Coinbase Canada Review: Is It A Scam Or A Legit Crypto Exchange For Canadians in 2025?

Coinbase is one of the most widely recognized cryptocurrency exchanges globally. While there are excellent Canadian options like Bitbuy, many Canadians are still drawn to the appeal of global platforms like Coinbase. However, it’s important to note that worldwide exchanges often don’t cater specifically to Canadian customers in the same way that localized platforms like Bitbuy do.

As someone who has been trading crypto since 2016 and tested over 50 exchanges, I created a Coinbase account to explore its features and see if it’s worth using in Canada. Here’s my detailed Coinbase review.

Coinbase Canada Summary

Founded in 2012 and based in the US, Coinbase has built a reputation as the go-to exchange for complete beginners, thanks to its simple and intuitive user interface. It became a publicly traded company in 2021, listed as COIN on the NASDAQ, marking a significant milestone for the crypto industry. Today, Coinbase stands as one of the largest cryptocurrency exchanges globally by trading volume, solidifying its position as a key player in the market.

Coinbase Features

Coinbase offers several beginner-friendly features that make it a strong choice for those new to crypto.

One standout feature is its extensive library of educational resources, designed to help users understand cryptocurrency and trading basics. Additionally, Coinbase’s “Learn and Earn” program is a fun and easy way to get started. By answering simple quiz questions, you can earn small amounts of cryptocurrency as a reward. The questions are straightforward, so you’re almost guaranteed to get them right. It’s a great way to acquire your first cryptocurrencies, which you can then trade or sell as you explore the platform.

The Coinbase Card, while not yet available to Canadians, is worth noting. It allows users to spend USDC and earn rewards such as cashback on their purchases—a feature that could appeal to those integrating crypto into their daily spending.

Another unique offering is the ability to send crypto as a gift. Simply enter the recipient’s email, type a personalized message, and choose the cryptocurrency you’d like to send. This gifting option is a smart initiative by Coinbase to attract first-time users, making it easy for newcomers to get started on the platform.

Similar to the gift option, Coinbase Pay allows you to send cryptocurrency to anyone quickly and conveniently. Simply enter the recipient’s email or phone number, select the amount of crypto you wish to send, and complete the transaction. This feature makes it effortless to pay people in crypto, offering a practical solution for quick and secure transfers.

Coinbase Registration & Verification

Registering on Coinbase is straightforward but not the most simple. Coinbase requires a lot of information which is a bummer. 

Sign up with your email address, name, and phone number then verify them. Next, you’ll need to fill out all other details including your address and source of funds. 

Next, upload your ID document.

If your account cannot be automatically verified, then you will need to submit your documents, including a proof of address, to the compliance team. It took our team 8 days to verify the account with Coinbase! that’s insane.

Coinbase Fees Review

• 3.99% buy fee
• 0.50% fee per trade
• Spread up to 2% for crypto-to-crypto trades

Coinbase has some of the highest fees of any crypto exchange. Coinbase can get away with high fees because of their reputation for being the best place for novice traders to go to buy crypto. A novice trader needs simplicity and security which Coinbase provides. Nevertheless, the fees are extremely high. For example, Coinsmart charges only 0.2% trade fee.

For Canadians looking for a simple way to buy crypto there are far cheaper options out there (you can check this list of crypto exchanges in Canada). 

Coinbase Currencies & Deposit Methods For Canadians

Coinbase now offers Interac e-Transfer for Canadian users, enabling easy fund deposits from any Canadian online bank account.

Security and Safety

Is Coinbase safe for Canadians to use? Yes, Coinbase is considered one of the safest crypto exchanges available. As a publicly traded company, it is fully regulated in the US and must maintain transparency with its shareholders. Additionally, it is registered as a Money Services Business with FinCEN, further reinforcing its compliance with financial regulations.

Coinbase takes security seriously, holding 98% of Bitcoin and other assets in cold storage. Wallets and private keys are encrypted, and all employees must pass a criminal background check before joining the company.

To protect your account, Coinbase enforces two-factor authentication (2FA) for all users. By default, it uses SMS-based 2FA, which isn’t the most secure option. For enhanced protection, I recommend switching to Google Authenticator or using a hardware security key.

Coinbase Mobile and Desktop app

On the Apple App Store, Coinbase has a 4.7-star rating with 1.5 million+ ratings. On Google Play it has a 4.4-star rating with 600,000+ ratings.

The Coinbase app is the same as its desktop version. You can buy, sell and trade crypto, view simple charts, and your overall portfolio. 

The desktop version of Coinbase has more accessible features including the learn and earn program, referrals, and educational resources.

Coinbase is incredibly user-friendly. Its signature blue-and-white color scheme creates a clean and visually appealing interface that’s easy to navigate. The process of buying and selling crypto is straightforward—just click the “Buy” or “Sell” button and follow the simple on-screen instructions. You don’t have to worry about managing deposits or transferring between fiat wallets, which simplifies the experience even further.

In terms of user experience, Coinbase ranks among the best crypto exchanges for beginners.

For more experienced traders, Coinbase also offers Coinbase Pro. This platform provides advanced charting tools, order books, and additional order types. However, Coinbase Pro comes with limitations for Canadians—you cannot use credit or debit cards to buy crypto. Deposits are only accepted via ACH or wire transfers for USD accounts, GBP via SWIFT, or EUR via SEPA. Unfortunately, this means Canadian users without an international bank account can’t deposit funds into Coinbase Pro.

Another significant downside for Canadians is Coinbase’s low account limits. You’re restricted to buying just $375 CAD per week, which is inconveniently low. While you can increase this limit over time by consistently purchasing crypto, the process is slow and often not worth the effort.

For Canadians, there are much better alternatives. Bitbuy, for example, allows you to deposit funds directly from your Canadian bank account, offers far cheaper trading fees, and delivers a user experience that rivals Coinbase. If you’re looking for convenience and affordability, Bitbuy is a superior option.

Latest Updates on Coinbase for Canadians

Coinbase has introduced Coinbase One, a premium service that offers zero trading fees, enhanced rewards, and priority customer support. This feature aims to provide added value for active traders and users looking for a more seamless experience. Additionally, Coinbase has placed an increased emphasis on staking, allowing users to earn rewards on their crypto assets. For example, you can earn an impressive 5.10% APY on USDC holdings.

These features improve the platform’s usability and appeal, particularly for Canadians seeking ways to maximize their earnings while keeping fees low. While Coinbase’s other limitations—like account limits—still exist, these enhancements could make it a more attractive option for certain users.

Coinbase Customer Support

One area where Coinbase consistently falls short is its customer support. While the platform offers live chat, email support, and recently introduced 24/7 phone support, these measures seem to be a reaction to widespread criticism about the poor quality of their service.

Many users report that their support requests go unanswered, account verifications take several days, and withdrawals experience significant delays. Overall, the consensus is that Coinbase’s customer service does not meet expectations. While it’s understandable that Coinbase deals with a high volume of customers and support tickets, this has resulted in frustration for many users. With a 1.6-star rating on Trustpilot, it’s clear that customer service is a weak point Coinbase urgently needs to address.

Conclusion

Is Coinbase legit for Canadians? Absolutely, as one of the largest and most recognized crypto exchanges worldwide, Coinbase stands alongside Binance in terms of global reputation. Its user-friendly interface makes buying crypto feel effortless—if you’re not in Canada. For Canadians, though, Coinbase’s limitations quickly become apparent. The low purchase limits, lack of payment options like Interac e-Transfer, and high fees make the experience frustrating and costly. Adding to this, the poor customer service has been a frequent pain point, making Coinbase a tough sell for Canadian users like myself.

That said, Coinbase does offer a broader selection of cryptocurrencies and features that other exchanges might lack. If you choose to give Coinbase a try, I’d appreciate it if you used our referral link—it helps support the content we create.

For those of us in Canada who value simplicity, lower fees, and responsive customer support (because waiting days for help with financial assets isn’t acceptable), I highly recommend Bitbuy. Their support team has consistently responded to my inquiries within 24 hours, and they’ve built a platform that truly caters to Canadian users. Bitbuy is a far better fit for anyone serious about crypto trading in Canada.