Coinbase review
- Supported assets
- 234
- Fiat currencies
- 23
Our verdict
Coinbase is known as one of the easiest to use cryptocurrency exchanges in the world.
In October 2022, Coinbase relaunched in Australia with a suite of upgrades for Aussie traders – most notably AUD deposits and withdrawals.
The highly-anticipated overhaul makes Coinbase a much more attractive option for Aussie traders than its previous rendition, but it’s still up against some stiff competition.
The globally-renowned crypto trading platform has become a popular choice for beginner and advanced crypto users alike – and with good reason. Its UX is second to none. It is simple to sign up, navigate the exchange and start trading.
Newcomers will appreciate being able to make instant Australian dollar purchases from a linked debit card or use PayID to make free AUD deposits and withdrawals.
A full-featured app, NFT marketplace and even a pioneering learn-to-earn feature have all helped Coinbase stand out in what’s becoming a crowded marketplace
Pros
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Learn and earn. Coinbase Learn offers you the chance to expand your crypto knowledge and earn rewards for doing so.
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Great UX. Coinbase has one of the easiest-to-navigate user interfaces and offers a great trading experience on both its desktop and mobile platforms.
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Trading pairs and liquidity. Coinbase consistently ranks in the top 3 exchanges for global trading volume and offers deep liquidity across its 260+ available cryptos.
Cons
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Professional trading features. Although Coinbase does offer both simple and advanced trading options, the advanced features are less comprehensive than some other exchanges. The indicators available are limited to only 7 basic choices and the trading intervals only encompass some trading ranges.
Details
Product details
| Product Name | Coinbase Australia |
| Fiat Currencies | USD, AUD, EUR, GBP, CAD, MXN, HRK, CZK, DKK, CLP & 13 more |
| Cryptocurrencies | BTC, ETH, ADA, SOL, DOT, LTC, DAI, UNI, ETC, XLM & 224 more |
| Deposit Methods |
Bank transfer Credit card Cryptocurrency Debit card PayID |
| Trading Fee |
Maker fee: 0.00-0.40% Taker fee: 0.05-0.60% |
| Deposit Fees |
AUD: None using bank transfer or PayID Cryptocurrency: None |
| Withdrawal Fees |
AUD: None Cryptocurrency: Fees vary |
Ratings breakdown: How we scored Coinbase
| Supported cryptocurrencies | ★★★★★ |
| Transferring money or assets | ★★★★★ |
| Fees and costs | ★★★★★ |
| Ease of use | ★★★★★ |
| Customer service | ★★★★★ |
| Staking/earn | ★★★★★ |
| Trustworthiness/security | ★★★★★ |
How we rate our crypto exchanges and platforms
Finder's editors objectively assess each platform across a spectrum of performance metrics using a system of 1 to 5 stars, which are designed to help you assess a crypto platform's strengths and weaknesses. You can read our full methodology for more information.
Our score and selection of the best crypto exchanges is based on the same criteria as our annual Crypto Trading Platform Awards, updated by our editorial team throughout the year to reflect changes in the market.
About Coinbase
Coinbase is a San Francisco-based cryptocurrency exchange platform launched in 2012 by computer engineer Brian Armstrong and Goldman Sachs trader Fred Ehrsam.
At first, Bitcoin was the only asset Coinbase supported. However, the exchange now supports 260+ digital assets and has features such as spending, trading and earning.
Coinbase is the largest cryptocurrency exchange in the United States. In April 2021, Coinbase became the first crypto exchange to go public. It trades on the Nasdaq under the ticker COIN.
Coinbase supported assets
Coinbase supports over 233 cryptocurrencies, but some notable assets are missing. Namely, BNB, Lido Staked Ether and Toncoin, which are in the top 20 cryptos by market cap. In total, 16 of the top 20 cryptos are available on Coinbase.
Popular assets on CoinbaseCoinbase fees review
Deposit and withdrawal fees
| Transaction type | Fee |
|---|---|
| Deposit funds | AUD: None using bank transfer or PayID Cryptocurrency: None |
| Withdraw funds | AUD: None Cryptocurrency: Fees vary |
Coinbase uses a maker taker fee structure for spot market trading. Instant purchases incur a separate 0.05-0.60% fee.
| Type | Fee |
|---|---|
| Maker | Spot market: 0.00-0.40% |
| Taker | Spot market: 0.05-0.60% |
Maker fee explained. A maker fee is the fee charged when you propose an order for other traders to take. In other words, this fee is charged when you place a limit order to sell an asset, but that order is not filled immediately.
Taker fee explained. A taker fee is a fee charged when a buy order is matched immediately with a sell order on the books. This is the fee charged when you place a market buy order.
Coinbase deposit methods
- Bank transfer
- Credit card
- Cryptocurrency
- Debit card
- PayID
How to sign up on Coinbase
Before you can get started trading on Coinbase, you'll have to go through a Know Your Customer (KYC) verification process (which usually involves proof of identification).
- Get started
Visit Coinbase's site. After selecting the Get Started button, fill in the create account form. - Set up payment
Before you can start trading, you have to add your bank account to your Coinbase account. There are several options to choose from, so choose the option most compatible. - Provide identification
Before you can make withdrawals and increase your transaction limits, you must submit proof of address and some additional identification. Use either a passport or a driver's license for this. - Start trading
After all that is processed, you're ready to trade on Coinbase.
About the Coinbase app
The Coinbase app is available for download on Google Play (Android) and the App Store (iOS). The mobile app features all functionality available on the website, condensed into a streamlined UI.
The app is simple to navigate and offers a beginner-friendly experience. Once your account is verified, you can log in to start trading, earning and exploring the platform.
The trading charts available on the mobile app are less comprehensive than the desktop version and some competitor exchanges.
| App store | Rating | Total reviews |
|---|---|---|
| Google Play | 4.1 stars | 765k reviews with 10m downloads |
| Apple Store | 4.5 stars | 29.7k reviews |
Is Coinbase safe?
Coinbase is trusted by over 103 million users worldwide and focuses on exchange and customer asset security.
Coinbase uses state-of-the-art encryption and does not lend customer assets without permission.
Coinbase undergoes regular security audits and has insurance policies to protect the assets it custodies.
Past hacks. In October 2021, hackers used phished credentials to exploit a flaw in Coinbase's SMS account recovery procedure and steal funds from at least 6,000 customers.
Security audits. In 2020, Coinbase invited security audit firm Grant Thornton to carry out 2 security evaluations. Coinbase Custody, the cryptocurrency custody arm of the exchange, received a Service Organisation Control (SOC) 1 Type 2 and SOC 2 Type 2 audit.
The company said it would continue engaging with audit companies to conduct the SOC audits. By doing so, the company hopes to show clients that it is compliant with various security standards.
Regulation. Coinbase Australia is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) to provide digital currency exchange services to Australian customers.
Keeping your crypto secure
All centralised exchanges, including Coinbase, are vulnerable to counterparty risks like hacking, theft and insolvency. Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds. We've shared some of our top picks below.
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 9,000+ |
Supported assets 30,000+ |
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Price (USD) $149 |
Price (USD) $179 |
Price (USD) $49.99 |
See more of the best crypto wallets
Coinbase customer support
The Coinbase help page offers answers to many frequently asked questions and can help solve common problems.
If you require additional support, the exchange has a 24/7 in-app messaging feature.
Coinbase has overwhelmingly negative reviews on Trustpilot and is rated 1.6 stars. Negative reviews are primarily regarding the closure of accounts and verification issues. Despite this, Coinbase has received generally positive reviews from Finder users.
How to reach Coinbase customer support
- Discord
- FAQ page
- Live chat
Alternatives to Coinbase
Congratulations, Coinbase!
Coinbase received the following in the 2023 Finder Awards:
- Winner: Best innovation in digital currencies & Web3 (Finder Innovation Awards)
- Highly commended: Best crypto trading platform - extra features (Finder Crypto Trading Platform Awards 2023)
Billy Finder
Cryptocurrency writer
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Arnold
June 08, 2018
Hi Dbg,
Thanks for your inquiry.
Yes, you are able to trade with GDAX in Australia. GDAX currently operates in Australia, the United States, Europe (including the UK), Canada, and Singapore. However, GDAX currently only offers limited crypto-to-crypto pairs in Australia: ETH/BTC and LTC/BTC
All traders using GDAX have the responsibility to self-report and pay taxes on
all taxable gains. It would be best to consult with your accountant or tax advisor to ensure that you file
and pay taxes correctly.
Learn more about GDAX, how it works and its corresponding fees.
Hope this information helps
Cheers,
Arnold
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Igor
December 26, 2017
Can I purchase other cryptocurrency or just what is listed in your app?
Joanne Finder
December 28, 2017
Hi Igor,
Thank you for visiting finder, we are an Australian financial comparison website and general information service.
The digital Currencies or other tokens that are not listed on their page are not supported by Coinbase. Coinbase is unable to process any transaction made using an unsupported Digital Currency.
Hope this helps,
Joanne
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cathy
December 23, 2017
How do I cash in LTC from coinbase if I live in Australia?
Arnold
December 28, 2017
Hi Lisa,
Thanks for your inquiry.
I’m afraid the option to sell your coins directly with Coinbase is not yet available. You can learn more about how to sell your bitcoins in Australia and to know which cryptocurrency exchange supports this. Some of the exchanges on the page will allow you to deposits in AUD. Once someone decides to buy your coins the transfers can be made automatically.
Hope this information helps
Cheers,
Arnold
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Lisa
December 17, 2017
Hi – I am in Australia using an Australian Bank account. I want to understand – if I cannot cash out in Australian Dollars what does that mean in terms of getting the money out? Can I cash out in USD and then still send it to my Australian Bank Account? Thanks.
Arnold
December 21, 2017
Hi Lisa,
Thanks for your inquiry.
The option to sell your coins directly with Coinbase is not yet available. You can learn more on how to sell your bitcoins in Australia and to know which cryptocurrency exchange supports this. Some of the exchanges on the page will allow you to deposits in AUD. Once someone decides to buy your coins the transfers can be made automatically.
Hope this information helps
Cheers,
Arnold
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Shai
December 14, 2017
Hi,
Can I transfer bitcoin to another person’s wallet in another country? If yes, how quick is the transfer service and what is the fees involved?
Thanks in advance.
Harold Jacob Finder
December 15, 2017
Hi Shai,
Thank you for your inquiry.
As per checking yes, it’s possible to transfer bitcoin to another person’s wallet in another country. Transferring bitcoin works exactly the same no matter which country you’re sending it to. The transfer and fees involved depending on how busy the bitcoin network is at the time of transfer.
I hope this information has helped.
Cheers,
Harold
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Dbg
June 08, 2018
Hey i am fr Australia and I want to know that GDAX which is now coinbase PRO, can i trade bitcoin in gdax or coinbase pro being Australian citizen? And also one more thing, if i buy or sell bitcoin through my Australia bank account is there any TAX i have to pay for trading cryptocurrency?