Coinbase is renowned for being one of the biggest and best cryptocurrency exchanges. Not only in the US but also in other parts of the world. The company is legitimized within the regulatory framework of i 32 countries. It focuses on four main cryptocurrencies, namely Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).
Here is a quick glance at six alternatives to Coinbase. We will check out their services based on five criteria, including the level of trust, cryptocurrencies options, fees charged, deposit methods, and the general user experience.
Localbitcoins is a Bitcoin marketplace that lets buyers and sellers of the cryptocurrency get in touch with each other. This platform is like a Craigslist for BTC. Users have to first create an account on the site. Buyers or sellers can form a listing on the homepage with the amount, their location and the payment method of their choice.
There are many payment options available, including PayPal and even face-to-face payment in cash.
Once this is done a list of compatible sellers are shown with their offerings. For buyers’ protection, Localbitcoins has a reputation and feedback system to build trust between buyer and seller. The exchange charges 1% transaction fee for each completed trade.
The general usability of the site is easy and intuitive.
CEX is a registered exchange in the United Kingdom and has great credibility. You can even buy Bitcoin with a VISA or Mastercard on this platform. Regarding trading options, CEX accepts cryptocurrencies, bank transfers, and credit cards.
As with most cryptocurrency exchanges, CEX charges a small fee on every transaction. The average fee is 3.5% on card deposit. Crypto deposits and bank transfers are free. There is also a 3% charge on every cryptocurrency withdrawal.
The exchange has a very straightforward instant buy and sell platform which makes it easy for first-time Bitcoin traders.
Just like its mother company, Minergates, Changelly comes with reasonably high credibility. The experience Minergates team has gained over the years has been put to good use in creating this platform.
Changelly supports around 98 different currencies, including the iExec RLC token. The platform has automated processes that monitor top tier exchanges. The platform will then automatically pick the digital asset that has the best exchange rate at that time, but traders can still decide on which currency they would like to convert into.
Changelly charges a rate of 0.5% on every transaction. The only way to exchange crypto on this platform is through the instant conversion rate. The user interface is very and easy straightforward. Beginners and even experienced traders should be satisfied with the experience.
Bitit is a France-based cryptocurrency exchange. It lets users buy cryptocurrencies using their local fiat currency.
Deposit methods available in this platform include; credit card, cash, e-wallet, and wire transfer. The only downside of this exchange is that it only executes fiat-crypto trades. Crypto-to-crypto exchange pairs are not available.
Like Changelly, the fees are also high for credit card deposits. The fees vary depending on deposit type and scale between 3% – 11.9%.
It has an excellent user experience, and anyone can use this platform and will enjoy using it.
Coinmama an Israel-based exchange that trades in just two digital assets, specifically BTC and ETH. According to its website, it plans to add other cryptocurrencies in future. The payment method on this exchange is credit and debit cards.
All fiat currencies are accepted, but the pricing is shown in USD or EUR. The quoted price on the conversion rate will cover the fee of 5.5%. The payment intermediary that manages the credit card transactions will add another 5% to the total fee. The exchange is straightforward to use.
Coincorner is a UK registered company headquartered in the Isle of Man. This exchange lets users buy Bitcoin with a debit or credit card as well as wire transfers.
Only Bitcoin trading is supported on this platform, and it has its Android and iOS wallet for mobile devices. It charges low fees which range between 1% and 2.5% on each transaction. Like Coinmama, CoinCorner also has a user-friendly interface to get instant rates on Bitcoin.
Unfortunately, the exchange rate fees on exchanges that allow credit card payments are somewhat high. They often use third-party platforms to process their transactions, so this implies extra charges and invariably higher fees. If possible, try to deposit cryptocurrency instead of fiat currency. Another alternative is to use bank transfer as the charges are also much lower.
If you are a more experienced trader, using an exchange like CEX where you can create your own buy or sell orders will give you more flexibility and earn you more profit on transactions.