Coinbase Alternatives – Full Analysis
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Coinbase is a US-based exchange platform established in 2012 as a Bitcoin buying site that offers users bitcoin in exchange for cash. Being one of the largest crypto exchanges, it offers varieties of advantages to its users. The exchange has over 13 million registered users and it’s a famous crypto site that accepts bank transfers and credit card payments in 32 different countries.
Furthermore, Coinbase created GDAX (Global Digital Asset Exchange) in 2014 with high volumes of trading which are carried out with fiat to crypto and crypto to crypto trading services. Coinbase offers a mobile wallet, offline storage, insurance protection for currency stored on its server and as well support fiat currencies including US Dollars, British Pounds, Euros, Canadian Dollars, Singapore Dollars, Australian Dollars and many more.
Why do we need alternatives to Coinbase?
As discussed above, Coinbase offers vast varieties of advantages for its users as an exchange and a wallet and it can also be said that the platform still has one or more flaws which may prompt users to find alternatives to Coinbase. Coinbase is considered to be the number one platform for bitcoin exchange, but it only supports 32 countries which is absurd considering that Bitcoin is decentralized and was launched to break barriers in trading. Although, Coinbase has said that they are trying to expand their operations to about 168 countries, but at the moment they still limit the crypto exchange.
In another sense, it’s preferable to make use of an exchange that speaks one’s language in order to be able to navigate the exchange’s platform successfully. Coinbase only supports 32 countries and as a result, it can only offer a small range of languages thereby limiting other parts of the world from having access to the cryptocurrencies as desired.
Also, Coinbase enacted and integrated its business with those of traditional banking laws and as well implemented some policies of a classic financial system including requiring lots of personal information for account opening, monitoring of user’s account as well as shut down of the user’s account. It was reported that many users who used their Bitcoins for gaming, resale of coins, gambling, paying adult sites got their account frozen due to the monitoring policies.
Coinbase has offered a trusted name so far in the crypto world, but recently, users are forced to complain that the company does not fix its bug problems or create a deafening ear to answering users’ questions. Considering all the fact mentioned, several alternatives to Coinbase can help you get your hands on some Bitcoins and other cryptos.
Best Coinbase Alternatives
After understanding Coinbase cons and the need of an alternative, we brought you the best alternatives for Coinbase that offer support for a large number of countries, fewer or no bug problems, borderless and decentralized transactions and lots more.
CEX has been in operation since 2013 and is a UK-based exchange that supports the buying and selling of Bitcoin and Ethereum. This particular exchange has earned a bit of respect in the world of cryptocurrency with tangible operation in 99% of the countries in the world. However, CEX keeps adding more countries to their list from time to time.
Few countries are restricted from making credit card purchases including Yemen, Vietnam, Saudi Arabia, Qatar, Pakistan, Oman, Nigeria, Lebanon, Kuwait, Iraq, Iceland, Bahrain, and Afghanistan while Vietnam, Turkey, Tunisia, Tanzania, Sudan, Somalia, Sao Tome and Principe, Liberia, Kenya, Iraq, Haiti, Guinea-Bissau, Guinea, Ethiopia, Eritrea, Cote d’Ivoire, Afghanistan, Zimbabwe, and Yemen are restricted from bank transfer purchases.
CEX offers an easy but mandatory verification process for its users especially for a basic account upgrade, increase buying and selling limit and to withdraw fiat currency. Required information includes user’s identification information, personal information, address and lots more. In addition, CEX charges 3.5% deposit fee for Visa & MasterCard with no commission on Bank Transfer and SEPA and there is withdrawal fee of $3.8 for Visa, $3.8 + 1.2% for MasterCard, and 1% for SEPA. CEX supports Bitcoin, Ethereum, Dash, Bitcoin Cash, and Ripple.
CEX offer the following features:
- Mobile app.
- Supports wire transfer of EUR, USD, and GBP, RUB.
- Users can buy Bitcoin & Ethereum using credit & debit card.
- Offers Bitcoin & Ethereum sales & trading.
- Great Security System with 2-factor account authentication.
- A wide range of operation in 99% of countries in the world.
Coinmama is a cryptocurrency broker that is based in Israel but registered in Slovakia and owned by New Bit Ventures Limited. Coinmama offers a trading platform for buying of Bitcoins, Ether, Litecoin, Bitcoin Cash, and Cardano. Coinmama began operation in 2013 offering support for over 217 countries and 24 states in the US. Coinmama as a crypto exchange only allows buying of cryptocurrencies.
This platform does not offer a wallet and neither does it keep users cryptos, it also can be used only for buying. Coinmama offers both credit card and debit card payment and can only be done using USD or EUR. This Coinbase alternative requires a simple ID verification using a valid government ID along with a piece of paper containing the text ‘Coinmama’ as well as a selfie with the requested ID.
Coinmama exchange offers a reasonable fee that is similar to those on other exchanges. This includes a fiat 5.5% credit and debit card transaction processor charge and usually charge 5% extra on every transaction. Coupled with the bank charges for currency conversion and trade facilitation, there can be up to 15% charges.
Here are unique features offered by Coinmama:
- Community trust.
- A wide range of operation.
- Transaction speed.
- Great customer support.
- Impressive Security.
Changelly is a crypto exchange platform that offers one of the best crypto-to-crypto rates as far as cryptocurrency is concerned. Changelly was launched in 2013 when MinerGate released its blueprint. The swift exchange platform is headquartered in Prague, Czech and has undergone series of major designs and technological updates which started in 2015 till date.
Changelly Support over 50 cryptocurrencies including Bitcoin, bytecoin, Digital Note, Dash, Fantomcoin, Ethereum, Dascoin, Aeon, Factom, Bitcoin Gold, verge, Litecoin, Monero, QuazarCoin, Dogecoin, NuBits, Ripple, Radium, Synereo, Nxt, MaidSafeCoin, and many more.
Changelly offers users with simple verification requirements by using a personal email account to create a Changelly account with access to password editing, transaction history, and lots more. Changelly charges 0.5% commission per transaction
Unique features of Changelly:
- Great support for users.
- Relatively low fees (except fiat currencies).
- Support wide range of coins.
- Users Personal information is not required (Anonymity).
- Offers easy switch between cryptocurrencies.
BitPanda is a multi-currency wallet platform and an exchange site based in Vienna Austria that supports most European countries. This exchange began operation in October 2014 and offers one of the best options for crypto enthusiasts in Europe. BitPanda offers support for cryptos including Bitcoin, Dash, Bitcoin Cash, Ethereum, Ripple, and Litecoin. BitPanda features vast varieties of Payment options including Credit Cards, Debit cards, wire transfer, Giropay/EPS, SEPA, and Sofort Transfer with Neteller and Skrill for users worldwide.
BitPanda as one of the best Coinbase alternatives has low fees ranging from 2 to 5 percent depending on the type of payment used. In addition, BitPanda offers three levels of verification including Gold, Silver, and Bronze with an ultrafast verification process. It is a reputable exchange with a startup award in October 2016.
Unique features of BitPanda includes:
- Secure Exchange Platform.
- Competitive fees.
- Responsive Customer support.
- Ultra-fast transaction speed.
Local BItcoins is based in Helsinki, Finland and it began operation in 2012. This exchange is a bitcoin start-up as well as P2P Bitcoin exchange that offer instant transaction, decentralization and many more. It is regarded as eBay for Bitcoin where buyers and sellers meet online and execute a trade offline by paying through wire transfer, PayPal, direct bank deposit, cash and more depending on the seller’s desires. Local Bitcoins is in popular countries such as US, China, UK, as well as over 250 countries around the world. On Local Bitcoins Platform, buyers and sellers have no limitations regarding the transactions conducted.
Local Bitcoins offers the following payment methods: Paypal, cash, western union, WebMoney, bank wire transfer, and cash via mail. Local Bitcoins does not operate like many other exchange platforms as it allows buyers and sellers to handle their businesses with a low of about fiat 1% fee on every transaction made on the platform.
Here are notable features for users including
- User-friendly platform.
- Low fees.
- Supported almost worldwide.
- Require no ID verification process.
- Privacy-oriented with a fast transaction.
Paxful is a Bitcoin exchange platform that helps to facilitate Bitcoin trades among users. Paxful is a peer-to-peer crypto market and not an online shopping site. Based on the mission of its creator, Paxful serves as an intermediary between buyers and sellers and as well offers a platform for their interaction.
Paxful is based in the USA and began its operation in 2015. This Platform was established by Ray Youssef and Artur Schaback. Paxful is a reputable bitcoin trading platform that supports almost all countries except Balkans, Cote D’Ivoire, Congo, Iraq, Iran, Liberia, Somalia, North Korea, Zimbabwe, Belarus, Cuba, Burma, Congo, Sudan, and Syria.
Paxful offers a vast variety of payment methods such as Gift Cards, PayPal, Western Union, MoneyGram, Credit Card, Debit Card, Bank transfer, and cash deposit. Paxful offers an easy verification process by using a personal mail to sign up. After which you can proceed to the 2-factor authentication feature it offers so as to increase account security level.
Features of Paxful
- Easy to Use Interface.
- No limitations to buying and selling of Bitcoin.
- Funds are held at an escrow service until transactions are confirmed by both parties.
- Reliable customer support system.
- Vast varieties of payment methods.
In a Nutshell
There are vast varieties of alternatives to Coinbase that offer many advantages over Coinbase and some other exchanges globally. You can choose from each of the alternatives based on location, mode of payments, the experience level of users and other features that can make the Coinbase alternatives desirable. Exploring these alternatives will generate no harm for crypto enthusiasts especially those that are automatically exempted from using Coinbase due to location.
Thank you for reading through and don’t hesitate to explore our website for more information relating to cryptocurrencies.