A Dive into the Coinbase Cards, Deposit Rewards and Staking Rewards

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Blockchain
A Dive into the Coinbase Cards, Deposit Rewards and Staking Rewards

Coinbase is a leading online platform allowing users to trade and exchange various cryptocurrencies. It has over 98 million users and over $256 billion in assets. As one of the biggest platforms in the world of crypto trading, it offers a simple and secure entry point to the world of cryptocurrencies. Its robust security measures and user interface make it an ideal choice for individuals and businesses. This article will dive into Coinbase cards, deposit bonuses and staking rewards.

Coinbase Cards

CardCostFeesCashback
Coinbase Visa card£4.952.49% fee to convert your crypto to dollarsUp to 4% back in your choice of crypto
Visa Debit/ Credit card3.99% fee Up to 2.5% fee for UK/EU customers using instant card cashout
Mastercard Debit /Credit cardUp to 2.5% fee for UK/EU customers using instant card cashout

Instant Cashouts

Coinbase’s instant cashouts are a convenient way for users to get their money in seconds. They allow them to withdraw funds from their local currency wallet with just a few clicks with your Visa Fast Funds-enabled debit and credit cards. US customers can only link their Visa Fast Funds or Mastercard Send-enabled debit cards to access these services. In addition, these Mastercard cashouts are not EU or UK-supported.

Eligibility for Instant CashOuts

  • Have a verified and linked credit/debit card on Coinbase.com that is Visa Fast Funds or MasterCard Send enabled by your card issuer 
  • Live in the UK, EU, or US
  • Have a GBP, Euro, or USD wallet on Coinbase.com

Instant Bank Cashouts

Instant cash outs allow US Coinbase customers to instantly cashout money from your USD wallets directly to your Real Time Payments (RTP) enabled US bank accounts.

Eligibility for Instant Bank Cashouts

  • Have a verified and linked US bank account on Coinbase.com that is Real Time Payments enabled by your bank.
  • Live in the US.
  • Have a USD wallet on Coinbase.com.

Coinbase Card Fees and Limits

The Coinbase Card is a card for users that allows them to spend funds from their crypto wallets on the platform. Notably, it is a VISA card and hence can be used everywhere where VISA is accepted. Here are the fees that are charged on the card;

FeesAmount
Plastic Card Issuance Fee£4.95 / 4.95 €
Domestic Cash Withdrawal Fee(Applies for both ATM and Over the Counter WithdrawalsUp to £200 / 200 € per month: Free
Any amount over £200 / 200 € per month: 1.00% of value of ATM withdrawal(per transaction)
Domestic Purchase Transaction FeeFree
International Cash Withdrawal Fee (applies to both ATM and Over The Counter “OTC” withdrawals)Up to £200 / 200 € or currency equivalent per month: Free
Any amount over £200 / 200 € or currency equivalent per month: 2.00% of value of ATM withdrawal (per transaction)
Intra-EEA Purchase Transaction Fee0.20% of value of POS transaction
International Purchase Transaction Fee3.00% of value of POS transaction (per transaction)
Card Replacement Fee£4.95 – 4.95 € (per Card issued)
Chargeback Processing Fee£20.00 / 20,00 €
Crypto Liquidation Fees2.49% of transaction
Intra-EEA Purchase Transaction Fee(Applicable to customers of Bulgaria, Croatia, Denmark, Hungary, Iceland, Liechtenstein, Norway, Poland, Romania, and Sweden)0.2% of transaction

Notably, the Coinbase Card is available for customers in Austria, Belgium, Bulgaria, Croatia, Cyprus, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the UK.

Spending Limits

The daily spending limit on the card is currently set at £10,000  or 10,000. You can request to change this limit by contacting [email protected]. There are also various purchase limits that you can set. For instance, you can set a monthly limit of 20,000 Euros and a yearly limit of 100,000 Euros. Additionally, ATMs have a daily withdrawal limit of £500/500 €.

Coinbase Card Rewards 

Using a Coinbase card for purchases allows rewards for the transactions depending on the cryptocurrency you transact as shown;

CryptocurrencyCashback
Stella Lumens(XLM)4%
Bitcoin(BTC)1%
The Graph(GRT)4%
Ethereum(ETH)1%
Dogecoin1%
Dai(DAI)1%

Deposits and Deposit Rewards

CompanyDeposit FeeWithdrawal feeSpeed
Bank AccountFreeFree3-5 days
Silvergate Exchange NetworkFreeFree1 business day
Fedwire$10$25Instant
SWIFT$25$251-3 business days

Deposits

Although cryptocurrencies are generally considered unlimited, fiat deposits are limited by the method of payment used. For instance, deposits made through Fedwire are not allowed to exceed the weekly bank transfer limit. On the other hand, deposits made through an ACH transfer are limited based on the weekly bank transfer limit.

Both fiat and cryptocurrencies have limited withdrawal limits. For instance, on Coinbase, account holders can withdraw up to $500,000 daily. This amount applies to all currencies and can be withdrawn across all transactions.

To increase your withdrawal limits, go to your limits page within Coinbase Exchange. There, you can choose to increase your limit.

Deposit Rewards

Currently, there is an ongoing promotion hereby new deposits made upon signing up on Coinbase are rewarded with $5 in bitcoin.

Staking Rewards

Staking is a type of passive income that allows people to earn money from their cryptocurrency by contributing to the blockchain’s proof of stake network. On Coinbase, users can stake cryptos to earn rewards depending on the asset choice. At the moment, there are six assets offered;

CryptocurrencyMinimum BalancePayout RateRewards
Ethereum(ETH)No minimum balanceDaily5% APY
Cosmos(ATOM)1 ATOMWeekly4% APY
Algorand(ALGO)0.01 ALGODaily4% APY
Dai(DAI)$1 worth of DAI Daily2% APY
USD Coin(USDC)$1 worth of ADAMonthly0.15% APY
Cardano(ADA)$1 worth of ADA20–25 days3.75% APY
Tezos1 XTZ3 days4.63% APY

Only two of these assets are eligible for rewards with your Coinbase card. These are Dai and Ethereum. You can earn rewards in one asset and then trade them for another.

Eligibility requirements for staking rewards 

  • A minimum balance can be maintained on Coinbase, or the cryptocurrency can be transferred from an outside wallet or exchange
  • Users must have identity verified
  • Users must hold the eligible cryptocurrency on Coinbase.com (rewards are not available on Coinbase Pro)
  • Users must have the minimum balance needed for that specific cryptocurrency

Countries allowing staking

  • UK
  • Slovakia
  • Belgium
  • France
  • Spain
  • US (Excluding New York for Ethereum, Tezos, and cosmos; and Hawaii residents)

Conclusion

Getting into the cryptocurrency market can be very challenging for new investors. With a simple and user-friendly platform like Coinbase, it can be a great start for anyone interested in learning more.

Their ordering system of Coinbase is incredibly simple, and its Pro platform is also very easy to navigate. Its desktop offering is also as simple as its mobile app. In addition to earning cryptocurrency through its mobile app, you can also learn more about the company’s offerings through Coinbase earn.

Samuel Mbaki Wanjiku

Samuel is an adventurous person who likes to explore topics in-depth and learn new things each day. His passion lies in gaining knowledge to help transform the world through his writing skills. He also believes in blockchain technology and its potential to usher in a cashless society. Currently, he is pursuing a Computer Science Bachelor’s degree driven by his fascination with emerging technologies. He has writing experience of about three years in different fields and two in blockchain technology.