Many crypto investors find Coinbase a great choice as their initial platform. Coinbase offers an excellent user experience with plenty of functionality and features for beginners.
But, the fees on this platform can get a little expensive, which may lead you to search out Coinbase alternatives to buy and sell crypto. So, here we’ll delve into other sites and apps like Coinbase that you may want to consider.
The Coinbase Basics
Before we explore the best Coinbase alternatives, let’s look at the main features of Coinbase so we can make appropriate comparisons.
Coinbase is a great starter platform as it is one of the most reliable and easiest cryptocurrency exchanges. You can link your bank account to transfer money directly for your crypto purchases. This makes it easier to make trades as you learn about crypto and track your portfolio.
You can buy and sell easily and quickly, although it’s always a good idea to take the time for due diligence. You can vary your portfolio and hold a few coins simply for their novelty value. Unfortunately, this does come at a cost, since Coinbase has a potentially costly fee structure.
There’s a flat transaction fee, which depends on the value of your transaction. You’re paying up to 1.49% of your transaction value. Although this seems reasonable, if you want to buy large amounts of crypto, the fees quickly add up.
Another potentially frustrating issue is that Coinbase has extensive anti-fraud features. This means that you need to wait three days before it’s possible to move currencies to an exterior wallet. There’s also a delay of at least several days as you wait for funds to clear after you sell an asset and want to transfer the resulting funds to your bank.
Finally, Coinbase has limited cryptocurrency options. While it has the most popular coins, if you’re looking for variety to diversify your portfolio, you may want to consider other platforms.
There’s no doubt that Coinbase is one of the leaders in the industry. However, it won’t meet the needs of every user. If you find that Coinbase doesn’t meet your needs, here are the other platforms you might want to consider.
Best Coinbase Alternatives
Here are the sites and investment apps that function similarly to Coinbase.
Binance is a crypto exchange with over 13 million users. This makes it an equivalent size to Coinbase, so it’s a logical alternative. However, Binance has a far more comprehensive lineup of cryptocurrencies, with over 150. Most are paired with 50 fiat currencies for ease of trading.
Binance also facilitates peer-to-peer exchanges with low fees compared to the regular centralized Binance platform. Binance also has blockchain-supported trading with several digital tokens and cryptos available for trading. You can even build crypto products using the Binance Chain.
The Binance platform is available on a desktop, or you can use the Android or iOS app. With either interface, you can trade NFTs and margined futures, and the smart mining pool allows mining and staking. Merchants can also use Binance Pay to receive cryptocurrency payments.
The Binance trading fees are also considerably lower than Coinbase, at 0.02% to 0.1%, depending on your 30-day trade volume tier.
Kraken is one of the oldest crypto exchanges, established in 2011. This platform currently has more than 60 cryptos listed, and unlike Coinbase, its top-notch security has yet to be broken.
You can use Kraken to trade, stake, or even loan out coins. There’s also margined futures trading if you’re a high net, qualified investor. These individuals can lock in tokens for staking and enjoy biweekly rewards.
Kraken is secure, with 95% of deposits held in cold, offline storage units. There’s also encrypted data and information systems for further security enhancement.
The platform is also easy to use, with automatic verification and four registration tiers. Fees are also lower than Coinbase at up to 0.26%, depending on your 30-day trade volume. However, if you opt for an instant buy, a 1.5% fee applies for buying and selling orders. There are also fees for credit and debit card transactions and ACH bank transfer processing.
Gemini is another popular site like Coinbase, offering crypto-to-crypto exchange in over 60 coin currencies. You can deposit money via wire, debit card, or US bank transfer. Gemini does not support cashing out your crypto to fiat currencies. However, they have recently introduced a credit card that allows Bitcoin rewards on purchases and ATM withdrawals.
One of the most attractive features of Gemini is that it offers insurance for all its crypto holdings against hacking incidents. The platform also facilitates peer-to-peer trading, where you can trade minimums of 0.001 ether or 0.00001 bitcoin.
Gemini is available in all US states and an additional 50+ countries. There’s an iOS and Android app, and for advanced users, there’s an Integrated ActiveTrader platform.
Depending on the payment method, the fees for Gemini are 0.5% to 3.99%. It’s free to deposit funds via a US bank account or wire transfer, but debit card purchases attract the highest fees. If you’re a new trader and only perform small trades of less than $10, you’ll pay a flat $0.99 trade fee.
eToro is a crypto broker offering access to some of the most popular currencies. It also offers some excellent usability and educational tools. You can begin trading in the major cryptocurrencies plus some smaller coins in under 10 minutes.
A fairly unique feature of the platform is the CopyTrader. This allows you to copy the buy and sell orders of pro investors. So, if you’re a complete novice and don’t know where to start, this can be a real game changer. There’s also the eToro Club, which provides myriad educational resources and tools.
While eToro may not have the widest variety of coins, it is an easy-to-use platform that should appeal to newbies and experienced traders alike. There is also a very simple fee structure with a charge of 1% applied to buy and sell orders.
eToro also supports stock trading. If you trade both stocks and crypto, you can keep everything in one place.
As the name suggests, Crypto.com specializes in cryptocurrencies. However, this platform has garnered a solid reputation for offering merchant services for businesses wanting to accept crypto payments. In this regard, it performs far better than Coinbase, and thousands of merchants have already embraced the Crypto.com platform.
Crypto.com supports 90 plus coins and digital assets, and merchants can accept crypto when they sell goods or services online. The platform has low transaction fees of up to 0.4%, but a 2.99% fee applies to credit card purchases. There’s also quick conversion to support fiat, including the USD. There is also website payment button integration for easier use.
Uphold is an alternative to Coinbase for individuals and businesses to send, receive, trade, and earn crypto via staking. However, it has limited orders and advanced order trades, so it does not support advanced crypto trading.
You can cross-trade your crypto for fiat, precious metals, and stocks. There’s also instant crypto buying using debit or credit cards, Google Pay, and Apple Pay.
While you may not have the variety of crypto you can access with Coinbase, Uphold does have lower trading fees. This is particularly true when looking at mainstream coins like Ethereum and Bitcoin. The fees vary from 0.9% to 1.2% on mainstream coins and up to 1.9% for other cryptos. You can also access an Uphold Mastercard, which offers up to 2% in crypto rewards when you make purchases.
However, if you’re interested in staking, you may find Uphold a little lacking. Coinbase offers more tokens to stake compared to Uphold.
Coinmama is a decent option if you prefer to buy crypto with local fiat. There are free bank account transfers. Wire transfers are also free if the order is less than $50,000. For these transfers, you’re looking at a typical fee of 1.49% with Coinbase.
However, there are some potential drawbacks. Firstly, Coinmama does not facilitate peer-to-peer trading. You can only trade with the exchange. Additionally, Coinmama only supports 15 coins, including Bitcoin, Cardano, and Ethereum, via US dollars, Euros, and UK pounds. There are various payment options, including Visa, PayPal, bank or wire transfer, SEPA, Mastercard, Apple Pay, and Google Pay.
The platform may have more limited options compared to Coinbase, but it does have a simple design and is easy to use. There’s also a loyalty program that can reduce your trade fees by up to 25%, depending on your trade volume.
Public is a great trading platform that offers guidance to become a better investor. The platform has various resources to help you make informed trading decisions. In addition to offering crypto trading, you can also trade stocks, ETFs, and other alternative assets. You can enjoy commission-free trading on stocks and ETFs, but there’s a 1% to 2% fee on crypto trades.
One of the most attractive features of Public, particularly for new traders, is its social collaboration. You can connect with other platform users, follow their trades and check out their recent activity. This has an almost social media feel to it, but it can be a great way for those lacking confidence to benefit from the experience of other traders. You can also use the platform to get feedback and socialize so you don’t feel isolated in your trading.
However, there is a caveat for crypto traders on Public.com. You cannot use your own digital wallet. Any crypto holdings are stored securely with Public. This could be a pro or a con depending on your perspective. It takes away some flexibility, but if you’re just starting with crypto, you may prefer to not deal with a digital wallet.
Read our Public vs. Coinbase comparison for more details.
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Webull is another low-cost trading platform that offers crypto. It has a commission-free structure, but there’s a 100-point spread on crypto trades, equivalent to a 1% fee. This could save a great deal on trade commissions, particularly if you don’t have a sole focus on cryptocurrencies.
Webull’s platform has an intuitive design with some nice features, but this creates a small learning curve for complete newbies. However, if you’re prepared to put in some time, you should have no problems getting to grips with the interface. Additionally, Webull has a trading simulator and a series of trading courses, along with real-time data and advanced charting. This can be a great resource for those who want to learn about the stock market and develop their own trading strategies and plans.
Read our Webull vs. Coinbase comparison for more details.
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Robinhoos is best known for being the first commission-free stock trading platform, but it also offers low-cost crypto trading. While many other platforms have adopted the commission-free trading structure, Robinhood retains its appeal, particularly for the younger investor looking into stocks, ETFs, and popular crypto coins. In fact, Robinhood now boasts a user base of over 10 million traders.
While Robinhood does not impose commission charges, it may not have the best spreads. You can access a variety of coins, including Bitcoin, Litecoin, Ethereum, and Dogecoin. There are no balance requirements, and small-quantity trading is permitted.
For those interested in leveraging the full feature set of the platform, you can upgrade to Robinhood Gold. This does involve a monthly subscription fee, but it provides additional features and perks, including preferential rates and rewards on banking products.
Features to Consider for Coinbase Alternatives
When you’re searching for a safe Coinbase alternative, there are a few features you’ll need to consider to find the best one for you.
Ease of Use
A cryptocurrency platform with all the bells and whistles is great, but only if you can figure out what you need to do to use it. Most platforms have intuitive interfaces, but before you sign up for a specific exchange, it is worth researching to learn about the included tools and features. Read a few reviews to get an idea of how to use the exchange and gain an understanding of what features are included for free and which attract an additional charge.
Almost every crypto investment platform will provide access to the major coins, but if you want to explore smaller coins, you need to be aware that not all exchanges support these altcoins. Before signing up, check the list of supported coins to ensure that the ones of interest are featured.
By their nature, cryptocurrencies are decentralized, which means that governments find it very difficult to impose taxes. Some exchanges can help you to keep track of your buying and selling to make document compilation easier as tax season approaches. However, some exchanges are not permitted to operate in certain states or different areas of the world. For example, Binance had to open Binance.us to provide services for its US-based customers. New York, in particular, has special legislation in place that does not allow some exchanges to operate within its jurisdiction. So, it’s worth checking whether your potential new exchange can fully operate in your home state.
Another consideration comes down to a matter of preference. If you have your own external wallet, be sure to check that your chosen exchange allows transfers out to your wallet. There are a number of platforms, such as Public, where this is currently impossible, and you need to keep your crypto holdings with the platform.
Finally, be sure to check the fee structure so you fully understand how much your trades will cost you. It’s important to read through all the platform fees as many impose charges on certain types of transfers or to buy or sell. Lower fees can have a big impact on your long-term results.
Nothing is worse than making what you think is a profitable trade only to get hit with a massive charge. So, be fully aware of all the costs involved with your potential new platforms and compare them to see which offers the best deal.
Final Thoughts on the Best Alternatives to Coinbase
With so many platforms on the market, choosing the best alternatives to Coinbase can seem a little daunting. So, even if you’re a complete newbie, you don’t have to limit yourself to using Coinbase. However, this variety means that it’s easier to find an exchange that’s best suited to your needs.
If you’re looking for inexpensive fees, Crypto.com, Gemini, and eToro are great picks. But if you’re interested in additional features that will support your trading as you gain experience, consider Webull.
Just remember that whatever platform you consider, be sure to check all the features and functionality to ensure that it meets your specific trading needs. This will ensure that you can enjoy buying and selling crypto for many years to come.