If you’re looking for a good way to buy cryptocurrencies, you may have heard of Coinbase. It’s one of the most popular options out there, and it’s easy to see why.
Coinbase offers a perfect access ramp for new crypto users with a relatively simple registration process and an extremely simple user interface.
There are some downsides to Coinbase, however, such as limited trading pairs and fees that border on the higher side of things.
In addition, Coinbase is fully regulated, so it is not available in some jurisdictions. Fortunately, there are many alternatives.
In this article, we will discuss some of the best Coinbase alternatives for buying cryptocurrency. We will cover a range of different options, so you can find the right one for you.
So, if Coinbase isn’t your cup of tea, read on!
Table of Contents:
What makes a good crypto trading platform?
Replacing Coinbase with another trading platform is often tricky when you don’t know exactly what you’re looking for on a crypto exchange. Although there are many upcoming and existing platforms, not all of them can meet your needs. So, before you settle for one, here are some things you should keep in mind.
Security: The rapid growth of Crypto has made it a target for many hackers. So, before settling on a trading platform, make sure it has the proper security measures. These can be things like the platform that has its cold wallet, a fundraising plan, two-factor authentication for users, among others.
Trading cost: You will notice that different platforms have different fees when trading. Find a platform that gives you value for the money you pay to trade.
Payment methods: Some platforms only accept bank payments; others only accept cash payments in person. Whichever platform you’re happy with, make sure it comes with payment methods that you can access.
Supported tokens and currencies: Not all crypto exchanges exchange the currencies you want to buy. Do your due diligence on a platform to identify which fiat accepts to trade and which crypto coins you can buy once you deposit your money.
Kraken
- Reliable exchange
- Supports many different financing options
- Accepts users from all over the world
- High trading volume
Why Kraken?
Trading cryptocurrencies rarely becomes as hassle-free as on Kraken. This platform is among the most established and cheap crypto exchanges available. There is a lot to learn about Kraken, such as buying, selling, lending or wagering your coins for impressive rewards.
Kraken also has a margin trading feature, which allows you to borrow money from a broker and use it to make a trade, with 5x leverage. This is higher than the 3x leverage that Coinbase offers on margin trading.
Kraken Safety
Security features are essential to any crypto exchange, and Kraken understood this. With security keys, two-factor authentication, and a guide showing you how to set up Pretty Good Privacy (PGP) encryption, Kraken won’t give you any security hassles.
Supported Tokens and Currencies
Kraken supports around 100 cryptocurrencies, which is very impressive. The most popular of these include Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Chainlink (LINK), and Cardano (ADA). Kraken also supports seven fiat currencies, including USD, CAD, EUR, JPY, AUD, CHF and GBP.
Rates by Kraken
At Kraken, your commission depends on how much you trade within a 30-day period. Transactions from $0 to $50,000 cost a 0.16% fee for manufacturers or a 0.26% fee. On the other hand, transactions that affect 10,000,000 cost 0% of manufacturers’ commission or 0.10% commission of buyers. This means that the more you transact, the less you pay.
Payment options on Kraken
To deposit cash on Kraken, you can only use bank transfers. If you have cash or want to use your credit card, you need to make deposits in person.
eToro
- Great for cryptocurrency beginners
- Solid crypto/general trading platform
- Reliable company with solid trust in the community
- Fully supports credit cards for deposits and withdrawals
Why eToro?
For beginners in cryptocurrency trading, eToro is better than Coinbase. This platform, which also acts as a multi-asset brokerage firm, helps you not only invest in cryptocurrencies, but also dive into stocks, Contract For Difference (CDF), and Exchange Traded Funds (ETFs). What’s even better about eToro is that you can execute trades with as little trading knowledge as possible.
Using a copy trading feature, you can copy and execute trades made by experienced investors on the platform. To achieve this, you will have to invest no less than $ 500 per operation, but most likely it will be worth it.
eToro’s security
eToro has updated security features, including protection against Distributed Denial of Service attacks. Other than that, the platform stores its assets in both hot and cold wallets, so you can be sure that hackers won’t have an easy time getting your funds.
Supported Tokens and Currencies
On eToro, you will get 27 cryptocurrencies. It’s a small number compared to Coinbase’s more than 130 currencies, but it has a wide range of supported fiat currencies, including USD, AUD, EUR, THB, GBP, VND, RMB, MYR, NOK, IDR, SEK, PLN, PHP, CZK, and DKK.
eToro Commissions
When it comes to fees, eToro has a rather complex fee structure. First, you pay conversion fees to change another fiat into USD. So you pay from 0.75% to 5.0% depending on the currency you are trading in. However, this variable spread cost is only charged at the time of purchase and not at the time of sale. eToro will also charge you a $10 inactivity fee if your account does not operate for 12 months.
Payment options on eToro
The payment options on eToro are many. You can work with bank transfers, credit and debit cards, and even electronic payment systems like Skrill and PayPal. However, each payment option has its limitations, so be sure to review them thoroughly before settling for one.
