Exchange Review

Coinbase Australia Review

In this guide, we will show you how to use Coinbase, the largest and most trusted cryptocurrency exchange in Australia and worldwide.

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Coinbase is a cryptocurrency exchange based in the United States. It is the largest and most trusted cryptocurrency platform in the United States and is ranked number three in the entire world. Coinbase is an extremely reputable exchange and is a household name around the world. They are widely regarded as the best place to go for beginner traders as their UI is user friendly.

It offers trading on futures and spot markets and gives its users the opportunity to earn crypto for free by using Coinbase Earn and Coinbase Learn to get some free education. They also offer investors staking options with rewards up to 5% APY (Annual Percentage Yield).

Table of Contents

Is Coinbase available in Australia?

Yes, Coinbase is available for Australian users and has been since 2019. To use this platform you simply need to follow the guide below to get started.

How to open an account on Coinbase

Follow the below guide on how to open an account with Coinbase.

  1. Go to Coinbase and sign up with your name and email address
  2. Verify your email address and identity details
  3. Go to markets and begin trading!

Coinbase Fees Australia

Unfortunately as Coinbase in the United States, it doesn't have many deposit methods available for its Australian investors. At the moment, the only deposit available is via debit card and it comes with a high fee of 3.99% per transaction. If you would like to avoid these high fees, we would recommend using an Australian based exchange like CoinSpot, you can read more at the bottom of this article.

The below table highlights the fees one should consider before investing their money in this exchange.

Deposit Fees 3.99%
Withdrawal Fees 1.49 - 3.99%
Staking Fees 25% commission
Coinbase Card Fees 2.49% on all transactions
Spread Fees 0.5% but fluctuates in price

Supported Cryptocurrencies

Coinbase currently supports a total of 160 different cryptocurrencies on their futures and spot markets. If you would like to see a full list of available cryptocurrencies, please follow this link.

Sell Crypto from Coinbase Australia

Because Coinbase is not based in Australia it doesn't support selling your crypto for fiat (AUD) yet. Not to worry our Coinbase users, there are many loopholes around this. To sell your crypto from Coinbase simply follow the below guide:

  1. Go to your Coinbase dashboard and click Send/Receive
  2. Select Ethereum (if you don't have ETH, trade your tokens for it first) and put in your CoinSpot ETH wallet address
  3. Follow the prompts and check your CoinSpot ETH wallet
  4. Once it has arrived, sell it for AUD on the 'Buy/Sell' tab'
  5. Click the drop down menu on your profile icon and press 'Withdraw AUD'

Is Coinbase safe?

Since they were founded in 2012, Coinbase has never been hacked or faced any serious security breaches. It requires users to KYC in order to use their platform and recommends using 2FA to protect accounts and follows (and leads) industry best practices. For example it keeps the majority of customer funds in cold storage.

The company claims to hold less than 2% of customer funds online, the remaining is stored in offline cold storage - away from possible online breaches. They said if they were to suffer a breach of the online storage, "the insurance policy would pay out to cover any customer funds lost as a result."

Coinbase Pro Australia

Coinbase Pro, previously known as GDAX is the version of Coinbase for professional traders. It gives investors more trade types, notably limit and stop orders unavailable on the main Coinbase platform.

Best Coinbase Alternative

If Coinbases fees are too high or you simply don't like the platform, we recommend using using CoinSpot. They are the largest and most trusted cryptocurrency exchange in Australia with over 350 supported coins available to invest in. They also offer staking on 7 different cryptocurrencies aswell as the option to invest in ETFs.

Visit Coinbase

Author Bio

Timothy Wilson was a former Prop Trader for a notable crypto trading fund based in Hong-Kong. He built BCA after deciding he wanted to focus his career on educating new users about Crypto and DeFi.

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