Coinbase Canada Review - Is It legit? Is it Cheap?
Founded in 2012 in the United States, Coinbase is one of the top crypto exchanges available to novice and experienced traders alike. There’s both the web platform and smartphone application available on iOS or Android devices. They allow users to trade and buy some of the most popular cryptocurrencies, including Bitcoin, Litecoin, Ethereum, Dogecoin, Bitcoin Cash, Cardano, USD Coin, Ripple, and many more.
Servicing over 43 million active traders across 100 countries, Coinbase manages over $90 billion USD worth of assets for its users. They offer a user-friendly interface and also provide their users with a plethora of training and learning modules to help new traders get involved in the crypto space.
Is Coinbase Available in Canada?
Yes, Coinbase is available to all Canadians. In Canada, cryptocurrencies fall under the same laws and regulations that govern other security investments, like stocks, futures, EFTs, options, hedge fund investments, or options.
Is Coinbase Canada Safe?
Coinbase Canada boasts robust security policies and features. First, they store 98% of their users’ funds in offline storage, making them less susceptible to hackers and online threats. They distribute the Bitcoin geographically among various safety deposit boxes and vaults globally.
Every account requires 2FA to help protect funds, and they follow best industry practices. This includes using SSL/TLS certificates for their website and all wallet and private keys are stored using AES-256 encryption.
In the rare event that their servers are breached or anything similar, Coinbase Canada’s crypto is covered by crime insurance. However, this does not include authorized access to your account due to loss of your credentials or a breach due to poor security practices on your end.
Once you delete your account, you have the option to retrieve all information you provided to them. You can also request they purge your info from their servers. In today’s world where privacy concerns are so important, that’s an extra plus for Coinbase.
Coinbase Canada - General Information
Coinbase itself has been around for a decade, making it one of the earliest adopters of crypto and exchanges for people to use. They began offering their services in Canada in September 2015. Here’s some general information you need to know about Coinbase Canada.
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💰 Account currency:
XBT
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🚀 Minimum deposit:
Minimum deposit 2 units of local currency (e.g., $2 USD or $2 CAD)
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⚖️ Leverage:
Up to 1:3
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💱 Spread:
Market
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🔧 Instruments:
Dollars, cryptocurrencies
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💹 Margin Call / Stop Out:
No
Coinbase Canada Pros and Cons
👍 Pros
•Easy-to-use interface
•Offers a wide variety of cryptos to trade
• Robust security policies and features (2FA, Insured, etc.)
• Provides free e-wallet and a virtual card
• Quick and simple registration process (with proper documents)
• Can earn free crypto through their Coinbase Earn program
👎 Cons
• Requires significant identity verification
• Lackluster customer service
Coinbase Canada - Fees
Compared to other exchanges available, they sit in the middle of the industry– not the best but not the worst either.
Coinbase uses a complex fee structure. If you purchase crypto between $10-$200, they charge a flat fee depending on the amount. Here’s what it looks like.
| Amount Spent | Fee |
|---|---|
$10 or less |
$0.99 |
$25-$10 |
$1.49 |
$25-$50 |
$1.99 |
$50-$200 |
$2.99 |
Anything over $200, however, then they charge based on a percentage dependent upon your purchasing method. Here’s a breakdown of that.
| Payment/Payout Method | Fee |
|---|---|
ACH |
FREE |
Bank Transfer |
1.49% |
Debit or Credit Card |
3.99% |
Credit transaction |
2% |
Wire Transfer |
$10-$25 |
Coinbase USD Wallet |
1.49% |
They also charge 0.5% on the buy-spread but that number can vary based on many different factors.
If you’re trading a low volume of crypto, then this might not be the exchange for you. The fees can quickly add up and wipe out any profits you may have made from a trade. But if you’re looking to buy/trade a large volume, Coinbase Canada becomes pretty competitive.
Coinbase Canada - Supported Coins
Coinbase Canada allows users to buy, sell, and trade 100+ different crypto assets on their exchange. So, you’re bound to find the cryptocurrency you’re looking for. This list isn’t exhaustive, but here are some of the most popular crypto coins supported by Coinbase Canada.
Bitcoin (BTC)
Ethereum (ETH)
USD Coin (USDC)
Bitcoin Cash ( BCH)
Bonfid (FIDA)
Dai (DAI)
EOS (EOS)
Litecoin (LTC)
Cardano (ADA)
Chainlink (LINK)
IDEX (IDEX)
Ethereum Classic (ETC)
Maker (MKR)
Cosmos (ATOM)
Yearn.Finance (YFI)
Tezos (XTZ)
Alogrand (ALGO)
Compound (COMP)
Polygon (MATIC)
Aave (AAVE)
Wrapped Bitcoin (WBTC)
Internet Computer (ICP)
Tether (USDT)
As mentioned, this is only a fraction of the cryptocurrencies available on Coinbase Canada. If you’re looking for a full list and want more details, then check out the Coinbase Asset Directory.
How to Withdraw From Coinbase Canada
Withdrawing from Coinbase is relatively simple. Here are the steps you need to take to receive your funds.
First, you must sell your crypto. To do this, open the app or web browser to click on the “buy/sell” button.
Select the crypto you wish to sell and enter the amount.
Click on “Preview Sell” then “Sell Now.” Shortly after, the funds show up in your local currency wallet.
Once the funds appear, either press the “buy/sell” button on the app or click “Assets” on the website.
On either device, you should see and click “Cash Out.”
Enter the amount you wish to withdraw, choose a transfer destination, and then click “Complete.”
Summary. Is Coinbase Canada a Good Exchange?
Coinbase Canada is one of the most popular and reliable crypto exchanges to choose from. It’s a perfect jumping-off point for new investors looking to get involved with crypto and start trading. They offer robust security features, such as mandatory 2FA and storing their assets on offline servers. With its wallet and knowledge base, it’s a one-stop-shop for all things crypto.
However, there are some downsides to consider. Many customers report their support leaves a lot to be desired. The fees can be pretty high if you aren’t dealing with large volumes of crypto. But with the level of security, reliability, and the fact they are insured, Coinbase Canada is a good choice for Canadians and others who want to do crypto transactions.
FAQs
Have There Been Security Compromises with Coinbase?
Yes, Coinbase faced their only breach during early 2021 in March and May. Finding a small vulnerability in the 2F4 system, hackers were able to gain access to the accounts of around 6,000 users. They were able to steal crypto from these people. However, Coinbase worked hard to patch the flaw and reimbursed those affected by the hack.
What Payment Methods Are Available to Canadians?
Coinbase Canada only allows debit cards (not credit) to make purchases on their exchange. However, these payments are instant, meaning you can immediately begin trading. Paypal is available to sell and withdraw the funds instantly.
Do I Need to Use 2FA on My Coinbase Canada Account?
Yes, Coinbase requires all users to enable 2FA on their accounts. This is an extra security measure to protect your account and funds. If you’ve lost your phone or have any other trouble signing into your account, then you will need to reach out to Coinbase Support.
How Long Does It Take to Withdraw Funds?
If you use PayPal, then you can sell and withdraw funds instantly to your PayPal account. For other methods, such as ACH transfer, it can take up to 5 business days to see the funds in your account. However, it can be delayed and take longer if Coinbase notices any suspicious or fraudulent activity on the account.
Team that worked on the article
Andrey Mastykin is an experienced author, editor, and content strategist who has been with Traders Union since 2020. As an editor, he is meticulous about fact-checking and ensuring the accuracy of all information published on the Traders Union platform. Andrey focuses on educating readers about the potential rewards and risks involved in trading financial markets.
He firmly believes that passive investing is a more suitable strategy for most individuals. Andrey's conservative approach and focus on risk management resonate with many readers, making him a trusted source of financial information.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.