The Ultimate Coinbase Canada Review 2023
Coinbase Canada Review: Our Opinion
Coinbase Canada provides users with a simple-to-use user interface that makes it seamless for newbies to purchase crypto. However, Coinbase trading fees are high and their customer support is poor.
Also, if you are looking for an exchange more suited to advanced traders then Coinbase Pro is a better option. It offers Canadian traders access to more (hundreds) cryptocurrencies than the regular option. This is inclusive of the lesser-known altcoins.
An Overview of Coinbase
Founded in 2012, Coinbase came onto the scene just a couple of years after Bitcoin emerged into the limelight. The cryptocurrency exchange revealed to laymen what cryptocurrencies mean.
Coinbase is a cryptocurrency exchange that enables crypto traders to buy and sell or hold several cryptocurrency tokens from Litecoin and Ethereum to various altcoins.
The platform has over 89 million users and high liquidity.
The Coinbase Pro version provides users with additional customizable charting tools, real-time order books and in-depth trading history, as well as, a wider altcoin variety.
Coinbase Canada is a cryptocurrency exchange that makes it seamless to invest in various crypto assets in Canada.
You just need to fund your account via a host of FIAT-approved methods and you’ll get access to over 160+ cryptocurrency tokens.
But is it the best exchange for you? To help you decide we studied tons of user reviews, the competition, and got a hands-on experience of the platform to know all there is about the exchange.
In this Coinbase Canada review, we share our findings and cover all you need to know about the platform.
Key Features of Coinbase
User-friendly interface designed for beginners.
Available Mobile app for iOS and Android and on the web.
160+ of the most popular cryptocurrencies are supported.
Coinbase Pro for more experienced trader.
Cryptocurrencies Available on Coinbase
Coinbase Canada offers crypto traders over 160 cryptocurrencies for investments. However, Coinbase Pro offers more than double that number of crypto tokens. Coinbase Canada Pro provides one of the largest varieties of tokens in comparison to the competition.
Here are some of the top crypto assets available on the exchange:
- Bitcoin (BTC)
- Dogecoin (DOGE)
- Yearn.Finance (YFI)
- Ethereum (ETH)
- 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)
Keep in mind, though, that Coinbase is constantly adding new cryptocurrencies to the exchange.
Coinbase has fixed trading fees for asset purchases up to $200. They charge crypto investors from $0.99 to $2.99. Here’s the breakdown:
- For <$10: $0.99
- For $10<x<$25: $1.49
- For $25<x<$50: $1.99
- For $50<x<$200: $2.99
But after exceeding $200 the following percentages are utilized for trading fees based on the payment option used.
- Debit/Credit Card: 3.99%
- Bank Transfer: Not supported for Canada
- Credit Transaction: 2%
- ACH Transfer: Free
- Wire Transfer: From $10 to $25
The Coinbase Canada exchange also charges investors a bid-ask spread which starts at 0.5% and fluctuates based on the amount of crypto you buy, as well as market fluctuations.
Currently, Coinbase Canada only allows Canadians in the country to purchase digital assets with a debit card and withdraw using PayPal. For purchasing, they take a fee of 3.99%.
For now, you can’t pay for crypto on Coinbase Canada using a bank account.
They recommend that you use a debit card for purchases and PayPal for sales. It is also not possible to sell crypto and have payment made to your card. Coinbase Canada does not support prepaid cards or cards without a billing address.
Security (Is Coinbase Safe?)
Coinbase is a secure crypto exchange to use for both experienced and new traders.
98% of your crypto assets are held in cold storage offline, while the leftover 2% of digital assets held in online storage wallets are insured.
So if hackers hacked into the exchange at any time they have an insurance policy that can cover lost funds. Coinbase also offers 2-factor verification or multi-factor authentication. This is another layer of security to your username and password login.
Coinbase Canada allows users to earn staking rewards with Tezos (XTZ), Ethereum 2.0, Cosmos (ATOM), and much more.
Staking is when crypto investors can earn profits for holding particular coins. When you stake a digital asset you make the underlying blockchain of that crypto more secure. To appreciate you for doing so you get rewarded with additional crypto from the network.
Coinbase for instance, rewards investors with up to 6.12% APR for holding particular digital assets. It’s also very easy to do with just a couple of clicks you can get started.
Rewards are deposited in your account periodically based on the crypto you have staked. Coinbase also allows you to earn staking rewards starting with as little as $1 in crypto and as you hold longer, you earn more.
Here are a couple of their staking rewards:
- Ethereum: 3.89% APR
- Tezos: 3.19% APY
- Algorand: 5.75% APY
- Cosmos: 6.12% APY
It is also important to state that with Coinbase staking rewards you have total ownership of your crypto.
Staking Rewards Eligibility
To be eligible to stake on Coinbase Canada your identity must be verified with a valid TIN. You must also stay in a location that allows staking (Canada, for example). Also, you don’t have to buy your crypto on Coinbase to be eligible to earn staking results.
The con with Coinbase Canada staking rewards is that they take a commission on every reward received.
Opening a Coinbase Account
Coinbase does not charge fees for opening or maintaining your account.
To open an account you will need the following:
- Proof of being 18 years and older
- A government-issued photo identification.
- A device that’s connected to the internet
- A mobile device that can receive SMS text messages.
- The Coinbase app or the latest version of Google Chrome.
First, Visit Coinbase.com on a computer browser (a mobile device browser isn’t recommended) or get the Coinbase app on iOS or Android.
Next, hit Get started.
Coinbase will request the following data. Ensure that you input up-to-date and accurate information to avoid problems later on.
- Your full legal name
- Email address
- Your state
You should receive a verification email to the registered address.
Click “verify email address” in the message you get from Coinbase. It is a no-reply email. The verification link will redirect you to the wesbite again.
Sign back in with the email and password you just created in the previous step to finish the verification process.
At this point, you would need your smartphone number to set up and complete a 2-step verification.
Phone Number Verification
After signing into Coinbase in step 2, you will be told to type in your phone number.
To do so, choose Canada.
Next, type in your phone number.
Hit Send Code if you’re using a desktop or Continue for the mobile app.
Input the digit code Coinbase texted to your device and hit Submit.
If you don’t get the code you can hit Resend.
Enter Personal Data
At this stage, you need to add your personal information as shown on your government-issued photo identification. It must be accurate as you will have to submit a photo of your ID.
Details required include:
- First Name
- Last Name
- Date of Birth
Next, you have to answer a couple of questions such as:
- Your source of funds
- What do you want to use a Coinbase for?
- The last digits of your social security number
- Your current occupation and employer
Choose “continue” to complete the process
This is the end of the application process. You’ll get additional instructions via your registered email address.
However, you’ll be unable to buy or sell digital assets through Coinbase until you complete the next step.
For this, sign into your Coinbase account and follow this link.
Link Payment Method
For Canadians, you get to only link your debit card and PayPal account. To link your debit card go to Settings and pick the Payment Methods tab.
Next, choose Link a New Account.
Pick Debit Card
Input your card details and follow the verification details.
That’s all. Your account should be ready to go.
The trading experience in any crypto exchange starts with funding your account. Fortunately, Coinbase Canada allows you to fund your account with Canadian Dollars in a very simple way to understand the process.
You can also make these digital asset purchases with your debit card.
So here’s how it works.
Log in and proceed to the payment methods page. Next, pick “Add Payment Method” at the top of your page and choose “Debit Card“.
Input your debit card details and ensure that you type the right address.
The exchange will then perform an authorization (send a test amount to your bank account) on your card that you will have to verify.
To do so you would need to locate your online banking statement and find the test amount sent, and a 4-digit authorization code mentioned in the description.
Lastly, type the code on Coinbase.
After this, you should see a message informing you that your debit card has been added, as well as a “Buy” button.
Now to begin trading, here’s what you do.
Tap “Buy / Sell” on the top right of your screen.
Next, hit the buy panel to choose the crypto asset you want to buy.
Then input the amount you want to purchase dominated in Canadian dollars or crypto.
Choose a payment method. For us, it’d be a debit card.
Tap Preview Buy to review your purchase. There’s a back arrow to change any purchase details.
Lastly, click Buy to finalize the purchase.
That’s all you need to do to trade on Coinbase Canada. With time, the process becomes a lot faster as well.
Coinbase offers customer support via 24/7 live chatbot support via web browser, Email support via tickets, and automated phone support in the US, UK, Ireland, and India. That said, despite all the options, Coinbase support is near impossible to reach and there are myriads of complaints regarding this.
Coinbase has had its fair share of customer disappointment. There have been massive complaints about the slow response of support agents in solving account issues like after the major Coinbase hack.
Previous employees have also stated that the support team seems overwhelmed by what they have to handle.
So with regards to customer satisfaction, their support does not cut it so far. However, concerning the use of the platform most users praise Coinbase as the most straightforward option when it comes to buying crypto.
Coinbase Account Management
You can manage your Coinbase Canada account whenever you choose via their mobile app or website. They offer an easy-to-use dashboard that allows one click to buy, sell, monitor trades, etc.
Coinbase Account Education
Coinbase Canada has immense educational features. From an in-depth blog covering everything crypto and in the blockchain space to help articles to Coinbase Earn.
Let’s narrow in on Coinbase Earn.
Coinbase Earn is a feature offered by the exchange that allows you to discover how particular digital assets function and receive each cryptocurrency in the process to try out.
Here’s how it works.
Coinbase Earn has a lot of educational tutorials to teach beginners about various cryptocurrencies. At the end of every tutorial, you’ll have to write a basic quiz that tests what the course covers.
After every successful quiz competition, you receive particular crypto in your Coinbase wallet.
Here is a screenshot of a course explaining all there is to know about AMP. After the quiz, you’ll get $3 AMP as a reward.
This is a commendable educational feature as it incentivizes beginners to learn about the digital assets they intend to invest in or already have investments in.
Is Coinbase Right for You
Coinbase is one of the leading cryptocurrency exchanges in the world. It is legit and scam-free.
So if you’re looking for a quick and easy way to buy, hold, or sell crypto, Coinbase Canada is a great option.
This is an excellent choice for beginners, however, if you want a budget-friendly exchange Coinbase isn’t it. Coinbase is arguably the most expensive crypto exchange concerning its fees. It is also hard to track costs except if you’re using the more expert-friendly Coinbase Pro.
That said, investing in cryptocurrencies is extremely speculative and has the dangers of high volatility. So the rule of thumb is not to invest what you can’t lose.
Coinbase Canada is a crypto exchange that allows you to buy, sell, and hold digital assets. The platform has an easy-to-use interface for beginners and over 160 cryptocurrencies for investors to choose from.
However, it does have its downsides such as poor customer support that involves automated replies, previous exchange-wide security issues, and what some may call outrageous fees.
Coinbase Canada also only allows you to buy cryptocurrencies via a debit card, unlike the United States Coinbase with payment options like Bank Account.
Our extensive analysis of the Canadian Crypto Exchanges doesn’t stop here. You can also read our about our best Crypto exchanges in Canada guide to find the cryptocurrency exchange that most suits you.
Most frequent questions and answers
Coinbase offers a hosted wallet, this means that they manage your private keys on your behalf and secure your account using a password login, 2-factor authentication, and device confirmation.
Coinbase is a legit crypto exchange with global regulations, however, there have been security issues on the platform in previous years.
You shouldn’t use Coinbase if you want to avoid high fees and debit card purchases for crypto.
Yes. Coinbase Canada is safe as they safeguard all digital assets offline in cold storage and insure all online crypto assets.
Yes, you can sell Bitcoin on Coinbase Canada.
Coinbase does not charge a direct withdrawal fee but there is a standard network fee during withdrawals that varies based on how busy the network of the chosen coin is at the time.
Coinbase is legal in Canada. They are also regulated in the country under securities laws.
Yes, you can sell assets and use PayPal to get your finds out of the exchange.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.