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.

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.

FAQ