Coinbase review
- Fiat currencies
- 1
- Supported assets
- 288
Our verdict
Buy and sell cryptocurrency on one of the world's largest beginner-friendly exchanges.
Coinbase is one of the biggest crypto exchanges in the world by trading volume. It serves customers in over 100 countries—including Canada. The user-friendly platform offers features like staking, swaps and instant withdrawals to most banks. Watch educational videos and complete quizzes to earn crypto rewards.
It's easy to sign up, and you can deposit funds for free via Interac e-Transfers. But look elsewhere if you want to hold fiat currencies other than CAD in your account.
Pros
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Fast, easy signup
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Wide range of cryptos
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Buy crypto instantly via debit
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One-time and recurring buys
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Volume discounts with Coinbase Advanced
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Registered with the Canadian Securities Administrators (CSA)
Cons
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Only hold CAD in Canadian accounts
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No credit card purchases in Canada
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No margin, futures or options trading in Canada
Details
Product details
| Product Name | Coinbase |
| Fiat Currencies | CAD |
| Cryptocurrencies | BTC, ETH, ADA, SOL, DOT, LTC and 280+ more |
| Deposit Methods |
Debit card Electronic Funds Transfer Interac e-Transfer PayPal |
| Trading Fee |
Maker fee: 0% and 0.4% Taker fee: 0.05% - 0.6% |
| Deposit Fees |
Interac e-Transfer: free Transfers from another Coinbase account: free EFT: variable |
| Withdrawal Fees |
Interac e-Transfer / EFT / PayPal: variable Transfers to another Coinbase account: free |
About Coinbase — company background
Coinbase is a San Francisco-based cryptocurrency exchange platform launched in 2012 by computer engineer Brian Armstrong and Goldman Sachs trader Fred Ehrsam.
At first, Bitcoin was the only asset Coinbase supported. However, the exchange now supports 280+ digital assets and offers features like spending, trading and earning (not all features are available in every country).
Coinbase is the largest cryptocurrency exchange in the United States. In April 2021, Coinbase became the first crypto exchange to go public. It trades on the Nasdaq under the ticker symbol COIN.
Listed Coinbase crypto exchange assets
Coinbase supports over 288 cryptocurrencies, but some notable assets are missing. Namely, BNB, TRON and Lido Staked Ether, which are in the top 20 cryptos by market cap. In total, 13 of the top 20 cryptos are available on Coinbase.
Popular assets on CoinbaseCoinbase fees
Coinbase charges a variable fee for eft deposits. Transfers from another coinbase account and interac e-transfer deposits are free for folks in Canada.
Deposit & withdrawals fees
| Transaction type | Fee |
|---|---|
Deposit funds |
Interac e-Transfer: free Transfers from another Coinbase account: free EFT: variable |
Withdraw funds |
Interac e-Transfer / EFT / PayPal: variable Transfers to another Coinbase account: free |
Coinbase uses a maker taker fee structure for spot market trading. Instant purchases incur a separate fee.
| Type | Fee |
|---|---|
Maker |
0.0% - 0.4% |
Taker |
0.05% and 0.6% |
Maker fee explained. A maker fee is the fee charged when you propose an order for other traders to take. In other words, this fee is charged when you place a limit order to sell an asset, but that order is not filled immediately.
Taker fee explained. A taker fee is a fee charged when a buy order is matched immediately with a sell order on the books. This is the fee charged when you place a market buy order.
Coinbase deposit methods
- Debit card
- Electronic Funds Transfer
- Interac e-Transfer
- PayPal
How to sign up on Coinbase exchange
Before you can even get started trading on Coinbase, you have to go through the rigorous verification process (which usually involves providing proof of identification). This can take time. The reason for this is Coinbase's commitment to certifications and compliance with regulations and insurers.
- Get started
After selecting the Get Started button, fill in the create account form. - Set up payment
Before you can start trading, you have to add your bank account to your Coinbase account. There are several options to choose from, so choose the option most compatible. - Provide identification
Before you can make withdrawals and increase your transaction limits, you must submit proof of address and some additional identification. Use either a passport or a driver's license for this. - Start trading
After all that is processed, you're ready to trade on Coinbase.
Is Coinbase safe?
Until October 2021, Coinbase was free of any hacking incidents. This hack was handled well and Coinbase users didn’t lose any funds or assets.
The platform undergoes regular audits and uses industry-leading encryption. Customer assets are legally separate from Coinbase's business finances and won't be touched in the event of insolvency.
Past hacks. In October 2021, hackers used phished credentials to exploit a flaw in Coinbase’s SMS account recovery procedure and steal funds from at least 6,000 customers. This was the only incident of its kind for Coinbase.
Security audits. In 2020, Coinbase invited security audit firm Grant Thornton to carry out 2 security evaluations. Coinbase Custody, the cryptocurrency custody arm of the exchange, received a Service Organisation Control (SOC) 1 Type 2 and SOC 2 Type 2 audit. The company said it would continue engaging with audit companies to conduct SOC audits. By doing so, it hopes to show clients its compliance with security standards.
Insurance. Coinbase Global, Inc. maintains crime insurance to protect a portion of digital assets against loss from theft (like a cybersecurity breach) but not from unauthorised account access. In the past, Coinbase stated it has $255 million in insurance coverage for hot wallet assets. The policy is put in place by Aon insurance and is sourced from insurance companies in the US and UK. US cash funds are held in banks with FDIC insurance or credit unions with NCUSIF insurance. Non-US customers' funds are held as cash in dedicated custodial accounts.
Keeping your crypto secure
All centralized exchanges, including Coinbase, are vulnerable to counterparty risks like hacking, theft and insolvency. Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds. We've shared some of our top picks below.
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 1,000+ |
Supported assets 30,000+ |
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Price (USD) $149 |
Price (USD) $129 |
Price (USD) $49.99 |
See more of the best crypto wallets
Coinbase customer support
Coinbase has live chat customer support available on its website. It also has a knowledge base and an automated response system for answering queries. Users can email or phone Coinbase support directly, typically receiving replies in one to three days.
How to reach Coinbase customer support
- FAQ page
- Help center articles
- Live chat
- Phone
Alternatives to Coinbase
Finder Score for crypto exchanges
To make comparing even easier we came up with the Finder Score. Supported coins, account fees and features across 28 cryptocurrency trading platforms are all weighted and scaled to produce a score out of 10. The higher the score the better the exchange - simple.
Evan Finder
Writer
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