Best Alternatives to Coinbase
Coinbase is one of the top five crypto exchanges in the world whose importance in the development and future growth of the crypto market cannot be disputed. Their mission has always been to work on improving the open financial system, first made possible with the creation of Bitcoin and blockchain technology in 2009.
This can be seen from Coinbase’s straightforward and intuitive design, which is one of the reasons why the platform is often recommended to crypto beginners. The team has put a real effort into making the whole trading experience and crypto interaction as seamless and secure as possible.
However, no crypto exchange can be perfect for everyone. Coinbase is criticized for the limited choice of cryptocurrencies and the slightly higher fees. Moreover, some traders avoid Coinbase for its strict verification policies including the KYC check. If these things bother you as well, don’t worry, there are other exchanges to make up for such shortcomings.
Long story short, we believe Binance is the best alternative to Coinbase for a huge range of reasons, you can read why below.
The Best Alternative Crypto Exchanges
Binance is one of the biggest exchanges globally and largely regarded as the best exchange. It’s used by both new users and advanced traders. We’ve done a huge post on Binance vs Coinbase which you can read more about. But the main highlights are that Binance has incredibly low fees in comparison and it has a huge amount more Cryptocurrencies on offer 170+ instead of only around 20 that Coinbase offers.
You can sign up to Binance here.
Coinmama is probably the third-best user-friendly crypto exchange after Binance & Coinbase. It was launched in 2013, in Israel, as a buy-only outlet for digital coins.
What made Coinmama so popular is that it was the first platform to add credit and debit cards to the list of supported payment methods when buying cryptocurrencies. It’s also registered with the Financial Crimes Enforcement Network (FINCEN) in the United States.
Coinmama offers Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Ripple, Litecoin, Cardano, and Qtum for purchase. The team is discussing whether to allow users to sell their coins too. The platform is available in 188 countries across the world and used by over 1.8 million customers! Another standing point is that you can enjoy high limits of up to $5,000 per day and $30,000 per month.
However, you need to keep in mind that Coinmama doesn’t include a digital wallet as part of its features yet. This inconvenience can easily be solved by using one of the many online wallets or purchasing a hardware one instead. Another disadvantage is the 5% transaction fee for credit/debit card payments.
You can also check out our guide for a direct comparison of Coinmama versus Coinbase.
Gemini was founded by the Winklevoss twins, Cameron and Tyler, in 2015, which is how the exchange got its name. It’s headquartered in New York and regulated by the New York State Department of Financial Services (NYSDFS) which makes it all the more reliable.
You can use the platform to buy and sell cryptocurrencies in the States, the UK, Singapore, Hong Kong, and Korea. Gemini supports only the following cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and ZCash. In this respect, it doesn’t manage to outshine Coinbase but things take a different turn when we compare the trading fees.
Gemini uses the maker versus taker schedule, plus takes into account your trading volume. So, if you’re a serious trader, your fees can go as low as 0.03% for takers or 0.00% for makers!
Based in Helsinki, Local Bitcoins (LBC) has been operating as a peer to peer exchange since 2012. As a decentralized exchange, Local Bitcoins connects buyers and sellers who are looking to trade BTC.
This platform is recommended to anyone whose target currency is Bitcoin because you can easily find a buyer or seller that would agree to use or accept your payment method. Local Bitcoins plays the role of an escrow that only releases the money once both sides report that the transaction is in its final stage.
Even though the platform doesn’t ask for an ID verification when you’re registering for an account, you can check the reputation rank of each seller or ask them to provide an ID just to be sure you can trust that person.
We decided to include Bitcoin ATMs to our list because it’s yet another convenient option to buy BTC from. It comes in handy when you’re travelling or are simply unable to go online and buy some coins on a crypto exchange.
Plus, you can remain anonymous as the ATM is decentralized and needs no identity proof to let you withdraw some bitcoins. On the other hand, it might be hard for you to find one of these machines as they’re still not common everywhere in the world.
Disclaimer: Digital currencies and cryptocurrencies are volatile and can involve a lot of risk. Their prices and performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.