Coinbase has launched a beta subscription service called Coinbase One that offers users a zero trading fee experience and up to $1 million in account protection. This Coinbase One Review will cover the benefits, costs of the service, and more.
Note: The product is currently in Beta and not available to all users. While we’re at it – none of this is investment or legal advice. Always consult professional advisors and do your own research.
What is Coinbase One?
Coinbase One is a subscription product from Coinbase. It offers users access to $0 trading fees, $1 Million in account protection, a pre filled form 8949, and dedicated 24/7 customer support.
The product is currently in Beta and you will be notified when opening the app or through email if you are available to participate in the beta testing program.
How Much Does Coinbase One cost?
At the time of this writing the subscription is free for 30 days and then $29.99 a month after the trial. Users can cancel at anytime.
Furthermore, the product is in Beta so pricing and benefits may change.
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What Benefits Does Coinbase One Offer?
Coinbase One Offers benefits beyond a regular coinbase account. It’s benefits do not apply to coinbase pro. Thos benefits are:
$0 Trading Fees
With Coinbase One users are not charged a trading fee when swapping between cryptocurrency or between crypto and fiat. This makes the product ideal for someone who will be trading frequently or at high volume.
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24/7 Customer Support
Subscribers are given a dedicated customer support line. This is something that is additional for subscribers and therefore circumnavigates and enhances the customer support for regular accounts.
This feature may give some users piece of mind as they know they can call in and quickly get answers to questions about their accounts.
Pre-filled Tax Form 8949
Subscribers are eligible to download a completely filled out form 8949 for reporting their cryptocurrency taxes.
This feature is ideal for anyone who is trading frequently, as it helps them to file their taxes quickly and accurately. The tax form only applies to trades made through Coinbase.
Up to $1 Million in Account Protection
Perhaps the most valuable feature of a Coinbase One account is that your account is protected by up to $1,000,000 in US dollar value of losses if someone is to hack your account.
The protection is denominated in US dollar value but applies to digital currencies. If you are holding a digital coin like BTC, the protection covers loss of the BTC if someone hacks your Coinbase account.
What Does Coinbase One Protection Cover?
Coinbase One protects users against loss if their account is compromised AND they have set up the necessary precautions for qualifying for protection.
For instance, users must have set up 2 factor authentication through either an authenticator app (like Google Authenticator), a yuba key or a push notification. Simple SMS notifications are not enough to qualify an account for account protection.
You also must have never submitted a false claim for protection before, completed all the identity verification processes, and your coinbase must have been open for at least 30 days prior to the hack. Also, users are not eligible for a second round of protection.
Other Trading Options: No KYC Crypto Exchange
What Does Coinbase One Protection NOT cover?
In layman’s terms, Coinbase One doesn’t protect your cryptocurrency losses if they are your fault. If you have given someone access to your account, if inadvertently through a scam, or not set up the proper security steps the platform will not reimburse your loss.
Furthermore, the subscription does not cover any losses on funds held outside of your subscription account. For instance, it doesn’t cover losses in coinbase or coinbase wallet.
Also, if you voluntarily send funds to a scammer, thinking it is a good investment. That’s on you. Here is more of a list about what protection does and does not cover. Protection list here.
Is Coinbase One The Same as Coinbase Pro?
Coinbase One is not the same as Coinbase pro. The former is a premiere VIP service that offers account protection and $0 trading fees. Coinbase Pro is more centered around providing a full fledged cryptocurrency trading platform.
How Do You Become Eligible For Coinbase One Beta?
To be eligible for the beta you must first sign up for a coinbase account.
As of now, the subscription service is in beta so users must be chosen to participate. You will receive an email or see the option appear when opening the app.
If you are looking to subscribe or unsubscribe click on settings in the top left corner and, if eligible, you will see the coinbase one option where you can manage your account and subscription.
How Much Does a Coinbase One Subscription Cost?
Coinbase One is free for 30 days and then $29.99 a month from there on out.
The product is in beta and pricing and features may change.
How Do You Pay For?
Your payment will be billed automatically each month either from the card on file, the connected bank account, or any USD balance inside your account.
How Can You Cancel?
Users can cancel their subscription at anytime via the settings section on the top left of their application.
Please note that if you cancel your account at this point you will lose your protection and other benefits. Also, you can not re-sign up for the beta program.
Coinbase One Review Conclusion
Thank you for reading this Coinbase One Review. We hope it helped you make a decision on if the subscription service is worth the cost for the benefits it provides.