An Alternative To Coinbase

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An Alternative To Coinbase

Coinbase is one of the world’s largest cryptocurrency exchanges, trusted by millions around the world. It is based in San Francisco, USA, and it is considered to be the largest Bitcoin broker today. Apart from being a traditional centralised exchange, Coinbase encompasses several other cryptocurrency-related services, such as a wallet and developer API.

Due to its popularity and mass appeal, Coinbase is a lucrative target for any potential hacker or fraudster. The company utilises some of the most powerful and effective firewalls available, as well as encouraging its users to enable two-factor authentication (2FA). To further re-assure its users, Coinbase wallets are FDIC insured, up to $250,000.

Coinbase: An Overview

Coinbase offers a user-friendly and simple interface which allows crypto newbies to get started trading Bitcoin and other currencies. Conveniently, the exchange allows you to buy and sell using debit and credit cards, so you can instantly deposit funds in your account. Alternatively, you can also opt to carry out slower bank transfers.

The exchange is available to users all across the world, with the primary limitation being countries where cryptocurrency is illegal. It also offers brokerage services to the United Kingdom, USA, Canada and Singapore.

Coinbase Pros

Using Coinbase to buy and sell Ether and other currencies has several key benefits. These include:

  • Insured deposits (jurisdiction restrictions apply)
  • Safe and secure interface access, on web and mobile
  • Instant transfers between other Coinbase users
  • Exchange accounts include a web wallet

Another important advantage of Coinbase is that it has a special platform dedicated to advanced traders called Coinbase Pro. This alternative platform allows traders to trade a larger variety of crypto assets and is also subject to lower fees.

Coinbase Cons

Using Coinbase is not for everyone since the exchange does feature some shortcomings. These issues are normally of concern for more advanced traders, or those who seek to remain anonymous and won’t affect the majority of traders. Some Coinbase cons include:

  • Users cannot remain anonymous
  • Accounts are monitored by Coinbase staff
  • Deposited funds can be delayed by up to three days
  • Cryptocurrency selection is not immense
  • Poor support service

If you are interested to learn more about Coinbase then have a look at our detailed Coinbase review. Alternatives to Coinbase do exist, and below are two primary examples of this.

CEX

CEX.io is a European cryptocurrency exchange based in London. Operating since 2013 it allows you to buy and sell a broader variety of cryptocurrencies than Coinbase, including Dash, Zcash, and Ripple. The reputable exchange is smaller in terms of daily trading volume than its American counterpart, but it is still a popular platform amongst crypto traders.

CEX is available in the majority of the globe, and includes several great features:

  • Allows you to buy Bitcoin with a debit or credit card
  • Includes 2FA for added user security
  • Supports several currencies, including USD, EUR, GBP, and RUB
  • Highly-recommended customer support
  • Includes a mobile application

The centralised exchange implements a simple fee structure which is easy to comprehend. It is duly authorised to carry out money-based transactions by FinCEN, as it is registered as a Money Service Business (MSB).

CEX is a preferred exchange amongst advanced cryptocurrency traders as it offers a broader range of investment opportunities. Although considered higher-risk, and only recommended for experienced traders, these trading instruments allow cryptocurrency to become more mainstream, as an alternative asset or commodity.

Its advanced trading options fall under its more recent platform, CEX.io Broker. Here you will be able to carry out margin trades, with Bitcoin CFDs being the most popular. The platform offers you detailed and extensive crypto charts in order to plan your strategy. Currently, it is only possible to carry out margin trading with Bitcoin or Ether, but it is likely that other currencies will be allowed in the future.

Although the exchange tends to have high fees for its Bitcoin brokerage service, it offers comparatively lower fees if you opt to use the trading platform directly. One of the oldest exchanges in the world has recently made giant leaps to get itself back to the forefront of the industry. Today, it offers advanced traders an opportunity to leave the protection of a newbie platform like Coinbase and experience new trading instruments and opportunities.

Coinmama

Coinmama is another long-established European cryptocurrency exchange. Founded in Slovakia, it offers an extremely user-friendly platform which is ideal for the newbie trader, as well as the advanced trader who is looking for a convenient way to buy Bitcoin.

With Coinmama, you can buy and sell cryptocurrency using a debit or credit card. Alternatively, you can also use bank transfers to buy Bitcoin, Ether, and Litecoin. For those looking for less popular currencies to trade, this exchange also offers Qtum, and Cardano amongst others.

Accepting traders from over 180 countries, Coinmama is a global centralised exchange platform which accepts payments in USD or EUR fiat currency. It offers a trusted and secure brokerage service, which is, unfortunately, higher than the market average. Nevertheless, Coinmama’s platform offers several advantages, including:

  • An intuitive interface design
  • Superb customer support
  • Fast availability of funds

Coinmama is a relatively smaller exchange than Coinbase, but similarly to the American alternative, it requires some sort of user verification. Daily limits of 5,000 USD/EUR and monthly limits of 20,000 USD/EUR do apply, however, these amounts should more than suffice for the average trader.

In any case, if you are planning to trade higher volumes you should consider the advantage of arbitrage and open accounts with several top cryptocurrency exchanges.

Unless you are looking to utilise advanced trading instruments, Coinmama is an ideal platform to use to buy and sell cryptocurrency. Its fees are indeed higher than the average, but the company makes up for it in service. Furthermore, if you are able to wait a couple of days you could carry out a bank transfer, which will slash the fees by almost half.

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