If you are reading this article then you probably have a good understanding of what Coinbase is, but you want to find out if there are any similar crypto exchanges to Coinbase out there? (learn more about what Coinbase is here).
The biggest trend in investing and technology is the introduction of cryptocurrencies. That may sound new to you, but Cryptocurrencies are digital currencies that utilize encryption technology.
This technology controls how currencies are generated and facilities the verification of fund transfer, operating independently and outside the control and supervision of the central bank. And to say the least Bitcoin and other cryptocurrencies have attracted investors from around the world due to its high returns.
Why Are Cryptocurrencies Getting Attention?
Cryptocurrencies are beginning to gather a lot of attention as well as following for many types of research. Some of these reasons include:
- The value of Bitcoin has continued to rise since 2017. However, Ether is predicted to overtake this cryptocurrency heavyweight.
- The introduction of blockchain technology has also accounted for the surge in the support it is getting. Blockchain has been taunted as the backbone and pillar of the future financial system.
- The number of people who sew cryptos as a form of investment, like gold, has continued to rise. The further stabilization of cryptocurrency will mean that many people will look to invest in ether or bitcoin as a worthy investment.
Mining is the process through which units of currencies are developed and formed. In bitcoin, computer programs are run by miners to facilitate the verification of data, which creates a complete history of transactions of all Bitcoin. The technology which facilitates this action is referred to as Blockchain.
Once they have undergone successful verification by a miner, a form of digital currency is then awarded. This digital currency is the same with which they were used in verifying the transaction history. That simply means that if you mine Bitcoin, you will be paid in Bitcoin.
Blockchain is a technology that creates transactions that are neither traceable nor reversible; this then facilitates the verification process. Data usually comes in the form of a block.
The Essence Of A Crypto Exchange
To invest in digital currency trading, you are going to require a platform that will facilitate this deal, a sort of intermediary between you the buyer and someone else being the seller. An example of such an intermediary is Coinbase.
Coinbase has become one of the most popular platforms for facilitating cryptocurrency trades between us users. Also known as cryptocurrency exchanges.
Coinbase is both a place where you can buy and sell cryptos like Bitcoin. But it can also act as your cryptocurrency wallet. Money (cryptocurrencies) is kept in a wallet or a purse. So, Coinbase acts as a medium in which your digital currencies are stored. The same goes for all cryptocurrencies, like Bitcoin, Ethereum, Litecoin, Bitcoin Cash.
Statistics show that Coinbase has served over 10 million users and facilitated the buying and selling of over 50 billion dollars’ worth of digital currency.
Coinbase helps those who want to go into digital currency trading but want to avoid the troubles posed by the underlying technology. What you should, however, know is that some of the advantages of trading in cryptocurrency via blockchain are lost or limited.
So why has Coinbase become such a popular brand?
Well, because it is easily one of the easiest places where you can buy and sell cryptocurrencies today. For much time buying Bitcoin and other cryptocurrencies were far too complex. Before Coinbase. But now today there are many other crypto exchanges that similar to Coinbase makes it super easy to buy cryptos.
So in this article, we will explore and review 6 of the best Coinbase alternatives out there for you.
Why Use Coinbase?
If you’re still learning about how to trade in cryptocurrency, Coinbase is the best way to begin. This is often because it is the simplest and the most trusted cryptocurrency exchange in the world. You are permitted to link your bank account, directly transfer money, as well as engage in the purchase and sale of cryptocurrency.
This singular feature has made it the perfect platform for traders who are still learning the ropes of cryptocurrency. It also helps traders to track their portfolios over time. The highest fees available when you’re about to buy bitcoin is available on Coinbase. You can also use your credit card to buy bitcoin via Coinbase. You should be aware that the use of credit cards will naturally attract extra charges.
For those who dabble into cryptocurrency and desire to hold a popular coin just because it is a new phenomenon, then Coinbase is made for them. Despite all the ease Coinbase guarantees, despite all the advantages it affords, there are several reasons why you should might want to find more suitable exchanges when buying and selling crypto..
Why You Should Seek A Coinbase Alternative
For all the good Coinbase promises, there are several drawbacks to this technology. Coinbase has several anti-fraud features that don’t permit easy access; thus, it sometimes elicits the feeling of frustration among enthusiasts.
If you desire to transfer your currency to an exterior cryptocurrency wallet, Coinbase will request that you want it for three days. This will mean that the transactions you desire to carry out will be delayed.
Day traders and those persons who make security and anonymity a priority also find Coinbase unsuitable as it doesn’t facilitate the sale of funds and the transfer of money to your bank account, as you will have to wait for several days.
The options on Coinbase cryptocurrency is another reason why you should consider seeking an alternative to Coinbase. In Coinbase, you’re only limited to the most popular cryptocurrencies, like Bitcoin, Ethereum, Litecoin, etc. Although Coinbase has started to add new cryptocurrencies lately to stay relevant to its broad user base.
What Should A Good Exchange have?
If you want to include more exchanges to your list of preferred ones, then it is a good idea to think about what actually makes them good? And what is it with Coinbase that you might like? So it becomes easier to find other exchanges that will meet your needs.
Here are some things you consider when evaluating:
1 ) Permits Plenty of Cryptocurrencies
While Bitcoin is fantastic, Litecoin has continued to give popularity and prominence. If you’re, however, looking to invest in digital currency, you should be looking at trying your hands out at other currencies.
Before you register on alternative digital currency exchange, ensure you go through the number of coins on offer. This is so that you are not as at a disadvantage as you were with the Coinbase. Some of the best digital currency exchange in addition to bitcoin and Litecoin, they often delve into currencies with smaller market values.
Ensure you do extended research before committing to a digital currency exchange. You should be aware that no single digital exchange is capable of facilitating digital currency trading of the thousands of coins that exist. So, ensure you identify the digital currency you want to trade and sign up for the appropriate digital currency exchange.
2 ) Easy To Comprehend
A digital currency exchange that doesn’t guarantee you the ease of comprehension does more harm than good in the end. This is very important, especially for those who are new in the cryptocurrency world.
Before you register on digital currency exchange, ensure you do proper research to understand what each tool and feature included mean and the specific role they play. The internet, especially YouTube, will give you the perfect opportunity to learn as much about the features of your digital exchange as you can.
Watch as many videos as you can. You cannot be too careful when you are finding the best digital currency exchange that works for you. You should only rely on currency exchanges that vividly show you how you can purchase currencies, how you can transfer those currencies to your exterior wallet, and where your wallet key can be found.
3 ) Available In Your Country
You may discover a digital currency exchange that meets the above requirements but may not be available in your current location owing majorly to legal issues. This is often the case with some digital currency exchange.
Even after ten years of being around, the legitimacy and authenticity of bitcoin and other Cryptocurrencies are still debatable. This has resulted in the ban and prohibition of many exchanges and coins in some countries around the world.
In the United States, for instance, the legality and legitimacy of cryptocurrency exchange are still being debated, and even at the state level, not every exchange is allowed to operate. It is then necessary to consider which exchange has the license to operate in your country of residence.
Recommended Crypto Exchanges You Can Use
After putting the above requirements into perspective, it is time to check out several alternatives you can turn to. Below are some alternatives to Coinbase you can use.
1 ) Coinmama
Coinmama has been in operations since 2013. It is a digital financial service company that has its origin in Israel but is registered internationally in Slovakia. This service permits transactions in bitcoin, Litecoin, Ethereum, etc.
Coinmama definitely deserves to be on this list of great options for buying crypto easily. Similar to Coinbase it makes it super easy for new crypto users to join in and buy and sell cryptocurrencies like Bitcoin in no time.
- Coinmama is reliable and dependable.
- It is operated in over 180 countries.
- Method of payment includes simplex, Coinmama’s debit/credit card processor. They charge an additional 5% on every transaction. Only Visa/MasterCard are, however, accepted.
2 ) OKEx
OKEx is a popular crypto exchange and leading crypto exchange when it comes to; trading volume, a wide selection of available cryptocurrencies, and Fiat gateways.
OKEx provides crypto traders with over 100+ cryptos, margin trading, 100x leverage, Futures contracts and much more. Making it an obvious choice on this list of contenders.
Other Features Of OKEx
- Ambitious cryptocurrency exchange that continuously pushes further their development and crypto offerings
- Good trading volume and selection of cryptocurrencies
- Fiat to crypto trading
3 ) CEX
This digital exchange is based in London and has been in operation since 2013. Bitcoin and Ethereum are supported on CEX. This exchange is operational in almost all the countries in the world, thus earning it a lot of respect and consideration from industry players. Many more countries are also keying into this digital exchange.
Other Features Of CEX
- It supports trading in US dollars, British Pounds Sterling, Euros, etc.
- It gives traders the opportunity to trade using an app.
- Bitcoin and Ethereum can be bought using credit or debit cards. It also supports Visa/MasterCard.
- They offer an all-round the clock customer service.
- CEX possesses a 2-factor account authentication system that guarantees security and safety.
4 ) Changelly
Changelly is a unique and super handy crypto exchange. They make it possible for users to buy cryptocurrencies instantly with just a few clicks. Often new crypto-users can find it overwhelming to buy and sell cryptocurrencies. So what Changelly does it make it super easy for even the beginners to get into crypto.
This has become a very welcome addition to the crypto market. With Changelly fast becoming a very popular place to buy crypto at and a very good option, with similar features like Coinmama.
Other Features Of Changelly
- Super quick buy and sell trading
- Changelly has more than 150+ cryptocurrencies available for instant trades
- Easy to use widgets and interface makes it a very user-friendly crypto exchange
5 ) Binance
Binance is one of the leading cryptocurrency exchanges in the world. They have since its launch has grown to become a crypto powerhouse. With a great selection of coins, Fiat currency on and off-ramp and a famous CEO in CZ they tick lots of crypto boxes.
So with Binance, you will have what you get from Coinbase with Fiat gateways, but plenty more cryptos to buy and sell. Which makes it a great option is to use its work on adding a lot of cryptos for trading, and how they work to create a secure crypto platform. Binance has added a SAFU fund that is in place to repay users in the case of a hack would happen. This extra security layer makes Binance a very attractive choice on our list.
Other Features Of Binance
- Great selection of cryptocurrencies available for trading
- Leading crypto trading volume, making it easy to enter and exit trades at any time of the day
- Leading crypto exchange when it comes to security, especially with their SAFU (fund)
6 ) KuCoin
KuCoin is a new and very popular crypto exchange. KuCoin have grown to become a popular altcoin exchange. That means they are listing a lot of new altcoins (coins that are not Bitcoin and Ether). And they have also added these new altcoins very early.
Besides their great selection of coins, KuCoin is a very easy to use exchange with some additional interesting features to it. With their KCS token providing holders with a revenue share model and their newly launched soft staking features.
Other Features Of KuCoin
- Revenue share model with their KCS providing users with a greater incentive to use the KuCoin exchange
- Soft staking making it possible to stake your cryptocurrencies and earn rewards super easily from their exchange
- Great selection of coins, especially their wide selection of altcoins
Technology and innovation have changed the face of transactions. Cryptocurrency is becoming a popular topic among investors. There are many platforms in which you can trade in cryptocurrency. Many of them are suitable and designed exactly for you.
Coinbase isn’t the only intermediary that facilitates trading in digital currencies. Ensure you go for these Coinbase alternatives we’ve outlined for you and do not be left out in a rush to embrace digital currency trading.
Other popular crypto guides
- 15 Proven Ways of Making Money from Cryptocurrency (2019)
- How to Sell Bitcoin for cash – ‘cash out BTC’
- Best Cryptocurrencies To Invest In 2019
- The best way to investing in cryptocurrency
Per Englund – Founder of Go CryptoWise a cryptocurrency and tech fan that want to see better and smarter products and services that make our lives better and easier