When many people think of options to buy and sell bitcoin and other cryptocurrencies, they may think of Coinbase but there are Coinbase alternatives in the ever growing market. This platform has over 11 million users with 38 million currency markets, and it has a reputation for being trustworthy.
Still, many cryptocurrency traders are looking at other exchanges for alternatives to Coinbase like Bittrex and Changelly. The US-based exchange only serves 32 countries, so many people are left out of the opportunity. Others are looking for a wider selection of digital currencies, lower fees or other advantages that may be found at Coinbase competitors.
Best Coinbase Alternatives
Here are some of the top Coinbase alternatives available today. Read on to find out more about why these options could work for you.
Binance has become the biggest exchange for cryptocurrency in the world when measured by trading volume. It offers a platform for trading over 100 different digital currencies. Since January 2019, it has enabled purchases of bitcoin, ethereum, litecoin and XRP over debit and credit cards as well as bank transfers. Binance is available in all US states except New York, Connecticut, Hawaii, Georgia, New Mexico and Washington.
Fees range from 0.015 percent to 0.1 percent, depending on the size of transactions and whether the user maintains a balance in a Binance account.
Why is Binance a Good Alternative to Coinbase?
For people who want to trade large amounts of cryptocurrency, Binance’s low trading fees can make it an outstanding alternative to Coinbase. In addition, the wide range of digital assets available may be appealing to users who want to access a diverse portfolio and many types of trades. Binance is one of the Coinbase competitors offering a growing range of services, although some options are only available from USD and EUR bank accounts.
Kraken, operating since 2011, is one of the most popular and secure Coinbase alternatives. It offers support for four fiat currencies and over 20 cryptocurrencies, as well as a Bitcoin margin trading market that offers people the opportunity to open their positions with leverage.
Fees vary, depending on the service users are looking for. For people selling cryptocurrencies, fees range from 0.0 to 0.16 percent, while they range from 0.10 to 0.26 percent for bidders.
Why is Kraken a Good Alternative to Coinbase?
Fees at Kraken are significantly lower than at Coinbase, so there is a stronger opportunity to save when trading. This can be particularly important if you are trading larger amounts of cryptocurrencies. In addition, Kraken is one of the apps like Coinbase that supports a larger number of currencies. It also hosts JPY and CAD as supported fiat currencies and offers a much wider range of available digital assets for trading.
Changelly, founded in 2013, is one of the Coinbase alternatives designed to be globally available while protecting users’ privacy. It’s easy to set up a Changelly account and buy and sell cryptocurrencies from the start. Unlike other exchanges, Changelly lets users complete most of their purchases without identity checks or other KYC procedures.
Fees at Changelly are 0.5 percent for every trade. However, credit card fees can be significantly higher. The anonymity provided by the service is a strong selling point.
Why is Changelly a Good Alternative to Coinbase?
For those looking for alternatives to Coinbase that provide a higher level of anonymity and privacy, Changelly can be an excellent option. It works well for people who want to trade quickly without waiting for lengthy verification procedures. It also offers dozens of cryptocurrencies for people looking for diverse digital assets.
Gemini is a fast-growing bitcoin exchange based in the United States. While it serves a limited number of countries, this includes some that Coinbase does not, including South Korea and Singapore. It serves all of the states in the United States except for Oregon and Arizona.
You can exchange USD for BTC and ETH at Gemini and there are no deposit or withdrawal fees for users making bank transfers for up to 30 withdrawals each month. Fees start at 0.25 percent for both buyers and sellers (takers and makers) on its cryptocurrency market. As a fully licensed US financial institution, Gemini is very secure. At the same time, it also requires a significant amount of personal data from its users.
Why is Gemini a Good Alternative to Coinbase?
Gemini offers an easy-to-use interface as well as low fees for a variety of services. For people for whom security is paramount, its FDIC-insured deposits may be an excellent choice, as it is fully compliant with banking standards.
Coinmama has been active since 2013 and offers an easy-to-use interface that is often similar to Coinbase. It requires users to go through a verification process, but it is quick to complete. KYC requirements can typically be completed within one hour. It also makes it particularly easy to buy popular cryptocurrencies with credit and debit cards.
It does not focus on trading opportunities or diverse online wallets, but instead on making it simple to buy bitcoin, ethereum and Ripple. Users in over 180 countries can make use of Coinmama.
Why is Coinmama a Good Alternative to Coinbase?
Coinmama is available in almost 150 more countries than Coinbase, making it one of the strongest global alternatives to Coinbase. In addition, it can be much faster to complete KYC and verification processes, so you won’t have to wait long to start buying cryptocurrencies.
LocalBitcoins was launched in 2012 as a peer-to-peer cryptocurrency exchange designed to allow people to trade BTC for cash. The site is available in 248 countries and offers an escrow system that allows individual buyers and sellers to make deals with one another. On-the-ground users buy and sell bitcoin on this platform in over 15,000 cities. You can buy with cash, send PayPal or a SEPA transfer, depending on what your seller requests.
Why is LocalBitcoins a Good Alternative to Coinbase?
For people looking to save when buying or selling bitcoin, LocalBitcoins can be one of the best Coinbase alternatives. Sellers are charged a 1 percent flat fee on all completed transactions, and buyers are not charged. Some payment methods may add their own markups as well, which can add from 3 to 10 percent to the final sale price. It is a particularly strong choice as one of the apps like Coinbase for smaller trades. For people who value privacy and anonymity, LocalBitcoins can be an excellent choice, and it allows people to trade bitcoin in a decentralized manner.
CashApp, offered by payment processor Square, is one of the most popular apps like Coinbase. Named the most-downloaded financial app on Google Play and the iOS App Store, this mobile option allows people to buy and sell bitcoin, unlike other payment apps such as PayPal and Venmo. CashApp can be easily synced to a bank account and lets you instantly buy, sell and use bitcoin.
For people in the United States using USD, CashApp is perhaps the easiest of the Coinbase alternatives. It can also pair with its own debit card that can be used in stores. You can also sell bitcoin to other CashApp users on the system.
Why is CashApp a Good Alternative to Coinbase?
CashApp is designed to be very easy to use on mobile. As a major, widely used payment processing app, many people who were unfamiliar with cryptocurrency make use of this system. It can be a particularly good option for people who are new to digital assets, even if they later want to move into some of the more specialized and diversified exchanges.
Founded in 2014, the Abra mobile app allows users to access 30 cryptocurrencies, 50 fiat currencies and the BIT10 crypto index. With offerings closely resembling Coinbase’s own, it offers ease of use, reduced fees and a wide selection of altcoins. Coinbase competitors like Abra allow users to directly purchase cryptocurrencies like BTC, ETH, XRP, Litecoin, Dogecoin, Monero or Bitcoin Cash. More obscure altcoins like Stellar, Status, 0x, NEM, NEO, Verge, BAT, Cardano, EOS or Siacoin are also available among Abra’s offerings. However, while you can use the Abra app to invest in these altcoins, deposits and withdrawals are available only in BTC, Bitcoin Cash, ETH and Litecoin.
Abra is designed to provide higher levels of security and anonymity for users. Unlike some Coinbase alternatives, Abra does not directly control your cryptocurrency holdings. It provides you with a seed phrase that you must use to access your account. If you lose this phrase, you could lose all of the funds in your account, so you must be sure to save it to a secure location.
Why is Abra a Good Alternative to Coinbase?
Abra is one of the best Coinbase alternatives because it offers a higher level of security and privacy. You can rest assured that you are fully in control of your cryptocurrency, leaving you far less vulnerable to security breaches, hacks and other problems that have haunted some exchanges. In addition, you can enjoy a greater level of security and privacy when trading crypto. Abra is also available in all 50 US states for greater accessibility.
Abra is also one of the best alternatives to Coinbase because it offers a higher signing bonus for new users, $25 as compared to Coinbase’s $10. The $25 sign-up reward is available when you sign up with a referral for the Coinbase competitor and deposit at least $5 from a US bank account or American Express Card. On the other hand, Coinbase’s reward is available only after buying or selling at least $100 in crypto. Purchase fees for Abra are also much lower than those for Coinbase, ranging from 0.5% to 1%, in comparison to Coinbase’s 4%. While it does not charge a direct purchase fee, Abra takes this percentage from the exchange rate spread when trading one currency for another.
Robinhood is a longtime stock-trading app favorite for many digital traders. In February 2018, the app introduced cryptocurrency trading, allowing investors to open up to crypto trades as part of their strategy. This Coinbase alternative offers a high level of security, compliance and regulation because it began as a securities trading app. To open a Robinhood account, you must provide a Social Security number, a requirement for stock trading. This means that it may not be the best one of the Coinbase competitors for people who prioritize anonymity and privacy. However, people focused on investment and compliance may be particularly interested in the offerings from this Coinbase alternative.
While Coinbase is available in 49 US states, excluding Hawaii, residents of 15 states cannot use Robinhood: Delaware, Kentucky, Hawaii, Maine, Louisiana, Maryland, Nevada, Nebraska, Minnesota, North Carolina, New York, New Hampshire, South Carolina, Wyoming and Vermont. In most cases, this is due to regulations on traditional stock trading rather than on cryptocurrency purchases. For those who are eligible to use Robinhood, however, the platform makes a point of offering low fees. Robinhood first became popular for securities trading because of its trades without commissions. It applies the same standards to crypto purchases; you can buy BTC and other coins without paying a commission fee.
Why is Robinhood a Good Alternative to Coinbase?
Robinhood can be one of the best alternatives to Coinbase for people who are most interested in the investment potential of cryptocurrency. Robinhood treats crypto as an investment primarily. This means that there is no way to deposit or withdraw BTC or altcoins directly from the app. While Robinhood has announced plans to support coin withdrawals, it does not do so. Instead, it offers a platform for people to invest in crypto and sell it for profit alongside other types of securities, such as stocks.
Investors who prioritize a high level of compliance, security and regulation may also be interested in this one of the alternatives to Coinbase. While participants must provide more information when signing up, the marketplace is highly secure. This means that it may be a good alternative for people who are getting started in the crypto market or who primarily want to begin as investors. It also offers no-fee purchases and transactions, an attractive option for people looking to save on their crypto investments. In addition to BTC, users can invest in Bitcoin Cash, Bitcoin SV, Dogecoin, ETH, Litecoin and Ethereum Classic. With a wide following in the investment industry, Robinhood may well further develop its crypto options in the years to come.
Common Problems with Coinbase
Customers have a number of complaints about Coinbase. Some people do not care for the higher fees, while others have complaints about the extensive and, at times, slow verification and KYC system. Despite the fact that cryptocurrency is meant to be a decentralized system separate from fiat currency, Coinbase is available in only 32 countries, limiting its reach significantly.
While many people start out on Coinbase, even those who are eligible for the service often become burned out on two major issues: high fees and poor customer service. Others who want to access a more diverse portfolio of digital options and new financial products will also want to look elsewhere.
What to Look For When Choosing a Coinbase Competitor
There are several factors to keep in mind when choosing the right Coinbase competitor for your cryptocurrency purchases and investments. One of the biggest issues for people to consider is the cost of trading and withdrawing cryptocurrency. If you are making large purchases or investments, these fees can quickly add up, especially at Coinbase’s 4% rate. Many of the best Coinbase alternatives offer lower fees or even no-fee transactions that can be especially valuable for people making significant investments.
If you are just starting with crypto, you may be concerned about the level of support offered by these Coinbase alternatives. Some options offer a more go-it-alone, individually driven experience and may be more suitable for people who are comfortable with the cryptocurrency market and their technical skills. Others offer higher levels of customer service and support, though these may be linked with higher fees in some cases.
It’s also important to consider the liquidity of the exchange itself, especially if you are opting for one of the custodial Coinbase competitors, where the exchange itself holds your crypto assets rather than transferring them to an individual wallet. If all of the users of the exchange requested their funds or attempted to make a cryptocurrency trade, would the exchange be able to pay out? This is one reason that it’s particularly important to make sure that your chosen exchange is viable, especially if you are going to allow it to hang on to your crypto. Of course, this is also a reason why you may opt for a non-custodial exchange where your crypto is kept safely within your own blockchain wallet.
Similarly, the security and integrity of the exchange can be important factors. You are trusting the exchange with banking information and large purchases, so you want to make sure that you are using technology that is not susceptible to serious security breaches. At the same time, many crypto investors prize anonymity and privacy as key aspects of these currencies. Some people may want high levels of KYC requirements and detailed registration checks, while others may prefer Coinbase alternatives with lower registration requirements and higher levels of privacy.
Of course, it also matters exactly what you want to purchase and trade. Some of the crypto exchanges offer a range of currency support, while others require people to use USD. Some of these exchanges are available only in certain countries or even US states. You’ll want to make sure that the option you choose is fully accessible to your country and currency of choice. If you are interested in altcoins, you’ll want to opt for a Coinbase alternative with greater trading options and diverse trading pairs, while people who want to stick to BTC might find more options that suit their needs.
Final Thoughts on Coinbase Alternatives
As you expand your holdings in the cryptocurrency market, you can explore more diverse options and engage in more complex and interesting trades. On the other hand, you may be looking for a more decentralized way to buy and sell a favored currency like bitcoin. By reviewing the options available, you can find the alternative to Coinbase that is best suited to help you achieve your goals in the crypto market.