For years, Coinbase has been at the center of the cryptocurrency frenzy. This US-based cryptocurrency exchange is one of the preferred exchanges for buying and selling Bitcoin, Ethereum, and Litecoin. There are many Coinbase alternatives out there, but Coinbase dominates the crypto exchange game. This exchange platform was one of the first of such platforms to exist, hence its large number of users (over a million plus users and thousands of merchants).
They have changed the crypto game by simplifying the buying and selling process; buying cryptocurrency is now as easy as signing up, linking a bank account or debit card, and buying the cryptocurrency of your choice. By allowing their users to buy cryptocurrency with fiat currency via credit card, debit card, wire transfer, and SEPA, getting into the crypto-world has never been easier. However, there are many Coinbase alternatives you may be unaware of!
Coinbase has many advantages and a few disadvantages. Coinbase is reliable, safe, and user-friendly, but it also charges higher fees. In addition, Coinbase only serves 32 countries. It may seem like a lot, but many around the world are left without access!
Even with these cons, Coinbase is still the best platform for a cryptocurrency newbie: it’s the perfect way to get your feet wet while enjoying a friendly user interface and a simple trading platform.
As your needs change, you may look into some Coinbase alternatives that will help you to reduce the pain points of buying Bitcoin from anywhere in the world.
GDAX vs Coinbase
See our article about the rebranding of GDAX vs. Coinbase Pro
Global Digital Asset Exchange (GDAX) is what I consider to be the best alternative to Coinbase cryptocurrency exchange. Here’s how it stacks up against Coinbase:
- Lower Transaction Fees: For the frequent trader, losing a large portion of your earnings to transaction fees is simply not an option. GDAX solves this issue by providing lower transaction fees, which is very important for the advanced consumer who may be trading large sums of money on a daily basis. GDAX charges no fees for buying, selling, and transfers as a maker on the GDAX network. For users who buy and sell on the market, there is a 0.25% fee for all transactions. The fee is minimal when compared to Coinbase, which charges about 1.49% for exchanges and transfers that are made directly from the bank AND a 3.99% fee for all transactions that are carried out using credit/debit cards.
- Sophisticated Platform: GDAX hosts a more sophisticated platform targeted at the more advanced user. Though there may be a learning curve when navigating through their system, their charts are more informative and give you better clarity when doing your cryptocurrency analysis. GDAX’s features are more advanced but more detailed to fit the needs of a more demanding and advanced customer base. If you take the time to learn to use the platform (I recommend taking 30 minutes to watch one of the many Youtube tutorials… thanks, technology!), you’ll be familiar with the platform and will be a pro in no time!
- Security: Security is a top priority for Coinbase alternative GDAX. As soon as you begin the signup process for its platform, you will immediately notice the heightened security. Its verification requirements are much more strict than Coinbase, but you can never complain about better security.
- No Trading Limit: One of the other benefits of GDAX is that it does not have a trading limit, so you can buy and sell to your heart’s desire.
If you are looking to get your feet wet and trade a low amount of money (around $50 or so), Coinbase is the way to go. It’ll help you to learn about the cryptocurrency world and will be user-friendly. If you’ll be trading more than $1,000, my advice is to take a few moments to learn your way around GDAX and make that your platform of choice.
Want to skip fees with Coinbase? Learn more here: The Complete Guide to Coinbase Fees (and How to Avoid Them)
Cex.io vs Coinbase
CEX.IO is a former Bitcoin provider for cloud covering. The CEX.IO platform offers trading cryptocurrency for fiat money, such as USD, EUR, GBP, and RUB. The platform calculates a commission of 0% to 0.25% on commercial transactions, according to Maker-Taker’s schedule. The platform’s cryptographic list contains Bitcoin, Ether, Ripple, XLM, Bitcoin Cash, Dash, Zcash, and Bitcoin Gold.
One limitation of Coinbase is the limited coverage and availability. CEX.IO addresses this by providing services to a large percentage of countries in the world with the exceptions of a few countries in Asia and Africa. This exchange platform is beginner friendly and doesn’t require exceptional skills for trading, all you have to do after funding your account is to choose the number of coins you want to trade, then select a bundle or customer account. This exchange, however, has high initial buy limits compared to other existing ones.
Poloniex vs Coinbase
Poloniex is a US-based cryptocurrency exchange market platform. The company was founded in January 2014 by Tristan D’Agost and headquartered in Wilmington, Delaware. By February 2018, Poloniex, was said to have a daily trading volume of more than 150 million dollars, according to Goldman Sachs Group, Inc. This is one to watch.
Local Bitcoins vs Coinbase
Local Bitcoins is the largest peer to peer bitcoin market where people can buy/sell Bitcoin. Established in 2012 and headquartered in Helsinki, Finland, Local Bitcoin acts as a platform where buyers and sellers meet to close the exchange. Trades can take place online and offline in almost every country around the world and more than 15,000 major cities.
The significant advantage of this exchange platform is the short transaction time. They also have broad coverage of more than 200 countries. LocalBitcoins provides a decentralized exchange option where you have to deal with other users directly compared to Coinbase when the transaction is centralized. Here, you have the advantage of meeting other traders, completing transactions offline, and even negotiating terms of trade. On the other hand, this could delay purchases and introduce several variables to the operation. You also don’t need means of identifying yourself or bank account to use LocalBitcoins exchange.
Gemini vs Coinbase
Gemini is one of the largest Bitcoin exchanges in the world, founded in 2014 by Tyler and Cameron Winklevoss (Co-Creators of Facebook). This platform allows you to buy Bitcoin and Ethereum via bank transfer. For beginners who buy BTC / ETH, Gemini is an easy platform to navigate, which is one of the reasons why it’s widely used in the United States and other countries.
Gemini is an online trading platform that will work well for first time users, people who are new to cryptocurrency trading but will appeal more to users who have used Coinbase and are seeking an advanced interface. It provides cutting-edge trading at a lower cost (lower than Coinbase), offers excellent security, community trust, and customer support. Gemini exchange platform also gives the ability to recognize patterns in the order book chart as you place an order, and this is beneficial to both old and new exchange users. This platform is however limited to trading just Bitcoin and Ethereum.
Coinmama vs Coinbase
Coinmama is a popular cryptocurrency exchange in the Slovak Republic, founded in 2013. Coinmama is an excellent alternative to Coinbase because it allows you to buy Bitcoin and Ethereum with a credit card, which many other platforms don’t allow. All you need to do is create an account and sign up to receive a verified card. After the card is verified, you can begin the process of buying cryptocurrency.
Bitstamp vs Coinbase
BitStamp is another exchange available to traders in the crypto market who want to trade their currency without the help of a third party. BitStamp offers small transfer fees, fast and helpful support, and a secure and straightforward user interface with advanced features. You can also enter limit orders that will stay open until canceled or executed on BitStamp exchange. Unfortunately, this exchange is not friendly to beginners who are unfamiliar with cryptocurrencies. Also, purchases made through debit/credit cards attract high fees (5% flat charge) irrespective of the amount purchased.
Kraken vs Coinbase
If you are looking to trade multiple currencies, Kraken is a great alternative to Coinbase. Kraken stands out among Coinbase alternatives because this exchange platform buys/sells over 15 coins through several pairings. The exchange interface has numerous tabs containing trade, account and market information, and is often seen to be too complicated for first-time users. Some of the cryptocurrencies available for trade are Dash, Monero, Ripple, Stellar/Lumens, Ethereum Classic, ICONOMI, Melon, etc.; and these currencies are traded via fiat currencies (GBP, EUR, USD, JPY, and CAD), SEPA or wire transfer. The drawbacks to trading on Kraken exchange are the extensive delay in account verification, and limited methods for cryptocurrency purchase (don’t support credit/debit cards).
BTC ATM vs Coinbase
These are also decentralized exchanges for buying Bitcoin which are gradually becoming one of the most convenient ways of trading Bitcoins. BTC ATMs functions in the same manner as regular ATMs but accepts fiat money in exchange for Bitcoin, and they serve as one of the few existing means to purchase cryptocurrencies without a credit/debit card. The downsides to using Bitcoin ATMs are the need for photo identification for most ATMs, and very high transaction fees and rates.
Abra vs Coinbase
Check out a full article here: cryptoryancy.com/abra-best-coinbase-alternative
Other alternatives to Coinbase(we’ll talk about these in the future):
Mycelium Local Trader