More than 500 cryptocurrency exchange platforms currently operate globally, creating revenue worth $24.3 billion in 2021. Coinbase exchange is considered to be one of the leading platforms among them, providing 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.
So, 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 it holds in the market and the number of cryptocurrencies it supports;
- Fees, commission, exchange rate, and 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 of the most efficient ones. All exchanges listed below have been selected by using the parameters mentioned above.
Bybit is a trading platform that definitely deserves our attention.
Based in Singapore, Bybit is a crypto platform specializing in cryptocurrency derivatives.
The co-founder of Bybit, Ben Zhou, recognized the potential of crypto trading and established the platform in 2018. Before becoming the CEO of Bybit, Zhou worked as the general manager for Greater China at XM, a forex brokerage firm.
He assembled a team of experts in investment banking, fintech, blockchain, and forex from reputable companies like Alibaba, Tencent, and Morgan Stanley to develop the platform.
On Bybit, you can open long positions or open short positions. Additionally, you can leverage up, allowing you to trade assets using borrowed funds that exceed your wallet balances without owning the underlying asset.
Bybit supports cryptocurrencies like BTC, ETH, EOS, XRP, and USDT. Also, if you prefer to use Bybit to purchase cryptocurrencies, you can utilize the Fiat Gateway.
You can deposit more than 14 fiat currencies at the time of writing this article. Depending on your chosen fiat currency, the platform provides various payment options from third-party service providers.
This cryptocurrency exchange supports more than 350 different types of cryptocurrencies. The platform provides API and other online tools to support the management of your account.
Besides trading, you can find other cryptocurrency-earning options on their websites, such as mining, staking, liquidity providing, and loaning. Also, 24/7 customer support and an advanced exchange interface are provided.
Binance has quite a few vital points when it comes to reputation. Besides being the most known and used exchange worldwide, Binance is also a blockchain tech pioneer.
The 24-hours trading volume is around $8.2 billion.
One of the most recognizable Coinbase alternative exchange platforms – 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 600 markets with an excellent security record.
One of the most impressive feats of Kraken is security. It is considered one of the most secure crypto exchanges, managing to avoid significant incidents up until now.
The margin trading is around five times with the facility of trading altcoins. The maker charges are from 0% to 0.16%, whereas the taker charges are 0.10% to 0.26%.
If you make a little effort and look for more sources related to the best exchanges in the world, you will definitely find Huobi in the list.
Founded in 2013, Huobi is a popular cryptocurrency exchange and financial services group operating in the industry and the player in the industry that boasts the most bonuses for users.
Huobi Global offers an easy-to-understand desktop interface together with a mobile trading app that includes stopping and stop-limit trading, features, margin, options trading, and a quick converter. Besides, Huobi Global is one of the few crypto exchanges that has integrated a trading bot within their platform.
They have a strong reputation based on their partnerships with projects like Chainlink, The Web3 Foundation, and many others.
eToro is a suitable replacement for the Coinbase exchange, as the platform allows users to create a portfolio. The users can avail the near-immediate execution of the finance market. Also, the organization has industry-class security protocols and requires permission to share personal data.
eToro is a top-rated platform, especially in European countries, where it is promoted.
The core reason for using this platform is that it stores funds in reputable banks to ensure security. They claim to charge a 1% commission over every crypto trade and a 0% commission for stocks.
Bitfinex is a full-featured spot-trading crypto exchange for significant digital assets & cryptocurrencies that is becoming increasingly popular.
The exchange platform of Bitfinex became famous because it specialized in Ethereum, EOS, and Litecoin at the beginning, but now you can trade over 188 cryptocurrencies.
The platform has an excellent reputation based on its user-friendly platform, easy to use for inexperienced people, and, of course, based on the company’s ethics, which compensated lost funds to the traders when it had problems.
The website is an expert in providing peer-to-peer funding.
The platform also has an advanced chart to manage the account. Moreover, it is accessible from mobile with various reports options to evaluate your trading profits. The maker charges start from 0.100%.
Gemini exchange has contributed significantly to the legitimization of cryptocurrency and serves as a Coinbase alternative. This US-based exchange platform is the first one to regulate the exchange of cryptocurrencies completely.
You can trade in Ripple, Bitcoin, Ethereum, Litecoin, Zcash, and another 100 crypto assets through Gemini. Also, they are well-known in the market for their security measures and extreme discount of up to 0%.
Moreover, Gemini is well-known as a beginner-friendly crypto exchange with outstanding security, which was never hacked. Besides, Gemini was founded by the twins Winklevoss, the famous investors, twins, and Harvard classmates of Mark Zuckerberg.
Furthermore, Gemini has a strong market reputation being among the few leading crypto exchanges available in all U.S. states, including New York, a frequent omission among crypto exchanges.
The organization charges almost 0%-2% of the total investment depending upon the trade structure.
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 crypto exchange platform. Along with these features, the higher cryptocurrency rate is also a demotivating fact for some traders.
Related to trading fees, Coinbase is considered by some traders to be expensive. It operates with a maker fee of 0.4% and a taker fee of 0.6% that goes down as the volume grows (goes as low as 0 for makers and 0.05% for takers).
The converter lets you swap your crypto at the market price without a fee. However, if you try to convert to fiat, Coinbase will perceive a fee of $1 that can grow depending on the amount you want to sell. This is not the only feature that defames Coinbase. The excessive anti-fraud features also develop exhaustion and irritation among the users.
This is followed by an extended period required for the transaction and clearing funds. The security features are also not up to the mark. Therefore, people are searching for Coinbase alternatives to conduct future cryptocurrency trade.
We hope the features of the exchanges mentioned above will be enough to choose an adequate Coinbase alternative.