Coinbase is one of the world’s premier cryptocurrency exchanges and wallet platforms allowing Australians to buy bitcoin, Ethereum, Bitcoin Cash and Litecoin.
Very few cryptocurrency exchanges carry a name more prominent than Coinbase. The San Francisco-based company has 7.4 million users and counting and is available in 32 countries worldwide.
Naturally, Coinbase has several direct advantages for attracting cryptocurrency traders. In just five short years, it has managed to become an important cornerstone of the blockchain market.
- Fees: Varies by transaction
- Supported countries: 32 countries
- Payment methods: Bank transfer, Credit/debit card, wire
- High liquidity
- Top crypto assets: BTC, ETH, LTC, BCH
- Instant buy feature available
- Easy to use
- Insured bitcoin deposits available
- Limited payment methods
- Account monitoring
- Mixed feedback on customer service
What is Coinbase?
Founded in 2012, Coinbase is a virtual exchange that allows global users to buy and sell some of the world’s most popular cryptocurrencies, including bitcoin, Ethereum and Litecoin. Importantly, it currently provides buyer-side services only in Australia, as well as a limited range of payment options compared to other countries.
Coinbase also provides wallet services and merchant services. It’s pretty much a one-stop shop for all cryptocurrency market players.
$10 of free bitcoin on Coinbase
Get US$10 in free bitcoin when you buy US$100 or more of BTC, ETH, BCH or LTC.
What cryptocurrencies can I buy?
- Bitcoin Cash
Coinbase is available in 32 countries, including Australia.
There are variations in the available services, payment methods and fees that apply in each country.
Accepted payment methods
Australian customers have access to a limited number of payment methods when compared to other countries. These include:
- Credit card (Visa and Mastercard)
- Debit card
How much will it cost me to use Coinbase?
Although Coinbase does not charge a fee to use its wallet service, transferring cryptocurrency to an address outside the platform may result in a network fee. Network fees are set by the blockchain community.
For Australian customers, Coinbase charges a rate of 3.99% for credit/debit card buys.
How quickly will my funds be available?
Coinbase offers its "instant buy" feature in Australia, meaning credit/debit card purchases will be available instantly.
Are there any transfer limits?
Coinbase implements weekly buy and sell limits on all accounts. The company says it calculates your limits based on your account information. This includes verification and successful purchases made on the account.
If you want to increase your weekly limits, you need to verify your account by uploading a photo ID.
Is Coinbase secure?
Coinbase is not only the world’s largest bitcoin exchange, it’s also considered one of the safest. It’s backed by trusted investors and uses the latest technology to secure its platform.
The Coinbase Wallet is considered very secure, but this comes at a cost – the company controls your bitcoin. Larger amounts of bitcoin, Ethereum, Bitcoin Cash or Litecoin can be stored on the Coinbase Vault, which is protected by multiple approvers.
It should be stated at the outset that Coinbase collects a lot of information about its customers, including photo ID for those who want to up their weekly limits. A piece of photo ID is also required if you are purchasing with a credit card.
Coinbase has an active support team, with the names of key support staff readily available on their site. However, the company’s customer support ratings have been mixed as of late, which reflects its growing user base. After all, bad ratings become more common on a platform with more than 7 million users.
That being said, Coinbase operates a real-time chat feature, where it resolves “thousands of customer issues” every day. You can also submit a request or contact the team members in the link above.
Pros & cons
- One of the world’s most popular cryptocurrency exchanges, which means high liquidity
- Access to a good selection of top cryptocurrency assets, including bitcoin and Ethereum
- Instant buy feature available
- Easy to use for beginners
- Insured bitcoin deposits are available
- Sell feature not available in Australia
- Payment limited to credit/debit card
- Accounts are monitored
- Customer service has received mixed results
If you’re looking for a bitcoin exchange that offers so much more, Coinbase is the logical choice. Depending on your account level, you can enjoy very high limits that enable you to buy cryptocurrency at your leisure.
To get started, visit Coinbase to create an account. By signing up, you’ll have access to the Dashboard feature as well as the FAQ section. You can then proceed to add your payment method to get started with buying cryptocurrency.
Frequently asked questions
Image source: Coinbase