Coinbase Canada Review - Canada's Best Crypto Brokerage

Coinbase has rapidly become a popular platform for Canadians looking to dive into the world of cryptocurrencies. This user-friendly platform offers a wide range of features to make trading and managing over 200 cryptocurrencies a breeze, even for beginners.

In this Coinbase Canada review, we’ll explore the ins and outs of this leading cryptocurrency exchange that has attracted over 110 million registered users across 100 countries.

In fact, according to a recent Bank of Canada study, Coinbase was the most popular exchange having been used by 38% of those Canadians who obtained Bitcoin on the web or via a mobile app at any point in the past.

When it comes to cryptocurrency, many Canadians worry about security. However, one of the key selling points of Coinbase is its commitment to user security and compliance, making it one of the safest options for Canadians.

With an intuitive interface and educational resources, new users can quickly get up to speed on all things crypto, from trading their first coins to maximizing their holdings. The platform also supports convenient payment and withdrawal options, which has often been a headache in the space over the last few years.

Keep reading as we delve into what sets Coinbase apart from the competition and why I feel it is the best cryptocurrency platform in Canada today.

What is Coinbase?

Coinbase is one of the largest crypto exchanges in the world, serving over 100 countries. Founded in 2012 by Brian Armstrong and Fred Ehrsam, Coinbase has a solid track record and is among the oldest cryptocurrency exchanges.

Coinbase Global currently employs over 3500 people worldwide from over 100 countries. Their commitment to fostering a user-centric crypto platform tailored for Canadians is exemplified by its robust Canadian tech hub.

Boasting nearly 200 full-time local employees, this makes Canada Coinbase’s largest tech hub outside the US.

In 2021, it had 56 million users, surging to 108 million in 2022. Notably, Coinbase achieved another milestone in April 2021 when it became the first publicly traded cryptocurrency exchange in the U.S. through its initial public offering (IPO).

What cryptocurrencies can you trade at Coinbase?

You won’t have any issue trading some of the largest and most popular cryptocurrencies on the planet with Coinbase.

I’ll list some of the most popular ones here, but it’s important to note that the platform offers trading on over 200 cryptocurrencies.

Bitcoin (BTC)
Ethereum (ETH)
Litecoin (LTC)
Stellar Lumens (XLM)
Bitcoin Cash (BCH)
Goldfinch (GFI)
Solana (SOL)
Polkadot (DOT)
Bonfida (FIDA)
EOS (EOS)
Cosmos (ATOM)

One of the most exciting features of Coinbase Canada is its support for numerous altcoins. These include coins like Tron, NEAR, Doge, and Tether, giving cryptocurrency enthusiasts ample opportunities to explore the world of digital assets with more niche selections.

The hundreds of thousands of ERC-20 tokens available on Coinbase further widen the choices for Canadian traders. This diversity means users can find a suitable opportunity based on their preferences and risk appetite.

Features of Coinbase

Coinbase Brokerage Service

Coinbase Canada offers an easy-to-use trading platform with a user-friendly interface, perfect for newcomers and experienced investors alike. It supports over 200 crypto assets, giving traders a variety of options to choose from.

It simplifies buying and selling cryptocurrencies and is known for its beginner-friendly user interface. However, one drawback to the brokerage side of things is that when you create a Coinbase account, you don’t have direct access to your digital assets.

However, don’t fret.

Your assets at Coinbase have 1:1 parity. They don’t use, lend, or do anything with your crypto without your permission. Financial institutions like banks can use customers’ funds for commercial purposes, for example in lending and trading, and so it is common for them to hold only a fraction of customers’ assets at any given time. This doesn’t happen at Coinbase.

To have more control, you can use the standalone Coinbase Wallet app or transfer your assets to another non-custodial wallet.

Coinbase Wallet

The Coinbase Wallet is a secure and convenient way for users to store, manage, and trade their cryptocurrencies.

If you’re a stickler for holding the coins yourself, or maybe you’re exploring Non-Fungible Tokens (NFTs), the Coinbase Wallet is one of the easiest to get started with. Coinbase Wallet, which allows storage of over 4000 cryptocurrency types, also includes a Defi app marketplace and NFT trading.

This easy-to-use crypto wallet allows customers to manage their private keys securely while maintaining full control of their digital assets. The wallet supports a wide range of cryptocurrencies, ensuring that users can easily diversify their crypto holdings.

Furthermore, the Coinbase Wallet provides users with the ability to:

Store and manage a wide range of cryptocurrencies
Send and receive crypto to and from other wallets
Track balances and historical transaction data

With Coinbase Wallet, you can securely manage your crypto assets through private keys, Secure Enclave, cloud backups, biometric authentication, and a 12-word recovery phrase.

Coinbase Advanced

Designed for more experienced traders and investors, Coinbase offers Coinbase Advanced, a platform with advanced trading features and lower fees compared to the standard Coinbase trading platform.

Coinbase Advanced provides a more sophisticated trading experience, including detailed charts and data analysis tools to help users make informed decisions.

Some of the notable features of Coinbase Pro and Advanced Trade include:

Advanced trading options with detailed charts and order book information
Lower trading fees compared to the standard platform (a note on this below)
A powerful API for developers and professional traders

The fees are considerably lower than the brokerage service and are based on your previous trading volume over the trailing 30 day period. The fee structure is a bit complex and not one we will dive into very deep in this review, but one important thing to know is you will pay less fees if you are deemed to be providing liquidity to the market.

A quick example of this would be if you’re looking to buy Bitcoin and you place a market order that gets filled right away. In this situation, you will be deemed a “taker” that is removing liquidity and will be charged anywhere from 0.05%-0.60%.

If you place a limit order to buy Bitcoin and it is placed in Coinbase’s order book and not filled immediately, you will be considered a “maker” as you are providing liquidity to the market. In this case, you’ll pay anywhere from 0% to 0.4%.

Overall, Coinbase Advanced is going to be the go-to resource in Canada if you want to become an active cryptocurrency trader.

Coinbase One

Coinbase One is a subscription service provided by Coinbase that was introduced in the fall of 2021. The service is designed to provide added benefits to users at the cost of a monthly subscription.

Although limits and spread fees may apply, the main draw to a subscription to Coinbase One is going to be the fact you unlock zero trading fees. Considering a subscription costs $29.99 a month, if you’re an active crypto trader, your subscription could pay for itself in no time.

In addition to this, you’ll get priority support 24 hours a day. Because cryptocurrency trades at all hours of the day, this is a pretty key feature.

In addition to this, Coinbase One will automatically assign you pre-filled tax forms, which can take a lot of the headache out of tax season when it comes to your crypto assets.

Coinbase Staking

Coinbase offers an easy-to-use staking service that enables users to earn staking rewards on selected Proof-of-Stake cryptocurrencies. It streamlines the process, removing the need for technical expertise or specialized hardware.

By staking your crypto, you can earn passive income through Coinbase’s staking programs.

However, do note that the fees and rewards earned through staking might depend on the specific cryptocurrency you choose to stake and the staking rewards program. So I can’t go too in-depth here.

With Coinbase, you can rest assured that the staking platform they operate is legitimate and safe from fraud.

Coinbase Learning Rewards

Coinbase Earn provides educational resources about various cryptocurrencies, allowing you to learn through tutorials, quizzes, and exams, with the added benefit of receiving a small amount of the specific cryptocurrency upon passing a quiz.

Getting started with Coinbase

Setting up an account

Opening an account on Coinbase is a straightforward process.

On Coinbase.com, click “Sign Up” in the upper right hand menu and provide the requested details.

Confirm your email, add your phone number, choose your country of residence, and enter your address. Canadian users must link their phone numbers for SMS verification.

You’ll also need to fill out information regarding your employment status and other details. Remember, they do require personal information to open your account.

Verification is typically quick, and you must upload your passport or national ID.

Deposits and withdrawals

Anyone in Canada with access to a Canadian online bank account can deposit funds into Coinbase using Interac e-Transfer. Canadian users can also deposit using their bank debit card.

Cashing out is just as easy as well. You can utilize Interac e-transfer to bring money from your Coinbase account to your bank account. If you have auto-deposit enabled, you may not even need to do anything beyond request the withdrawal.

Making your first trade

After you’ve verified your identity and made your first deposit, you’re finally able to trade!

On the Coinbase Trade page, you’ll find a list of available digital assets. You can search for specific coins or browse the list. Each coin’s current price and price trend over various time frames are displayed.

When you select a coin, you can enter the amount in CAD that you want to buy.

When it comes to trading fees, Coinbase Canada adopts a tiered fee structure, catering to both beginner and advanced traders. For advanced trading, you can expect a 0.40% maker and 0.60% taker fee with discounts, depending on the 30-day trading volume.

For traders not using Advanced, Coinbase includes a spread in the quoted price. The spread helps increase the likelihood of a successful transaction and allows them to lock in your quoted price temporarily while they process the order.

Safety and Insurance

Coinbase is well-known for its dedication to user security and industry-standard safety measures. Being a safe and legit crypto exchange, this platform has gained an excellent reputation in the cryptocurrency world.

As a publicly traded company, it is fully regulated in the United States and has been active in Canada since 2020. The average amount of ‘assets under custody’ of Coinbase Global, Inc. was USD 52.3 billion worldwide in the first quarter of 2023.

It operates with transparency due to its status as a public company. One of the key aspects of Coinbase’s security infrastructure is its cold storage system. A majority of customer funds (98%~) are stored in offline wallets, ensuring that even in the event of a breach, the assets remain protected.

Moreover, Coinbase is well-insured, providing added security to users. The remaining 2% of assets stored in hot wallets are also relatively secure.

Another noteworthy safety feature is two-factor authentication (2FA), which Coinbase strongly encourages users to enable. 2FA adds an additional layer of security to your account by requiring a unique code generated by an authenticator app, in addition to your regular login credentials.

Now, let’s talk about insurance. Coinbase is insured against employee theft and cyberattacks. This means that your funds are protected even in the unlikely event of hacking or internal fraudulent activities.

Is my fiat money safe?

Any funds in the Fiat Wallet are electronically stored monetary value that is, and is intended to be, used only in Canada for the payment or part payment of goods and/or services provided by Coinbase.

Fiat funds held in your Fiat Wallet may not be protected by the Canadian Investor Protection Fund, the Canadian Deposit Insurance Corporation or any other investor protection insurance scheme.

But Coinbase is the most secure and the most trusted platform for your digital asset investments.

It uses state-of-the-art encryption and security. Coinbase’s secure technology and industry leading encryption protocols protect you and your assets against emerging threats.

Coinbase has a dedicated security team.

Customer Service and Overall User Experience

One of the aspects that makes Coinbase Canada stand out is its focus on providing an exceptional user experience. This includes a sleek online platform, educational content, easy sign-up process, and a robust mobile app.

Mobile App

The Coinbase mobile app is highly rated on both Google Play and the App Store, receiving 4.1 and 4.7 stars, respectively.

The app offers a user-friendly interface and smooth navigation, allowing users to securely store, trade, and exchange their crypto assets with just a few taps. Being able to access your holdings on-the-go means you won’t miss an opportunity in the fast-paced world of cryptocurrencies.

Customer Support

Coinbase Canada provides various options for customers to get assistance, including by phone, by sending a message to the virtual assistant. Depending on the time, an attendant will be available to speak to you live. Coinbase also has an extensive knowledge base, which covers topics such as account creation, security, and different cryptocurrencies.

This focus on user experience helps to make the platform accessible to both beginners and experienced investors alike.

The educational content provided by Coinbase Canada allows users to learn more about the crypto world, empowering them to make informed decisions. Furthermore, its intuitive user interface and comprehensive features ensure that all of these valuable services are just a few clicks away.

In My Opinion, Coinbase is The Best Platform in Canada

Coinbase stands out as one of the top platforms in Canada for trading and managing cryptocurrencies. One of the reasons behind its popularity is the user-friendly interface, which makes it effortless for both beginners and advanced users to navigate and perform transactions.

To complement its straightforward interface, Coinbase offers a wealth of educational content and learning resources. New users can easily learn about various cryptocurrencies and familiarize themselves with how the platform works. This educational aspect makes Coinbase an ideal starting point for those looking to enter the world of digital currencies.

The sign-up process is quick and straightforward, which appeals to many potential users. Once registered, users can access the platform’s features easily, including the downloadable mobile app for managing assets on-the-go.

The mobile app boasts an intuitive design that streamlines trading and monitoring across various devices. This ensures the same level of convenience and accessibility for users, no matter where they are or what device they prefer using.

One of the main concerns for users when choosing a cryptocurrency trading platform is the availability of outstanding customer support. Coinbase excels in this department as they offer responsive customer service to address users’ concerns promptly. The platform’s support team is available to provide assistance and answer questions, making users feel secure and well-informed about their investments.

If I were looking to trade cryptocurrency in 2023, I’d be using Coinbase.

Coinbase Canada Review – Canada’s Best Crypto Brokerage