- January 5, 2022
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
At this point in time, the digital currency market is filled with a variety of cryptocurrency exchanges, each with its own advantages and disadvantages. Given the large number of exchanges that the crypto community can choose from, making an informed and fact-based decision is bound to be quite difficult.
Coinbase is commonly-regarded as one of the world’s largest and most popular cryptocurrency exchange platforms. So far, it has amassed over 30 million users, which have traded over $150bn-worth of coin.
In general, Coinbase provides users with high-quality services, yet there are certain features that the company does not yet provide. Relevant examples include specific trading tools or support for a higher number of cryptocurrencies.
The crypto market’s best alternatives to Coinbase
Here is our rundown of the top alternatives to Coinbase to let you purchase cryptocurrency quickly and safely.
The following exchanges are regarded as some of Coinbase’s main competitors, thanks to their features, fee policies, supported coins, payment methods, user safety, and asset security.
CEX
CEX.io was initially founded in 2013 for the purpose of providing cryptocurrency holders with cloud mining services. Since then, the company has evolved into a UK-based cryptocurrency exchange platform that offers an array of services, including but not limited to cross-platform trading, liquidity order-books, instant buy/sell services and more.
CEX.io aims to service users of all kinds, including beginners, day-traders, and even institutional investors. Thus, the exchange now services over 3 million customers, located in 99% of global countries and 38 US-based states.
Features
CEX offers three main services, these being ‘instant buy’, the ‘CEX.io exchange’, and the ‘CEX.IO broker’.
As such, the instant buy feature allows visitors to purchase Bitcoin instantly, via MasterCard and Visa. The process is designed to be as quick as possible, granted that the purchase can be made within a few clicks. Users are given three pre-made purchase options ($200, $500, and $1,000-worth of BTC), alongside the possibility to instantly purchase a custom amount.
Secondly, the CEX exchange is designed to operate similarly to tost popular digital currency exchanges available on the market. Thus, following account creation and KYC compliance, users are free to trade several crypto pairs, including BTC/USD, ETH/USD, BCH/USD, XRP/USD, BTC/EUR, alongside several altcoins and stablecoins. More details on the supported cryptocurrencies can be found later on. Margin trading is available as well. Price analysis is made easy thanks to the market data tool, which can be used to view price volatility for all supported pairs.
Lastly, the CEX broker feature allows digital assets margin trading via Contracts for Difference (CFDs). Benefits include exposure management, and all-inclusive access to spot markets and CFDs. A demo account is also available for testing purposes.
Staking is also available; therefore, users can be rewarded for depositing and holding tokens/coins in their CEX accounts.
Fee policy
CEX’s fee policy is calculated based on users’ 30-day trade volume. For instance, a trade volume of under 5BTC (which is the case for most beginners), will entail a taker’s fee of 0.25% and a maker’s fee of 0.16%. On the other side of the spectrum, a trade volume of over 6,000BTC entails a 0.10% taker’s fee, and a 0% maker’s fee.
CEX also has a few deposit/withdrawal fees. A Visa or MasterCard-based USD deposit entails a 2.99% fee, whereas bank transfer deposits are free. Card withdrawals have a service charge of 1.8%-3% and a commission of $3.80. Bank transfer withdrawals entail a 0.3% fee and $25 tax.
Ease of use
Using CEX is bound to be an easy experience. To use the platform, customers must create an account and follow-through with the know-your-customer procedure. Afterward, the account can be funded via one of the supported payment methods.
CEX features a sleek user interface that is mostly bug-free. A mobile app is also available.
Supported coins & payment methods
The exchange features support for BTC, ETH, BCH, BTG, DASH, LTC, XRP, XLM, OMG, MHC, TRX, BTT, ADA, NEO, GAS, BAT, ATOM, XTZ, GUSD, ONT, ONG and USDC. Supported fiat currencies include USD, EUR, GBP, and RUB. The supported stablecoins are USDT and USDC.
In terms of supported payment methods, users can deposit/withdraw their funds via Visa, MasterCard, SWIFT bank transfers, and ACH.
User safety & security
CEX is commonly-regarded as a safe platform, since it has not lost any user funds up until this point. The cryptocurrency exchange strictly follows a series of anti-fraud and refund policies. It is legally-registered, trademarked PCI /DSS compliant and offers a certificate of incorporation.
Read our full CEX review here.
CoinMama
CoinMama is another good alternative to Coinbase, granted that it aims to offer an exchange service that is fast, safe, secure, and can be accessed from anywhere in the world. The cryptocurrency exchange was established in 2013, and since then, it has served over 1.9 million people, by helping them exchange millions of dollars worth of digital currency, in 188 countries.
Some of the company’s main values include simplicity, integrity, teamwork, consumer-centrism, growth, communication, fun, coin ownership, and innovation.
Features
This platform aims to provide a single service that is quick, secure, and flawless. As such, CoinMama allows users to instantly purchase BTC, following the creation and verification of their account. On the front page, visitors are welcomed with pre-set BTC purchase options – 100EUR, 500EUR, 1,000EUR and a custom amount. The platform also facilitates the purchase of other popular cryptocurrencies. In terms of selling, only the sale of BTC is permitted at this point in time, via SEPA bank transfers for European banks. No wallet service is currently provided.
Fee policy
CoinMama offers a fairly low fee policy. As such, the market rate entails a 2% tax, alongside a commission fee of 3.90%, which gets lower depending on the amount being sold. Debit/credit card transactions entail an additional 5% processing fee. SEPA bank transfers are free, whereas SWIFT bank transfers require a 20GBP flat tax on all orders below 1,000USD. Transactions above this threshold are commission-free.
Ease of use
CoinMama has worked hard to ensure a smooth user experience. Thus, the UX design is easy to navigate, even for cryptocurrency beginners. Similarly, the platform also offers a FAQ and help section, meant to answer any and all possible questions. Personalized customer support is also available for all account holders.
To make a cryptocurrency purchase, users must create an account and go through with the KYC procedure, for identity verification. Afterward, crypto can be purchased or sold via the available payment methods.
Supported coins & payment methods
At this point in time, CoinMama facilitates the purchase of Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Cardano, Litecoin, Qtum, and Ripple. The supported fiat payment methods are credit/debit cards (Visa & MasterCard) and bank wire transfers. All fiat currencies are accepted.
Bitcoin withdrawals are processed via European SEPA bank transfers only.
User safety & security
This platform has dealt with a cyberattack in the past, thus leading to a leak of 450,000 user emails and passwords. However, no crypto was stolen thanks to the exchange’s security team. As such, the Slovakian exchange is regarded as safe.
Read our Coinmama review here.
Bitpanda
BitPanda represents an emerging cryptocurrency platform that was founded in 2014 in Austria. So far, it has amassed 1 million users and over 160 team members, while processing millions of dollars in transactions. It features a PSD2 payment provider license, alongside a great security protocol, and streamlined user experience.
It is actively increasing in popularity thanks to its copious features, user-focused approach, and numerous supported coins.
Features
The platform’s main features include the Bitpanda platform, its integrated global exchange, the ecosystem token, Bitpanda Pay, Bitpanda Savings, Bitpanda Metals, Bitpanda Swap, Bitpanda to Go, Bitpanda Plus, Bitpanda Affiliate, and the Bitpanda App.
The Bitpanda Global Exchange serves as an advanced trading platform and exchange system for professionals, experienced traders and institutional investors. It offers a euro exchange with the lowest industry fees, numerous EUR-based high-liquidity trading pairs, a fully-integrated API, worldwide support, secure fund management, and more.
Its ecosystem token is regarded as the most successful European IEO, and can be leveraged in order to enjoy a series of benefits and discounts while utilizing Bitpanda’s main services.
Bitpanda Pay helps connect the traditional financial market with fintech. Thus, this payment platform can be leveraged to make crypto-based payments in fiat to any IBAN, using cryptocurrency from your user account.
Bitpanda Savings acts as a savings account, allowing consumers to easily build and diversify their investment/savings portfolio. A series of automatic saving tools are provided, hence offering users flexibility and peace of mind.
Through its Bitpanda Metals service, the platform allows customers to purchase gold, silver, platinum, and palladium via digital assets, with some of the market’s lowest fees.
The Swap feature facilitates an instantaneous exchange between digital assets.
Some of the other features include Bitpanda to Go, which allows the usage and purchase of prepaid cryptocurrency, which can be used at 400 branches and 1,350 post partners in Austria. The Plus service provides serious investors with higher limits and an exclusive service. Lastly, the affiliate program allows customers to earn up to 20% commission for each user referred to the platform.
Fee policy
Bitpanda advertises itself as the cheapest cryptocurrency broker on the market. It features a 1.49% BTC buy fee, and a 1.29% BTC sell fee. A series of other commissions and taxes are charged depending on the services and payment methods being used. For instance, the exchange offers a maker and taker fee between 0.1%-0.05%.
Ease of use
The platform has heavily-invested into ensuring a proper user experience amongst its array of services. Those who are solely interested in the exchange will be happy to know that it is easy to navigate through the available trading pairs, whereas deposits and withdrawals are made within a few clicks. Bitpanda’s mobile apps also make it a great platform to have on-the-go.
Those who wish to learn more about the platform can access the Bitpanda Academy, which contains the most relevant information concerning Bitcoin, the blockchain network, and other cryptocurrencies.
Supported coins & payment methods
The main supported digital currencies include BTC, XRP, IOTA, ETH, and PAN. Payments can be made via debit/credit cards and bank transfers. Different fees apply based on your preferred payment method.
User safety & security
So far, Bitpanda has not dealt with any personal information leaks or stolen/lost funds. Accordingly, it is commonly accepted as a safe cryptocurrency exchange platform.
Read our Bitpanda review here.
Binance
Binance is commonly referred to as one of the world’s leading cryptocurrency exchanges, thanks to its $1.2 billion average daily trading volume, 1.4 million transactions per second, and millions of users.
It features an all-encompassing ecosystem, and aims to increase the freedom of money worldwide, by building blockchain infrastructure.
Features
Binance offers a plethora of features, including a cryptocurrency exchange/trading platform, academy, charity foundation, enterprise exchange solution, blockchain start-up incubator, token launch platform, research facility, and crypto wallet. Thus, the platform aims to create an all-inclusive ecosystem that contains most digital crypto-related services.
In terms of the exchange, users are able to easily purchase a series of cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple, etc. Stablecoins such as BUSD, PAX, and TUSD are also available.
The exchange also offers a paid-based trading platform, which can be used to carry out trades in the market’s most popular pairs, including ETH/BTC, LTC/BTC, XRP/BTC, ADA/BTC, EOS/BTC, ETC/BTC, BTC/USDT, QTUM/USD, and many more. In fact, hundreds of trading pairs are currently available for beginner, expert, and institutional investors.
Derivatives futures trading are also offered by Binance, therefore allowing users to short or long the derivatives market, with a leverage of up to 125x. Lastly, a peer-to-peer (P2P) online exchange is also available, so customers can purchase coins from one another, at personalized rates.
Those who wish to increase their crypto-based income will be happy to know that Binance also features lending and staking services, where rewards and crypto can be earnt by depositing and holding coins on the platform.
Fee policy
The spot trading fee using the BNB token ranges between 0.06% maker/taker, all the way down to 0.012% market and 0.024% taker, depending on personal trading levels. Varying interest rates are charged for margin borrows and futures trading.
In terms of deposit & withdrawal fees, fees and commissions vary based on your chosen cryptocurrency. For instance, BTC deposits are free, whereas withdrawals are processed in exchange of a 0.004BTC fee. Additional fees are charged when purchasing crypto, depending on your preferred payment option. Generally, card-based purchases are cheaper compared to bank transfers.
Ease of use
Binance aims to become a platform that’s intuitive, well-designed and easy-to-use. As part of our review, we navigated throughout the platform and found that it can be quite cluttered at times, especially when trading, due to its numerous tools and services. However, do not let this statement put you off, as the learning curve remains minimal, especially for users aiming to become intermediate or expert traders.
Supported coins & payment methods
An almost instant buy service is available for BTC, BNB, BCH, DASH, EOS, ETH, LTC, NANO, XRP, BUSD, PAX, and TUSD. In terms of trading, all pairs of interest are to be found on Binance.
Deposits can be carried out via credit/debit cards and bank transfers.
User safety & security
Back in 2019, Binance was cyber-attacked, resulting in $40 million-worth of stolen cryptocurrency, which amounted to only 2% of the company’s entire holdings. All affected holders were reimbursed, thanks to Binance’s Secure Assets Fund. Thus, it is regarded as a very safe and secure cryptocurrency platform.
Read our Binance review here.
Note: If you are in the USA, you will need to register with Binance.US
LocalBitcoins
LocalBitcoins is most likely the largest non-conventional cryptocurrency exchange that’s operational at this point in time, granted that it offers a variety of peer-to-peer (P2P) exchange services. The Finnish exchange was founded with the purpose of connecting everyone to the digital economy, by facilitating P2P cryptocurrency transactions throughout the world.
Features
LBC offers a single and simple service – the ability to purchase or sell bitcoin to users throughout the world, via a wide array of supported payment options. The entire service is P2P, therefore users do not transact as they would on a traditional exchange platform.
After account creation, users can look through a series of current offers to buy/sell bitcoin. If no option is suitable, or if you would like to transact on a constant basis, trades can be posted, and other users can apply to those specific trades. LBC offers the mechanisms required to facilitate P2P trades and payments, as it will be highlighted later on.
Fee policy
Currently, registering, buying or selling bitcoin is free. LBC only charges the standard network transaction tax, which is minimal. Similarly, transactions made towards the wallets of LBC users are also free.
LBC only charges a tax for traders who create advertisements – these traders will have to pay a 1% fee on all trades completed via the ad. As a result, it’s one of the cheapest exchange platforms available at this time.
Ease of use
The buy and sell process is straight-forward.
To purchase BTC, users must create an account and complete the mandatory verification. Then, they can scour through current posts to see BTC sale offers posted by other users. Once a suitable offer has been found, a trade request must be initiated with the user in question. If approved, a plethora of payment options (depending on seller preference) can be used to transfer the funds to the BTC seller. The seller will also place the BTC into escrow. Once the funds have left the owners’ possession, the escrow system completes the trade.
A similar procedure is available when selling BTC. Users will need to find a suitable BTC buyer, and place the coins into escrow. Once the seller receives the payment via one of the supported payment options, the BTC can be released, thereby fulfilling the trade.
Supported coins & payment methods
Currently, only BTC purchases and sales are supported.
In terms of payment methods, the sky’s the limit. Options such as SEPA/SWIFT bank transfers, bank deposits, cash trades, Revolut, PayPal, Skrill, and many others are available.
User safety & security
Through its escrow system, LBC attempts to lower fraud potential. Users must also verify their identity in order to increase trustworthiness. Positive feedback left by other traders works towards this goal as well. Fraudster and scammer accounts are quickly banned.
However, scams still happen, therefore all traders must do their due diligence in order to verify the good-will of their trading partners. Consequently, LBC is considerably less safe when compared to traditional exchange platforms, yet much cheaper and usually much faster.
Read our LocalBitcoins review here.
BitIt
Bitit was funded during 2015 in Paris, France, for the purpose of providing cryptocurrency exchange services for people worldwide, as part of an easy, headache-free and streamlined procedure.
Features such as fast asset delivery (since it is a non-custodial platform), secure coverage and global payments have led to BitIt’s quick ascension.
Features
BitIt represents a simple exchange platform that allows the purchase and sale of many of the market’s most popular cryptocurrencies, through a series of payment methods. It was not designed to serve as a pair trading platform, yet it is suitable for both beginners and advanced users. Its dedicated support, one-stop-shop for several coins and low fees make it an excellent choice for crypto enthusiasts throughout the world.
Fee policy
Fees depend based on the cryptocurrency being purchased or sold, but also on the users’ preferred payment methods. According to the exchange, commissions as low as 1% are attained through integration with several OTC brokers.
Ease of use
There’s little to nothing complicated about BitIt, which is why numerous members of the crypto community recommend this exchange to beginners or those without much technical knowledge.
Thus, to engage in a trade, users must simply create an account and follow through with the KYC procedure. Afterward, deposits can be made via one of the preferred payment methods. Once there is money deposited into the account, fiat can be converted into any of the supported cryptocurrencies and vice-versa.
Supported coins & payment methods
Here is a quick list of the main coins supported by BitIt: BTC, ETH, XRP, USDT, LINK, LTC, EOS, BNB, XTZ, ADA, XMR, XLM, TRX, ETC, DASH, ZEC, USDC, BAT, VET, DOGE, ZRX, MATIC, QTUM, ALGO, PAX, BTG, TUSD, KNC, OMG, WAVES, CHZ, SC, KMD, ZIL, LRC, TOMO, RLC, NPXS, BEAM, BAND, POLY, CVC, ARK, BRD, STEEM, BNT, STX and FET.
Supported payment methods include credit/debit cards, such as Visa, MasterCard and Maestro. Direct EUR Banking transfers via SEPA are also accepted. A novelty of this exchange is the ability to use cash vouchers provided by Cashlib and Neosurf.
User safety & security
So far, BitIt has not dealt with any cyberattack, thanks to its numerous security and user safety protocols.
Read our BitIt review here.
EO.Finance
EO.Finance represents a basic Estonian cryptocurrency exchange and wallet provider, which has managed to gather a good amount of popularity during its current lifetime. This platform was designed to facilitate cost-effective and quick exchanges between the market’s most popular cryptocurrencies.
Features
At this point in time, EO.Finance offers two standard services – a licensed crypto walled supporting 20+ cryptocurrencies and an exchange service for these coins. The platform can be accessed via its web version, browser plug-in, standalone desktop app, or from iOS and Android mobile devices.
Soon enough, EO.Finance will finalize the development of its crypto-based debit card. Once released, the card will facilitate crypto-based payments to any point-of-sale devices (POS), alongside ATM withdrawals. Future plans specify that the card will be usable worldwide, and that it will come along with convenient limits, low fees, and a transparency procedure.
Fee policy
Fiat-to-crypto, crypto-to-fiat and crypto-to-crypto exchanges entail a 0.2% fee. Card payments are limited between $10 and $25,000 while requiring a 4.5% fee. A 50% fee reduction is offered to users who transact using the EO coin.
Ease of use
EO.Finance is very straight-forward – some would even argue that it is too simplistic. It does not offer any advanced trading features, as it was designed to get the basic job done. To use the platform, customers must register, complete the KYC procedure, and deposit funds. Afterward, fiat-to-crypto, crypto-to-fiat and crypto-to-crypto transactions can be carried out freely.
Supported coins & payment methods
Currently, the platform supports the EO Coin, BTC, ETH, LTC, BCH, XRP, ETC, GAS, OMG, PPT, LRC, GNT, BAT, LOOM, FUN, ETHOS, MANA, POWR, DENT and KEY.
Deposits can be made via debit/credit cards and bank transfers.
Read our EO.finance review here.
User safety & security
EO.Finance was never hacked until now, thanks to its PCI/DSS, TLS, Tier3 data centers, and strong storage encryption systems. As such, users should feel safe when it comes down to depositing and exchanging funds via this platform.
CoinCorner
Founded in 2015, CoinCorner represents a simple digital currency exchange that is targeted to European cryptocurrency enthusiasts. It’s still fairly small, granted that it only reached 150,000 users in December 2018. Regardless, it has a noticeable daily trading volume.
Features
CoinCorner offers a simple cryptocurrency exchange that allows the instant purchases of Bitcoin via GBP and EUR. Bitcoin selling is also possible, thanks to its withdrawal payment methods. Additionally, CoinCorner features the GiftCorner service, which allows merchants and individuals to accept bitcoin payments.
A Bitcoin Visa debit card will soon be available, to provide crypto spending services and ATM withdrawals.
Fee policy
UK-based bank transfer deposits entail a 1GBP fee, whereas international GBP bank deposits cost 25GBP. EUR SEPA bank transfers are also supported, and free of charge. Debit/credit card withdrawals entail a 2.5% fee, while BTC deposits are free and limitless. SEPA EUR bank transfer withdrawals require a flat fee of 35EUR.
Ease of use
There is nothing complicated about CoinCorner, given the team’s ambition of creating a simple, quick, and secure BTC exchange platform. To purchase/sell BTC, users must create an account, complete the KYC procedure (to trade over 1,000EUR), and make a deposit in one of the supported payment methods.
Supported coins & payment methods
Only BTC is supported now, yet future plans include support for Ethereum Litecoin and Ripple.
Deposits and withdrawals can be made via UK GBP bank transfers, international SEPA EUR bank transfers, debit/credit cards, Neteller and Bitcoin.
User safety & security
CoinCorner is fairly safe at this moment, as no cyberattack has led to stolen user funds. However, it’s usually not recommended to transact large amounts on small exchanges, nor should customers rely on exchanges for custodial wallet services.
Bottom line
Based on everything that has been highlighted so far, these cryptocurrency exchanges represent great alternatives to Coinbase, thanks to their numerous user features, trading tools, supported coins, and global availability. We do advise that you carry out your due diligence to ensure a correct fit between your current market needs and chosen digital currency exchange.
The post Alternatives to Coinbase: Buy & Sell Cryptocurrency Instantly appeared first on Blockonomi.
