Coinbase is one the oldest crypto exchanges around today. Founded in 2012, only a few years after the creation of Bitcoin, Coinbase has become the largest US-based crypto exchange. It’s reported that Coinbase has a user base of over 70 million customers worldwide. Its crypto trading platform allows its users to buy, sell and trade 140+ cryptocurrencies. In 2021, Coinbase was the first ever cryptocurrency company to go public on the stock market after it listed on the NASDAQ with the ticker, COIN.
Throughout this detailed Coinbase review, you can find more reliable information about the Coinbase exchange, its fees, features and customer service on this page.
- Website: coinbase.com/
- Headquartered: San Francisco
- Trading fees: Varies
- Listed cryptocurrencies: 140+
- AUD Deposit and withdrawal fees: 3.99% deposit fee. Does not offer AUD withdrawals
- Deposit limit: 3
- Fiat currencies: USD, NZD & GBP
- Deposit Methods: Credit/Debit card
- Australian-based customer service: No
- Easy to use app and desktop trading platform
- Large range of cryptocurrencies
- Offers staking on a number of coins
- Secure and trusted trading platform
- Below average customer service (does not feature live chat)
- Not based in Australia
- High fees: Fees structure is complicated and fees and are typically higher than most competitors
Our honest thoughts on Coinbase
We consider Coinbase to be one of our top rated international exchanges for beginners that is available to Australian users. The reasons we rate Coinbase so highly is because of its user-friendly and simple interface and their reputation as a secure exchange. Coinbase Pro is a more advanced trading platform and app that is more suited for intermediate and advanced
Coinbase has an incredibly easy to use trading platform and mobile app. This is particularly useful for beginners who are looking to buy crypto for the first time. Their sign up process is quick and easy, and once you’re verified you can easily navigate the Coinbase app to start trading cryptocurrency.
One of the biggest things we consider when using a cryptocurrency exchange is their security reputation. Coinbase has been operating since 2012 and have had a very good record of keeping their users accounts safe. It is a fully licensed exchange and they comply with the regulations set by AUSTRAC.
|Exchange Website||Cryptocurrencies||Fees||Supported||Visit Website|
|320+||0.6%||AUD, USD & NZD||Join Swyftx|
|250+||Varies||AUD, USD, GBP & more||Join Crypto.com|
|280+||0.5%||AUD||Join Digital Surge|
|353||0.1%||AUD, USD, NZD & GBP||Join Binance|
|140+||Varies||USD, NZD & GBP||Join Coinbase|
|50+||Varies||AUD & GBP||Join Coinjar Exchange|
|40+||0||USD, GBP & more||Join Nexo|
Is Coinbase safe?
Coinbase is considered one of the safest crypto exchanges in the world due to its reputation and dedication to security. It is regulated by the New York State Department of Financial Services as a money transmitter. Given that the company is listed on the NASDAQ, this reinforces its legitimacy as any publicly listed company must comply with reporting obligations set by the Securities Exchange Commission (SEC). Coinbase also has crime insurance which is in place to protect against losses from theft of digital assets.
Coinbase has a number of security features that help its customers to protect their funds and digital assets from online hacks. These security features include Two-Factor Authentication (2FA), biometric authentication and data encryption.
Coinbase Features and benefits
Coinbase has added a number of useful features to its exchange over the years. In addition to it’s easy to use cryptocurrency trading platform, allowing users to buy, sell and trade crypto, Coinbase also offers additional features like staking. We have provided more details about Coinbase’s features and benefits below.
Coinbase’s fee structure can be complicated. They charge a spread fee of 0.5% when you buy and sell crypto. They also charge ‘flat fee’ or ‘order fee’ depending on which is larger. A breakdown of these fee types can be found below:
|$10 or less||$0.99|
|$10 to $25||$1.49|
|$25 to $50||$1.99|
|$50 to $200||$2.99|
|Payment Method/Payout Method||Fee|
|US Bank Account||1.49%|
|Coinbase USD Wallet||1.49%|
|Debit Card or PayPal||3.99%|
|Instant Card Withdrawal||up to 1.5% (minimum $0.55)|
If you’re an experienced crypto trader, you could consider using Coinbase Pro. Coinbase Pro, is a separate exchange from the regular Coinbase. This allows Coinbase users to trade directly with other users like a traditional exchange. It also allows users to utilise more advanced orders such as stop losses and limit orders. Coinbase Pro users will also enjoy a cheaper fee structure as only the 0.5% spread fee applies.
Platform and app interface
The Coinbase cryptocurrency exchange features its own app which is compatible on both iOS and Android devices. This app is very handy for when you want to trade on the go or simply check the progress of your portfolio. Both the Coinbase desktop trading platform and mobile app have a sleek and friendly user-interface, which is a big bonus, particularly for beginners. The app interface makes it easy to buy and sell the digital currencies you’d like quickly.
Coinbase currently lists over 140 cryptocurrencies for trading. They have been working hard to list more assets for their customers to compete with the likes of Binance who currently list close to 400 cryptocurrencies for trading. Coinbase customers can buy and sell well-established digital assets like Bitcoin, Ethereum, Solana, Cardano, Polkadot Whilst also listing smaller altcoins with lower market capitalizations like IDEX, Gods Unchained and GALA. While the coins with the large market caps are often the most reliable and safe investments, a lot of people like to invest in smaller cap altcoins as these can sometimes provide greater returns on investment.
Coinbase has a strict due diligence program to ensure that cryptocurrencies they list are legit projects, run by reputable teams and have a strong roadmap. Afterall, they want their customers to do well and invest in digital assets with intrinsic value.
When it comes to customer support, Coinbase doesn’t always have the best reputation. This is likely because Coinbase is available in 100+ countries and would receive thousands of customer queries and messages everyday. Customer service is quite important especially if you’re new to crypto. If you have any questions or concerns, having a customer support team on deck to assist you in a timely manner is very useful.
You can contact Coinbase via email at any stage of the day, though you can likely expect lengthy response time given that they have struggled to scale their customer service department with the volume of queries. Unfortunately, Coinbase does not have an online live chat like other cryptocurrency exchanges like Swyftx or Coinspot.
Coinware trialled submitting a customer support ticket via email, and we received a response after 6 days. Obviously, in the cryptocurrency markets, a lot can change in 6 days, so most people would consider this quite poor especially if their query is urgent.
Supported fiat currencies
Given that Coinbase is available in 100+ countries, They have had to work hard in order to support multiple fiat currencies. After all, if you’re a beginner and you don’t own any cryptocurrency, it will be very difficult to start trading without depositing any Australian dollars (AUD) into your account first.
Coinbase supports AUD, USD, GBP and 30+ other fiat currencies. If you’re looking to deposit AUD, Coinbase does not provide a bank transfer option and instead only allows deposits via debit card. This is quite easy to do. The only downside is that there is a 3.99% fee associated with debit card deposits. Once you have deposited AUD into your Coinbase account, you can purchase any cryptocurrencies listed on the Coinspot exchange.
Unfortunately, Coinbase does not support AUD withdrawals. This you cannot withdraw any profit you’ve made in AUD to an Australian bank account. Cryptocurrency exchanges that allow AUD withdrawals include Swyftx, Coinspot, Binance, Coinjar, Independent Reserve and Digital Surge.
Coinbase has a staling feature, allowing its users to earn rewards on certain cryptocurrencies they own. This is a great way of earning passive income through your crypto holdings. If you’re planning on holding your crypto for the long term, then you can easily stake certain crypto assets you own and have them make money for you. Below we have listed the assets you can stake on Coinbase along with the Annual Percentage Yield:
- Ethereum 2.0 (ETH) – 4.5% APY
- Algorand (ALGO) – 4% APY
- Cosmos (ATOM) – 5% APY
- Tezos (XTZ) – 4.63% APY
- Dai (DAI) – 2% APY
- USDC – 0.15% APY
Opening a Coinbase account is simple and straightforward. You can sign up for an account in a few minutes by providing your name, email address, date of birth and phone number. Coinbase also has a KYC process in place to ensure that they are complying with regulators in the US. You will be required to submit a photo of your ID (drivers licence or passport) to verify your identity. Once this has been cleared, you can deposit funds into your account to start trading.
Is Coinbase regulated?
Coinbase is a fully registered and regulated cryptocurrency exchange in Australia and the US. In Australia, cryptocurrency exchanges are required to comply with regulations set by AUSTRAC. To comply with AUSTRAC, Coinbase must:
- Maintain records of customer transactions and details
- Verify and identify all of their customers
- Comply with government AML/CTF reporting requirements (specifically Part 6A – the Digital Currency Exchange Register)
Swyftx review – Swyftx is an Australian based cryptocurrency exchange that offers a wide range of tradable cryptocurrencies. It has relatively low fees and both the trading platform and app is easy to use.
Coinspot review – Coinspot is Australia’s most popular cryptocurrency exchange with over 2 million users. It lists 300+ cryptocurrencies and is a great trading app for beginners.
Coinjar review – Coinjar is an alternative Australian exchange that has been around since 2013. Coinjar users can get a crypto mastercard where they can spend crypto from their Coinjar account on regular EFTPOS machines.
Crypto.com review – Crypto.com is one of the worlds largest cryptocurrency exchanges with a multitude of features and benefits. Crypto.com even features it’s own digital currency (CRO) which holders can use to reduce fees on the platform.
Binance Review – Binance is the world’s largest cryptocurrency exchange. It has incredibly low fees and a huge range of features. It features its own digital currency (BNB) which is in the top 5 biggest cryptocurrencies by market cap.