The rise of coins in the cryptocurrency market has also caused a significant rise in online platforms for buying and selling of these crypto coins. Thus, it is evident that a newbie or even a long time cryptocurrency holder might get confused about which alternative to relying upon. With the increase in these online platforms, there are certain questions regarding their safety, legitimacy, and performance. We believe your curiosity will be answered in this article about Coinbase alternatives platform for buying & selling bitcoin.
Best Coinbase Alternatives
♦ Bitcoin ATMs
What is Coinbase?
Coinbase is an online platform for the trade of digital currency. Quite simply it helps to buy, sell, transfer and store coins. It is a limited company that focuses mostly on bitcoins and it also focuses on digital asset ventures.
It was founded in 2012 by Fred Ehrsam and Brian Armstrong. Both of the individuals have high profile development and business backgrounds. After Bitcoin began getting wide popularity, the idea of Coinbase was developed in 2009.
The company bought and sold Bitcoins through Bank Transfer in the initial year. Eventually, it introduced a vault system for Bitcoins. At present, the company boasts multimillion user base.
Coinbase is definitely popular among the amateurs who have only recently joined the crypto world. It’s user-friendly interface and the excellent algorithm has created a huge customer base. Coinbase provides its service in 32 countries around the world at present.
Some of the important information regarding Coinbase are given below:
- Coinbase is free.
- Purchase and sales of bitcoins are possible through the connection of Coinbase with local banks.
- There are numerous payment options like ACH, SEPA, SWIFT, and EFT.
- PayPal, Credit and Debit cards have also been introduced.
- Coinbase also provides the facility of storage other than buying and selling Bitcoins.
- More than $ 100 million has been invested to Coinbase by major banks.
- Your account can be frozen if an illegal trade happens.
- It supports Bitcoin, Ethereum, and Litecoin.
- The Department of Financial service in New York has licensed the company.
To buy and sell bitcoins or other supported cryptocurrencies through Coinbase, the following steps must be taken:
- Create your digital money wallet by signing up.
- Navigate buy and sell from the dashboard in your account.
- Enter the USD amount which shows you how many Bitcoins you are able to purchase.
- The payment method can be chosen.
Is Coinbase safe?
As per the reviews and research, it is safe to say that Coinbase is indeed very safe to use. It operated in more than 30 countries around the world. The company follows certain protocols which are pretty similar to the laws set in the banking industry.
The operations of Coinbase are carefully monitored every minute so that there is no possible chance of loss of coins. Also, it is user-friendly which reduced the chance of an error while buying or selling coins.
Newbies will definitely find Coinbase quite cozy. Bitcoin can be exchanged into 159 different fiat currencies with a negligible transfer fee.
Is Coinbase Legit?
The cryptocurrency is as treacherous as it is exciting. There might be losses of multi-million dollars. If you are a cryptocurrency investment enthusiast, it is vital that you know of the legitimacy of Coinbase.
As previously stated, Coinbase is a safe platform which has heavy security protocols to minimize losses. It is also interrelated with various local banks, so you can be sure that Coinbase won’t simply disappear with your coins or money.
Coinbase has been supported by many investors till date. It has received more than $ 75 million in funds since its establishment which proves that it has a huge public support and trust.
It has also received huge investment from Japanese banks and security exchanges. Its financial statements show that it has garnered huge trust from the public and government of many companies showing that Coinbase is indeed legit.
Coinbase’s Pros and Cons
Like every other trading platform, Coinbase also has numerous good and bad sides to it. From the various reviews, the following Pros and Cons have been separated about Coinbase.
- Coinbase is a secure platform to store your money and trade your coins. It uses excellent algorithms for security measures. The vaults keep your coins safe from potential loss.
- It served in more than 30 countries. These countries support their bitcoin payments and transactions. Bitcoins can be exchanged to 159 other fiat currencies.
- It is backed by New York Securities Exchange, various Japanese Banks, and security exchanges as well as other banks.
- It is a legit company since it is licensed by the Department of Financial service in New York.
- Credit Cards have been incorporated by banks which serves for the ease of transaction.
- Your trades can be monitored. Your account can be frozen and removed and your Bitcoins can be devalued if you will go against Coinbase policy.
- You do not have the sole control over your account. Coinbase has control over your coins. You receive the public key while the company gets the private keys.
- The branch of Coinbase in Canada has been closed own raising controversy regarding the future of the company.
- There are complaints of erroneous debuts on the account of customers. The customer service department takes a lot of time in answering the emails.
- There might be a high risk while trading huge sums of money since Coinbase can wrongly freeze your account.
- The operation might be very slow and lengthy when you use fiat money.
- Your personal information is also required while creating an account which can be a halt in privacy.
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Best Coinbase Alternatives
Although Coinbase is noted to be a pioneer in handling cryptocurrency and its trading over the past couple of years, there are many Coinbase alternatives which have popped up in the recent times.
These alternatives give equal or more facilities in comparison to Coinbase. You can select any of the following Coinbase alternatives according to your convenience and need for the trade and storage of your Coins.
Binance is a growing company which has become one of the biggest cryptocurrency exchanges that support Altcoins. Operating strongly in the Chinese market, it has got high importance in the other market around the world as well. Crypto Altcoin investors in US and UK have been loving Binance as a form of exchange.
With basic and advanced settings, it provides facilities to newbies as well as pro traders. Binance supports English as well as Chinese traders at present. The company has been in the market only since a couple of years through ICO but has already gained huge importance. It has already become an alternative and competitor of Coinbase.
Some important information regarding Binance are:
- It has its own token, i.e. BNB.
- The company was founded by Changpeng Zhao.
- Multiple cryptocurrencies can be traded through Binance like ETH, BTC, LTC, BNB, NEO, TRX, XVG, etc.
- The trading fee is 0.1% which is relatively low.
- It has a user-friendly interface best for new traders.
- It has good customer support.
- The company was established in July 2017.
- The two-factor authentication or Google Authenticator can also be enabled with extra verification details.
CEX.IO is the first ever cloud mining and multi-functional virtual cryptocurrency platform which was created in 2013 in London.
It has more than one million clients at present. It boasts a cross-platform application for trading of currency through the website, mobile application, WebSocket computer communications protocol, and Representational State Transfer (API).
An easy bundle interface facilitates an instant trading. Their multi-tier account mechanism can be used both by newbies and pro traders without any hassle.
The company has been operating in all around the world. It has a wide coverage in the crypto world. Its friendly user interface is favored by newbies.
The information of the clients has also been kept private through high service security. It has also adopted the Payment Card Industry Data Security Standard to limit access to fraud.
It works to keep money laundering at minimal with FinCen which gathers and analyses information regarding monetary arrangements. 2 Factor authentication and anti-hacker safeguard keep your coins safe. Your account is secured by numerous signature BTC addresses.
Some of the important features of CEX iO are:
- It offers a mobile application.
- There is 2-factor account authentication for advanced security features.
- Credit and Debit Card can be used to buy bitcoins and Ethereum.
- The customer service is very good with 24*7 support.
- CEX supports wire transfer of fiat currencies like RUB, GBP, USD, and EUR.
- It supports eight cryptocurrencies like BTC, Bitcoin Gold, ETH, BCH, Ripple, DASH, Stellar Lumens, and ZCash.
- There is a minimal transaction fee. It costs 3.5% per card deposit on average. There is 3% charge per withdrawal. Exchange fees are between 0% to 0.25% depending on the amount of crypto.
- Crypto deposit, as well as bank transfers, are free to users.
Kraken over time has proven to be one of the fastest popularizing exchange platforms in the cryptocurrency arena with its huge euro volume and liquidity.
It is the first exchange platform with a trading price and volume displayed in the Bloomberg Terminal which is something the company can always boast about. Also, the company is the first to pass the cryptographically verifiable proof-of-reserves audit which vouches for its safety and legitimacy.
Based in San Francisco, the online platform was launched in 2011 by Jesse Powell with a team of highly professional developers. Kraken is supported around the world by almost all countries in the cryptocurrency market. It supports only English and Japanese language and is available on the iOS app.
The Customer Support is also remarkable with extensive support guide. However, there is no live chat option available which might be a downside to it. The two-factor authentication feature helps to enhance security along with a global setting lock.
The low fee structure is also a huge benefit. More recently, however, Kraken faced Distribution Denial of Service breaches. At times data analysis can be inconvenient since Kraken places its price and order charts on different pages. The company also does not have a mobile app.
Some of the important features of Kraken are:
- It supports more than 18 currencies including BTC, Bitcoin Cash, EOS, Dash, Ethereum Classic, Ethereum, Litecoin, Steller Lumens, Ripple, and more.
- It also accepts fiat currencies.
- The fees are very low and depend on the type of the account you have. If you have a higher tier account then you can trade more volume and your fees are also lower. The charges can range from 0% to 0.26% per transaction. The fees are charged to both buyer and seller.
One of the fastest growing online exchange platforms, Gamimi is based out of the United States. It was founded by twins Cameron and Tyler Winklevoss.
The company is one of the most connected companies in the cryptocurrency world. Gemini was partnered with CBoe Global Markets and Chicago Board Options Exchange. The company is compliant with the New York State Department of Financial Services (NYSDFS).
Gemini has a rather user-friendly interface. The security is also pretty tight since they provide two-factor authentications. The company supports US Dollar, Bitcoin, and Ether. Although, it can be noted that Gemini does not have a direct Bitcoin to USD, thus USDT must be used.
Some of the features of Gemini are:
- It supports numerous cryptocurrencies as well as fiat currency.
- Gemini provides services in almost all of United States of America, Puerto Rico, United Kingdom, and parts of Singapore, Hongkong, and South Korea.
- You don’t get charged for wire transfer deposits.
- For a different kind of trade, they offer individual and institutional accounts.
- Two-factor authentication is set for enhanced security.
Changelly is an online exchange platform which slowly gained prominence in the late 2017 and has currency been one of the favorite exchange platforms for cryptocurrency traders.
It operates from Prague and enables consumer-buyer for the easy and prompt conversion of cryptocurrencies. Your funds are held by Changelly for only a brief time. This was if there is any suspicion of fraud, the entire community can be aware of it.
Not much information from the user is asked during the creation of the account. The rate of exchange is comparatively higher than other platforms.
The charges while using credit or debit cards are high. There are sound liquidity and a huge ceiling which makes trading quite easier for both newbies and pro traders.
The conversion is pretty easy and prompt with only an email address required. A software widget or GUI is also supplied by Changelly to third parties incorporated in its site.
So, a digital token can be exchanged to another currency through the web page for coin market forecasters, media, blogger, as well as Blockchain advocates.
Some of the features of Changelly are:
- Only a small fee is set. For every trade 0.5% is charged.
- Almost all kinds of rising cryptocurrencies are accepted.
- Credit or debit cards can be used.
- There is a high trade volume ceiling.
- The conversion takes only up to 30 minutes.
Coinmama is another rising online exchange platform which is based in Israel and was formed by a credible team. Coinmama does not have a wide coverage in the cryptocurrency market.
The website only supports two cryptocurrencies, BTC, and ETH at present. But the growth in the different coins in the market might lead to Coinmama supporting most of them in the near future. Coinmama will eventually expand their coverage in the crypto market. The payment methods are either through credit or debit card.
Coinmama supports all the local currencies, however, the price is displayed only in USD or EUR. The users of Coinmama have to supply their own wallet address where the fund will be sent since Coinmama does not have a wallet service which might be a downside.
The quoted price on conversion rate will include a charge of 5.5% which is relatively more than most other exchanges. Another 5% of total fees will be added by the payment gateway that operates the credit cards transactions.
The exchange has a friendly user interface. It also facilitates spot rates on buying cryptocurrency. Thus, the company does not have an extended trading platform with order books which might be a downside for pro traders looking for advanced features.
Bitcoins are a perfect alternative to Coinbase and centralized exchanges. Although Bitcoin ATMs cannot found all over the world, it is still prevalent in countries that have taken bitcoin to the economy in all seriousness.
BTC ATM has also been dubbed as the “perfect option for the unbanked”. This is because Bitcoin ATMs are perfect for those customers who do not rely on the banking system and who become disillusioned by the banking industry and have now turned into a crypto market.
Bitcoin ATMs are very much similar to the ATMs of commercial banks. However, it only accepts crypto coins. You will need fiat currencies like EUR, GBP or USD for the exchange.
It scans your public address to transfer BTC to that address in the amount of local currency which you have deposited into the ATM. And if you do not have a public address, the ATM will generate a paper wallet.
Bitcoin ATMs ask for your identity before buying which includes ID photos or self-portraits so there might be a privacy issue regarding this. Also, Bitcoin charges a fee from 3% to 5% which is greater than most other exchange platforms.
Some of the important features of BTC ATMs are:
- It is very much similar to the bank ATMs and thus the users already have a familiarity with an easier interface.
- The process of converting cash to Bitcoins is rather easy and does not require a lengthy process.
- Unlike other website based exchanges, Bitcoin ATMs help to promptly purchase currencies. It offers instant purchase with the push of few tabs. Thus long waiting time, doubt and technical issues can be cut through the use of BTC ATMs.
- A wallet is required to store BTC from ATMs. If you do not have a public address, the ATM will provide you a paper wallet.
- With other online platforms like Coinbase, Kraken, Coinmama, it is easy to detect that you have bought coins. However, BTC ATM keep this confidential.
- Immediate liquidity is promised by BTC ATMs. You can easily get your coins from the ATM so you do not have to wait for days or even weeks to receive your Bitcoin.
The exchanges that accept credit card payments charge a high exchange rate. Often a third party payment processor is used by them thus the charges are high. It is advised that you deposit cryptocurrency rather than fiat. You can also use bank transfers to cut the huge fees.
For those wanting quick liquidity Bitcoin ATMs are best. Newbies can be benefited by exchanges like Binance for the friendly user interface. Thus you can select the exchange as per your needs if you are opting or something other than Coinbase.
We want to know which one is your best Coinbase alternatives from the list for Buying & Selling Bitcoin? Please feel free to give us your feedback.