Coinbase Canada Review (2023): the Best and Biggest?
Did you know that Coinbase has over 102 million verified users worldwide? this makes it second only to Binance in its size and prominence in the field of crypto exchanges. It caters to all investor profiles and offers simple but very convenient solutions and services to buy, sell and trade crypto worldwide. So what is Coinbase and how does its platform work? Who are its services for and what fees can you expect?
In this short guide, we will introduce you to Coinbase, walk you through setting up an account and help you start trading.
Our review of the Coinbase platform
The Coinbase platform is ideal for investors new to the world of cryptocurrencies and the world's largest crypto exchange. The platform aims to simplify the buying and selling of cryptocurrencies with a very large selection of crypto assets. On Coinbase, it is thus possible to buy cryptocurrencies directly by credit card and offers its own Visa card to pay for crypto purchases.
It facilitates communication and transactions. With Coinbase, buying cryptocurrencies is very simple and the interface is always pleasant. Thanks to this platform, beginners can easily find their way around. Although the fees offered by Coinbase are among the highest in the market, this platform is still one of the most reliable and secure. It is also the only publicly traded platform in the cryptocurrency world.
What is Coinbase?
Coinbase is a cryptocurrency exchange platform based in San Francisco. It offers various services in addition to buying, selling and trading cryptos.
Keep in mind
Founded: in San Francisco in 2010
Founder: Brian Armstrong
Number of available assets: 50 cryptocurrencies
Minimum deposit: $0
Customer service: phone, chat, email and Twitter
Fiduciary deposits and withdrawals: free
Crypto withdrawals: 0.15
Payment methods: credit card, wire transfer, crypto assets
Other assets: none
Level required: none
Features: staking, crypto wallet, crypto loan, NFTs, payment card
Below we have summarized the advantages and disadvantages of the Coinbase platform for you.
- A simple and intuitive interface
- Easy to use customer service
- Various payment methods including PayPal
- A huge variety of cryptocurrencies
- A high level of security
- Available in over one hundred countries
- Relatively high transaction fees
- Few training resources
- Platform unavailable in some countries
- The platform is sometimes unavailable during strong price fluctuations.
What cryptocurrencies are available on Coinbase?
Coinbase allows you to access nearly 50 different cryptocurrencies from its online platform, including:
- Bitcoin Cash
Coinbase has one of the largest offerings of all global cryptocurrency exchanges. However, if you are interested in using our online comparison tool and seeing what competitors have to offer, you can hit the button below.
Compare the best crypto exchanges
How much are Coinbase fees?
Coinbase has high fees, especially for card purchases and commissions and this means that some people prefer to use other platforms. However, withdrawals on Coinbase are free.
Take a look at the helpful table below to see how the fees break down.
|Coinbase deposit fees|
|Coinbase withdrawal fees||Free|
|Coinbase card purchase fees||3.99 %|
|Coinbase transaction fees||0.5 % per trade|
|Coinbase commissions||1.49 %|
How does Coinbase work?
To help you understand how the platform works, we have put together a short guide that will take you step-by-step through the whole process of using Coinbase.
For the guide, we will assume that you are interested in learning how to sell Bitcoin on Coinbase Canada.
How to deposit money into Coinbase Canada?
Once you have set up your account on the Coinbase website you can add funds using a debit card. You will have to have a debit card with an address attached. Once this has been verified and connected to your account, you will be able to buy and sell Bitcoin and other cryptocurrencies. As you can see in the table above the fees for a card purchase are 3.99%.
Coinbase cannot currently accept new credit cards. This means unless a credit card is already associated with an account it can't be connected to an account.
Customers can also use Paypal to buy crypto assets on the platform or receive money from selling their crypto assets. Coinbase advises that Paypal is better for receiving money from sales and that debit cards are better suited for buying.
How to fund Coinbase Canada?
Customers who have US-based bank accounts can go through a verification process on the Coinbase website to link their bank accounts to their trading profiles. Currently, Coinbase does not support payments directly from any Canadian banks.
Instead, customers in Canada can pay either with a debit card or via Paypal through the method described in the section above.
How to sell crypto on Coinbase in Canada?
First of all, you will need to set up an account on the Coinbase website you will be able to access the Coinbase Exchange. Once there you will be able to transfer your cryptocurrency from your Coinbase wallet. Once they have transferred onto the Coinbase trading platform you can sell them using the Buy/Sell interface button.
How to withdraw money from Coinbase Canada?
Once you have sold your assets you can withdraw the proceeds of these sales. First, you will need to have a bank account or a Paypal account linked directly to your Coinbase account. Coinbase recommends using Paypal to withdraw your funds.
If you are using the Coinbase web account, you can hit the Cash out tab, enter the amount of cash you want to withdraw and select the external location you wish to move funds to. If you are using the Coinbase app.
How to delete Coinbase account?
To close your Coinbase account you need to use the website. Accounts cannot be closed using the app. First you withdraw all the money and sell all of your crypto holdings. If the amount of your crypto is too small to sell (because the sale would not cover the associated fees) you can send the coins to another Coinbase account or donate them.
You can then close your account by sending a message via the Contact Us page. Select 'closing my account' and then 'I would like to close my account' under the message options. Your account will be then be terminated.
How long does Coinbase take to verify?
To verify your profile you will need to upload two forms of photo id. Verifying your photo should be done in 3 minutes. Verifiying your bank account details can take up 24 hours as Coinbase needs to contact your financial institution and double-check your information with them.
Coinbase vs Binance
Binance is Coinbase's leading competitor in terms of size and the variety of crypto monies on offer. We have put together a table to help you compare these two crypto exchange platforms easily.
Coinbase vs Kraken
Kraken was founded in 2011, making it one of the oldest and best-established crypto exchanges working today. A Canadian company, it has advantages for resident users. Known for its high level of security and its crypto staking, Kraken is an interesting alternative to Coinbase. To help you compare the two we have created the table below.
Coinbase vs Bitbuy
Bitbuy was the first crypto exchange platform to be regulated in Canada. It has a slick and professional interface and well-reviewed iOS and Android. We have put it together. a table below to help you compare.
If you would like to take more time to shop around for the right crypto trading platform you can compare our cryptocurrency exchange choices.
Compare the best crypto exchanges