Is Coinbase available in Australia?
Yes, Coinbase is available in Australia and accepts deposits in Australian Dollars (AUD). Coinbase operates by the rules stipulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC), thus allowing Australian residents to use Coinbase for trading a broad spectrum of cryptocurrencies. It has an AUSTRAC license and operates under Coinbase Australia Pty Ltd.
In saying that, Aussie investors only have access to some of Coinbase's features. The services that are currently available to residents of Australia include spot trading, crypto staking, lending and borrowing services, the NFT marketplace, and the crypto card. Derivatives and futures trading is not accessible to Australian traders.
How can I create a Coinbase account?
Setting up a Coinbase account in Australia is a simple, quick process, requiring only a short time for completion and verification. The steps involved are as follows:
- Visit the Coinbase website: Navigate to the official Coinbase site and click the "Sign Up" or "Register" button.
- Complete the registration form: Fill in the necessary information such as your full name, email address, and phone number, and set up your username and password.
- Verify your identity: Under ASIC rules, you must validate your identity by supplying a digital copy of a government-issued ID like a passport or driver's license.
- Fund your account: After verifying your account, you can deposit cryptocurrencies or Australian dollars via the supported methods.
- Begin trading: Once your account is funded, you're set to trade a wide range of cryptocurrencies on Coinbase.
Is Coinbase free to use?
While creating a Coinbase account is free of charge, Coinbase generates revenue through various fees, including maker and taker fees, funding fees, and withdrawal fees. It's important to examine Coinbase's fee structure carefully to understand the expenses related to trading on the platform.
Supported AUD Payment Methods
Coinbase provides several methods for Australian users to deposit Australian Dollars (AUD), which include PayID deposits, bank transfers, and debit card deposits.
To recap, Coinbase is a reliable and regulated trading platform that is accessible to residents in Australia. Creating an account is straightforward, and users have multiple options to deposit cryptocurrencies. Though account creation is free, it's essential to be aware of the trading and withdrawal fees. To learn more about this exchange, visit our Coinbase Review.