Coinbase Canada Review: Should You Use It In 2023?

Reader question: Is Coinbase Available In Canada?

Answer: Yes, Coinbase is available in Canada!

Coinbase is one of the oldest and most reliable platforms to buy cryptocurrency. It was the first crypto company to become publicly traded.

You can fund your Coinbase account with a Canadian Debit Card instantly. Buying Bitcoin in Canada with a credit card no longer works for most services, so you need to use a debit card. If you want to withdraw your cryptocurrency at any point you can either:

A. Send the crypto to a wallet address that you own
B. Withdraw the crypto to PayPal (sell it for Canadian dollars)

How To Find Your Coinbase Wallet Address

In order to get your wallet address from Coinbase, click the “Send / receive” button in the top right hand corner of the page.

Click on the receive tab, then click on the asset and change it to the cryptocurrency you want to receive. Once you select your preferred currency to receive (e.g. Bitcoin or Ethereum, for example) you’ll see your wallet address that you can send crypto to.

How to Withdraw From Coinbase Canada

Once the transfer hits your Coinbase account you’ll receive an email notification. You can then login to Coinbase and click the blue button in the top right of the page that says Buy / Sell. Then you click the Sell option from the three tabs.

Coinbase Buy Sell Button

Select the type of cryptocurrency you want to cash out by clicking on “Bitcoin”. Bitcoin is the default that the menu is set to.

You then set the amount you want to sell in Canadian dollars, or you can click “Sell all” and Coinbase will calculate the maximum amount you can cash out.

On the next screen make sure you read through the Order preview carefully. There are unusual time periods where there is huge demand for Bitcoin and Ethereum and as a result the fees can be higher than the amount you’re trying to withdraw. This is rare but it does happen! You want to check the “Coinbase fee” to make sure it’s reasonable and only cash out if so. If it’s insanely high, you need to wait until the market calms down. In the below example the fee was $5.13 on $513.10 which is reasonable so we went ahead with the transaction. Click the Sell now button when you’re ready!

Coinbase Canada Referral Program

Coinbase also has a referral program. The company wants to get more people to use their service so they’ll pay you $12.61 CAD for each person that signs up using your referral link and buys at least $126.14 CAD of Bitcoin.

Click on the “For You” heading in the left vertical navigation menu. On the page that loads it’ll say “Earn crypto Get $10 in Bitcoin”. Click on this text / image.

Coinbase Canada Referral Program

Pros of Using Coinbase In Canada

  • Reputation: Coinbase is an extremely reputable and trustworthy company
  • Debit Card: You can fund your account with a Canadian debit card
  • Earn Free Crypto: Coinbase has a learning library where you can earn free crypto
  • Referral Program: It also has a referral program where you earn $12-$13 CAD for every person that signs up and makes a minimum deposit with your link. This can be great if you invite family and friends.

Cons of Using Coinbase In Canada

  • No Interac E-Transfer: You can’t fund your account with Interac E-Transfer. If you don’t have a debit card and need to use e-transfer you have to use either BitBuy or Coinsquare, which both allow e-transfer as a funding source for Canadians.
  • No Withdrawal Direct To Bank Account: You have to withdraw Canadian Dollars in your Coinbase account to a PayPal account, instead of directly to your bank account.