Coinbase is one of the worlds largest and most popular crypto exchanges. Unfortunately though, in Australia it's not fully supported. But luckily there are some great Coinbase alternatives that offer a similar product but are made for Australians.
Why you shouldn't use Coinbase in Australia
There are a couple of major reasons why you shouldn't use Coinbase in Australia:
- Credit Card Only – In Australia, Coinbase only lets you buy crypto using a credit card. Crypto purchases using a credit card incur large fees. Coinbase is one of the most expensive ways to buy crypto in Australia.
- No Sells – You can buy crypto on Coinbase in Australia, but you can't sell it! Many people who bought crypto through Coinbase have now discovered that they need to transfer if elsewhere to cash out.
These are the two major reasons I don't recommend Coinbase to my fellow Australians. There are much better alternatives.
The best Coinbase Alternative – Coinspot
My top pick for buying and selling crypto in Australia is Coinspot. Here is why I recommend it over other exchanges.
- Cheapest Exchange – When you buy and sell crypto through the markets feature on Coinspot, it is the cheapest (legit) way to buy crypto that I've found. The fee is just 0.10%.
- Australian Company – Coinspot is an Australian company. It complies with Australian regulations and has local Australian support. Coinbase is a U.S company with no real local presence.
- Local Payment Options – On Coinspot you can deposit Australian dollars using PayID (instant), BPay and other local payment options.
- Sell your Crypto – If you want to cash out your crypto you can sell it on Coinspot back into Australian dollars. Once you've sold your crypto you can then withdraw your AUD to your Australian bank account.
While there are a lot of exchanges now available in Australia, there are very few that I actually trust. CoinSpot is one exchange that I've never had any issues with and they have an excellent reputation. Withdrawals and deposits have always been quick.
How to Withdraw your Crypto from Coinbase
If you've bought crypto on Coinbase and are now looking to sell it in Australia then the easiest way is through CoinSpot. Here's how it works:
- Open a Coinspot Account
- Verify your account (you'll need to verify in order to withdraw money to an Australian bank account.
- Transfer your crypto from Coinbase to Coinspot. You do this by generating a deposit address on Coinspot. There are step-by-step instructions on how to do this here.
- Sell your Crypto – I recommend doing this on the “markets” page to get the best fees.
- Withdraw your AUD – I've found that most withdrawals are very quick. But this could take a couple of business days.
Get $10 Free on Coinspot
Coinspot offers a referral bonus. If you sign up to Coinspot using a referral code you'll get $10 worth of Bitcoin completely free when you make your first deposit! If you've been thinking about joining Coinspot, make sure you use this referral code: HWHPXV to get your bonus!
Are there any reasons to use Coinbase?
So are there any reasons to use Coinbase in Australia? Well yes! Coinbase has some unique features:
Coinbase has an education program called “Earn”. Basically Coinbase gives you crypto for free in return for learning about various crypto projects. All you have to do is watch a short video, and then answer a super easy question about the video. I've earned over $150 from this program.
If you're a trader (rather than a retail investor) than Coinbase's pro platform is a pretty good option. I find it has a much better interface compared to similar trading platforms.
The best Coinbase alternative in Australia is CoinSpot. It supports local Australian payment methods and has the most competitive fees. You can find out more about Coinspot here.