Coinbase Australia Review (Aug 2022): Why We Don’t Like It

July 5, 2022
Reviews
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Coinbase offers a wide variety of cryptocurrencies and has several unique features that have made it a popular crypto platform, especially in the United States. However, its trading fees are too high, making it very expensive to use as an Australian.

Capital is the favourite among knowledgeable Australian crypto investors, both for its enterprise-grade security and zero trading fees. If you’re looking for a safe, cost-effective way to buy and sell crypto in Australia, I can’t recommend Capital highly enough.

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What Is Coinbase?

Coinbase is an American cryptocurrency exchange that was originally founded in 2012. It’s based in San Francisco and it’s one of the oldest cryptocurrency exchanges in the world. It’s also the second-largest crypto exchange in the world, the first being Binance.

It was designed to be one of the easiest places to buy, sell, and trade cryptocurrency, and it serves retail investors, businesses, and institutions alike. Originally, it only supported Bitcoin, but it now supports a wider array of digital assets.

Coinbase Features

1. Coinbase Pro

Coinbase grants users access to Coinbase Pro, which basically acts as the platform’s premium service and advanced trading platform at the same time.

As a Coinbase Pro user, you’ll have access to advanced charting tools that the standard Coinbase service doesn’t have, and you’ll also have a reduction in the trading fee percentages across the board.

2. Coinbase Earn

Coinbase will also grant you access to its Coinbase Earn feature, which is a collection of educational resources that will be especially helpful for beginner crypto investors.

Coinbase Earn comes with video tutorials on individual cryptocurrencies. Once you’ve watched them all, you’ll be prompted to answer a quiz about the crypto in question to see how much you’ve learned. If you answer the quiz correctly, you’ll get a small reward in said crypto into your Coinbase account.

3. Coinbase Wallet

Coinbase will also grant you access to online storage wallets through its Coinbase Wallet app, allowing you to manage your private keys and crypto assets from the comfort of your mobile phone.

If you’re not completely convinced by a software wallet service like this, do know that your private keys remain protected on your own device with Secure Enclave, biometric authentication, and even cloud backups if you wanted to do so. You’ll also get a unique recovery phrase so no one but you can access your crypto wallet.

Cryptocurrencies on Coinbase

Coinbase supports over 100 digital assets. Here are some of the most popular cryptocurrencies that Coinbase currently supports:

Bitcoin (BTC)Yearn.Finance (YFI)
Ethereum (ETH)Tezos (XTZ)
Bitcoin Cash (BCH)Algorand (ALGO)
Litecoin (LTC) Compound (COMP)
Cardano (ADA)Polygon (MATIC)
Uniswap (UNI)Stellar (XLM)
Chainlink (LINK)Aave (AAVE)
Ethereum Classic (ETC)Wrapped Bitcoin (WBTC)
Maker (MKR)Internet Computer (ICP)
Cosmos (ATOM)Tether (USDT)

Coinbase Fees

For crypto purchases up to $200 USD, Coinbase charges between $0.99 to $2.99 in fees. Once you exceed $200, these percentages apply:

Payment methodFee percentage
Bank account1.49%
Debit or credit card3.99%
Coinbase USD Wallet1.49%
Credit transaction2%
Wire TransferBetween $10 to $25
ACH TransferFree

Coinbase also charges a spread starting at 0.5% and varying depending on how much crypto you’re buying and market fluctuations.

In Summary

Coinbase offers a wide variety of cryptocurrencies and has several unique features that have made it a popular crypto platform, especially in the United States. However, its trading fees are too high, making it very expensive to use for Australians.

Capital is the favourite among knowledgeable Australian crypto investors, both for its enterprise-grade security and zero trading fees. If you’re looking for a safe, cost-effective way to buy and sell crypto in Australia, I can’t recommend Capital highly enough.

OPEN FREE ACCOUNT
Zero trading fees

Coinbase FAQs

How To Withdraw From Coinbase

To withdraw funds from your Coinbase account, all you need to do is follow these three simple steps:

  1. Sign in to your Coinbase Commerce account.
  2. Click on the Withdraw button in the Balances section.
  3. A window will pop up and ask how much do you want to withdraw and where will you send these funds to.

Is Coinbase Safe?

Yes, Coinbase is a safe crypto exchange to use. 98% of all of their crypto tokens are held offline in cold storage, and the remaining 2% of crypto assets that are held online are insured. If Coinbase were to be hacked at any point in time, their insurance policy would cover any funds lost in the process.

Is Coinbase Available In Australia?

Yes, Coinbase is available for Australians, though with its spotty track record with the AUD and high foreign exchange fees for using, we can’t recommend it.

Is Coinbase Legal In Australia?

Yes, Coinbase is legal to use in Australia, and it’s a legitimate cryptocurrency exchange as well.

Coinbase Referral Code

Unfortunately, we do not have a Coinbase referral code to share right now. However, If you sign up with our top recommendation Capital you can get a signup bonus.

Does Coinbase Report To The ATO?

No, Coinbase is not obligated to report its users activities to the ATO. Considering that Coinbase is originally based in the U.S., you’ll have to download your transaction history in order to report your transactions to the ATO. Coinbase does not provide tax forms for international customers.

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