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.
Coins Available (40+):
BTC, ETH, LTC, LINK, BCH, XLM, UNI, AAVE, EOS, XTZ, DAI, and many more
Spread: 1.20% (Mar 01, 2021)
Trading Fees: $0.99 - 3.99%
Crypto Withdrawal Fees: Network fees
Credit/Debit Card: Instant - $0.99 to 3.99% fee
Pros & Cons
This is what Coinbase looks like:
Coinbase List of Features
Coinbase vs. the Competition
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.
Best Funding Fee
Fastest Deposit Time
Best Trading Fee
BTC Buy Price
BTC Sell Price
Reference Price Difference
Crypto Withdrawal Fees
First $5 of network fees are covered
$12 free when you trade $125
$25 free when you trade $100
$30 free when you trade $100
Best Purchase Fee
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.
- Trade 40+ cryptocurrencies
- Most trusted exchange in the industry
- Get $12 free when you trade $125
- Trade 50+ cryptocurrencies
- Tight spreads and low fees
- Beginner and pro features