Coinbase Australia Review (2021)

Summary: Coinbase is the most trusted digital currency exchange in the world as it adhere's to the highest of regulatory standards under United States securities laws.

By
James Glennon
on
October 10, 2021
Coinbase Australia
Coinbase Review

Coinbase Australia Review

Coinbase is one of the leading cryptocurrency exchanges in the world that is available in over 100 different countries, including Australia. The exchange is the biggest in the United States with over $3 billion in daily trading volume.

This Coinbase review will bring you all the important information you need to maximise the use of Coinbase for buying and selling of Bitcoin and other cryptocurrencies. The review will cover critical aspects of the exchange such as fees, security and available cryptocurrencies, so read on to find out more.

Coinbase Pros and Cons

We start with the pros and cons of Coinbase. The following is a summary table of the pros and cons at a glance.

Pros Cons
Easy to use even for beginners High fees with a complex structure
Provides high liquidity for trades Website crash during high user activity
Has a large collection of cryptocurrencies
Fully regulated and one of the most secure
Gives free crypto to learn about crypto
Available for USA

Pros

  • Ease of use: Coinbase makes its user interface very classy but also simple enough for nearly anyone to use. This opens the door for many new investors to use the platform for buying and also trading cryptocurrencies and it is one of Coinbase’s strong points.
  • High liquidity: With Coinbase, there is no fear of running out of people on the other side of your trade. Unlike some cryptocurrency exchanges, the exchange makes sure there is enough liquidity for trades at all times. This removes the serious challenge of poor liquidity especially for small cap tokens.
  • Large number of cryptocurrencies: Coinbase is known to list cryptocurrencies aggressively. This has led to the exchange having a long list of cryptocurrencies as you will see in a minute. Availability of many cryptocurrencies equals variety for traders and investors, especially altcoin traders. Coinbase scores highly on this compared to other exchanges.
  • Regulated and secure: Coinbase offers a fully regulated platform with high priority for the security of investors’ funds. For example, 97% of Coinbase’s customer funds are stored in offline cold wallets while the remaining online funds are fully insured. The exchange is also fully regulated by the FCA in the U.S.
  • Free crypto to learn: Coinbase has a system that encourages new users to learn about crypto. This is called the Coinbase earn and learn program. In this program, users from selected countries (including Australia) participate in a structured course to give them the basic understanding of crypto and get rewarded with free crypto in the process. If you would like some free crypto, why not get it while learning about crypto right?

Cons 

  • High fees/complex fee structure: The high fees charged for trading cryptocurrencies is one of Coinbase’s major weak points.the fee structure is also quite complex and can be confusing. Fees vary depending on the payment methods used for buying crypto, the volume of the trade and also where the user is from. 
  • Website crashes: Another major problem with Coinbase is that the website experiences timeouts during periods of high activity. These are periods of high volatility such as during strong bull markets or bear markets. When it happens, it can get in the way of potentially profitable trades (if you are a trader), so you should know about it before signing up.

Available Cryptocurrencies

Coinbase has over 100 cryptocurrencies available for buying, selling and trading. There are many coins, tokens and stablecoins. This is mainly because of the recent aggressive listing culture of the exchange. Below is the full list of all available cryptocurrencies.

Coinbase Australia Fees

As stated earlier, Coinbase has a complex fee structure. While some of the fees are calculated by the network at the time of completing the transaction, some are fixed. Below is a summary of the Coinbase trading fees for U.S residents and Australians. Remember, Australian users may pay more for transactions, depending on the payment method and volume.

Method Fee
Bank Account 1.49%
Coinbase USD Wallet 1.49%
Debit/Credit Card 3.99%
ACH Transfer Free
Wire Transfer $10 ($25 outgoing)
Crypto Conversion 2.0%

Volume-based fees are separated into categories for small trades. An example is  shown in the table below.


Trade volume Transaction fee (USD, EUR, GBP)
Less than $10 $0.99, €0,99, £0,99
More than $10, Less than $25 $1.49, €1,49, £1,49
More than $25, Less than $50 $1.99, €1,99, £1,99
More than $50, Less than $200 $2.99, €2,99, £2,99
Wire Transfer $10 ($25 outgoing)
Crypto Conversion 2.0%

To avoid high fees on the simple Coinbase exchange, you can opt to use the more sophisticated Coinbase Pro if you are experienced enough to use it. The fees are lower and much less complex, with just maker and taker fees. They also generally reduce as the trade volume increases, so you may avoid them by trading higher volumes.

How to Sign up on Coinbase

Coinbase is an easy platform to use as we have established. After registering, it only takes 2-3 minutes to get verified and you are ready to buy and sell crypto.

Conclusion

Coinbase is a very beginner-friendly crypto exchange and if you fall into this category, it could be a good choice for you. If you don’t mind the fees then it is a platform you will find quite pleasing to use for your crypto-related activities.

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James Glennon

I spent 5 years as a Commercial Lawyer in Australia before stumbling across the innovations behind Bitcoin and the cryptocurrency space. Ever since, I have been committed to learning more and educating the broader Australian community about Bitcoin, hard money, investing and decentralized finance.

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