Coinbase is the biggest crypto exchange in the United States and one of the most popular ones around the globe.
Let’s review how it fares in New Zealand and outline which services and features are available for New Zealanders, what are its pros and cons, pricing and fees, must-know facts, and most frequently asked questions.
What is Coinbase NZ?
Coinbase is a cryptocurrency exchange founded in 2012, offering Bitcoin purchases and selling options initially.
Today, the company has many tools and features with a fast and easy sign-up process and verification. It supports 160+ cryptocurrencies and coins, is registered with FinCEN, has a mobile app for both Android and iOS devices, and is impenetrable due to air-tight security measures and protocols in place.
- Easy and fast sign-up and verification
- Over 160+ cryptocurrencies supported
- Registered with FinCEN and licensed in the USA
- Mobile apps available for iOS and Android
- High level of security to ensure your funds are always safe
- Insurance cover in case the exchange gets hacked
- Coinbase Earn - receive free crypto by watching short educational crypto videos
- Coinbase Pro has lower fees and more advanced functionality
- Separate wallet app to store your crypto safely off the exchange
Is Coinbase good in New Zealand?
Coinbase is now available for New Zealanders to use, but unfortunately it’s still far from being a good option. Mainly, there are two issues with Coinbase in New Zealand, and we’ve covered them below:
Can I withdraw money from Coinbase NZ?
The short answer is, no, you cannot withdraw money or sell your crypto if you signed up to Coinbase in New Zealand. The platform does not process crypto to NZD trades, and it does not support NZD withdrawals. If you are in New Zealand, you can only send, receive, and trade digital assets using Coinbase.
However, if you have already got crypto in your Coinbase account, you can withdraw it using a workaround solution. Set up an account with Swyftx (read review), one of NZ's best crypto exchanges. You can then transfer your crypto from Coinbase to Swyftx, then sell it for NZD, and withdraw it to your bank account. Swyftx has zero deposit fees, and you can also receive $20 worth of Bitcoin FREE when you sign up here.
Coinbase NZ fees are too high
Suppose you sign up to Coinbase in New Zealand, you can buy crypto via debit card, credit card, PayPal, and bank transfers. Coinbase will charge you a 2% fee for all types of crypto exchange operations, plus an additional charge depending on the payment method. This is a rather high fee, especially if you compare it to Swyftx, which only charges 0.6% per trade.
Below are some excellent crypto exchanges that are much better options for New Zealanders. We recommend you sign up to one of these instead of Coinbase.
Alternatives to Coinbase in New Zealand
Reliability & Ease of Use
Coinbase has been around for the past ten years and is a trusted and reliable exchange. It offers high traffic and liquidity, the largest trading volumes, and is licensed and regulated by FinCEN. It is truly a legitimate company, and you can fully trust it with your crypto and fiat assets.
Moreover, the exchange focuses on user-friendliness and has a clean and simple interface, making it easy to navigate, especially for beginners. The buy and sell button is nicely placed and easy to reach, making it convenient for newcomers to effortlessly start trading digital assets.
Wide Selection of 160+ Coins
One of the best features of Coinbase is the huge support for a whole selection of coins. You can choose from 160+ different cryptocurrencies that include all of the most popular ones, like BTC, DOGE, ETH, ADA, and SOL.
You can gain access to these assets by using the desktop website or via a mobile app, which is suitable for both Android and iOS users.
Coinbase is not a beginner-only type of exchange. It caters to experienced traders as well with the Coinbase Pro platform. It is actually a completely separate exchange, focused more on trading crypto, with access to advanced functions and detailed chart analysis. Additionally, the Coinbase Pro exchange charges lower trading fees compared to the regular Coinbase exchange.
Coinbase Earn is a relatively new feature on the platform and is suitable for both newcomers and experienced crypto enthusiasts. By using this feature, you will receive free crypto if you watch an educational video regarding a specific crypto coin.
Let’s give you an example. Take the COMP token - there are three videos, each with 3 minutes of running time. You will earn $3 for each video watched, or a total of $9.
Coinbase has its own wallet application, which you can use to safely store your crypto assets in an offline cold wallet storage system.
This app is highly rated, with 4 stars from 49k reviews in total, and has over 5 million downloads in Google Play. Using it, you can also participate in ICOs and airdrops, collect NFTs, buy and store ERC-20 tokens, gain access to decentralised innovation, and borrow DApps (decentralised applications).
Moreover, you can use this wallet to send any crypto you like to any other exchange on the market and conduct purchases at any shop that accepts crypto.
Fees and Payment Methods
When it comes to purchasing crypto, Coinbase is quite an expensive platform for New Zealanders. The exchange enables you to buy crypto using PayPal, bank transfers, and debit/credit cards. The fee will vary depending on the method you choose, and this is charged on top of the 2% transaction fee. This is quite expensive, where other crypto exchanges in NZ, such as Swyftx, charges just 0.6%.
One of the critical things to note about Coinbase is the inability to sell your crypto for NZD. This means that there is no way to withdraw NZD from the exchange. If you wish to do so, you'll have to transfer your crypto to another exchange, such as Swyftx, and then sell your crypto there, and withdraw to your bank account.
It is easier to sign up with Swyftx instead of Coinbase, as you will easily be able to buy and sell crypto with NZD, and withdraw NZD to your bank account with no issues. If you sign up with Swyftx here, you also receive $20 BTC for FREE!
Coinbase NZ is an incredibly safe and secure platform that utilises a cold wallet storage system with 98% of users’ crypto stored there. Moreover, the exchange employs two-factor authentication (2FA), biometric login, data encryption, and paper backups alongside USB drives that are safely distributed to avoid potential cyber breaches.
To cover losses from hacks or thefts, Coinbase takes an extra step by holding crime insurance to ensure users do not lose any funds or digital assets.
Pros and Cons of Coinbase NZ
Even though Coinbase is a very popular crypto exchange in the United States, unfortunately, it enjoys a poor reputation in New Zealand. While it accepts bank transfers, credit/debit cards, and PayPal, the cost of 2% + payment method fee for transactions is much higher than its competitors in New Zealand.
The biggest drawback of using Coinbase is that you cannot sell your assets or withdraw NZD. Your only option is to use your funds to buy crypto and then transfer it to your personal wallet or to another exchange where you can withdraw or sell.
Overall, Coinbase is not a great choice for New Zealanders as there are much better options out there, such as Swyftx. Swyftx charges only 0.6% to buy/sell crypto and has no deposit fees, plus you can withdraw NZD to your bank. It also offers 320+ cryptocurrencies, ability to earn interest on 20 coins, has live chat, and even $20 BTC FREE when you sign up here. Read our full review of Swyftx for New Zealanders here.
You can also have a look at our comparison table below to see the best crypto exchanges in NZ.
Alternatives to Coinbase in New Zealand
Frequently Asked Questions
Yes, Coinbase is a legitimate and safe cryptocurrency exchange that has been around for a decade. It is licensed and registered in the USA and has multi-layered security measures and protocols, including cold storage of 98% of users' cryptocurrencies.
Unfortunately for New Zealanders, you cannot sell your crypto or withdraw NZD from Coinbase. I suggest you choose a NZ exchange where buying, selling and withdrawing money is supported, such as Swyftx.
If you are using Coinbase in NZ, the bad news is there is no option to withdraw NZD from the exchange. If you have money stuck in Coinbase, the best way is to sign up to a NZ exchange such as Swyftx, transfer your crypto there, and then you can sell it and withdraw NZD to your bank.
Coinbase has a very user-friendly interface that is perfect for beginners. However, NZ users cannot sell their crypto or withdraw NZD from Coinbase, so I would recommend using an Australian exchange that can do all of the above. Swyftx is a great choice and it also has an intuitive easy-to-use platform that is excellent for beginners.