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 a Canadian.
For a better overall trading experience with significantly lower fees, I recommend opening an account with Kraken, my #1-ranked Canadian crypto exchange. Kraken has 250,000+ satisfied users, charges very low trading fees, and is offering a $10 signup bonus (no referral code required) from now until September 31, 2023.
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.
Coinbase 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, Coinbase only supported Bitcoin, but Coinbase now supports a much 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.
Trade crypto with the lowest fees
Claim your account by September 31, 2023 to get exclusive access to this special deal.
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) | Uniswap (UNI) | Yearn.Finance (YFI) | Stellar (XLM) |
| Ethereum (ETH) | Chainlink (LINK) | Tezos (XTZ) | Aave (AAVE) |
| Bitcoin Cash (BCH) | Ethereum Classic (ETC) | Algorand (ALGO) | Wrapped Bitcoin (WBTC) |
| Litecoin (LTC) | Maker (MKR) | Compound (COMP) | Internet Computer (ICP) |
| Cardano (ADA) | Cosmos (ATOM) | Polygon (MATIC) | 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 method | Fee percentage |
| Bank account | 1.49% |
| Debit or credit card | 3.99% |
| Coinbase USD Wallet | 1.49% |
| Credit transaction | 2% |
| Wire Transfer | Between $10 to $25 |
| ACH Transfer | Free |
Coinbase also charges a spread starting at 0.5% and varying depending on how much crypto you're buying and market fluctuations.
Introducing Kraken: Our #1-Rated Crypto Exchange In Canada
#2 In Canada
|
Total Fees: ~3.2% |
★★★★★ Rated 4.7/5 |
VirgoCX doesn't charge any trading fees, deposit fees or withdrawal fees—yet its extremely high spreads make it one of the more expensive crypto exchanges in Canada. Those spreads are generally around 3.2%, which means you pay 20x the fees as you would trading with Kraken, which is absurd.
Aside from the high fees, though, VirgoCX is a great exchange. Its trading platform and mobile app are intuitive and easy to use (even for beginners), it supports 50+ cryptocurrencies, and it offers 24/7 customer support via live chat and email, plus an extensive FAQ section on its site.
VirgoCX covers the first $6 in mining fees on crypto withdrawals, which means you generally won't pay anything to withdraw crypto. For security, VirgoCX maintains a 95% cold storage policy and requires 2-factor authentication on all accounts.
As a new VirgoCX user, you'll receive a $20 bonus upon funding your account with $100 or more.
If working with an easy to use platform is important to you, VirgoCX is a solid choice.
Features
- Supports 50+ cryptocurrencies
- Free fiat deposits and withdrawals
- Free deposits and withdrawals on most cryptocurrencies
- 24/7 support available via live chat and email
- User-friendly for both beginners and more advanced traders
- 95% cold storage policy
- Regulated by FINTRAC
Cost
- Trading Fees: 0%
- Spreads: 2% – 3.5%
- Fiat Deposit Fee: 0%
- Fiat Withdrawal Fee: 0%
Signup Bonus
$20 when you fund your account with $100 or more using this link.
Best For
Crypto investors who can't sign up with Kraken.
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 as a Canadian.
For a better overall trading experience with significantly lower fees, I recommend opening an account with Kraken, my #1-ranked Canadian crypto exchange. Kraken has 250,000+ satisfied users, charges very low trading fees, and is offering a $10 signup bonus (no referral code required) from now until September 31, 2023.
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:
- Sign in to your Coinbase Commerce account.
- Click on the Withdraw button in the Balances section.
- 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 Canada?
Yes, Coinbase is available for Canadians, though with its spotty track record in Canada and high foreign exchange fees for using Canadian dollars, we can't recommend it.
Is Coinbase Legal In Canada?
Yes, Coinbase is legal to use in Canada, and it's a legitimate cryptocurrency exchange as well.
Coinbase Referral Code
Unfortunately, there are no Coinbase referral codes available at this time. If you want a $10 signup bonus with our #1-ranked exchange Kraken, though, you can get that here.
Does Coinbase Report To The CRA?
No, Coinbase is not obligated to report its users' activities to the Canada Revenue Agency. 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 CRA. Coinbase does not provide tax forms for international customers, including Canadians.
