Coinbase Canada Review (Dec 2022) + $50 Bonus

December 1, 2022
Reviews
coinbase canada review

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 ZenGo, my #1-ranked Canadian crypto exchange. ZenGo has 250,000+ satisfied users, charges very low trading fees, and is offering a 0% trading fees up to $1,000 signup bonus from now until December 9, 2022.

SECURE MY CRYPTO FOR FREE
Sign up by December 9, 2022.

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.

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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 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.

Introducing ZenGo: Our #1-Rated Crypto Exchange In Canada

1. ZenGo – Best Overall + Lowest Fees

#1 Best Overall

Trading Fees: 0% up to $1,000
Security: Best in class
Customer Support: Excellent

Ultimate security + lowest fees.

★★★★★

Rated 4.9/5

ZenGo is, without a doubt, the best crypto platform in 2022.

ZenGo is free to use, which means you get the industry's best security for no cost. Sending and receiving crypto to and from ZenGo is also free, and their 24/7 support team answers most queries in 5 minutes or less.

ZenGo’s proprietary keyless technology means that your crypto is protected by two independently created mathematical secret shares: one that lives on your phone, and another that lives in the cloud. This unique setup means that your coins are always 100% secure, and that you’ll never have any trouble accessing them, even if your phone is lost, stolen, or broken, or if ZenGo (the company) were to go bankrupt, commit fraud, or cease operations for any other reason.

As a new ZenGo user, you won't pay any trading fees on trades up to $1,000. ZenGo supports more than 75 crypto assets, and it takes less than 30 seconds to open your free account.

Overall, ZenGo represents the next generation of crypto: with top-level security inside an easy to use app, it truly is the best of both worlds. I can’t recommend ZenGo highly enough.

Features

  • Supports 75+ crypto assets
  • 24/7 customer support
  • Extremely well-rated mobile app (4.7/5 on the App Store) 
  • Face scanning technology for even greater security
  • Up to 8% APY in crypto savings 
  • Cancel or speed up your sent transactions with one tap
  • Choose from the 3 network fees modes: economy, regular, and fast (applicable for BTC, ETH, and ERC20)

Cost

  • Account Opening: Free
  • Trading Fees: 0% on trades up to $1,000

Best For

Crypto investors looking for the most secure trading experience + extremely low fees.

SECURE MY CRYPTO FOR FREE
Sign up by December 9, 2022.

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 ZenGo, my #1-ranked Canadian crypto exchange. ZenGo has 250,000+ satisfied users, charges very low trading fees, and is offering a 0% trading fees up to $1,000 signup bonus from now until December 9, 2022.

SECURE MY CRYPTO FOR FREE
Sign up by December 9, 2022.

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 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 0% trading fees up to $1,000 signup bonus with our #1-ranked exchange ZenGo, 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.

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