By: Alex Dabek

Last Updated: Jul 24, 2021

If you use a NowFuture link, we may earn a commission. See our ethics statement. All content is for informational purposes only. 

2.5

NowFuture Rating:

The Bottom Line: Canadians can use Coinbase to purchase 41 cryptocurrencies. However, a debit or credit card is the only payment method and the fees range from 3.99% to 10%. There could also be additional fees from your bank. Until Coinbase lowers these fees or adds more payment methods for Canadians, it is a very expensive platform.

Coinbase Exchange

Coinbase Overview

Overall:

2.5

Coins Available (40+):

BTC, ETH, LTC, LINK, BCH, XLM, UNI, AAVE, EOS, XTZ, DAI, and many more

Fees:

Spread: 1.20% (Mar 01, 2021)

Trading Fees: $0.99 - 3.99%

Crypto Withdrawal Fees: Network fees

Funding Methods:

Credit/Debit Card: Instant - $0.99 to 3.99% fee

Pros & Cons

  • One of the largest and most trusted exchanges in the industry
  • Trade 40+ cryptocurrencies
  • Easy for beginners to get started
  • Earn free crypto for watching educational videos
  • Expensive fees for Canadians (3.99% or higher)
  • Low limits for new accounts
  • Limited payment methods
  • Available in 100+ countries so the Canadian market might not be their top priority

This is what Coinbase looks like:

Coinbase Mobile App

Coinbase List of Features

  • iOS, Android, and Web app
  • Beginner friendly purchases
  • Coinbase Pro - for more experienced users and also has lower trading fees
  • Automatic Purchases - buy crypto automatically based on your preferences
  • Coinbase Earn - Earn free crypto for watching educational videos
  • News and educational resources
  • Referral program
  • Trade 40+ cryptocurrencies and track many more 

Coinbase vs. the Competition

How I Tested This

I reviewed 11 crypto exchanges at the exact same time to see how they compare in price and features. For the reference price, I used Google's price of Bitcoin (which takes data from Coinbase). This reference price was the baseline to compare all exchanges fairly. I then opened every platform at the same time to record the data.

Header
Coinbase Exchange
Newton Exchange

Coins Offered

40+

20+

2

Best Funding Fee

3.99%

Free

Free

Fastest Deposit Time

Instant

5-30 minutes

Almost instant

Best Trading Fee

0.50% maker

0.50% taker

0%

0%

Spread

1.20%

1.27%

2.54%

BTC Buy Price

$62,406

$62,486

$62,945

BTC Sell Price

$61,666

$61,701

$61,387

Reference Price Difference

Buy: +0.56%

Sell: -0.63%

Buy: +0.69%

Sell: -0.58%

Buy: +1.43%

Sell: -1.09%

Reference Price

$62,058

$62,058

$62,058

Crypto Withdrawal Fees

Network fees

First $5 of network fees are covered

Free

Promotion

$12 free when you trade $125

$25 free when you trade $100

$30 free when you trade $100

Best Purchase Fee

4.55%

0.69%

1.43%

Cell


This data was recorded March 01, 2021

Where Coinbase Shines:

Ease Of Use - The Coinbase app and user-interface is one of the best in the industry.

Most Trusted Exchange - Coinbase is supported in 100+ countries and is one of the most successful exchanges in the world.

Lots Of Features - The Coinbase platform offers everything for beginner and pro investors including educational resources, staking, a credit card coming soon, and much more. Not everything is available to Canadians but they do have a lot to offer.

Where Coinbase Falls Short:

High Fees - Coinbase is a great platform but the dealbreaker is their 3.99% fees or higher. You must also factor in the spread and additional fees that your bank might charge. 

Can't Hold CAD - You can not hold Canadian dollars in your Coinbase account. When you purchase with a card you immediately buy crypto and must use that. However, you can withdrawal to your PayPal. 

Doesn't Prioritize Canada - Coinbase operates in 100+ countries so obviously, adding cheaper funding methods and features for Canadians could take a while. Right now, Canadian based exchanges offer us the best platforms.

Is Coinbase Right For You?

Coinbase is a great, trustworthy platform that has beginner and pro features. If you don't mind paying 3.99% fees (or more) plus a spread, then go for it, however this is extremely expensive. The best option for Canadians who want to buy crypto in 2021 is Newton which has low fees and 20+ coins. Then you can also sign up and deposit crypto on Binance if you want access to 300+ altcoins.

Although Coinbase is not the best option to fund your account with $CAD, it can still be useful to deposit crypto, make trades on Coinbase Pro, earn free crypto for watching videos, and more depending what features are useful to you.

Coinbase Exchange
  • Trade 40+ cryptocurrencies
  • Most trusted exchange in the industry
  • Get $12 free when you trade $125

Alternatives

Newton Exchange
  • Trade 20+ cryptocurrencies
  • Fast funding and super low fees
  • $25 free when you trade $100
Kraken Exchange Logo 2
  • Trade 50+ cryptocurrencies
  • Tight spreads and low fees
  • Beginner and pro features

Just Starting With Crypto?

Join our newsletter to shorten your learning curve, find the best products, and more. It's free!

You May Also Like...