More than 200 cryptocurrency exchange platforms are currently operating across the globe, creating revenue worth $6.5 billion. Coinbase exchange is considered to be one of the leading platforms among them. This platform provides cryptocurrency selling, purchasing, transferring, and storing facilities.
You can store a wide range of digital assets in an offline store provided by the organization. Though, there are many drawbacks of this platform that are repelling users. Let’s try to find the best Coinbase alternative you can use.
What Should You Look at in a Coinbase Alternative?
There is a wide range of Coinbase alternatives operating in the market. However, not all of them are adequate to be used.
See the following parameters to gauge the feasibility of the Coinbase alternative platform:
- The first thing is to observe the platform’s functionality in several countries.
- The security policy and safety precautions of the platform.
- The reputation holds in the market and the number of cryptocurrencies it supports.
- Fees, commission, exchange rate; every hidden and visible monetary charge.
- The convenience of use and payment methods provided by the platform.
The Best Alternative for Coinbase
There are a number of Coinbase alternatives, and we have compiled a list with the most efficient ones. All exchanges listed below have been selected by using the above-mentioned parameters.
This cryptocurrency exchange supports more than 150 different types of cryptocurrencies. The platform provides API and other online tools to support the management of your account. Along with this, 24/7 customer support and an advance exchange interface are also provided. The daily trading volume is around $54 billion.
Gemini exchange has contributed significantly to the legitimization of cryptocurrency and serving as a Coinbase alternative. This US-based exchange platform is the first one to regulate the exchange of cryptocurrencies completely.
Though, they only trade in Ripple, Bitcoin, Ethereum, Litecoin, and Zcash. They are well-known in the market for their security measures and extreme discount of up to 0%. The organization charges almost 0%-1% of the total investment depending upon the trade structure.
The exchange platform of Bitfinex is specialized in Ethereum, EOS, and Litecoin. The website is an expert in providing peer to peer funding.
The platform also has an advance chart to manage the account. Moreover, it is accessible from mobile with a variety of reports option to evaluate your trading profits. The marker charges start from 0.100%.
The most recognizable Coinbase alternative exchange platform – Kraken was established in 2011 and has shown significant growth. The platform trade in all major coins and some minor coins also. It is working in more than 200 countries with an excellent security record.
The margin trading is around five times with the facility of trading altcoins. The marker charges are from 0% to 0.16%; whereas, the taker charges are 0.10% to 0.26%.
eToro is a replacement for the Coinbase exchange. The platform allows its users to create a portfolio. The users can avail the near-immediate execution of the finance market. The organization has industry class security protocols and requires permission for sharing personal data.
The core reason for using this platform is that it stores funds in reputable banks for assuring security. They claim for charging 0% commission over every trade.
CEX.IO specifically deals in Bitcoin. It can support you in buying Bitcoin through MasterCard, Visa Card and even PayPal cards. The data and assets are secured by using the scalping and frequency trading strategies. Along with Bitcoin, it also facilitates trading in Ethereum and Ripple.
The Distributed Denial-of-Service is not an option while using it. The trading leverage is around ten times if a new account is created. The downloadable reports and transaction history are also features of the platform.
Liquid is a Japan-based platform that has performed significantly in two years and has reached the average daily trading volume of $250 million.
Thev have competitive market fees with trading margins up to 100 times. The company support more than 200 trading pairs. Though, they do not operate in the US market to date.
Pionex can be counted among one of the oldest exchanges. They provide services in 12 free trading bots with 24/7 customer services.
The platform is also designated as one of the largest Binance brokers. The trading fee charges by Pionex are only 0.05% for both sellers and buyers. They provide five times more leverage and smart trade terminal facilities.
IDEX is an upgraded version of the existing decentralized exchange considered the adequate Coinbase alternative. It is an Ethereum-driven exchange system that supports the pair trading of ERC20.
This platform is most suitable for individuals looking for peer-to-peer and secure environment trading. The platform is supportive of around 400+ cryptocurrencies pairs and the highest number of liquid DEX. The makers’ trading fee starts from 0.10%, and the minimum order limit is 20% for makers.
What Are the Reasons for Not Choosing Coinbase?
Coinbase is the best platform for learning cryptocurrency trading. It is considered to be the most recommended and convenient currency exchange platform. Along with these features, the higher rate of cryptocurrency is also a fact.
The charges of the transaction for more than $10 are $0.99. For the transaction amount greater than $200, the fee is 1.49% of the total amount. This is not the only feature that defames Coinbase. The excessive anti-fraud features also develop exhaustion and irritation among the users.
This followed by an elongated period of time required for the transaction and clearing of funds. The security features are also not up to the mark. Therefore, people are in search of Coinbase alternatives to conduct future cryptocurrency trade.
We hope the features of the exchanges that we have mentioned above will be enough in choosing an adequate Coinbase alternative.
Melissa Calvert is currently working as a devoted Lifestyle Counselor at Crowd writer UK. She is a dedicated writer and passionate women. She is keenly interested in future investments and earning from cryptocurrencies.
Featured image: medium.com