コインベースは米国最大級の暗号資産取引所の一つであり、プラットフォーム上の資産総額は4,040億ドル（2024年12月時点）に達する。2025年2月のSEC訴訟却下と、大半のビットコインETFの保管機関としての役割を経て、同社の規制上の立場は確固たるものとなった。ただし、2025年5月のデータ侵害事件と高額な手数料は依然として懸念材料である。2026年の包括的レビューでは、コインベースがあなたに適しているかどうかを検証する。
Last updated: January 2026
Coinbase is one of the largest cryptocurrency exchanges serving the U.S. market. As of December 31, 2024, the company reported $404 billion in Assets on Platform. Founded in 2012 by Brian Armstrong and Fred Ehrsam, Coinbase made history by becoming the first major crypto exchange to go public on NASDAQ (ticker: COIN) in April 2021.
Note: This review covers the Coinbase exchange and Coinbase One subscription service. Coinbase Wallet is a separate self-custody product.
As we enter 2026, Coinbase stands at an interesting crossroads. The exchange has achieved significant regulatory victories, secured a dominant position in Bitcoin ETF custody, and built the leading Layer 2 blockchain. However, a data breach disclosed in May 2025 and persistently high fees continue to draw criticism. This review examines whether Coinbase remains the right choice for crypto investors in 2026.
Coinbase remains the go-to exchange for beginners and compliance-conscious investors in the United States. Its user-friendly interface, regulatory standing, and institutional-grade security make it a solid choice for those prioritizing peace of mind over cost savings.
However, the exchange is not without significant drawbacks. Fees remain among the highest in the industry, and the data breach disclosed in May 2025 raised serious concerns about third-party security practices. Active traders and fee-sensitive users will likely find better value elsewhere.
Overall Rating: 4.0/5 - Excellent for beginners and institutions; less ideal for cost-conscious traders.
Coinbase has long been praised for its intuitive design. The platform makes buying, selling, and storing cryptocurrency straightforward, even for complete beginners. The mobile app mirrors this simplicity while offering full functionality.
In February 2025, the SEC and Coinbase filed a joint stipulation to dismiss the SEC's lawsuit with prejudice, meaning it cannot be refiled. This resolution solidified Coinbase's position as one of the most regulated major exchanges in the United States, providing users with legal protections and legitimacy that many offshore exchanges cannot offer.
Coinbase reports an 80%+ custody share of crypto ETF assets, with $245.7 billion in assets under custody as of June 30, 2025. It also serves as a custodian for BlackRock's iShares Bitcoin Trust (IBIT), though some ETFs utilize multiple custodians.
Launched in August 2023, Coinbase's Base Layer 2 blockchain has grown to become one of the largest L2s by total value locked. Base offers users low-cost transactions while maintaining Ethereum's security guarantees.
Coinbase Learn provides comprehensive educational resources for crypto newcomers. The "Learn and Earn" program allows users to earn small amounts of cryptocurrency by completing educational modules about various blockchain projects.
With over 200 cryptocurrencies available for trading, Coinbase offers one of the broadest selections among regulated US exchanges. The platform maintains a careful vetting process to screen out potentially problematic tokens.
Coinbase's fee structure remains one of its biggest drawbacks. Simple trades incur a 0.5% spread plus flat fees ranging from $0.99 to $2.99 for smaller transactions, or 1.49% for purchases over $200. While Advanced Trade offers lower fees, they still exceed what competitors like Kraken charge.
In May 2025, Coinbase disclosed that an insider at an overseas customer support contractor had accepted bribes to provide unauthorized access to customer data. The breach affected customer data, though passwords, private keys, and funds were not compromised. See the Security section below for full details.
Despite improvements, customer service remains a pain point. Users frequently report long response times and difficulty resolving account issues, particularly during periods of high market volatility when support is needed most.
Certain features and cryptocurrencies are not available in all states or countries. Staking, in particular, faces restrictions in several US states due to regulatory concerns.
Coinbase faces growing competition from both centralized exchanges like Kraken and Gemini, as well as decentralized alternatives. While it remains dominant in the US market, global competitors continue to attract users with lower fees and broader feature sets.
Coinbase's regulatory journey has been eventful but ultimately successful. Here's where things stand:
The Securities and Exchange Commission filed a lawsuit against Coinbase in June 2023, alleging the exchange operated as an unregistered securities exchange. In February 2025, the SEC and Coinbase filed a joint stipulation to dismiss the case with prejudice, meaning it cannot be refiled. This landmark resolution provided significant clarity for Coinbase's business model and the broader crypto industry.
In January 2023, Coinbase reached a $100 million settlement with the New York Department of Financial Services over historical anti-money laundering compliance issues. The exchange has since invested heavily in compliance infrastructure.
Coinbase is registered with the CFTC and offers regulated futures trading. The exchange is also pursuing MiCA authorization for European Union operations, positioning it for continued international growth under clear regulatory frameworks.
Today, Coinbase stands as one of the most compliant cryptocurrency exchanges globally, a status that provides significant peace of mind for risk-conscious investors.
Coinbase offers two main trading interfaces. The simple trade experience is designed for beginners, featuring straightforward buy and sell functionality. Advanced Trade, which replaced the discontinued Coinbase Pro in November 2023, provides professional-grade charting, order types, and lower fees for active traders.
Base has emerged as one of the leading Ethereum Layer 2 solutions since its August 2023 launch, consistently ranking among the top L2s by total value locked. Base offers users a low-cost way to interact with decentralized applications while maintaining Ethereum's security.
The self-custody Coinbase Wallet allows users to hold their own private keys. The 2024 Smart Wallet feature eliminates traditional seed phrases, using passkey technology to simplify self-custody without sacrificing security.
Coinbase One now offers three subscription tiers:
Note that while trading fees are eliminated up to tier limits, spreads still apply to simple trades. Preferred and Premium members also receive a 25% rebate on Advanced Trade fees.
The Coinbase Visa debit card allows users to spend cryptocurrency anywhere Visa is accepted. Users can earn crypto rewards on purchases and choose which cryptocurrency to spend.
Coinbase offers staking services for proof-of-stake cryptocurrencies including Ethereum, Solana, and others. Rewards vary by asset, and users should check availability in their jurisdiction as some states restrict staking services.
The institutional arm of Coinbase provides custody, trading, and financing services for large organizations. Prime's custody services support the majority of spot Bitcoin ETFs, demonstrating its enterprise-grade capabilities.
Coinbase maintains robust security practices that have largely protected user assets throughout its history. The exchange stores the vast majority of customer funds in air-gapped cold storage, maintains insurance coverage, and offers comprehensive two-factor authentication options.
In May 2025, Coinbase disclosed a breach that had begun in late December 2024 through an insider at an overseas customer support contractor. Rogue agents had accepted bribes to provide attackers with access to customer data. The incident exposed personal information including names, contact details, and certain masked identifiers (such as the last four digits of SSNs and masked bank account numbers), along with government-ID images and account data.
Critically, the breach did not expose passwords, private keys, or enable unauthorized access to customer funds. Coinbase did not pay the extortion demand and is cooperating with law enforcement.
Coinbase said it intends to voluntarily reimburse eligible retail customers who sent funds to the threat actor as a direct result of the incident. Coinbase has recognized approximately $355 million in costs related to the incident ($307 million in Q2 2025, $48 million in Q3 2025). While the response was transparent and customer-focused, the breach highlights the risks associated with third-party service providers.
Coinbase's fee structure varies significantly depending on how you trade:
Subscription eliminates trading fees entirely, though spreads still apply. For active traders, the subscription can quickly pay for itself.
Compared to competitors like Kraken (0.16%/0.26% for intermediate tiers) and Gemini (0.20%/0.40% with ActiveTrader), Coinbase's fees range from mid-tier to high. Users prioritizing low costs should consider alternatives or the Coinbase One subscription.
Note: Fees vary by region and payment method. Coinbase displays a fee preview before you confirm any transaction.
One of Coinbase's most significant achievements has been securing custody arrangements for crypto ETFs. As of June 30, 2025, Coinbase reports an 80%+ custody share of crypto ETF assets with $245.7 billion AUC. Key ETF clients include:
This institutional endorsement represents a major validation of Coinbase's security infrastructure. The world's largest asset managers entrusting billions of dollars in Bitcoin to Coinbase custody demonstrates confidence in the platform's operational security.
For retail users, this means Coinbase's custody practices meet the stringent requirements of institutional investors and their regulators.
Coinbase supports over 200 cryptocurrencies for trading, making it one of the more comprehensive regulated exchanges in the United States. Major assets available include:
Coinbase maintains a careful listing process to vet new tokens before adding them to the platform. While this means some trending tokens may appear on other exchanges first, it provides users with some assurance that listed assets have undergone basic due diligence.
Note that not all cryptocurrencies are available in all jurisdictions, and some assets may have trading or transfer restrictions depending on your location.
Coinbase Learn stands out as one of the best educational resources in the cryptocurrency space. The platform offers:
Users can earn small amounts of cryptocurrency by watching educational videos and completing quizzes about various blockchain projects. This provides a risk-free way to learn about new tokens while building a small portfolio.
Comprehensive articles explain cryptocurrency fundamentals, from "What is Bitcoin?" to more advanced topics like DeFi and NFTs.
Regular content covering market trends, protocol updates, and industry news helps users stay informed.
For beginners, Coinbase's educational resources provide significant value beyond just the trading platform.
In May 2025, Coinbase announced the acquisition of Deribit for $2.9 billion, completing the deal in August 2025. This marked the largest acquisition in cryptocurrency industry history and significantly expanded Coinbase's derivatives offerings, positioning it as a global leader in crypto options.
Coinbase returned to profitability in 2024, posting $6.3 billion in net revenue and $2.6 billion in net income.
Coinbase remains among the safest and most regulated choices for cryptocurrency investors in the United States. Its regulatory victories, Bitcoin ETF custody dominance, and user-friendly platform make it an excellent option for beginners and institutions alike.
However, the platform is not without significant drawbacks. The May 2025 data breach, while handled transparently, exposed serious vulnerabilities in third-party security practices. High fees continue to eat into returns for active traders, and growing competition means users have more alternatives than ever.
For users who prioritize regulatory compliance, ease of use, and institutional-grade security, Coinbase remains the standard. For those prioritizing low fees and privacy, alternatives deserve consideration.
Final Verdict: Coinbase has evolved from a simple Bitcoin exchange into a comprehensive cryptocurrency platform with institutional legitimacy. While it is not the cheapest or most feature-rich option, it offers something equally valuable: regulatory clarity and peace of mind in an industry that often lacks both.
