Best Alternatives to Coinbase in 2022: A detailed guide
There are currently many crypto exchanges operating on the digital currency market, each marketplace has its own strengths and weaknesses. With so many options available, it can be quite a challenge for crypto enthusiasts to choose the best exchange.
Among all the crypto exchanges, Coinbase has grown rapidly since its launch in 2012. It is commonly considered one of the leading cryptocurrency exchanges globally, with approximately 89 million verified users. The easy-to-use mobile app, robust security features, and multiple deposit options contributed to its enormous popularity and user base. However, the exponential growth of cryptocurrencies has opened up competition for Coinbase, and some of its shortcomings have become apparent.
While Coinbase offers a range of positives, it also has some drawbacks, including high debit card fees, poor customer support, and KYC compliance requirements. Due to these issues, traders' search for Coinbase alternatives is on the rise.
In this article, we will look at some of the best Coinbase alternatives and explain why, based on features and other factors, they may be an excellent alternative to Coinbase.
Pros and Cons of Coinbase
Firstly, let's look at the pros and cons of Coinbase so that you know how it compares to other platforms and why you might want an alternative to COINBASE.
|Beginner-friendly interface||Unresponsive customer service|
|Supports over 150+ cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Aave, Cardano, USD Coin, Dash, Dogecoin, and more.||The exchange has among the highest transaction fees in the industry. Using a debit card requires a 3.99% fee, while its exchange Coinbase Pro has a taker fee spread of 0.5|
|Currently available in over 100 countries.||Only accepts bank transfers and debit cards for U.S. residents.|
|Ensure high levels of security and safety.||A withdrawal may take up to five business days.|
|There is a wide variety of payment methods available on Coinbase, including bank transfers, debit/credit cards, wallets, etc|
Things to Consider in a Coinbase Alternative
You need to make sure that any alternative you will be considering must have specific qualities. Essentially, a good alternative should match or exceed Coinbase in its strong points while at the same time overcoming Coinbase's weaknesses.
But it doesn't have to be that way. To determine if an exchange is right for you, you only need to consider the following factors.
- Safety and Security: Initially, crypto exchanges were less secure, and some were the victims of malicious hacks. It has improved, and now most of them are secure.
However, looking at an exchange's security reputation is still recommended before signing up. Take some time to investigate the history of the business's security. If it has been hacked in the past, make sure it has strengthened its system to avoid another incident.
- Supported Cryptocurrencies: You have no reason to sign up for an exchange if it doesn't offer you to trade your preferred cryptocurrencies. From Bitcoin to Ethereum, all exchanges have their own list of tradeable cryptocurrencies. In other words, you should pay close attention to the currencies you want to trade, especially when they are less popular, and find out if they are on the exchange. It will prevent you from having to set up accounts on multiple exchanges.
- Trading Fees: Traders profit from exchange fees by making transactions. These fees can be high or low, but they are taken out of your profit. In comparison to Coinbase, the best exchanges are transparent about their entire fee structure. Use this information to figure out if an exchange is right for you.
- Supported Countries: There are regulations specific to each country when it comes to cryptocurrency, limiting some exchanges' usability. Users in some locations may not have access to their full range of services. So, before you register for an exchange, make sure the services you need are available in your area.
- · User Experience: The final consideration is how easy it is to use the exchange. Does it have an app? Is it available via web browsers? Is its interface intuitive? What about its technical offerings? Is it equipped with charting tools? The best alternative to Coinbase should be easy to use regardless of your skill level.
Best Coinbase Alternatives
The following are considered the best cryptocurrency alternatives in 2022
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Launched in 2017, Binance is currently the largest crypto exchange in the world that offers low-cost and faster crypto transactions compared to Coinbase. To accommodate both new and experienced traders, it has both beginner and advanced crypto trading platforms. A major draw of it is a competitive maximum maker/taker fee that starts low and continues to decrease as your volumes increase.
Binance provides 24/7 support and is compatible with Android, iOS, and P.C. Additionally, it has a presence in more than 180 countries and allows you to trade in more than 150 different cryptocurrencies.
- Available cryptocurrencies: The following cryptocurrencies are instantly available on Binance: BTC, BNB, BCH, DASH, EOS, ETH, LTC, NANO, XRP, BUSD, PAX, and TUSD. As for trading, all relevant pairs can be found on the exchange.
- Trading commissions: 0.5% instant buy and sell fee and 0.1% trading fee.
- Withdrawal fee: Varies depending on the coin
- Payment modes: wire transfer, ACH, credit/debit card
- Security: Secure Asset Fund, 2FA, Cold Storage, Biometric Login, Address Allowlisting
Uphold is a great alternative to Coinbase, primarily for those who have some experience in stocks and precious metals but are new to cryptocurrency. Founded in 2014 by an American entrepreneur Halsey Minor, Uphold is a cloud-based cryptocurrency trading platform. Besides cryptocurrencies, you can also buy other assets like fiat currencies or precious metals. The platform supports 58 cryptocurrencies and utility tokens, 27 fiat currencies, 50 U.S. stocks, and four precious metals.
Additionally, this Coinbase alternative offers automatic trading and allows you to schedule transaction orders to minimize your exposure to volatility.
Uphold can store assets quickly, send funds to other Uphold users living across the globe, and instantly exchange currencies. There are definitely unique features on Uphold that you cannot find on any other exchange. One of its most valuable advantages is that you can convert fiat currencies into crypto instantly for free. Other exchanges normally charge fees for the same service. Furthermore, Uphold uses an internal system that connects over 80 legacy financial institutions and payment networks worldwide, guaranteeing the best possible exchange rates.
- Available cryptocurrencies: Available cryptocurrencies on Uphold include: BTC, ETH, LTC, XRP, Link, XLM, MIOTA, OMG, STORM, SUSHI, AXS, DASH, DOGE. Check here all the supported cryptos on Uphold
- Trading commissions: Uphold doesn't charge trading commissions. However, it does charge spread fees for cryptocurrency purchases and sales. For Fiat currencies, 0.2% spread fee, U.S. Equities 1% spread fee, and Metals 3% spread fee.
- Withdrawal fee: There are no withdrawal or deposit fees for personal accounts. However, withdrawals to external wallets may be subject to the same crypto network fees as any other provider.
- Payment modes: ACH, SEPA, FPS, wire transfer, credit/debit cards
- Security: platform insurance against theft, 2FA, Cold Storage, bug bounty program
Recommended article: Uphold Vs. Coinbase: Which Platform Is Best for Earning More Profit?
eToro is a top crypto exchange in the U.S. and around the world that provides investors and traders a unique trading experience with its premium features. It provides a social platform where you can interact with other traders and exchange knowledge.
It is one of the best alternatives to Coinbase because it is ideal for beginners. With eToro's trading concept, you can view other people's portfolios and learn from their trades. You can even copy top-performing traders. When they make a trade, your trading automatically follows along. That is great for new traders. In addition to being user-friendly, this platform is easily accessible to all traders and investors through mobile applications available on Google Play (for Android users) and on the App Store (for iOS users).
- Available cryptocurrencies: eToro offers a limited number of cryptocurrencies on its platform, including BTC, ETH, ETC, DASH, LTC, XLM, and eight more. Click here to see all the supported cryptos on eToro
- Trading commissions: 0%
- Withdrawal fee: There is no withdrawal fee for U.S. customers. In countries other than the U.S., there is a $5 withdrawal fee.
- Payment modes: ACH, wire transfer, credit/debit
- Security: FDIC insurance, Biometric access (mobile apps), Cold Storage, 2FA, FDIC-insured USD balances, multi-signature facilities, private keys, KYC
- Is eToro Good for Trading? A Complete Walkthrough for the Beginners
- Binance vs. eToro: which is the best exchange for crypto trading
Established in 2011, Kraken is among the earliest crypto exchanges. It offers leveraged trading that makes it an ideal exchange for traders who are not interested in Coinbase's simplistic features. Kraken operates in more than 200 countries around the world, including 48 U.S. states, offering a secure platform for buying and trading cryptocurrencies.
Compared to Coinbase, Kraken has a number of advantages: it offers futures trading, margin trading, and the Cryptowatch platform. Kraken also offers crypto staking, and it maintains an OTC trading desk.
Kraken is a great alternative to Coinbase that allows for financial stability and the maintenance of all relationships as well as reserves. The best part is that everything is conducted in full compliance with all legal requirements. Kraken has substantially lower trading fees. However, as Kraken is typically targeted at experienced traders, so it may not be as user-friendly.
- Available cryptocurrencies: BTC, ETH, EOS, LTC, XRP, and others. Click here to see all the supported cryptos on Kraken
- Trading commissions: up to 0.26%
- Withdrawal fee: No withdrawal fees
- Payment modes: ACH, wire transfer, credit/debit cards
- Security: 2FA, cold storage, SSL encryption, precise API key permission control
Click here to read our full Kraken vs. Coinbase Review
Founded in 2015, Gemini is an excellent crypto exchange for both beginner investors and active traders. It is one of the few brokers that offers multiple platforms depending on a trader's skill level. New investors will love the simple interface of Gemini's mobile and web apps, while advanced traders will appreciate all the tools that ActiveTrader provides.
The Gemini platform also offers users the option to securely store tokens in insured hot wallets without worrying about digital asset theft. Additionally, if you don't want to manage separate accounts and apps, Gemini lets you trade, store, and pay with crypto all in one app.
· Available cryptocurrencies: 63 supported cryptocurrencies, including BTC, DOGE, ETH, ZEC, ADA, and more
· Trading commissions: Transactions under $200 are charged at $2.99. Transactions over $200 are charged at 1.49%
· Withdrawal fee: There are free ten coins each month, but the amount varies depending on the currency
· Payment modes: wire transfer, ACH, credit/debit cards
· Security: Gemini Wallet digital insurance, 2FA, FDIC-insured USD balances up to $250,000, U2F security with a hardware key, and cold storage
Crypto.com is another one of the best Coinbase alternatives in 2022. It's an award-winning and rapidly expanding marketplace for cryptocurrency. Other than New York, Crypto.com operates worldwide in practically every country.
In addition to its robust exchange, Crypto.com offers rewards debit cards, crypto-backed credit cards, and crypto-backed loans. Besides margin and derivatives trading, NFT trades are also supported on the platform. The company even pays you to stake its native cryptocurrency, CRO, and gives you interest on your digital assets.
- Available cryptocurrencies: Supports 150+ cryptocurrencies, including BTC, ETH, CRO, XRP, LTC, XLM, EOS, and more
- Trading commissions: 0.04% to 0.16%
- Withdrawal fee: Each coin has a different value
- Payment modes: ACH Transfer, credit/debit
- Security: 2FA, cold storage, the bug bounty program
Coinmama is a great alternative to Coinbase when you want to buy crypto locally and at a lower price. Since Coinmama was launched in 2013, it has been available in more than 188 countries and 48 states throughout the U.S.
The exchange supports a limited number of digital assets and doesn't provide a dedicated crypto wallet. Unlike some other platforms, Coinmama isn't a trading platform and does not offer tools such as charting, limit and stop orders, or margin trading. However, Coinmama is the fastest way to buy crypto. With one click, you can buy nine different cryptocurrencies.
- Available cryptocurrencies: The following cryptocurrencies are instantly available on Binance: BTC, BCS, ETH, ETC, DOGE, ADA, LTC, XRP, XTZ
- Trading commissions: 2.93%-3.90%, as well as a 5% fee for purchases made using a debit/credit card.
- Payment modes: bank transfer, Visa or Mastercard, credit/debit cards, or Apple pay.
- Security: 2FA, User custody, Biometric Login
In contrast to Coinbase, Robinhood is a popular cryptocurrency, ETFs, and stock trading platform for young people new to investing. The platform is based in the United States, although it recently expanded to Europe. Due to its simplicity, the app and website are straightforward and easy to use.
You can earn .30% APY with Robinhood's cash management features, and there are more than 75,000 ATMs in their network. The recurring investment tool allows you to invest a fixed amount periodically, such as once every month. Although there are downsides to Robinhood, one is that it does not offer coins for the transfer of funds to a wallet. If you decide to switch platforms, it's not possible to use your coins unless you sell them and use the funds to make purchases on the new platform.
- Available cryptocurrencies: It supports seven currencies, including BTC, BSV, ETC, BCH, ETH, DOGE, LTC
- Trading commissions: There are no commissions, but you need to pay an order flow fee depending on the trade
- Security: Cold Storage, 2FA, Biometric Login, FDIC-insured USD balances
- Payment modes: ACH transfers
- Does Coinbase sell instantly compared to alternatives?
Depending on where you reside, you may not be able to sell instantly. Coinbase, however, offers instant buying and selling for U.K. and European customers since local currency is held within their Coinbase account. It makes Coinbase competitive with other options.
- Is there a similar and better alternative to Coinbase?
Binance has the most similar product to Coinbase, offering both crypto coins and fiat currencies. As well as providing new and advanced traders a variety of trading platforms, it also provides services that Coinbase does not, such as peer-to-peer and margin trading.
- Is Coinbase risky?
The cryptocurrency market is inherently risky, and Coinbase experienced several problems in the past, including lagging sites during high demand periods, high wallet fees, and price fluctuations.
Coinbase excels at crypto trading as a world-leading cryptocurrency exchange. However, it isn't for everyone. Several excellent alternatives to Coinbase are available for investors, each offering its own unique set of benefits.
Think of what you want as an investor before choosing a platform. Don't just consider the fees. Some platforms (like Gemini) offer unique features for a higher fee. Having a difficult time deciding what to invest in? Try eToro. Consider Kraken if you want simplistic features. There's something for everyone!
While no single exchange is ideal for all traders, we hope that this article has been helpful to you as you search for a cryptocurrency exchange that suits your needs.