Best Coinbase Alternatives & Competitors 2022
Coinbase enables the trading of numerous digital assets with fiat and other cryptocurrencies, and that is why Coinbase is one of the most well-known trading platforms in the US. It allows you to invest in, keep, and stake cryptocurrency while also allowing you to receive payment in cryptocurrency. It is one of the most trusted cryptocurrency exchanges and the only crypto exchange company to be listed on NYSE. However, Coinbase is also not liked by many cryptocurrency investors due to their high fee structure, which is why investors look for Coinbase alternatives. We have made a list of top Coinbase alternative which you can use to buy Bitcoin and other cryptocurrencies paying a lesser fee.
How to Choose the Best Coinbase Alternative?
If you are planning to shift from Coinbase, you need to move to a better crypto exchange. Let’s first examine the qualities to seek for in a crypto platform
Listing Top Cryptocurrencies Early
Major cryptocurrencies like Bitcoin and Ethereum are available on almost every cryptocurrency exchanges, but as you come across lesser-known cryptocurrencies, you may find that not all exchanges support these assets. The ones that you would be shifting to, should list trusted cryptocurrencies before Coinbase does.
Making an account with a crypto exchange just to discover that you are unable to buy any altcoins you were looking to do is the most annoying thing you can experience.
Top crypto exchanges expand their offerings beyond listing the most well-known coins to include various coins with lesser market caps, but with proper due diligence.
User Friendly, Trusted Crypto Exchange
If you are unable to use a Bitcoin exchange, it won’t be any help to you. Choose an exchange that is simple to use. Look for a description of any tools and features an exchange offers before you register with it. For a rough understanding of how to use the crypto exchange, you may also look up reviews and instructions on YouTube. Trust only exchanges that provide detailed instructions on how to purchase currencies, move them to an outside wallet, and locate your wallet key. Some exchanges do not let you move your cryptocurrencies outside their platform, and hence should be completely avoided.
Use a Cryptocurrency Exchange That’s Legal
Even after 10 years of operation, there is still much debate about whether Bitcoin and other cryptos are legal.
Because Bitcoin and other cryptocurrencies are decentralized by design, it is incredibly challenging for governments to tax them.
Some exchanges assist you in keeping track of when you acquire and sell cryptocurrency, making it simpler for you to gather paperwork for tax season.
Different regions in the world have banned specific exchanges and currency. The legality of Bitcoin exchanges is also a topic of discussion at the state level, and not all exchanges can operate internationally.
Do not use any crypto-exchanges that is forbidden in your country.
Now that we have learnt about what to look for in any crypto exchange, let us now look at the best Coinbase alternatives of 2022.
Top Coinbase Alternatives of 2022
Are you prepared to begin trading? Open an account first by looking at one of our preferred Coinbase substitutes.
Binance: Best Alternative to Coinbase
Users should choose Binance as one of the top Coinbase substitutes in 2022. When it comes to daily trading volume, Binance has the highest user base of any cryptocurrency exchange. With over 600 cryptocurrencies available for trading on Binance, customers can purchase Ethereum, Cardano and a number of other assets. Binance offers consumers the option to stake assets in exchange for interest outside of trading. Trading fees are among the lowest. If users possess a particular amount of BNB, the native token of the network, their transaction prices can be reduced by 25%. Also for some pairs like BTC-BUSD, trading fee is zero.
One of the few cryptocurrency exchanges, Binance allows users to employ leverage when making trades. Leverage trading allows investors to raise the value of their deal and boost their potential for profit. Leveraged trading does, however, raise the possibility of suffering losses. Binance draws users by offering referral programs, which allow current users to earn commission by bringing new users to the exchange. Finally, customers have the option of purchasing cryptocurrencies using wire transfers or credit cards. However, there is an additional 4.5% charge for credit card transactions.
This is why Binance is my most trusted Coinbase alternative.
eToro: Best Coinbase Alternative Crypto Brokerage Platform
eToro is a social trading platform. It is the finest Coinbase substitute because it has more than 27 million members from more than 140 countries. More than 70 tradable commodities, including well-known cryptocurrencies like Bitcoin and Ethereum, are supported by this cryptocurrency trading platform. Users can acquire Dogecoin and other well-known assets in this industry as well as invest in the greatest meme currencies. Investing in DeFi assets and digital currencies with a Metaverse foundation is another way for investors to diversify their portfolios. Users only need to deposit $10 to get started. Additionally, eToro accepts a variety of payment methods. Users of eToro, a social trading platform, can take advantage of a variety of features and tools to facilitate cryptocurrency trades. One such feature is the copy trading. With eToro copy trading, you can take the same trade as your favorite trader in the platform.
For instance, the largest cryptocurrencies by market cap are contained in the cryptocurrency portfolio known as Big Crypto. Users can precisely duplicate the deals made by experienced and knowledgeable traders on the platform by using the CopyTrading tool. Users can find many cryptocurrency traders to copy by using the Crypto Focused option on eToro.
In addition to a bid/ask spread fee, eToro levies a 1% transaction commission. Customers can use the eToro mobile app, which is available for iOS and Android, to access all of the company’s web services.
Crypto.com: Best Coinbase Competitor that Pays Interest on Cryptocurrencies
Crypto.com is an additional Coinbase alternative for 2022. Through its mobile-friendly application, this cryptocurrency exchange offers numerous income possibilities. Users of Crypto.com can invest immediately in more than 250 trading assets. Additionally, Crypto.com facilitates the staking of cryptocurrencies. Users can lock up their cryptocurrency assets for a minimum of three months using the Crypto.com earn option and receive interest in return. Crypto assets can be staked to earn an annual percentage yield of up to 12.5%, depending on the user’s holdings. Users of Crypto.com are able to invest in CRO, the platform’s native coin. Users can receive an additional 2% interest on stakes if they have a particular amount of CRO holdings. A basic maker/taker fee, starting at 0.40% per transaction, is levied by Crypto.com when buying cryptocurrencies.
The prices of the transaction could, however, increase with payment options. A transaction fee of 2.99% is added, for instance, when purchasing cryptocurrency using a credit card. A Crypto.com VISA card is an additional option available to users. If you buy digital assets on Crypto.com, you can get 5%–8% cashback as a result. A characteristic that not all cryptocurrency exchanges have is the ability to offer credit and lending on cryptocurrencies. The Crypto.com NFT marketplace, which is accessible through the app, also allows users to buy and trade NFTs.
The cashback and the ability to earn interest on your cryptocurrencies is what it makes it one of the better alternative to Coinbase.
BitStamp: Coinbase Alternative for Advanced traders
As an alternative to Coinbase, traders might pick the well-known cryptocurrency exchange BitStamp. The target audience for this platform is experienced traders seeking for a more sophisticated setting to test out various charting options and trading techniques. Users of the platform have access to TradingView, a sophisticated screener that enables them to employ hundreds of technical indicators to aid their trades. BitStamp gives customers the option to customize their programs to fit their particular workflows by offering a variety of API options. To guarantee that users’ assets are securely held online, BitStamp has also put in place a strict data encryption policy.
BitStamp presently provides access to more than 70 different cryptocurrencies for over 4 million customers. When the 30-day trading volume is under $10,000, the crypto exchange just levies a trading fee that starts at 0.5%. On BitStamp, the cost of payment options is a little high. On modest transactions, a credit card cost of 8% is charged; this price drops to 5% as trade volume rises.
Coinmama: Coinbase Competitor from the US
When you want to purchase cryptocurrency locally and for less money than you can on Coinbase, consider using Coinmama. Even while Coinbase levies a trading fee of 1.49%, it nevertheless allows free cryptocurrency purchases using bank accounts. When ordering under $50,000, wire transfers are free. The exchange of cryptocurrency between users is not made possible by Coinmama, though. The platform and its users are the only parties to the transactions. Unfortunately, it does not allow for the purchase of any other cryptocurrencies, just Bitcoin, Ethereum, and Cardano. With US dollars, British pounds, and Euros on the market, you can purchase these cryptocurrencies.
A range of payment options are available to clients. Since its foundation in 2013 in Tel Aviv, Israel, the trading platform has eight years of experience in the buying and selling of cryptocurrencies. Over 2.6 million consumers in 188 countries are currently served by the exchange, which now has operations in Dublin. The cryptocurrency exchange levies fees of up to 5% for transactions made with credit and debit cards, 3% for purchases, and 2% for sales.
Gemini: Coinbase Competitor with More Trading Options
As a platform that is significantly more safe than Coinbase, Gemini is our next choice for Coinbase alternatives. The FDIC protects its USD holdings, and it is subject to NYSDFS regulation. They uphold the strictest security and operational compliance standards since they were created from the ground up with the security of their users in mind. After passing the gruelling SOC 1 Type 1 and Type 2 and SOC 2 Type 1 and Type 2 tests, Gemini was given the highly sought-after ISO 27001 accreditation. It has never experienced a hack, making it the only cryptocurrency exchange and custodian in the world to exhibit this level of compliance with financial procedures and security.
A basic interface that is ideal for novice cryptocurrency investors is offered by Gemini, along with a complex trading platform for more experienced investors, both of which can be switched between with the push of a button. With Maker/Taker costs beginning at 0.25% / 0.35% and reducing dependence on large transaction volume, the rates are significantly cheaper than Coinbase.
Robinhood: Best Coinbase Alternative for Newbies
What is the best alternative to Coinbase if you are a newbie? Trading with Robinhood is the best option if you like a straightforward interface without the extraneous features that other brokers offer. Even a complete novice can rapidly become proficient on Robinhood’s user-friendly and streamlined interface, despite the site’s limited trading options and account types in the crypto-sphere. A user-friendly, practical smartphone platform is Robinhood’s greatest asset. The app allows you to rapidly access your account statements and tax paperwork, and it just takes 10 minutes to register for an account and start funding it. It’s equally easy to place a trade. It’s a nice feature for new users because it provides brief explanations of each buy and sell order next to each option. Additionally, it’s ideal for investors who want to begin experimenting with bitcoin trading but are stock-focused.
Although access to Robinhood Gold services does need a minimum balance of $2,000, ordinary accounts are not subject to this requirement. Robinhood is a fantastic choice for novice investors with limited capital, especially when combined with the broker’s new fractional share functionality.
Kraken: Best Coinbase Competitor from US Citizens
Users might also consider Kraken as a Coinbase substitute. The Kraken cryptocurrency exchange offers users more than 120 crypto assets. Users have access to other high-risk choices as well, including leveraged trading, margin trading, and even staking assets to generate interest. As opposed to this, users of the ordinary Kraken trading account will only be charged a 0.9% fee for stablecoins and a standard 1.5% trading fee for crypto assets. A bank transfer is the least expensive payment option, with a transaction fee of just 0.50%. Users that use e-wallets or credit/debit cards to buy cryptocurrencies may be assessed an extra fee of 3.75%.
LocalBitoins.com: Best Coinbase Alternative For Those Who Prefer Buying P2P
Although it only offers Bitcoin trading with money, LocalBitcoins.com is a well-known peer-to-peer cryptocurrency trading site and a Coinbase alternative. Due to its peer-to-peer nature and lack of a custodian, it might not be among the finest websites like Coinbase. In practically all nations, the exchange is accessible. Only for Bitcoin trading is it superior to Coinbase, but only in terms of daily trading volumes and a little amount of Bitcoin. Creating an account is all it takes; you then place trades for other users to accept and settle. When a user makes a trade, they deposit their Bitcoin into an escrow, which prevents them from reversing it or allowing the buyer to withdraw it until after a dispute if they don’t pay. The seller will click or touch to transfer the BTC to the buyer’s wallet after the buyer makes a payment. Anyone may file a claim if something goes wrong.
CEX.io: Best Coinbase Competitor to buy Crypto with Credit Card
Best for people seeking diversified choices for investing in cryptocurrencies. Spot trading, margin trading, staking incentives, holding or deposits, and crypto-backed loans are all available to users on CEX.IO. Additionally, there are goods made especially for organizations, companies, and experienced merchants. It was founded in 2013 and enables users to buy cryptocurrency with money through bank wire transfers and purchases made using credit or debit cards. The permitted instant withdrawals on cryptocurrency assets, a feature not offered on other exchanges, are a top advantage for CEX.io users over Coinbase users. A user can use this tool to sell cryptocurrency, and the proceeds will be instantly reflected on their bank card. Although liquidity is lower, it is a fantastic alternative for people looking for programs that are superior to Coinbase or better Coinbase competitors.
Some of the top Coinbase substitutes for 2022 have been analyzed in this post. Despite being a top-notch cryptocurrency exchange, Coinbase has high credit card transaction fees and doesn’t offer many beginner-friendly trading tools, which may make it difficult for customers to access key functionalities. Which one among these is your favorite Coinbase competitor?