For instance, Coinbase is considered a fiat exchange. Therefore, clients trade fiat currency with cryptocurrency. The novice crypto trader would favour Coinbase over the rest of exchanges because it is beginner friendly. The platform is also free of trust issues due to its huge following of up to 10 million users. Currently, Coinbase has a market valuation of USD 1.5 Billion. Therefore, making Coinbase one of the best exchange platforms for trading major cryptocurrencies. Courtesy insists on not placing all eggs in one basket. To avoid being firmly contained within the folds of one crypto exchange; Sellers and buyers may yearn to learn about the possibilities of every crypto exchange. With this in mind, I created a comprehensive list of the best sites like Coinbase. Selecting an excellent cryptocurrency exchange seems daunting and overwhelming in a market capitalization that boasts more than 200 global crypto exchanges. Think of the fresh opportunities each could provide. Note that each of these exchanges has trading volumes turn out regarding billions per day. In coming up with this list of the top coinbase alternatives, we considered eight fundamental features; Geographical support, security, and trust, user interface, transaction fees, volume and liquidity, promptness, confidentiality, and ceiling. Let us now dig into the list.
1. CEX.IO
CEX.IO is an elegant solution built for the intermediate investor. However, the interface also appeals to novice traders due to the eased buying and selling options. Although Coinbase outshines CEX when it comes to an easy user interface, the later has more advanced features. For instance, CEX allows a user to trade directly with the company. Hence, a trader would purchase coins directly from CEX.IO and later sell them back to the company. The exchange refers to this feature as a tidy option for users who lack time to learn more about trading. CEX.IO provides user-friendly support through email. The team is also prompt while replying to queries. Response time is anywhere between 24-72 hours. When it comes to frequently asked questions, the exchange will not disappoint. The website is proud to offer an assortment of helpful information in the form of guides and documentation.
2. Binance
Most experienced investors will disagree that both Coinbase and Binance are competitors. Where the battle to weigh between the best and worst exchanges determines market value. I would rather term both exchanges as complimentary. Whereas Coinbase is a fiat-crypto exchange platform, Binance only deals with cryptocurrency. Binance users can trade with crypto. Which means the only way to fund the account is through cryptocurrency. Hence, the reason why Coinbase is more of a complementary asset to a Binance; Crypto transfers made to Binance begin from buying crypto coins from fiat-crypto exchange platforms like Coinbase. The Binance user interface is inclined towards advanced user experience. Which makes it less user-friendly. However, the exchange includes and opt-in -opt-out future for both basic and advanced features. The primary option provides all the standard features for a trading platform. Inclusive of order books, trade history, and charts.
3. LocalBitcoins
One of the biggest Coinbase disadvantages is its centralized manifesto. Centralized third-party exchange platforms have raised concern to users due to multiple security breaches. Localbitcoins is more inclined to a decentralized manifesto. Note that the Blockchain community entirely adheres to a decentralized system. Local Bitcoin, therefore, has the upper hand with security and trust issues compared to Coinbase. The exchange has an edge for peer to peer transfers because it is secure and private. Also, the platform lacks a central authority to capture user information. It, therefore, means confidentiality is easily maintainable. Transactions in Local Bitcoin are also fast and efficient. Once a buyer has settled a deal with the seller, the transaction occurs instantaneously. However, the main disadvantage associated with Localbitcoin is dealing with only one cryptocurrency- Bitcoin. Despite the fact, the exchange still boasts a massive user base.
4. Changely
A mining platform known as Minergate created Changely. The cryptocurrency exchange supports over 80 crypto coins. Changely’s focus is on cryptocurrency conversion. Therefore it does not offer any fiat exchanges. The website is automated to choose for the user, cryptocurrencies with the best exchange rates. However, the user could still choose manually the currency they want to convert to. Meanwhile, Changely does not have a wallet. Hence users rely on third-party wallets for storage of their cryptocurrencies. Traders usually use debit/credit cards to purchase cryptos and later send them to external wallets. The changley user interface is also user-friendly and could easily favor beginners.
5. Bitit
Bitit it is a France based crypto exchange platform. Similar to Coinbase, the exchange allows users to carry out fiat – crypto exchanges. The exchange supports 14 fiat currencies. Furthermore, the platforms enable users to deposit funds through credit cards, wire transfers, electronic wallets or cash. However, the exchange does not support cryptocurrency pairs. Hence, crypto-crypto exchanges are not possible. The Bitit user interface is inclined towards instantaneous trading. Also, the exchange is both user-friendly and favorable for the novice trader.
6. Bitfinex
Bitfinex focuses on a different type of investor niche. The platform carters for institutional and retail investors. Once must meet the platform’s minimum account equity of $10, 000 to use the exchange. Account verification usually takes 5-6 weeks and is the required phase before one qualifies for fiat currency exchanges. However, the platform allows unverified users to carry out withdrawals, trade cryptos, and deposit. The user interface is complicated and suited for more experienced traders. Conclusively, the exchange supports a crypto base of thirty-five plus cryptocurrencies.
7. Bittrex
Bittrex serves as a great alternative to Coinbase for beginners looking for an intuitive interface and friendly controls. Bittrex uses a multi-stage wallet strategy for securing 90% of transactions offline. The exchange also features a two-factor authentication process for API usage and withdrawals. Although the Bittrex interface is meant to be simplistic, beginners who opt to trade crypto pairs may find it difficult during the first time. Mainly inherent in the fact that the platform is similar to a stock or forex exchange market.
8. Poloniex
Poloniex is streamlined towards more experienced investors. The exchange does not allow direct fiat deposits. You will have to make use of a complimentary exchange platform like Coinbase for deposits. The user interface is beginner friendly and provides helpful information for all trading pairs. The information is inclusive of candlestick charts, order book visualization, and technical analysis overlays. The exchange also provides more advanced features like margin lending for its users. Meanwhile, allowing traders to lend cryptocurrencies on deposits.
9. Kraken
Kraken is an excellent alternative for Coinbase to investors looking to trade multiple cryptocurrencies. The platform offers investors an avenue to trade with more than 15 crypto pairings. The exchange interface is streamlined for the intermediate investor. Furthermore, the platform has numerous trade controls for account and market information. The platform avails a variety of cryptocurrencies for trading. These cryptos are traded via fiat currency that is inclusive of the EUR, JPY, USD, and CAD. The fiat currency is deposited via wire transfer or SEPA. However, the platform does not support credit/debit card purchases.
10. Coinmama
Coinmama is an exchange founded in Israel. The exchange deals with two cryptocurrencies, Bitcoin and Ethereum. However, the company claims plans are underway to add more crypto options.Credit/debit cards are the only means of payment that the exchange provides. The exchange also provides a list of all local currencies. Meanwhile, the market values are priced in USD or ETH. Users are supposed to provide their wallet details because the platform lacks its digital wallets.
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Conclusion
Any of the above-listed crypto exchanges would serve as a suitable alternative for Coinbase. Although some of the exchanges have remained at the center of admiration, user preferences may vary from one user to another. One could be suitable for beginners while another would favor an experienced investor. It all depends.
