Coinbase Review for Canadians Specifically (September 2024)

Pros and Cons of Coinbase

Pros

• A simple user interface for trading cryptos
• Great selection of cryptos to trade
• A ton of education and learning materials
• Helpful customer support is available 24/7
• A highly secure website that keeps your assets and data safe 
• Intuitive and easy-to-use mobile app 
• Earn rewards by staking cryptos 
• Web3 is thriving on its new base blockchain

Cons

• Complicated fee system with high fees
• Subscription accounts for more features
• Limited staking options 
• Limited deposit and withdrawal options

Rating  

Trade Cryptocurrency with Coinbase

What is Coinbase?

Coinbase Global Inc. was founded in 2012 by current CEO Brian Armstrong and co-founder Fred Ehrsam. The two became fast friends on the Bitcoin subreddit forum and developed the idea for Coinbase in a San Francisco apartment. Ehrsam was Coinbase’s first President but left the company to start Paradigm, a crypto investment firm. 

The company is the largest publicly traded crypto company and trades under the ticker symbol NASDAQ: COIN. As of August 2023, it has a market capitalization of $17.85 billion. Following the collapse of FTX, Coinbase is now the largest crypto exchange in the United States. 

Coinbase has well over 100 million global users across more than 100 different countries. It also has 3,400 employees, 245,000 ecosystem partners, and over $128 billion in assets under management. 

Unlike most other Canadian crypto sites, Coinbase offers a full trading experience and is a legitimate exchange. Coinbase has been growing its ecosystem by adding in NFTs Web3 partnerships, and even recently launched its own blockchain network called Base. 

Coinbase is considered a titan in the crypto industry and has several key figures sitting on its Board of Directors. This list includes Armstrong and Ehrsam but also noted tech investor Marc Andreessen and Shopify founder and CEO Tobias Lutke. 

In this Coinbase review article, I will dive into the platform and discuss the sign-up process, trading fees, and both the positives and negatives I found from using the site. If you are looking for an intuitive platform to trade hundreds of different cryptos, Coinbase will likely check off all of the boxes. 

Coinbase Review: A Comprehensive Analysis

Having used Coinbase extensively over the past few years, I’m inclined to award it a 4/5 rating. Subsequently, I’ll dissect this rating into seven components, reflecting my direct experience with the platform and its myriad features and services.

1. Ease of Use (4/5)

2. Fees (3/5)

3. Cool Features (4/5)

4. Coin Selection

5. Mobile App

6. Safety Features

7. Customer Support 4/5

Where Coinbase Shines

1. A Simple User Interface for Trading Cryptos

If you want new crypto users to take your app seriously, you’ll need to make it as easy as possible to trade cryptocurrencies. This is exactly what Coinbase does. The standard Coinbase dashboard is intuitive and easy to understand. You can either ‘Buy and Sell’ or ‘Send and Receive’. It doesn’t get any more straightforward than that! 

On the home screen, you get a view of the real-time performance of cryptos in your portfolio. You can also see your total balance, as well as a very clearly marked option for Interac eTransfer. There really isn’t anything more you need on your dashboard. 

The My Assets option provides an in-depth view of the assets you hold. This includes any Web3 assets like NFTs that are available in your Coinbase Web3 Wallet. The central chart on the page shows the recent history of your crypto asset balance. 

The Trade page is very simple and is certainly meant for beginners and not advanced traders. If you are an advanced trader, you’ll want to click on your profile picture in the top right corner of the page and click on the Advanced Coinbase option. 

Navigation is smooth and intuitive, with options and headers that are clearly marked. Adding more funds to your Coinbase account is nearly instant, and buying and selling cryptos is as easy as ever. Coinbase is the perfect mobile and desktop experience for new crypto enthusiasts who are trying to get used to a proper trading platform. 

2. Great Selection of Cryptos to Trade 

One of the major differences between a Canadian crypto site and a global crypto exchange like Coinbase is the number of coins that are available to be traded. As of August 2023, Coinbase offers over 250 different cryptos to trade in thousands of different pairings. 

This is far more than Canadian crypto sites like Newton or Wealthsimple Crypto, which are limited in how many they can offer. Coinbase includes all of the major tokens, including Bitcoin, Ethereum, Cardano, Shiba Inu Token, and Solana. In Canada, Coinbase has currently banned USDT Tether, Rai, and DAI stablecoins. You also cannot purchase the Binance native coin BNB on Coinbase. 

3. Education and learning materials

One benefit for both new and experienced crypto traders is that Coinbase comes with an extensive knowledge center. First, you will notice the Coinbase Learning Rewards page in the home menu. For this feature, Coinbase will actually pay you a little bit of crypto for learning about that particular blockchain. Currently, Coinbase Learning Rewards can be deemed for cryptos like Access Protocol, the Graph, AMP, and Near Protocol. 

Coinbase also offers its Coinbase Learn page, where you can ask questions about cryptos and read a ton of articles and guides on how to approach crypto trading. Help topics can be as basic as What is Bitcoin? And as complicated as A Guide to DeFi and Altcoins. 

The site even offers Advanced Trading help for experienced traders. Most of them are available in short, educational videos and articles. Personally, I am impressed with how much Coinbase offers to help both advanced traders and complete crypto beginners. A lot of effort has been put into providing these educational materials and it shows! 

4. Helpful Customer Support is Available 24/7

Another part of being a global crypto exchange is that there is customer support available around the clock. Both the desktop and mobile apps offer direct access to support through the live chat function. You can speak directly to a Coinbase representative through the app at any time of the day. 

Before you even get to speak to a real agent Coinbase’s virtual assistant will try to help solve your issues. Not only is this available 24 hours per day, but it is also open seven days per week and on holidays too. The crypto markets are always open and so too is Coinbase’s customer support team!

If you are unable to hang around for a chat you can always email Coinbase support as well. You can reach them at the following email addresses:

• Help@Coindesk.com
• Support@Coindesk.com 

As of now, there is no toll-free or direct phone support in Canada or anywhere else in the world. You can also consider reaching out to other Coinbase users on social media apps like Twitter or Reddit. 

5. A Highly Secure Website That Keeps Your Assets and Data Safe 

If you have read any of my other crypto site reviews for Canadians, you’ll know I take site security very seriously. It is one of the first things I look at before reviewing a site or signing up for the site to use myself. Since I do use Coinbase personally for crypto trading, site security is one thing I can confirm that Coinbase does well. 

First and foremost, Coinbase is a trusted custodian used by many other sites around the world. Its Coinbase Vault system is widely recognized as one of the safest ways to hold your crypto assets. Coinbase also cites that it will never use customer assets for any other transactions or lending services without your expressed permission. 

Coinbase will always hold your assets in a 1:1 ratio in cold storage at highly secure sites. To protect your personal data and assets, Coinbase requires 2FA logins, which usually require either an SMS message or an Authenticator app to successfully access your account. The site also uses a machine learning algorithm to determine if any trades made are outside of your usual profile. If Coinbase suspects something with a certain transaction, it will alert you and require a confirmation via email or SMS. 

6. Intuitive and Easy-to-Use Mobile App 

Coinbase has truly streamlined the mobile crypto experience and offers some of the best mobile apps in the industry. First, it has the Coinbase exchange mobile app, which operates exactly like the desktop version. The mobile app has five different tabs to choose from: Home, My Assets, Trade, Earn, and Web3. It doesn’t get much simpler than that.

On the home page, you can set a crypto asset watchlist to stay on top of price action. You can also add cash immediately to your account with the convenient Interac eTransfer option. There is also an option to toggle between the exchange view and the Advanced Trade view. This allows experienced crypto traders to trade using charts and technical analysis indicators directly on their mobile phones.

The Web3 portal offers all of the same dApps that can be accessed on the desktop site. These include DeFi staking sites like AAVE, GameFi apps, NFTs, and even exchange sites like SushiSwap. Coinbase is clearly building a massive crypto and dApp ecosystem as it attempts to become the biggest name on the global crypto stage. 

Coinbase also offers a stand-alone mobile wallet app. This can be used to integrate with other crypto wallets like MetaMask or Trust Wallet. The Coinbase Wallet holds both cryptos and NFTs, so you can track all of your assets in one convenient app. 

7. Earn Rewards by Staking Cryptos 

Another benefit of trading cryptos with Coinbase is that you can stake certain tokens to earn rewards. Staking in crypto is akin to earning interest on investments in the traditional finance world. 

Proof of Stake consensus mechanisms require holders to stake crypto to ensure the security and transactions of the blockchain. The network most associated with staking is Ethereum. On Coinbase, you can stake your ETH and earn an APY of 3.25%.

Other tokens you can stake on Coinbase include the following:

Staking is a great way to grow the investments that you were planning to hold for the long term anyway. Enabling auto-stake can automatically re-invest your assets to earn greater rewards. 

Finally, with the Coinbase One premium subscription, you can earn boosted staking rewards with higher APYs. This subscription will cost you CAD $29.99 per month, so you will have to calculate if it is worth it even with the higher APY and no trading fees. 

Web3 is Thriving on its New Base Blockchain

Coinbase is ensuring that Canadian investors get all of their blockchain needs in one super app. It recently launched its own blockchain network called Base, which is an Ethereum layer-2 that is open-source and powered by the Optimism network. In just under one month since the launch, Base already has more than $130 billion of assets in its ecosystem. 

What can you do on Base? Developers are creating a long list of dApps or decentralized applications that can be used by crypto enthusiasts. These include crypto games, exchanges, and even social networks like the trending, uber-popular Friend.Tech app which is a marketplace for your friends. 

Base has partnerships with some of the largest names in crypto and is designed to bring the next billion people “on-chain”. If there is one thing that has the potential to make Coinbase truly mainstream, it is creating and managing its own blockchain network. Eventually, if Coinbase starts taking transaction fees from the Base ecosystem, it could be a massive revenue stream for the company. 

Where Coinbase Short

1. Complicated Fee System with High Fees

One problem I have always had with Coinbase is that the fee system is complicated. I always think that if it’s complicated for me, it’s definitely going to be complicated for new crypto traders. 

Coinbase takes a fee from nearly every transaction on the platform: buying, selling, and converting cryptos. Any fees that you will be charged are visible and clearly posted on the transaction preview screen. 

The basic Coinbase platform takes a set fee approach for casual crypto traders. Essentially, you are looking at a fee of about $0.99 – $2.99 for a trade of between $10 and $200 in value. This is fine for smaller traders, but the advanced traders will want to utilize Coinbase’s Advanced Trading maker/taker fees. 

As with other crypto exchanges, Coinbase takes a spread, which is included in the quoted price for the transaction. The maker/stake spread on Coinbase is 0.40% and 0.60%. The fees on Coinbase are reasonable but still high compared to other sites like Kraken where the spread is about 0.26% or nearly half of Coinbase’s. 

If you want to avoid fees altogether on Coinbase you can sign up for the aforementioned Coinbase One premium subscription. It costs CAD $29.99 per month, so you will need to be a fairly high-volume trader to take advantage of the no-trading fees that come with the plan. 

2. Subscription Accounts for More Features 

About that Coinbase One premium account: I’m not sure how I feel about paying a subscription to get access to certain benefits on Coinbase. At $29.99 per month, you really have to make sure it is worth it based on how much you trade. For new crypto traders, you will likely pay less in fees each month than the cost of the subscription. 

The higher APY will require a substantial amount of crypto to make a major difference. Of course, this tier is targeted at experienced crypto traders, so new users probably won’t sign up for it right away. 

3. Limited Staking Options 

This is probably more nitpicking by me than anything but I would like to see more options when it comes to Coinbase Earn. Right now, you can only stake seven different crypto tokens on Coinbase, even though they offer hundreds of different coins to trade. 

In comparison, Kraken allows you to stake 19 different tokens including two stablecoins: USDC and USDT Tether. Even though Bitcoin isn’t a Proof of Stake network, you can earn rewards on your Bitcoin holdings with Kraken in the United States (not yet in Canada). 

I would love to see Coinbase expand its Earn options in the future for Canadian crypto traders. Staking is one of the best ways that new traders can earn additional crypto rewards when they first start buying cryptos on Coinbase.

4. Limited Deposit and Withdrawal Options

Unfortunately, this is an issue that plagues most of the Canadian crypto industry. Since credit cards are mostly blocked from crypto transactions in our country, we’re left with debit cards, bank transfers, Interac eTransfers, or crypto transfers. The first three of those options are essentially the same method!

It’s nice that Coinbase has now added Interac eTransfer for Canadians since it is the easiest way to fund your account. Conveniently you can also sell your cryptos and withdraw funds to a PayPal account or your bank account. Other than that, Interac eTransfer really is your best bet if you want funds instantly, although there are limits on deposit and withdrawal amounts. 

Who Should Use Coinbase?

Are you still debating whether or not Coinbase is the right crypto exchange for you? As with any exchange, Coinbase has its advantages and disadvantages depending on your experience with cryptocurrencies.

Here’s a quick breakdown of who this platform is and isn’t suited for:

You should use Coinbase if…

Coinbase might not be for you if…

My Experience with Coinbase

When I first got into cryptocurrencies, I started with simple Canadian platforms like Newton. But that was before I opened my eyes to global exchanges like Kraken or Coinbase. When I signed up for my Coinbase account years ago, it had none of the extra cool features it has today. There was no staking, no NFTs, and no dApps. 

Today, Coinbase is one of the strongest crypto brands in the world. It recently made a major push into Canada, establishing a Canadian headquarters and truly customizing its platform for Canadian users. I think we can appreciate this, especially following the hasty exit of other crypto brands like Binance and OKX. 

So, how is Coinbase as a crypto exchange? Over the years, it’s evolved, but for the better. Coinbase has always been easy to use, and after its official entry into Canada, it has become even easier for Canadians to buy cryptos. The addition of Interac eTransfer is simple but will help onboard many more users in Canada. 

Coinbase also does a great job of providing multiple different tiers for different users. The basic Coinbase platform is straightforward to use, while the advanced trading option will appeal to experienced crypto traders. The Coinbase One premium subscription tier will attract a certain niche of traders but probably won’t be as popular in Canada yet. 

Another thing that Coinbase brings to the table is its expansive Web3 ecosystem. I’ve enjoyed browsing the long list of dApps that are already available on the Base network and can see why Coinbase believes it is a way to onboard the next billion people into cryptos. While NFTs get a bad reputation, things like crypto gaming will definitely appeal to more casual crypto fans. 

I always say that the two things I always look for are site security and customer support. With Coinbase, there is always customer support available via the chat function in multiple different languages. Like other global exchanges, Coinbase ensures that customers from around the world can be helped at any time of the day. 

With the crypto industry, site security is also critical to the user experience. Coinbase is the industry standard for security and works hard to ensure that both your data and funds are safe. Whether it is 2FA for logging in or the technology behind the Coinbase Vault, the company exemplifies the highest standard of security in the crypto industry. 

Coinbase is building its app into an ecosystem. In my mind, this is what sets it apart from other crypto exchanges. It’s becoming more than just a place to buy and sell cryptos: Coinbase is becoming a fully immersive crypto experience. 

The crypto industry in Canada is changing towards a more regulated and controlled market. It was enough to force others like Binance to leave, but I for one, am glad that Coinbase has stayed. In supporting Canadian users at a time when the crypto industry has been the most vulnerable, I believe Coinbase will emerge as the preferred platform in Canada. 

I’ve always enjoyed using Coinbase, and you can see from my review that there aren’t many negative things to say about the site. In time, I believe Coinbase can eventually become my crypto exchange of choice, and that is not something I would have thought a few years ago. 

How to Sign Up for a Coinbase Account

Estimated time: 10-20 minutes 

1. Register for an Account at Coinbase

Head over to Coinbase.com, and it will automatically detect if you are currently in Canada. Hit the blue Sign Up button to get the process started. 

To sign up for a Coinbase account in Canada, you will need to create an account using your Legal First Name, Legal Last Name, and email address. You also need to be at least 18 years of age and agree with Coinbase’s User Agreement and Privacy Policy. 

Before proceeding any further, you will need to confirm your account with an email sent to your inbox. It will look something like this:

Next, Coinbase will provide you with this disclaimer about the risks involved in trading crypto assets. It’s helpful, especially for new crypto traders in Canada who are using Coinbase for the first time. 

You will then need to set up a 2-Step Verification with your mobile phone number. This will be used to help confirm your logins into your account as well in the future. 

Once you confirm that code that is sent to you via SMS, you can begin the process of setting up your account. First, Coinbase will ask for your country of citizenship, which in this case will be Canada. 

2. Verify Your Identity Through Coinbase KYC

Part of the KYC process in Canada requires you to upload photos of your identification. With Coinbase, you can choose between these pieces of ID:

Once you upload those, Coinbase will require you to take a selfie. You can do this from the webcam on your computer or on your mobile phone. After submitting your photo, you will be asked a series of questions about your crypto knowledge and experience. 

And some more questions about your financial situation with Coinbase’s Risk and Financial Assessment form:

After that, some more identity verification with Coinbase to help them get an idea of who you are. Don’t worry, we’re almost there!

Sometimes, Coinbase will require proof of address. You can use a bank statement, utility bill, or credit card statement and upload it to the site. 

Once Coinbase has confirmed and verified all of your information, you’re ready to go!

3. Explore and Take the Learning Rewards to Start Your Crypto Portfolio

Navigating the Coinbase site is super easy and straightforward. Make sure you check out the Learning Rewards on the left-hand side of the screen to earn your first cryptos! 

As you can see, I’ve taken all of the current Learning Rewards quizzes! 

4. Fund Your Coinbase Account and Begin Trading!

Funding your account is easy: all you need to do is look for the giant yellow Interac eTransfer logo in the top-right corner of the screen. From there, Coinbase will walk you through the process and you’ll be able to start funding your account immediately! 

Or, if you have crypto at other addresses, you can transfer them into Coinbase using the Send & Receive option at the top of the page! 

You’re now ready to begin trading on Coinbase! 

FAQs About Coinbase

How Trustworthy is Coinbase? 

Coinbase is extremely trustworthy for Canadian users. It has industry-leading site security and protects your funds and data with strong encryption and 2FA identity verification. Coinbase is also a publicly traded company, so it is strictly regulated by authorities in every country in which it operates. 

Can Ontario Residents Use Coinbase?

Yes! Coinbase is available across all Provinces in Canada. Coinbase has cooperated with Canadian regulatory authorities, including the Ontario Securities Commission, allowing residents of Ontario to use Coinbase. 

Can I Withdraw Money From Coinbase in Canada?

Yes, with Coinbase, Canadians can convert cryptocurrencies to fiat currency and withdraw it to their bank account or a registered PayPal account. 

Which Coins are Available on Coinbase?

Canadians can trade more than 250 different cryptocurrencies on Coinbase in Canada. These include major tokens like Bitcoin and Ethereum, as well as altcoins like Solana, Cardano, Shiba Inu Token, and Dogecoin.