People are often confused about the Coinbase alternative that they can use. If one wants to take a dig into cryptocurrencies, one of the most famous names is Coinbase. But now, many alternatives are available that are affordable and easy-to-use for everyone.
To start your trading journey, you need a trading platform to help you learn and scale up your trading experience. As every platform carries its pros and cons, Coinbase also has the same concerns.
In this post, we’ll review 5 best Coinbase alternatives for you. But before reviewing, let us know some about Coinbase and why not use it.
Why Not use Coinbase?
Coinbase has few disadvantages as it offers restricted installment techniques, and it might be following a user. It tracks how and where a user is spending its coins. The fees Coinbase charges are also touching to the sky. So, to avoid the drawbacks, we look for Coinbase alternatives.
Introduction to Coinbase
Coinbase is a crypto trading platform. It can be used for buying, selling, moving, and putting away the money you are not going to use. Coinbase is a platform that was launched where people traded with their cryptocurrencies. It is more of an exchange where one can easily swap currencies.
Coinbase Flat Rate
Coinbase charges a whopping amount of taxes, half of one percent in terms of crypto buying and selling. But it may increase or decrease due to market fluctuations.
For understanding, if the total amount is $10, then the fee is $0.99. Coinbase also charges Fee in addition to the spread, which is greater than the base rate.
3 Days Delay Receiving Crypto
Coinbase can sometimes take up to 3 days to receive the desired amount of cryptocurrency. It is because network affirmations are slow.
Every bitcoin takes some confirmations from the network for the transaction to be approved. Sometimes Coinbase can be a bit slow and take up to three days to proceed with the payments.
Long Wait to Transfer Funds from Wallet to Bank
Another hectic thing is that while transferring the funds, one has to wait for several days to transfer the payments to bank accounts. It is okay with E-wallets. The funds transferred to E-Wallets are quick, but the funds can take up to several days if we send them directly to our banks.
What to Look for in Coinbase Alternative
When looking for an alternative to Coinbase, one should be focusing on Low spread rates, high efficiency, and timely transactions. These are how a crypto platform can surpass its competitors. Secondly, it should be pocket-friendly. It must offer low fees so that it could gather more audience.
Range of Supported Currencies
The major reason for the success of Coinbase is because it supports a wide range of cryptocurrencies. All the major currencies are supported by Coinbase that includes bitcoin, eth, dogecoin, xrp, etc. This range of supported currencies is very important for a wallet to grow in the international market.
Easy to Understand the Platform
A Crypto wallet must be easy to understand. It should be user-friendly. A layman should be able to trade in the ecosystem of the wallet. Being user-friendly helps to attract more users to that particular platform. In return, it will make the platform successful.
Another important aspect of a successful trading platform is that it must support more countries. There is a certain limitation in some coin wallets that a fixed country only supports them. The Crypto wallet supports certain countries.
So, a good crypto wallet must support a large number of countries if it is a Coinbase wallet alternative.
5 Best Alternative to Coinbase
Coinbase did well for a fixed period, but now there are a lot of alternatives to Coinbase. These Coinbase alternatives are creating a huge impact on the crypto market. Some famous alternatives are as follows.
Voyager is a cryptocurrency investing platform and multi-currency wallet. The goal of Voyager is to provide users a broker on which people can trust. They rate Crypto as the future of finance and investing.
The Biggest benefit of Voyager is that it offers interest in Cryptocurrency that is held. No staking and monthly compounds make it even better. Voyager offers over 50 tokens for trade. It has recurring buys that you can buy a pair over and over again.
Voyager vs. Coinbase
The fess Voyager charges are much lower than Coinbase. In comparison, the biggest advantage from the user perspective is that Voyager offers interests in your holdings. Another important fact is that Voyager provides easy access to a Sign-up bonus while getting a sign-up bonus on Coinbase is a hectic job.
iTrust Capital is the largest Crypto IRA platform in the world. They have $1 Billion in terms of Assets on their platform. They have a trust pilot score of 4.5. iTrustCapital is also FDIC insured, which makes it best in the business.
As aforementioned, iTrustCapital is the largest IRA platform and having FDIC insured minimizes the loss risks by one-half. iTrust capital is Tax-free which means the profit you generate is 100 percent yours. You don’t have to get into heavy losses.
iTrustCapital vs. Coinbase
iTrustCaptial offers low fees as compared to Coinbase. Both are equally good, but in terms of customer satisfaction, iTrustCapital is leading the charts.
Crypto.com is another crypto trading platform that allows buying, selling, and holding of different cryptocurrencies. Crypto.com is quickly making its impact on crypto trading markets.
Crypto.com is the most reliable name when it comes to cryptocurrencies. With a crypto.com visa card, one can pay anywhere in the world. One can easily send their money to anyone in the world with the help of an easy android and ios app.
Crypto.com vs. Coinbase
Crypto.com competes with Coinbase in almost every aspect. Both platforms offer high-end security to their users. The debit card feature in crypto allows paying anywhere globally, which makes it better than Coinbase.
Coinmama is a cryptocurrency broker that was founded in 2013. It supports 188 countries in the world. It allows buying cryptocurrency in the easiest and simplified way.
Coinmama is intuitive and has a simple interface, allowing users to take a deeper overview of features. It allows the quick sending of crypto to anywhere in the world. Its verifications are easy and almost take 30 minutes.
Coinmama vs. Coinbase
Coinmama’s support team is a bit saggy as compared to the support team of Coinbase. However, coinmama allows 188 countries to use its services. Based on user reviews, they found coinmama fast, as compared to Coinbase.
Gemini is a New York-based crypto exchange. It is widely known and guaranteed for its security and reliability. It was founded in 2015. Gemini offers to buy and sell 40+ tokens.
It is a newbie-friendly platform. It has a separate functionality of DCA for more experienced traders that allows users to schedule their purchases automatically. The active trader platform offers more advanced features to the users.
Gemini vs. Coinbase
Gemini is almost similar to Coinbase in terms of the fee it charges, i.e., 0.5 percent. Gemini is packed with security and features, which makes it one of the best in business. Gemini is fully regulated.
Frequently Asked Questions (FAQs)
Is Kraken better than Coinbase?
Yes, if you are comparing them in terms of fees charged, then Kraken is better. But Coinbase offers more services as compared to Kraken. So, if you are worried about fee charges, you can switch to Kraken.
What exchange is better than Coinbase?
There are a lot of exchanges that are alternatives to Coinbase. But, we can`t surely point out one platform as the winner. There might be one good feature in one platform that will be missing in another.
What can I use instead of Coinbase?
There are plenty of alternatives to Coinbase. You can use Gemini, Coinmama, or Crypto.com based on which platform you like.
Who has lower fees than Coinbase?
There are different platforms as Coinmama, Kraken, Gemini, etc., which offer low fees compared to Coinbase. So, if you are looking for low fees, you must switch to these platforms.
Should I use Coinbase or Binance?
It is totally on you. But I think Binance is a complete package and is better than Coinbase if you are from an Asian country.
How do I avoid Coinbase fees?
Coinbase has its pro version called Coinbase pro, which offers a 0.3 percent fee per transaction. Moreover, you can switch to other trading platforms that offer low fees.
Well! That’s all about the 5 best Coinbase alternatives for trading cryptocurrency. Although Coinbase is the best platform, it doesn’t mean there is no other best platform. The alternatives of Coinbase mentioned above are comparatively good, and you can rely on them.