7 Best Coinbase Alternatives for Cryptocurrency Transactions
Coinbase is an online platform where you can buy, sell, store and transfer your cryptocurrency. Its mission is to facilitate an open financial system and help users convert digital currency to and from their local fiat currency.
Being a legitimate broker and cryptocurrency exchange, Coinbase attracts many high-profile investors. While it is better for beginners, its upgraded version, Coinbase Pro, has advanced features, such as a broader array of order types and performance charts.
However, not everyone is a fan of the platform’s interface or high fees. Our list will help you find the best Coinbase alternative for your daily crypto transactions.
7 Coinbase Alternatives
Many users complain about Coinbase having poor customer support, and the significant loss it experienced in the first quarter of 2022 has some users worried the exchange will file bankruptcy, which could freeze their accounts.
On top of that, the deposit time spans a few days if you are using a bank transfer. Plus, fees such as for network transactions and miner’s fees can be high. It makes sense that so many people may be searching for a Coinbase alternative.
Here are some options to choose from:
According to the developers, Gemini offers elegance and simplicity on its platform, where you can build a crypto portfolio for yourself.
Since it is regulated, to the extent cryptocurrency exchanges are regulated, and the leadership prioritizes security and transparency, you can trade crypto all over the world with confidence. Gemini supports about 100 coins, including bitcoin cash, bitcoin, ethereum, litecoin and dogecoin.
As for the fees, all orders placed via the website or mobile app incur a small convenience fee and transaction fee. Other possible fees include custody, ActiveTrader and transfer fees.
The security on the Gemini platform is impressive. Overall, it is a decent crypto exchange for beginners who do not need a lot of advanced capabilities.
- Up to 3% back in Bitcoin and other cryptos on purchases with Gemini credit card
- SOC 1 Type 2 and SOC 2 Type 2 compliant
- U.S. dollars held in the account are eligible for FDIC insurance
eToro advertises itself as a cryptocurrency exchange with a social trading concept. Users on eToro can view their peers’ portfolios and glean crypto-related tips from them.
If you are unsure about your crypto trading skills, you can copy high-profile traders on the platform. Using this feature, your crypto is automatically traded when they trade.
Even better, beginners who do not want to lose their real money on the trading platform can try the exchange with a $100,000 virtual portfolio with a demo account. Although Coinbase has tutorials and guides on crypto trading, a virtual portfolio allows you to get hands-on with the process.
Advanced traders can use the eToro Exchange, which offers more sophisticated features and an expanded list of assets.
More importantly, there are no hidden fees on the platform. When you purchase or sell a cryptocurrency, eToro charges you a 1% fee. You’ll also pay a fee to withdraw funds from your account or make deposits or withdrawals using a currency other than U.S. dollars.
- Two-factor authentication
- Recoverable private security key for wallet
- 24 cryptocurrencies available
- 1% fee to buy or sell cryptocurrency
- Cold storage on cryptos held in the trading platform
Binance is the world’s largest cryptocurrency exchange, offering 392 coins. However, American users must use a special version, Binance.US. Binance.US allows users to trade over 100 different cryptocurrencies online or via the mobile app.
Fees are low and transparent: 0.1% spot trading fee and 0.5% to buy or sell. Transactions made using binance coin, the Binance blockchain’s native cryptocurrency, are eligible for fee discounts.
Binance.US is comparable to Coinbase Pro in the respect that you can trade crypto pairs.
- Payment methods include: ACH bank transfer, linked bank account, debit card or wire transfer
- A 0.1% trading fee on any transactions not using a Binance or BNB coin
- Two-factor authentication and biometric login
- Lite and Professional mode for users on the mobile app
If you want the best of both the crypto and conventional finance worlds, try Robinhood, where you can trade stocks and crypto side-by-side.
Before discussing its features, it’s important to note that the platform does not allow you to deposit or withdraw your coins, although the feature is expected to be released soon. Thus, you will have to sell your crypto if you want to purchase on another exchange.
To get started, all you have to do is download the Robinhood app, where you can manage all your investments in one place. Interestingly, the platform lets you use your stock funds to purchase crypto.
- Buy fractionally with as little as $1
- No fee to buy or sell cryptocurrency
- Two-factor authentication, biometric login and cold storage
- ACH transfers
- Stocks, crypto trading and cash card in one place
Bitfinex allows you to trade litecoin, ethereum, ripple, EOS and other cryptocurrencies. The trading platform also has advanced chart tools for pro users who want to visualize their gains and current market conditions. Advanced features include margin trading and the ability to earn interest on your funds by making them accessible to margin traders.
Moreover, you can download the Bitfinex app on your iOS or Android mobile devices to trade crypto on the go.
- Integrates with multiple products and platforms
- Allows up to 10 times the leverage trading
- Supports several different order types
- Comprehensive reports
Have you ever thought about saving crypto in your retirement plan? You can do that with iTrustCapital. The platform offers cryptocurrency individual retirement accounts.
You can open an account by transferring a current IRA or adding cash. Alternatively, you can roll over your current employer plan, such as a 401(k).
The best thing about these trades is they are tax deferred, meaning you invest pre-tax dollars, let the money grow tax-free and then pay tax on your withdrawals in retirement. The trading fees are reasonable, with a 1% cryptocurrency transaction fee and no account maintenance fee.
- Allows trading in BTC, ETH, ADA, LTC, BCH, EOS, LINK and more
- Offers gold and silver trading
- 1% transaction fee for cryptocurrency; additional fees for gold and silver transactions
- Two-factor authentication and cold storage
Last but not least is Kraken, which is ideal for advanced traders who do not fancy the simplistic features of Coinbase. The platform allows users to buy at least 65 cryptocurrencies as well as USD, AUD, euros and other fiat currencies, both as cash-to-crypto and cash-to-cash pairs.
One thing that makes Kraken superior to Coinbase is the verification level feature. These are: Starter, Express, Intermediate and Pro. You can be a Starter with abilities like depositing, withdrawing and exchanging crypto by providing your date of birth and basic contact information.
Intermediate users on Kraken have the same features plus fiat currency deposits. You need to give your Social Security number, ID and proof of residence for this level. Meanwhile, the Pro verification gives you access to the OTC trading desk and dark pool. This level allows you to make high-volume orders.
While these features are helpful, Kraken’s interface can be confusing to newbies.
- Worldwide availability
- 0% to 0.26% fees on the total value of orders; additional processing fee for payment card, digital wallet or online banking/ACH payment
- Cold storage and two-factor authentication
- Wire transfer
- Digital asset/cryptocurrency deposits available at Starter level or higher
Before you choose a cryptocurrency exchange, make sure you have a clear idea about your investment plans. If Coinbase is not the best fit for you, try one of these Coinbase alternatives.
GOBankingRates’ Crypto Guides
- What Is Cardano? (ADA)
- What Is Bitcoin Cash? (BCH)
- What Is Chainlink? (LINK)
- What Is Dogecoin? (DOGE)
- What Is Litecoin? (LTC)
- What Is Polkadot? (DOT)
- What Is Polygon? (MATIC)
- What Is Ripple? (XRP)
- What Is Stellar? (XLM)
- What Is Tether? (USDT)
Daria Uhlig contributed to the reporting for this article.
Editorial Note: This content is not provided by Gemini, eToro, Binance.US, Robinhood, Bitfinex, iTrustCapital or Kraken. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Gemini, eToro, Binance.US, Robinhood, Bitfinex, iTrustCapital or Kraken.
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