Buy bitcoin, Ethereum, Ethereum Classic, Bitcoin Cash and Litecoin with your credit or debit card on one of the world’s biggest crypto exchanges.
Coinbase is recognized as one of the world’s premier cryptocurrency exchanges and wallet platforms, allowing Canadians to buy bitcoin, Ethereum, Ethereum Classic, Bitcoin Cash and Litecoin. The San Francisco-based company has millions of users around the globe and is available in 33 countries worldwide.
But is Coinbase the right crypto buying and selling platform for you? Keep reading for a comprehensive review of Coinbase’s features, fees, payment methods and more.
|Product Name||Coinbase Digital Currency Exchange|
|Fiat Currencies||AUD, USD, EUR, GBP, CAD, CNY & 50+ more|
|Cryptocurrencies||BTC, BCH, ETH, LTC, ETC, ZRX, BAT|
|Trading Fee||Fees vary|
Credit/debit card: 3.99%
SEPA: €0. U.S Bank transfer: 1.49% (US$0.15 min.)
Coinbase USD wallet: 1.49%
ACH Transfer USD: $0
Wire transfer USD: $10
U.S Bank transfer: 1.49% (US$0.15 min.)
Coinbase USD wallet: 1.49%
Wire transfer USD: $25
- High liquidity
- Top crypto assets supported
- Instant buy feature available
- Easy to use
- Insured bitcoin deposits available
- Limited payment methods
- Account monitoring
- Mixed feedback on customer service
What is Coinbase?
Founded in 2012, Coinbase is a virtual exchange that allows global users to buy and sell some of the world’s most popular cryptocurrencies, including bitcoin, Ethereum and Litecoin. Importantly, it currently provides buyer-side services only in Canada, as well as a limited range of payment options compared to other countries.
Coinbase also provides wallet services and merchant services, so it’s pretty much a one-stop shop for all cryptocurrency market players.
In July 2018, Coinbase also announced that users in Australia, the UK, Spain, France, Italy and the Netherlands would be able to use the platform to exchange cryptocurrency for a range of gift cards. Offered through a partnership with WeGift, this instant and fee-free service allows you to use your crypto to buy digital gift cards for a host of major retailers.
What cryptocurrencies can I buy?
- Ethereum Classic
- Bitcoin Cash
Coinbase is available in 33 countries, including Canada.
There are variations in the available services, payment methods and fees that apply in each country.
Accepted payment methods
Canadian customers have access to a limited number of payment methods when compared to other countries. These include:
- Debit card
- Credit card (Visa and Mastercard)*
* As of February 2018, new credit cards are no longer supported by Coinbase. Note that while existing credit cards may be supported by Coinbase, certain credit card issuers may block cryptocurrency-related transactions.
How much will it cost me to use Coinbase?
Although Coinbase does not charge a fee to use its wallet service, transferring cryptocurrency to an address outside the platform may result in a network fee. Network fees are set by the blockchain community.
For Canadian customers, Coinbase charges a rate of 3.99% for credit/debit card buys.
How quickly will my funds be available?
Coinbase offers its “instant buy” feature in Canada, meaning credit/debit card purchases will be available instantly.
Are there any transfer limits?
Coinbase implements weekly buy and sell limits on all accounts. The company says it calculates your limits based on your account information. This includes verification and successful purchases made on the account.
If you want to increase your weekly limits, you may need to verify your account by completing several of the following steps:
- Verifying your phone number
- Providing your personal details
- Providing photo ID
- Establish a purchase history by buying and selling through the exchange
Is Coinbase secure?
Not only is Coinbase widely recognized as one of the world’s largest bitcoin exchanges, it’s also considered one of the safest. It’s backed by trusted traders and uses the latest technology to secure its platform.
The Coinbase Wallet is considered very secure, but this comes at a cost – the company controls your cryptocurrency. Larger amounts of bitcoin, Ethereum, Ethereum Classic, Bitcoin Cash or Litecoin can be stored on the Coinbase Vault, which is protected by multiple approvers.
It should be stated at the outset that Coinbase collects a lot of information about its customers, including photo ID for those who want to up their weekly limits. A piece of photo ID is also required if you are purchasing with a credit card.
Coinbase has an active support team and a comprehensive online support centre featuring a range of guides and answers to frequently asked questions. However, the company has received some mixed customer support ratings, which reflects its growing user base. After all, bad ratings become more common on a platform that has served more than 20 million users.
That being said, Coinbase operates a real-time chat feature and gives users the option to submit a support request, get in touch via email or phone a USA-based customer service number.
Pros & cons
- One of the world’s most popular cryptocurrency exchanges, which means high liquidity
- Instant buy feature available
- Easy to use for most beginners
- Insured bitcoin deposits are available
- Option to cash out your crypto for a range of gift cards
- Sell feature not available in Canada
- Payment limited to credit/debit card for Canadian users
- Accounts are monitored
- Customer service has received mixed reviews
- Only provides access to a limited selection of cryptocurrencies
If you’re looking for a cryptocurrency broker that’s secure and easy to use, Coinbase is a viable option well worth considering. However, before choosing any crypto broker or exchange, make sure you’ve thoroughly researched its features and compare it with other platforms to decide whether it’s right for you.
To get started, visit Coinbase and create an account by providing your name and email address. You can then verify your account and add your chosen payment method to get started buying cryptocurrency.
Frequently asked questions
Image source: Coinbase