Coinbase Canada Review

Founded in 2012, Coinbase Global, Inc. is the largest cryptocurrency exchange in the United States. Nearly 110 million verified users and 245,000 partners in over 100 countries trust Coinbase to invest, spend, save, earn and use cryptocurrencies simply and securely. Coinbase has been active in Canada since 2020. People residing in Canada with valid identification documents can open an account with Coinbase Canada. » Free registration

Coinbase Canada is registered with FINTRAC and has also entered in to a Pre-registration Undertaking with Canadian Securities Administrators.

The average global trading volume for Coinbase Global, Inc. was USD 145 billion in the first quarter of 2023. The three most traded cryptocurrencies globally are Bitcoin (BTC), Ethereum (ETH) and Tether (USDT). Globally, Bitcoin accounted for 32 percent of average trading volume and Ethereum 24 percent. Coinbase customers only need an internet-enabled device to use Coinbase as a smartphone app (iOS/Android) or on a PC/laptop (browser), giving them the ability to trade cryptocurrencies around the clock (24/7; 365 days).

Buying, selling, and exchanging cryptocurrencies can be done via the Coinbase app using exchange-internal transfers and fiat transfers, while exchange-external transfers are also possible via the Coinbase wallet.

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Integrated tax tool

Customers can generate a transaction history report that includes all orders (buy, sell, convert) for all cryptocurrencies associated with their Coinbase account, as well as any cryptocurrencies they have sent or received through Coinbase. The report can be generated for a selected time period, specific tokens, or transactions, and it is available in PDF or CSV format.

Which bank(s) are used for processing deposits in fiat currency

Anyone in Canada with access to a Canadian online bank account can deposit funds into Coinbase using Interac e-Transfer. Canadian users can also deposit using their bank debit card.

Where is the company legally based?

Coinbase Canada Inc. is incorporated in Canada.

Regulation

Coinbase Canada, Inc. has applied for registration in certain Canadian jurisdictions but has not yet obtained registration. Until Coinbase Canada obtains registration, it has agreed to abide by the terms of an undertaking available at the following link.

» https://www.osc.ca/sites/default/files/2023-04/pru_20230324_coinbase_en.pdf

Encryption and security

As the largest publicly-traded crypto exchange, Coinbase prudently manages assets for our customers with state-of-the-art encryption and security programs. Know that your assets are held 1:1 and are never lent without your consent.

Coinbase is a centralized Bitcoin and cryptocurrency exchange that stores your digital assets for you. When you purchase, receive, or hold digital assets using a Coinbase, they are securely stored for your benefit in a hosted digital asset wallet. At all times, these assets belong to you – they never belong to Coinbase.

Are fiat funds insured? If yes, how are they insured?

Any funds in the Fiat Wallet are electronically stored monetary value that is, and is intended to be, used only in Canada for the payment or part payment of goods and/or services provided by Coinbase. Fiat funds held in your Fiat Wallet may not be protected by the Canadian Investor Protection Fund, the Canadian Deposit Insurance Corporation or any other investor protection insurance scheme.

Coinbase Canada Inc. is incorporated legal entity in Canada.