Alternatives To Coinbase
Coinbase was founded in 2012 and is a platform for buying, selling, storing, and trading cryptocurrency. It supports over 150 cryptocurrencies and is designed for traders new and advanced. But while a popular platform, there are some excellent alternatives to Coinbase.
Read on to review and compare Coinbase vs. Binance, Kraken, BitMEX, Crypto.com, and Gemini. We wrap up by answering what broker to use instead of Coinbase for those ready for a change.
Alternative Crypto Brokers
Here is a short overview of each broker's pros and cons
- Interactive Brokers - IBKR lets you purchase and hold Bitcoin, Bitcoin Cash, Ethereum, and Litecoin at competitive commission rates and without needing a crypto wallet. Additionally, there is a range of other diverse assets to explore, such as crypto indices like the NYSE Bitcoin Index, as well as futures contracts like the BAKKT Bitcoin Futures.
- NinjaTrader - You can get exposure to micro Bitcoin futures through the CME Group’s centralized exchange, which is highly regulated by the US CFTC. Micro contracts allow you to trade a fractional size of one Bitcoin, giving you more risk control and order flexibility.
- eToro USA - eToro US offers 24 tradeable cryptoassets, with just a 1% buying/selling fee added to the spread. Additionally, there are 80 different coins available through the broker’s proprietary wallet service. You can also practice your crypto strategies easily by switching between live and demo mode. Crypto asset investing is highly volatile and unregulated. No consumer protection. Tax on profits may apply.
- Plus500US - Plus500’s Micro-Bitcoin and Micro-Ethereum futures only allow traders to scratch the surface of crypto trading with bets on the two most popular digital assets. Importantly, you cannot buy and own the cryptos with these derivative contracts - you are speculating on their price.
- UnitedPips - UnitedPips offers trading on four leading cryptos (Bitcoin, Ethereu, Litecoin, and Ripple) with high leverage up to 1:5. It also supports deposits and withdrawals in cryptos making it convenient for serious crypto enthusiasts.
- IQCent - IQCent offers 17 crypto pairs through its proprietary terminal, including Bitcoin, Ethereum and Litecoin. Leverage on crypto CFDs is capped at 1:10, whilst binary options payouts vary by token but remain competitive. OTC assets, for example, pay out up to 95%.
Interactive Brokers
"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."
Christian Harris, Reviewer
Interactive Brokers Quick Facts
| Coins | BTC, LTC, ETH, XRP |
|---|---|
| Crypto Mining | No |
| Auto Market Maker | No |
| Crypto Spread | 0.12%-0.18% |
| Crypto Lending | No |
| Crypto Staking | No |
| Platforms | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, TradingView, eSignal, TradingCentral, ProRealTime, Quantower |
| Minimum Deposit | $0 |
| Regulator | FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM |
| Account Currencies | USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF |
Pros
- IBKR is one of the most respected and trusted brokerages and is regulated by top-tier authorities, so you can have confidence in the integrity and security of your trading account.
- The new IBKR Desktop platform takes the best of TWS while adding bespoke tools like Option Lattice and Screeners with MultiSort to create a genuinely impressive trading experience for day traders at every level.
- The TWS platform has clearly been built for intermediate and advanced traders and comes with over 100 order types and a reliable real-time market data feed that rarely goes offline.
Cons
- You can only have one active session per account, so you can’t have your desktop program and mobile app running simultaneously, making for a sometimes frustrating trading experience.
- Support can be slow and frustrating based on tests, so you might find it challenging to reach customer service representatives promptly or encounter delays in resolving issues.
- IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience.
NinjaTrader
"NinjaTrader continues to meet the demands of active futures traders looking for low fees and premium analysis tools. The platform hosts top-rate charting features including hundreds of indicators and 10+ chart types."
NinjaTrader Quick Facts
| Coins | BTC |
|---|---|
| Crypto Mining | No |
| Auto Market Maker | No |
| Crypto Spread | Floating |
| Crypto Lending | No |
| Crypto Staking | No |
| Platforms | NinjaTrader Desktop, Web & Mobile, eSignal |
| Minimum Deposit | $0 |
| Regulator | NFA, CFTC |
| Account Currencies | USD |
Pros
- NinjaTrader is a widely respected and award-winning futures broker and is heavily authorized by the NFA and CFTC
- Traders can get free platform access and trade simulation capabilities in the unlimited demo
- NinjaTrader continues to deliver comprehensive charting software for active day traders with bespoke technical indicators and widgets
Cons
- Non forex and futures trading requires signing up with partner brokers
- There is a withdrawal fee on some funding methods
- The premium platform tools come with an extra charge
eToro USA
"eToro remains a top pick for traders looking for leading social investing and copy trading services. With a low deposit, zero commissions and an intuitive platform, the broker will meet the needs of newer day traders."
eToro USA Quick Facts
| Bonus Offer | Invest $100 and get $10 |
|---|---|
| Coins | BTC, ETH, BCH, DASH, LTC, ETC, MIOTA, XLM, EOS, NEO, ZEC, XTZ, MKR, COMP, LINK, UNI, YFI, DOGE, AAVE, ALGO, MANA, ENJ, BAT, MATIC, FLR, SHIBxM |
| Crypto Mining | No |
| Auto Market Maker | No |
| Crypto Spread | BTC 0.75% |
| Crypto Lending | No |
| Crypto Staking | No |
| Platforms | eToro Trading Platform & CopyTrader |
| Minimum Deposit | $100 |
| Regulator | SEC, FINRA |
| Account Currencies | USD |
Pros
- The online broker offers an intuitive social investment network with straightforward copy trading on cryptos
- A free demo account means new users and prospective day traders can try the broker risk-free
- Investors can access Smart Portfolios for a more hands-off approach, covering a range of sectors and markets such as renewable energy and artificial intelligence
Cons
- There's a narrower range of day trading instruments available compared to competitors, with only stocks, ETFs and cryptos
- The proprietary terminal doesn't support trading bots and there are no additional stock market analysis tools
- Average fees may cut into the profit margins of day traders
Plus500US
"Plus500US stands out as an excellent choice for beginners, offering a very user-friendly platform, low day trading margins, and access to the Futures Academy to enhance trading skills. Its powerful tools and reliable service helped it scoop second place in DayTrading.com's annual 'Best US Broker' award."
Michael MacKenzie, Reviewer
Plus500US Quick Facts
| Bonus Offer | Welcome Deposit Bonus up to $200 |
|---|---|
| Coins | MicroBitcoin, MicroEthereum |
| Crypto Mining | No |
| Auto Market Maker | No |
| Crypto Lending | No |
| Crypto Staking | No |
| Platforms | WebTrader, App |
| Minimum Deposit | $100 |
| Regulator | CFTC, NFA |
| Account Currencies | USD |
Pros
- The trading app provides a terrific user experience with a modern design, a clean layout and mobile-optimized charts
- Plus500 is a publicly traded company with a good reputation, over 24 million traders, and a sponsor of the Chicago Bulls.
- The straightforward account structure, pricing model and web platform offer an easier route into futures trading than rivals like NinjaTrader
Cons
- Plus500US does not offer social trading capabilities, a feature available at alternatives like eToro US which could strengthen its offering for aspiring traders
- While Plus500US continues to broaden its investment offering, it's currently restricted to around 50+ futures with no stocks
- Although support response times were fast during tests, there is no telephone assistance
UnitedPips
"UnitedPips is ideal for traders seeking leveraged trading opportunities, the security of fixed spreads, and the flexibility to deposit, withdraw, and trade cryptocurrencies - all in one sleek TradingView-powered platform."
UnitedPips Quick Facts
| Bonus Offer | 40% Deposit Bonus |
|---|---|
| Coins | BTC, ETH, LTC, XRP |
| Crypto Mining | No |
| Auto Market Maker | No |
| Crypto Spread | 500 |
| Crypto Lending | No |
| Crypto Staking | No |
| Platforms | UniTrader |
| Minimum Deposit | $10 |
| Regulator | IFSA |
| Account Currencies | USD |
Pros
- UnitedPips offers impressive leverage up to 1:1000 with zero swap fees or commissions, which can enhance potential returns for day traders and swing traders looking to control prominent positions with less capital.
- UnitedPips’ platform performs well, with an intuitive design that will appeal to beginners, while the TradingView integration delivers powerful charting tools without overwhelming users, making it straightforward to execute trades efficiently.
- Although being handed off mid-chat due to shift changes during testing was frustrating, customer support is generally good with quick, helpful responses, and 24/7 support via phone and email for regional teams is a definite advantage.
Cons
- UnitedPips lacks comprehensive research, while the educational content for beginner traders is woeful. Compared to brokers like eToro, which offers tutorials, webinars, and advanced courses, UnitedPips offers minimal resources to help new traders understand key concepts.
- UnitedPips' selection of tradable instruments is still minimal, comprising a bare minimum selection of forex, metals and crypto. There are no equities, indices or ETFs, which may be a drawback for experienced traders looking for diverse opportunities.
- Unlike brokers such as IG, UnitedPips is an offshore broker not regulated by any 'green tier' financial authorities, raising concerns for traders seeking assurance and protection under well-established regulatory frameworks.
IQCent
"IQCent will appeal to day traders looking for a straightforward binary options and CFD trading platform with low fees, a range of accounts, and copy trading. Getting started takes less than 1 minute and a $250 deposit. "
IQCent Quick Facts
| Bonus Offer | 20% to 200% Deposit Bonus |
|---|---|
| Coins | BTC, ETH, LTC, ETC, DOGE, MATIC, QNT, SOL, XRP, USDT, XMR, BNB |
| Crypto Mining | No |
| Auto Market Maker | No |
| Crypto Spread | Variable |
| Crypto Lending | No |
| Crypto Staking | No |
| Platforms | Online Platform, TradingView |
| Minimum Deposit | $250 |
| Regulator | IFMRRC |
| Account Currencies | USD, EUR |
Pros
- IQCent is one of the few binary options brokers that also offers a copy trading service for hands-off traders
- The proprietary terminal offers TradingView-powered charts which deliver dozens of technical indicators and studies
- There's an accessible $0.01 minimum stake for new day traders with a small budget
Cons
- IQCent trails binary brokers like Quotex with its narrow investment offering of around 175 assets with limited stocks
- The market analysis is very basic with limited technical summaries and insights from analysts
- The broker is not overseen by a respected regulator, though this is common among binary options firms
About Coinbase
The firm is based in San Francisco and is a fully licensed and regulated cryptocurrency exchange in 45 US states. Its services are also available globally, including to investors in Australia, the UK, Europe, South America, and Africa. In fact, the crypto exchange boasts over 98 million verified users across more than 100 countries. And while our best alternatives to Coinbase have a lot to offer in terms of tools, features, and fees, few can match the global reach of the crypto exchange.
Products
Coinbase offers a wide range of products to suit beginners and professionals:
- Coinbase – Buy, sell, trade, and store over 150 tradable cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin.
- Wallet – Retail investors can manage and store their crypto assets without a centralized brokerage or exchange. There are options to use US dollars or other fiat currencies. Protect your digital assets with industry-leading security.
- Coinbase Pro – Formerly GDAX, Coinbase Pro is a premium service with an intuitive interface including real-time order books, charting tools, trade history, and a simple order process so you can trade from day one.
- USD Coin (USDC) – A digital stablecoin that is pegged to the United States dollar.
Platforms
Coinbase
Coinbase is a secure online trading platform that utilizes the US dollar to purchase a growing list of over 150 cryptocurrencies. Geared towards beginners, it has a straightforward, user-friendly interface with options to ‘buy’, ‘sell’ or ‘convert’ when placing a trade.
Note, the mobile app can be accessed on Android and iOS devices.
Coinbase Pro
As outlined above, Coinbase Pro was formerly known as Global Digital Asset Exchange (GDAX). It is an in-depth platform that caters to more advanced traders. On top of the same functionalities as the original platform, it offers advanced charting functions and the ability to place market limits, stop orders, an easy order process, and detailed trade history. Investors can specify an order type or default to market.
Fees
With the exception of Coinbase Pro, fees are expensive compared to competitors. They vary between 0.5% and 4.5% and between payment methods, cryptocurrency type, transaction size, and platform used.
There is a 1% fee to convert and withdraw your crypto to cash in addition to standard network fees. A network fee is necessary to have your transaction processed by the decentralized cryptocurrency network.
If you stake your assets with Coinbase, your reward will be determined by the protocols of the applicable network. The firm will distribute this reward after receipt, minus a 25% commission.
The exchange charges spreads of 0.5% for crypto purchases and sales. Depending on market fluctuation, rates may be higher or lower. On top of that, they also take a flat fee or variable percentage, depending on region, amount purchased, product feature, and payment type. For example, a $100 purchase of Bitcoin with a USD bank account will come with a flat fee of 1%.
Suppose you borrow USD from Coinbase or an affiliate. The brand has to sell your BTC collateral (as they are authorized to do under an applicable loan agreement). In that case, there is a flat fee of 2% of the total transaction.
On the other hand, Coinbase Pro’s fee schedule is straightforward and less expensive. It is based on monthly trading volume and a taker-maker model, which depends on the liquidity of the asset at the time of purchase. Varying between pricing tiers, taker fees are between 0.05% to 0.6%, while maker fees are between 0.00% to 0.4%.
On the basic Coinbase platform, deposits on wire transfers are $10 and $25 to withdraw. The exchange also requires a minimum of $2 to purchase and sell and is capped at $25,000 a day. Trade and balance levels are unlimited on Coinbase Pro. However, withdrawals are limited to $25,000 by default, which can be increased by request.
Best Alternatives To Coinbase
While the crypto exchange has a lot to offer, there are several strong alternatives to Coinbase. See our comparison below:
Binance
Founded in 2017, Binance’s broker terminal is a good alternative to Coinbase for those looking to buy and sell crypto instantly.
Compared to Coinbase, Binance offers a wider range of modes that suit all skill levels. They offer Classic, Advanced, Margin, Convert, and P2P. Classic provides a more traditional platform with charts and options to trade with stop loss, by market, or limit order. Advanced offers all the Classic features but with full access to trading tools. Margin allows traders to increase profits with leverage. Convert is an OTC trading platform that offers quick settlements for larger buy or sell trades. Lastly, P2P will enable you to buy and sell cryptocurrencies among fellow Binance users with zero fees.
It is also worth pointing out that Binance offers a greater range of over 600 crypto coins. Additionally, it has among the best apps for crypto trading.
Binance’s fee structure is less complicated and cheaper compared to Coinbase. It offers a tiered fee structure based on 30-day cumulative trading volumes. It charges 0.1% for all trades and offers a 25% discount on fees that use Binance Coin. Unlike Coinbase, Binance does not charge any deposit fees but withdrawal fees change based on the market.
Together, this makes Binance one of the best alternatives to Coinbase.
Kraken
While Kraken offers advanced trader services, it is also considered beginner-friendly. Moreover, it is a great alternative for advanced traders compared to Coinbase Pro.
Established in 2014, Kraken is a hassle-free cryptocurrency exchange. It has margin and OTC trading with over 120 coins. Unlike Coinbase, it does not offer a wallet or its own crypto coin.
Platforms include the Kraken Terminal and Cryptowatch. The Kraken terminal allows you to view markets in real-time and access customizable price charts with a live trade feed, order book, and a depth chart to help you visualize market sentiment.
Advanced features on Cryptowatch include an additional 25 crypto exchange services, automated orders, technical analysis features, and more.
Fees on Kraken Pro are significantly cheaper than Coinbase and Coinbase Pro. The fee schedule depends on your last 30-day trading volume and is based on a taker-maker model. For example, an account with a 30-day volume of $0 to $50,000 will pay a 0.16% maker fee or 0.26% taker fee. A detailed fee schedule is available on the Kraken website.
Overall, Kraken is among the strongest alternatives to Coinbase.
BitMEX
BitMEX is a peer-to-peer (P2P) crypto trading platform that offers leveraged contracts bought and sold in Bitcoin.
Unlike Coinbase, BitMEX does not handle fiat currency but offers up to 1:100 leverage. As Coinbase has disabled margin trading due to regulatory changes (and is now only available on Coinbase Pro), BitMEX is a great alternative.
BitMEX only offers three Bitcoin products; XBT Perpetual, XBT Quarterly Future, and XBT Biquarterly Future. Instead of investing in currency directly, users simply trade contracts, which can be more volatile than traditional investing. As a result, this platform is more suited to advanced crypto traders.
Since BitMEX only exchanges cryptos, it does not incur added fees for buying crypto with cash. Thus, fees are as low as 0.01% to 0.075%. It also does not charge fees on deposits or withdrawals. However, a minimum Bitcoin Network Fee is paid to the Bitcoin miner who processes your transaction (this fee does not go to BitMEX).
Ultimately, BitMEX is one of the best alternatives to Coinbase for users looking to cut costs and advanced investors.
Gemini
Gemini is more suited to advanced traders. It has similarities to Coinbase, such as the ability to buy and sell using fiat and cryptocurrencies. However, Gemini offers different buy and sell orders. On top of that, it has a wider range of platforms that suit all levels, such as a simple web interface or a more advanced ActiveTrader platform. On the downside, Gemini currently only offers around 50 cryptocurrencies.
Importantly, investors are more likely to save on Gemini as it does not charge for deposits and only up to 3.64% when trading. With that said, the fee schedule on Gemini vastly differs depending on the products used and trades made in a 30-day period. For example, a trading volume of up to $100,000 on the ActiveTrader platform charges a 0.2% taker and 0.08% maker fee, which is cheaper than Coinbase Pro.
Overall, Gemini is one of the top alternatives to Coinbase for those looking for a wider range of cost-efficient trading platforms and tools.
Crypto.com
Monaco Technologies GmBH was the initial trade name for Crypto.com, which was founded in 2016. The owner’s goal was to accelerate the world’s adoption of cryptocurrencies. Today, the firm is headquartered in Hong Kong and has over 4,000 employees in countries such as China, Russia, the United States, and the United Kingdom.
Various financial institutions regulate the firm in each of its operating nations, ensuring that it complies with monetary and risk-prevention laws, such as the FCA in the United Kingdom. And with over 50 million users across 90+ supported countries, the exchange is continually growing.
Crypto.com became the first-ever official global partner of UFC in 2021, and the total number of CRO coins available is capped at 30 billion. This follows the burning of 70 billion CRO tokens, the greatest such burn in crypto history.
The trading costs on Crypto.com are both competitive and clear. Trading fees are dependent on volume, so the more you trade, the more discounts you get. And importantly, there are no hidden fees. But because the trading volumes necessary for the lower costs are so high, inexperienced investors may not be able to take advantage of this benefit.
Fortunately, staking and paying fees with CRO might help you save money. On CRO stakes, you can get a 10% p.a. bonus.
The following is a fee tier guide for trading and selling:
- Level 1: 30-day trading volume of $0-$25,000, 0.4% maker and 0.4% taker charges
- Level 2: 30-day trading volume of $25,001-$50,000 0.35% maker and 0.35% taker charges
- Level 3: 30-day trading volume of $50,001-$100,000, 0.15% maker and 0.25% taker charges
- Level 4: 30-day trading volume of $100,001-$250,000, 0.1% maker and 0.16% taker charges
- Level 5: 30-day trading volume of $250,001-$1,000,000, 0.09% maker and 0.15% taker charges
- Level 6: 30-day trading volume of $1,000,001-$20,000,000, 0.08% maker and 0.14% taker charges
- Level 7: 30-day trading volume of $20,000,001-$100,000,000, 0.07% maker and 0.13% taker charges
- Level 8: 30-day trading volume of $100,000,001-$200,000,000, 0.06% maker and 0.12% taker charges
- Level 9: 30-day trading volume of $200,000,001+, 0.04% maker and 0.1% taker charges
Because Crypto.com has over 250 tokens available, the exchange makes for a good alternative to Coinbase. Similar to Coinbse Earn, you can also complete missions. In exchange, you get diamonds which can be converted into prizes.
Pros Of Coinbase
- Trading on more than 150 cryptocurrencies
- Simple interface for new crypto investors
- Cryptocurrencies are insured
- Low minimum deposit
- High liquidity
Cons Of Coinbase
- Complicated and expensive fee structure on original Coinbase platform
- Growing list of reliable alternatives to Coinbase broker
- Lack of autonomous control on wallet keys
Final Word On Alternatives To Coinbase
Considered one of the top cryptocurrency exchanges in the industry, Coinbase is well-positioned to meet various investment goals and skill levels. Coinbase Pro also provides a good all-around platform for advanced traders with decent fees, while the standard solution has a simple and user-friendly interface for new traders. Unfortunately though, costs on Coinbase are quite expensive in general.
Overall, when comparing alternatives to Coinbase, Binance is one of the best options. It is cheaper to trade with and offers a wider range of platforms and over 600 coins. It also provides one of the best mobile app alternatives to Coinbase.
FAQs
What Is A Similar And Better Alternative To Coinbase?
Out of Binance, Kraken, BitMEX, Crypto.com, and Gemini, Binance offers the most similar service to Coinbase. It has competitive products such as a crypto wallet and fiat currencies. Its trading platforms also suit both new and advanced traders while offering services that Coinbase doesn’t, such as P2P and margin trading.
What Are Cheaper Alternatives To Coinbase?
Coinbase’s original trading platform has the highest and most complicated fees of all alternatives mentioned in our review. However, when comparing Coinbase Pro, the brand provides similar and competitive rates. As BitMEX only exchanges cryptocurrencies via contracts, it has the cheapest fees amongst all alternatives mentioned, with a range of 0.01% to 0.075%.
Is Coinbase Legal In The UK?
Yes – Coinbase does operate legally in the UK. It is also available in Australia, Canada, Singapore, the United States, and a number of European countries based on regulation. With that said, the UK’s Financial Conduct Authority (FCA) banned the sale of crypto derivatives in 2021 because of the risk to retail consumers. Coinbase is only regulated in 45 states in the US.
How Do I Buy And Sell On Coinbase Without Fees?
While it is not widely popular and known, it is possible to buy Bitcoin without fees on Coinbase Pro. This can be done as a maker or taker. To find out how, head to the official website.
Does Coinbase Sell Instantly Vs. Alternatives?
Whether you can sell instantly will depend on which region you are from. It typically takes one to two business days to complete for US customers after initiating a sell or withdrawal. However, buying and selling occur instantly for the UK and European customers as the local currency is stored within your Coinbase account. Coinbase is, therefore, in line with many alternatives.