbase offers fewer coins as compared to several major exchanges but Coinbase focuses on high-quality cryptocurrencies that have a high trading volume. This makes Coinbase one of the best and reliable crypto exchange platforms available.
Coinbase has clearly stated its mission as one of creating an open financial system globally. This is a system that is not controlled by any country or organization so as to bring in more economic freedom, efficiency, and innovation. It will also create equal opportunities for all. They state that they have a ten-year plan to actualize this.
Coinbase is working in partnership with Paysafe, a company that specializes in digital payment solutions to issue Visa debit cards in the UK. the prepaid card can be managed via the downloaded app and allows you to keep track of your finances.
Coinbase on Social Media
Twitter – https://twitter.com/coinbase
Facebook – https://www.facebook.com/Coinbase
More information can also be retrieved from their blog section.
How To Order A Coinbase Card
As much as Coinbase has managed in creating smooth functioning platforms, its card still has a long way to go. First and foremost, the card cannot be requested for on the official Coinbase app. You will need to download a new app from the Playstore or App store.
Once the app has been downloaded, it should be linked with the Coinbase account of the user and they should add some more personal information as prompted before they can actually apply for the card.
The app will be used to link your different cryptocurrency balances to the card. You will also be able to monitor your expenses thanks to instant digital receipts.
The virtual Coinbase card can be used immediately after registration but the physical card may take up to 7 business days to be delivered to you.
Fees and Pricing Schedule
In terms of how expensive the Coinbase card is, it is in between the most expensive options. The issuance fee for this card is 4.95 GBP. This is also the same amount you pay when your card is lost or stolen. As for the mobile application, there are no fees. The mobile application also does not have enhanced security features such as a two-factor authentication process and digital currency KYC/AML.
If you will be withdrawing amounts under 200 GBP then Coinbase does not take any ATM withdrawal fee. Anything above 200 GBP attracts a 1.00% fee in the United Kingdom and 2.00% in other places.
International transactions are on the higher. They attract a fee of 3.00%. It is therefore not recommended for traveling. The users are advised to add a crypto liquidation fee of 2.49%.
Coinbase User Experience
Coinbase users are happy to have a mid-range fee card plus a UI interface that is so easy to understand and navigate. The main issue that seems to be a concern is the customer support service.
Coinbase has definitely established itself as a reliable and trusted cryptocurrency company globally. They are also setting the pace that others follow in the digital currency space. Coinbase continues building its legacy upon its positive reputation while gradually expanding the cryptocurrencies on its platform and flat currencies that they have on offer. So if you are new to the world of cryptocurrency then Coinbase should be your first option.
- Great for beginners
- Affordable fees
- High liquidity
- You cannot control your private keys
- Poor support
- Your account is monitored
- Limited payment methods
Please share your experiences!
We would like to know about your Coinbase experience. Please let us know what you think about the Coinbase card in the comment section below.