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Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Coinbase International Exchange’s move into non-US spot markets began on December 14, 2023, with BTC-USDC and ETH-USDC available to eligible non-US institutions through API access.
The description has since become more complicated. Coinbase’s current API documentation says supported spot orders submitted through the International Exchange API may be routed to and matched on Coinbase Exchange. That means International Exchange should not automatically be treated as a separate spot order book.
Access also remains restricted: US customers are prohibited, retail spot access is not documented on the current International Exchange onboarding page, and connectivity from blocked jurisdictions—including through a VPN—is not allowed.
What Coinbase originally launched
Coinbase announced its non-US spot-market expansion on December 13, 2023. Trading was scheduled to begin the following day with two markets:
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| Market | Initial access |
|---|---|
| BTC-USDC | Eligible non-US institutional clients through API access |
| ETH-USDC |
The launch extended International Exchange’s existing derivatives offering. Coinbase said it intended to add retail access, more assets and additional trading functionality over time, but the original launch was not a consumer-facing spot-trading rollout.
That distinction matters for anyone searching for a Coinbase alternative outside the US. The announcement did not give US customers access to International Exchange, and it did not establish a general retail spot product.
Who can apply now?
Coinbase’s current onboarding information describes International Exchange applications for non-US institutions in select jurisdictions. Eligibility is determined using more than the company’s place of incorporation. Coinbase also considers the entity’s principal place of operations, ownership and control, relevant fund managers, and US-affiliate restrictions.
An applicant generally must not:
- Be organized under US law.
- Be physically located in the United States.
- Have its principal place of business, including a relevant fund manager, in the United States.
- Access or trade on the platform while physically located in the US.
Coinbase says blocked jurisdictions cannot connect, including through a VPN. A non-US company therefore cannot treat a VPN as a substitute for meeting the platform’s eligibility and location requirements.
Application path
- Sign in or create a business account at
accounts.coinbase.com. - Create and submit the application.
- Choose International Exchange as the requested product.
The current public help material emphasizes institutional perpetual-futures access through API connectivity or a Talos integration. It does not document a separate consumer-facing International Exchange spot interface. Retail perpetuals are directed to Coinbase Advanced.
Where do International Exchange spot orders execute?
This is the key technical change since the 2023 announcement.
The International Exchange API can expose supported spot instruments, but its documentation identifies the actual execution venue separately. For a routed spot instrument, the response can look like this:
{
"symbol": "BTC-USDC",
"type": "SPOT",
"execution_exchange": "COINBASE_EXCHANGE"
}In practical terms, an institution may submit the order through International Exchange’s API while the order rests and matches on Coinbase Exchange. The API is therefore the access and order-submission layer; the execution_exchange field identifies where execution occurs.
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International Exchange instruments that execute on its own venue use:
"execution_exchange": "COINBASE_INTERNATIONAL_EXCHANGE"Do not infer the venue from the endpoint alone. The fact that an instrument appears in the International Exchange instruments list does not prove that it uses an independent International Exchange spot order book.
Checking a pair before trading
Use the public instruments endpoint:
curl --request GET
--url https://api.international.coinbase.com/api/v1/instrumentsFor each proposed spot pair, check at least:
type— whether the instrument is spot.symbol— the pair, such asBTC-USDC.- The trading state.
execution_exchange— the authoritative execution venue.
How orders are submitted
International Exchange uses its own REST API surface at api.international.coinbase.com/api/v1. It is not the same API as Coinbase Advanced’s /api/v3/brokerage endpoints.
The order endpoint is:
POST https://api.international.coinbase.com/api/v1/ordersA simplified request contains these fields:
{
"client_order_id": "your-client-id",
"side": "BUY",
"size": "0.01",
"tif": "GTC",
"instrument": "BTC-USDC",
"type": "LIMIT",
"price": "60000"
}The required fields are:
client_order_idsidesizeinstrumenttype
For spot trading, size is expressed in base-asset units. A size of 0.01 for BTC-USDC means 0.01 BTC, not 0.01 USDC.
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Supported order types include LIMIT, MARKET, STOP_LIMIT, STOP and TAKE_PROFIT_STOP_LOSS. Supported time-in-force values include:
| Value | Meaning or limitation |
|---|---|
| GTC | Good until canceled; can last up to 30 days |
| GTT | Good till time; requires an ISO-8601 expire_time and cannot exceed 30 days |
| IOC | Immediate or cancel |
| FOK | Fill or kill |
Authentication
Requests require an API-key signature using HMAC-SHA-256. The signed message is:
TIMESTAMP + METHOD + REQUEST_PATH + BODYRequired authentication headers are:
CB-ACCESS-KEY
CB-ACCESS-PASSPHRASE
CB-ACCESS-SIGN
CB-ACCESS-TIMESTAMPThe API key must have trade permission. Institutions should validate their signing implementation against Coinbase’s current documentation before sending live orders; a syntactically correct order can still fail if the key, timestamp, signature or allowlist is wrong.
Data and execution differences for routed spot markets
When a spot instrument routes to Coinbase Exchange, some market-data values are forwarded from that venue. These include 24-hour quantity, average and previous-day quantity, best bid and ask prices and sizes, and the latest trade price and size.
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Several fields are not populated for these routed instruments:
notional_24hravg_daily_notionalquote.limit_upquote.limit_down
Aggregated candles are also not supported for spot instruments configured to route through Coinbase Exchange. Trading systems that assume every instrument has a complete International Exchange-specific candle and notional-data set may therefore produce missing-data errors or misleading analytics.
Fills can identify the downstream execution path. Coinbase documents these venue labels:
COINBASE_EXCHANGE_CLOB— a Coinbase Exchange central-limit-order-book fill.COINBASE_EXCHANGE_RFQ— a Coinbase Exchange request-for-quote fill.
Failure states traders should monitor
Routed orders can encounter Coinbase Exchange conditions rather than only International Exchange matching-engine conditions. Relevant trading states include:
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CANCEL_ONLY_ENFORCED_BY_COINBASE_EXCHANGE means cancellations may be accepted while new orders are not. COINBASE_EXCHANGE_UNREACHABLE indicates that the International Exchange component cannot establish connectivity with Coinbase Exchange.
Rejections can also include downstream FIX codes such as:
EXCHANGE_CLOSEDORDER_EXCEEDS_LIMITTOO_LATE_TO_ENTERSTALE_ORDERINVALID_INVESTOR_IDUNSUPPORTED_ORDER_CHARACTERISTICINCORRECT_ALLOCATED_QUANTITYUNKNOWN_ACCOUNT
These errors should not automatically be diagnosed as an International Exchange outage. The order may have reached the downstream Coinbase Exchange path and been rejected there.
Operational problems that can delay a launch
IP allowlist changes take 24 hours
International Exchange API keys use an IP allowlist for REST and FIX connectivity. To edit it:
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- Open the API-key management page.
- Click the rightmost menu next to the relevant key.
- Select Edit Allowed IPs.
- Enter up to 30 comma-separated IP addresses.
- Click Add, then Save Changes.
- Complete two-step verification.
The change enters a Pending state and takes 24 hours to activate. The key remains live during the waiting period. Submitting another change resets the 24-hour clock for the affected address, so last-minute infrastructure changes can delay production connectivity.
Secrets are shown only once
Coinbase says the API secret and passphrase are displayed only when the key is created. If either is lost, it cannot be retrieved; the institution must create a replacement key and update its systems.
Application attempts have a cooldown
More than three application attempts in one day can trigger a seven-day cooldown. Incomplete information, inaccurate answers or failure to meet ex-US requirements can result in rejection.
What the September 2026 Deribit migration means
Coinbase says International Exchange’s institutional derivatives accounts, positions and balances are scheduled to migrate to the combined Deribit platform on September 9, 2026, subject to regulatory approvals, client readiness and change.
Institutions planning to continue should:
- Verify new Deribit account access by August 31, 2026.
- Close the International Exchange account by August 28, 2026 if they do not want to migrate.
- Create new Deribit API keys.
- Update API endpoints and connectivity.
- Replace International Exchange integrations with supported Deribit connectivity.
Existing International Exchange API keys will not work on Deribit. International Exchange endpoints will no longer support trading after the migration, although historical-data access is expected to remain available for a limited period.
This announcement concerns International Exchange derivatives infrastructure. Coinbase says ordinary Coinbase spot trading is not affected. The current architecture already describes supported International Exchange spot orders as routed through Coinbase Exchange.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What this means for investors and institutions
The expansion is best understood as expanded non-US institutional access to spot instruments through the International Exchange API—not as proof of a separate, universally available international spot exchange.
Before integrating or trading, an institution should confirm:
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- Its entity, ownership structure and physical trading location satisfy Coinbase’s eligibility rules.
- The pair is actually marked
SPOT. - The
execution_exchangevalue matches the intended venue. - Its analytics handle missing routed-spot fields and unsupported candles.
- Its order manager can process downstream Coinbase Exchange states and rejection codes.
- API keys, permissions and IP allowlists are ready at least 24 hours before testing.
- Any derivatives integration has a separate migration plan for Deribit.
FAQ
Can US customers use Coinbase International Exchange?
No. Coinbase states that US clients are prohibited from International Exchange access. Eligibility also depends on the entity’s incorporation, principal operations, ownership and the trader’s physical location.
Are International Exchange spot orders matched on International Exchange?
Not necessarily. Coinbase’s current API documentation says supported spot orders may route to Coinbase Exchange. Check the instrument’s execution_exchange field; COINBASE_EXCHANGE identifies the downstream venue.
Which spot markets were included at the original launch?
The December 2023 launch began with BTC-USDC and ETH-USDC for eligible non-US institutional clients through API access.
Can retail users trade International Exchange spot markets?
The current public onboarding information does not document a consumer-facing International Exchange spot workflow. It emphasizes non-US institutions and institutional API or Talos connectivity.
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Can a VPN bypass International Exchange restrictions?
No. Coinbase says connections from non-eligible jurisdictions, including VPN connections, are blocked.
Will International Exchange API keys work after the Deribit migration?
No. Coinbase says existing International Exchange API keys will not work on Deribit. Institutions continuing with the migrated derivatives platform must create new Deribit keys and update their endpoints.
The Bottom Line
Coinbase’s non-US spot expansion started with BTC-USDC and ETH-USDC for eligible institutions in December 2023. The current technical reality is more specific: International Exchange provides the API access layer, while supported spot orders may execute on Coinbase Exchange. Check execution_exchange rather than assuming the endpoint reveals the matching venue.
US access remains prohibited, VPNs are not a workaround, and the announced September 9, 2026 Deribit migration applies to International Exchange derivatives infrastructure—not ordinary Coinbase spot trading.
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