Coinbase has grown to become one of the most popular bitcoin exchanges. The exchange provides a safe trading environment in which customers may easily purchase and sell digital currencies. Although Coinbase’s services have earned them a strong reputation in the crypto sector, there are still drawbacks to using the exchange. As a result, we’ll go through several additional Coinbase options you can utilize if its services aren’t up to par. In this article we would like to provide you with the best Coinbase alternatives to consider in 2022.
Overview of Coinbase
Coinbase, one of the longest-running digital currency exchanges, was founded in 2012 by Brian Armstrong and Fred Ehrsam and is situated in San Francisco, California. More than 100 countries, including Asian and African countries, participate in the exchange. It’s most recognized for being a marketplace for buying, selling, and trading popular cryptocurrencies including Bitcoin, Ethereum, Litecoin, Dash, and others.
It’s worth noting that Coinbase has a sizable share of the crypto market’s trading volume. According to Coinmarketcap, the exchange’s professional trading platform, Coinbase Pro, sees over $2 billion in daily trading volume. This platform has unquestionably become a one-stop shop for many people looking to purchase and sell cryptocurrency. However, the services are not completely suitable to all users, which is why some people are contemplating other Coinbase alternatives as a backup.
Why should you think about Coinbase alternatives?
- Many individuals are looking for Coinbase alternatives because they do not have the best/lowest fees in the crypto market. Furthermore, these costs differ depending on the user’s jurisdiction
- Coinbase accepts four to three different payment options for deposits. Bank account (ACH), debit card, and bank wire are examples of these
- When cryptocurrency prices rise, the exchange’s servers will be overwhelmed. Many users are upset about this since it prevents them from buying or selling cryptocurrency during the bull run
- Every country is not supported by the exchange
Top Alternatives to Coinbase in 2022
In 2022, you might want to investigate Binance as a Coinbase alternative. Despite the fact that it was only created in 2017 by Changpeng Zhao, the exchange has the highest trading volume in the bitcoin market. Despite the fact that the exchange was once a victim of a cyber-attack, the platforms’ security has since been improved. Binance is considered one of the safest exchanges for trading digital currencies.
In addition, the exchange accepts a wide range of cryptocurrencies. From 1,037 active trading pairs, its daily trading volume has risen to almost $15 billion.
- Binance accepts users from a variety of nations.
- It has a reasonable trading fee.
- On the exchange, you can trade a wide variety of cryptocurrencies.
- Deposits in over 40 fiat currencies are also accepted on the exchange.
- It also features a PC and mobile application.
- Unverified users are subject to withdrawal limits on the platform.
- There aren’t many advanced trading tools available on Binance.
- For new traders, the crypto exchange is not the most user-friendly platform.
Another popular cryptocurrency exchange situated in the United States is Gemini. Tyler and Cameron Winklevoss, the Winklevoss brothers, established Gemini. Another Coinbase alternative is Gemini, which has a big daily trade volume and reasonable average liquidity. Because the exchange is regulated in the United States, it is one of the most secure places to purchase and trade cryptocurrencies.
The Gemini exchange supports roughly 26 prominent cryptocurrencies, including Bitcoin, Ethereum, and DeFi tokens such as Compound (COMP), Balancer (BAL), Maker (MKR), and others.
- Gemini is a Coinbase alternative that is regulated.
- It is user-friendly for new investors interested in purchasing digital currencies.
- The exchange’s cryptos are insured.
- Gemini, unlike Coinbase, does not support a large range of cryptocurrencies.
- In addition, the exchange does not have the best fees for buying and selling cryptocurrency.
Kraken, based in the United States, is another regulated Coinbase alternative. Jesse Powell launched it in 2011 to make cryptocurrency trading easier for citizens of the country and abroad. It’s available in more than 170 countries and 48 states in the United States.
Kraken, as a regulated crypto exchange, is required to conduct know-your-customer (KYC) verifications in order to comply with US regulators. This means that in order to use Kraken, all users will have to prove their identities.
- Kraken accepts users from all over the world.
- It’s one of the most secure platforms for trading digital currency.
- Because the exchange handles a significant number of trades, liquidity is not an issue.
- To use the exchange services, you must verify your identity.
- It is not a user-friendly option to Coinbase for newcomers to the cryptocurrency market.
Bitfinex is one of many cryptocurrency exchanges that have been established to give consumers with the best possible trading experience. iFinex, the parent business of Tether Inc., the issuer of the US dollar-backed stablecoin USDT, operates this Coinbase alternative from Hong Kong. Bitfinex has been up and running for nine months. Customers from the United States, however, are not supported.
Several cryptocurrency services are available on the exchange, including derivatives trading, margin trading, and funding, over-the-counter trading, staking and lending, and so on. It’s worth noting that the exchange was hacked in 2015, losing 1500 Bitcoin, however its security system was likely toughened up as a result of the incident.
- On its platform, Kraken supports a wide range of cryptocurrencies.
- It is one of the most popular trading platforms for digital currencies.
- In the United States, cryptocurrency investors and traders are unable to use the exchange.
- For beginner investors, it is not the finest exchange.
- Apart from having a difficult UI, Bitfinex lacks a straightforward deposit mechanism.
In 2022, CEX.io, a London-based Coinbase alternative, is worth considering. It’s one of the first cryptocurrency exchanges, having been founded in the year 2013. The exchange has a simplified alternative for new investors to purchase and sell digital currencies, in addition to complex options for expert traders. Bitcoin, Ethereum, Dash, and other cryptocurrencies are supported on the exchange.
Users can access the exchange from a variety of nations, including 47 states in the United States.
- CEX.io accepts a variety of payment methods.
- It has low commissions for purchasing and selling cryptocurrency.
- It is great for new crypto investors because of its simple buy/sell option.
Exchanges play a key role in our daily crypto experience, thus selecting a user-friendly and safe platform is critical. The exchanges listed above are some Coinbase alternatives worth considering if you’re looking to trade or simply buy and sell digital currencies. Cryptocurrencies can be rewarding while also posing a danger. As a result, you should only invest what you can afford to lose.
Also, before depositing your funds with them, do some more research to find a more easy and secure exchange to utilize.
Every investing and trading decision entails risk, so do your homework before making a decision.
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