Coinbase Australia review

By   |   Verified by David Boyd   |   Updated 15 Aug 2022

Coinbase Review
  • Coinbase is a cryptocurrency exchange intended to make cryptocurrency trading simple on a global scale.
  • You can easily fund your Coinbase account with a multitude of FIAT-supported methods, after which you will get access to many cryptocurrency tokens.
  • Coinbase is known for its simple user interface and Coinbase Pro service that constantly lists new tokens.

Coinbase makes it easy to invest in a growing number of crypto assets. For the more experienced trader, they offer an advanced version of their trading platform (Coinbase Pro).

Having been founded in 2012, Coinbase is a trusted brand, regulated in a number of jurisdictions, and listed on the Nasdaq stock exchange.

Are you considering Coinbase as a way through which you can trade cryptocurrencies? Take a deep dive into what it has to offer you and how it compares with other crypto exchanges.


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  • Buy and sell popular digital currencies, keep track of them in one place.
  • Invest in cryptocurrency slowly over time by scheduling buys daily, weekly, or monthly.
  • Coinbase Australia is registered with AUSTRAC.


  • Get access to a wide variety of altcoins.
  • Start trading with as little as $2.
  • Advanced trading includes Market, Limit, Stop Limit, and Auction Mode orders.


  • Fees are higher compared to other exchanges.

What is Coinbase?

Coinbase was founded in 2012, just a few years after Bitcoin was first released. It showcased to the world what cryptocurrencies are all about.

It is a cryptocurrency exchange where active traders can purchase, sell, or HODL hold a wide variety of cryptocurrency tokens, from Bitcoin and Ethereum to some lesser-known coins.

Coinbase currently has around 73 million users and a lot of liquidity. Coinbase Pro, a more advanced version of their exchange, offers users real-time order books, more customisable charting tools, detailed trading history, and a much larger variety of altcoins.

Is it safe?

Coinbase, Inc. (NASDAQ: COIN) is regulated and licensed as a money transmitter by the New York State Department of Financial Services. They are advocating for a new US-based regulator dedicated to cryptocurrency. Additionally, Coinbase has crime insurance that protects a portion of digital assets held across their storage systems against losses from theft.

Being listed on the Nasdaq stock exchange, the company must also fulfill various reporting obligations to the SEC and the market, providing a degree of transparency.

Who is Coinbase aimed at?

Coinbase serves not just individual traders but also investors, businesses, and institutions with Coinbase Pro and Coinbase Prime. This means that its main focus or aim is just about anyone interested in cryptocurrencies on a global scale. However, most people who sign up will use the standard service, which could be regarded as the iPhone of crypto exchanges, i.e. easy to use, but not the cheapest option on the market.

Tradable assets

The default version of Coinbase, the non-pro version, supports around 100 cryptocurrency tokens. Coinbase Pro has more than double that amount.

From Bitcoin and Ethereum to Solana, AMP, Decentraland, Cardano, Polkadot, Dogecoin, and others, Coinbase offers one of the widest variety of tokens out there in terms of availability, especially if a user decides to use the Pro version of the service.

Funding your account

If you want to fund your Coinbase account with fiat, i.e. Australian dollars, the process is straightforward. Australian customers can make purchases with a debit card.

  • To fund your account, you will need to log in and go to the payment methods page. Select ‘Add Payment Method’ near the top of the page, and select ‘Debit Card’ in the payment method section.
  • Enter your card information, taking care to enter your address accurately.
  • Coinbase will then make two temporary authorisations to the card, which you will need to verify.
  • Refer to your online banking statement to find the test amount Coinbase sent, as well as the 4-digit verification code in the description.
  • Next, enter the code on Coinbase.
  • You should now see a message saying ‘Debit Card Added’ and a ‘Buy’ button.

You can now buy cryptocurrency with Coinbase.

Useful features

Coinbase has specific features that differentiate it from other cryptocurrency exchanges.

Coinbase Earn

Coinbase Earn allows customers to learn about different cryptocurrencies through engaging in educational content. Users who are eligible can unlock lessons on top of the content, earning cryptocurrencies by doing so.

In other words, you can just watch a few videos about cryptocurrencies, after which you will be given a quiz to complete in order to test your knowledge. You will then be rewarded with the specific cryptocurrency token you were learning about.


Given the low interest environment we currently have, staking is an appealing proposition whereby you earn rewards for staking your assets for a period of time. This is similar to a term deposit, but yields are typically higher. However, crypto is volatile and the dollar value of any staked asset — which is inaccessible while staked — may decline so that it's worth considerably less when the term ends than when you first staked it.


Coinbase's fee structure can be a bit complicated to grasp. There is an exchange rate spread of about 0.5% for cryptocurrency sales and purchases. Coinbase also charges a transaction fee, which can be a flat fee or a variable fee depending on the payment type and what is being purchased.

These fees may change over time, and they are different in different regions of the world. Coinbase also charges a fee for debit card deposits and withdrawals.

Pros and cons


  • A wide variety of altcoin choices, specifically in its Coinbase Pro offering that consistently adds new tokens.
  • Simple user interface, which makes it extremely easy for new traders to acquaint themselves with investing in crypto.
  • High liquidity. As it is one of the largest cryptocurrency exchanges in the world, high liquidity allows for a higher level of investor protection from price slippage (the difference between the price at order placement and the price at execution).


  • High fees, especially if you are just starting out and tend to deposit fiat money into your account rather than crypto.
  • No control over private keys, specifically when you keep your coins within the Coinbase account.
  • Customer service has a somewhat questionable record, although they are available via email and Twitter.


There are a number of suitable replacements for Coinbase, some of which I've listed below. You can also compare several suitable replacements here.

  • Swyftx. Specifically designed for Australian users with AUD as the main currency. Access to a large number of altcoins. HQ in Brisbane.
  • CoinSpot. A popular Australia-based exchange founded in 2013. Offers a lot of cryptocurrency tokens.
  • eToro. eToro is a leading trading platform. Fully regulated in a number of jurisdictions. Offers a popular copy trading function that's ideal for beginners.
  • KuCoin. Trade hundreds of cryptocurrency tokens. Offers customisable trading bots, margin trading and futures, staking, and lending. More suitable for experienced traders.
  • Kraken. US-based exchange. Founded in 2011. Offers a solid number of cryptocurrency tokens in a clean UI.


See how Coinbase stacks up against competing exchanges in these side-by-side product comparisons.


What KYC does Coinbase require?

Coinbase complies with Australian Know Your Customer (KYC) regulations. You'll be required to provide your name, date of birth, address, and photographic ID in order to get verified.

Is there a demo account?

Coinbase does not currently offer a demo account.

Is Coinbase insured?

The SIPC (Securities Investor Protection Corporation) does not insure Coinbase. However, it does have insurance that protects some of your digital assets from theft or potential cybersecurity breaches. While this is not direct insurance on assets, you can at least have peace of mind against cybersecurity breaches or theft.

Do I need my own crypto wallet for Coinbase?

You can choose to have a hosted wallet on Coinbase or a non-custodial wallet. The Coinbase app will let you buy and sell crypto through a hosted account, and there's even a standalone Coinbase Wallet app, which will give you the same benefits as a non-custodial wallet.

How do I withdraw crypto from Coinbase?

  • In order to make a withdrawal of funds on Coinbase, you will first need to sign in to your Coinbase account and find the asset that you would like to withdraw.
  • Then, click on ‘Withdraw’ from the Actions column on the right side and click on ‘Withdraw to External Address’. Here, you need to choose the wallet that you would like to withdraw to and enter the amount of crypto you would like to withdraw.
  • Click on ‘Preview Withdraw’, and if the summary is correct, click on ‘Initiate’.
  • You will then need to confirm the transaction, and once it is authorised, your withdrawal will be initiated but still require approval. Once approved, your transfer will be processed.


Coinbase offers an easy-to-use interface that makes it easy to buy crypto for new investors, but their fee schedule is high. Coinbase Pro, a more advanced offering, gives active traders access to hundreds of cryptocurrencies, including a lot of smaller altcoins with competitive fees.

Overall, you might feel more at ease with an Australian exchange like Swyftx or CoinSpot. However, Coinbase does have deep liquidity and a range of cryptocurrencies than beats what's available at some of the local exchanges.

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