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Undoubtedly, COINBASE has long been an established and reputable name in the cryptocurrency exchange and trading world and has built on its leading position to further expand its popularity. This has rendered it a very appealing first choice, especially for casual users or first timers, who simply want to buy some crypto for the novelty of the endeavor and out of curiosity.
However, as the supply of cryptocurrency exchange services increases rapidly and competition rises, Coinbase users start realizing that they can perhaps look elsewhere for alternatives to Coinbase, especially since the exchange does pose certain disadvantages and limitations, the main ones pertaining to the following:
The structure and height of Coinbase Fees: Though few can argue that Coinbase is a trusted and easy to use venue for buying crypto, its fee structure has often been at the root of many user complaints. Moreover, there is also a general sense that the fees charged, especially withdrawal fees, may well be considered as exorbitant. Counting on its popularity and leveraging on it, Coinbase maintains high fees simply because it can do so. Therefore, if low fees is what you are after, then you are perhaps better off seeking an alternative to Coinbase.
Very strict and rigorous monitoring: Another complaint often posed by Coinbase users, arises from the exchange’s extremely rigid monitoring system. In fact, since Coinbase questions how its users use their funds, there have been reports of Coinbase accounts been forcibly closed when clients were found to be using their crypto for online gaming, gambling, and escort services. The extensive anti-fraud policies and practices employed by Coinbase often frustrate its users, especially since, even if they don’t have any sinister intention on how to spend their funds, they still have to wait for days before they can move their crypto to non-custodial wallets. Such monitoring, controls and checks result in delays, since a few days are also needed for clearance of your funds and transferring them back to your own bank account. Consequently, if you are in to day trading or consider your privacy and anonymity a high priority, then you should consider other crypto exchanges as alternatives to Coinbase.
Lack of Availability and Variety: Though in their core and philosophy cryptocurrencies are open, decentralized and borderless, it is true that cryptocurrency exchanges are not readily available and accessible from all countries. Coinbase does not fare greatly in this regard, since it only serves a few dozen countries. Therefore, you may well be forced to look for alternatives to Coinbase, simply because it doesn’t serve your location or country of origin. Moreover, Coinbase is also criticized for lacking an adequate variety and diversity when it comes to the crypto currencies it offers, which are mostly limited to the most popular and widespread ones. Thus, if you are after more options and wish to be spoilt for choice, then you should search for an alternative to Coinbase.
Before you start looking for an alternative to Coinbase, make sure you must be looking for specific qualities in that alternative. In a nutshell, you should be evaluating any alternatives using two simultaneous types of criteria. A good alternative is one that equals or exceeds the strongpoints of Coinbase, i.e. its good and solid reputation, its high level of security and the intuitive nature of its exchange environment that is user-friendly and easy to use, while at the same time faring better than Coinbase in the weak points identified above.
More specifically, ensure that the exchange you are considering as a viable and suitable Coinbase alternative employs a different fee structure and charges less, both for using its exchange services as well as for withdrawing your own funds. Moreover, is does not implement excessive monitoring which results in delays as well as infringing on your anonymity and privacy.
Furthermore, make sure that the Coinbase alternative you are considering offers significantly more supported cryptocurrencies for you to choose from and not only the popular ones which are available everywhere. Greater variety and diversity will mean that you will be better able to enrich and diversify your portfolio, while also allowing you to maximize your potential for success and gains. It is a good idea to do some research first to identify possible cryptocurrencies you would want to get hold of and check whether they are actually available.
Finally, and perhaps most importantly, if you are trying to find an alternative to Coinbase because your location is not served by them, make sure that any alternative is indeed accessible from where you are. Some exchanges are available in some countries and not in others, while there are many examples of differences, even below the country level, e.g. differences on what is allowed and what not from US state to US state. It is then a good idea before comparing any other features, to be sure that a specific exchange allows access from and can serve your own specific location.
Binance enjoys a huge popularity among online crypto exchange platforms with its main advantages being that it charges minimal withdrawal fees, while offering interested traders and investors the chance to purchase and exchange a great variety of different cryptocurrencies.
For those wishing to be part of the new digital reality when it comes to currency transactions, a relatively new entry on the scene, namely Zeply, presents an appealing option and should be seriously considered as your next venue for grabbing some Bitcoin. Zeply is a type of cryptocurrency exchange in the form of a platform where one can buy, exchange and store cryptocurrency using fiat currency.
Kraken is one of the longest established cryptocurrency exchanges in the industry, since it was initially launched back in 2013. Kraken is the chosen crypto exchange for many users across the globe and the present review aims to help you discern whether it is the most suitable and appropriate venue for your own cryptocurrency exchange needs.