Coinbase has been a leader in the cryptocurrency market for a very long time. Coinbase is a US-based platform that offers services to over 30 countries.
However, off late, Coinbase has been caught up in controversies. Furthermore, It has created a sense of centralization, which, is against the decentralization principle of blockchain and cryptocurrencies. It is therefore evident that Coinbase is on the decline.
Today, here at BlockchainBiome we look at Coinbase alternatives. We examine some of the cryptocurrency exchanges that could prove to be more suitable for your needs. If you want to know more about the company then you can check here. Coinbase recently raised $100M in funding led by IVP.
These exchanges serve as favorable alternatives to Coinbase. Today at BlockchainBiome, we examine alternatives such as BitPanda, Bittrex, Kraken, CEX.io, Binance, and Changelly. Additionally, we look at how to get started with these platforms.
Best Coinbase Alternatives of 2019
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BitPanda is an excellent alternative to Coinbase. BitPanda is relatively faster and has an excellent user interface. To carry out any sort of trade on the platform, the user would need to be verified first. BitPanda offers a platform for trading in several cryptocurrencies. These include, but are not limited to, Bitcoin, Augur, Ethereum, Cardano, Ripple, ZCash, and Dash. The site has no trading limits.
BitPanda does charge a fee on deposit and withdrawals and the fee schedule can be found on their site. It is a reputable trading platform and is growing rapidly amongst the people in the cryptocurrency community.
To register and trade on BitPanda:
- Visit BitPanda
- To register, click the blue box on the top right corner that says, ‘Sign Up’.
- Fill in the details to complete the registration.
- To complete the registration, you will have to fill out your name, your email address, choose and type in a password and select the country of residence.
- Once done, you will have to agree to the Terms and Conditions.
- Next, click on ‘Create Account’.
- You will then have to solve a Captcha to prove you are human.
- A mail will be sent to the account with which you have registered. Go to your inbox, look for the email and click on ‘Confirm Email Address’ in the mail.
- You will then be able to login with your credentials.
- To deposit or carry out trade, you will have to carry out Verification. You will need to provide a valid phone number for this verification process.
- To trade on BitPanda, click on ‘Trade’ at the top.
- Click on either ‘Buy’ or ‘Sell’.
- Select the cryptocurrency you want to Buy/Sell and your wallet.
- Set the amount for which you want to buy or sell.
- Click on ‘Buy Now’ or ‘Sell Now’ to finish the trade.
Bittrex, started by three cybersecurity engineers, is one of the most renowned cryptocurrency trading platforms in the world and one of the best Coinbase alternatives. It places immense focus on security.
Bittrex is a highly secure platform that has a fixed fee of 0.25% per transaction. It is simple to use and can be used by a novice trader.
Check out complete in-depth Bittrex Review: How to use Bittrex and Is it a scam?
To register and trade on Bittrex:
- Go to Bittrex
- To register, click on ‘Sign Up’ on the top right-hand corner.
- You will have to enter your email address and select a password and agree to the ‘Terms of Service’. Next, click on ‘Sign Up’.
- You will have to solve a Captcha process next to continue the registration process.
- Find the email with the title ‘Bittrex Account Verification’ and click on the link in the mail to verify the account.
- You are required to verify your IP address when you log in for the very first time. The IP address needs to be verified every time you log in with a new IP address.
- The next step is verification. Go to ‘Settings’ when you have logged in.
- Choose ‘My Profile’ and fill in all the necessary details. After all the details have been filled in, select ‘Submit’.
- Choose ‘Start Verification’ and upload a selfie with your government issued ID to carry out the ID verification.
- Next, upload a separate image of just your face to finish the verification process.
- To trade, go to the ‘Markets’ section.
- Choose the pair you want to trade with. This can be done by looking for the desired cryptocurrency in the search bar.
- Choose the specifics for the trade such as a number of units, total, type and choose ‘+ Buy’ or ‘- Sell’ to buy or sell the cryptocurrency you have chosen.
Kraken – One of the top Coinbase Alternatives
Kraken is a cryptocurrency platform with a brilliant user interface. It is quite easy to use and has support for over 20 cryptocurrencies.
Kraken charges a small fee on trading and the fees are based on your 30-day trading volume. It allows for depositing and withdrawing of fiat currencies such as EUR, USD, and CAD.
It is a leading platform for trading and can be used instead of Coinbase. However, it does have an arduous verification process that can be tiresome.
But still, if you have finally decided to sit back and try some Coinbase alternatives then it deserves a try for sure.
Must Read: All you Need to Know About Livecoin Exchange.
To register and trade on Kraken:
- Go to kraken
- Choose ‘Create Account’ on the top right corner.
- To register for an account, fill in your email ID, password and the username you desire.
- An activation key will be sent to your account. Use this key to verify your account on Kraken.
- Once logged in, you will see the Overview page of your account.
- For additional security, you can enable 2 Factor Authentication. This can be done by choosing the ‘Two-Factor Authentication’ option in the ‘Security’ tab. You will need an authenticator application like Google Authenticator to do so.
- You can deposit funds in EUR, USD or CAD for trading on Kraken. To do so, you will first have to upgrade your account to a higher tier that allows you to carry out deposits. For this, you will have to go through a verification process. To start this verification process, go to the ‘Get Verified’ tab at the top.
- Send in documents such as your government issued ID and proof of residence. You will also have to upload a picture of yourself with the ID.
- To make deposits, go to the ‘Funding’ section.
- You can make deposits in USD, EUR or CAD. Choose one of these currencies based on your preference.
- To carry out trading, click on the drop-down menu on the upper left corner and choose the pair you want to trade with. This could be a cryptocurrency pair such as BTC/ETH or a cryptocurrency- fiat pair such as BTC/USD.
- Enter the amount of cryptocurrency you want to buy or sell and choose either Market order or Limit order.
- Finally, click on ‘Buy xxx with xxx’ to complete the trading process. (Here, ‘xxx’ represents the currency)
CEX was started in 2013 and is rapidly growing to become one of the top alternatives to Coinbase. CEX.io has strict KYC processes and provides support to major cryptocurrencies such as Bitcoin, Ethereum, ZCash, and Dash.
The drawback with CEX is its high trading fee. However, it has a beginner-friendly user interface. There has been a lot of importance given to the user experience and the interface on the platform.
Must Read: Nova Exchange Review, Is it really a leading Bitcoin Exchange?
To register and trade on CEX.io:
- Go to Cex.io
- Choose ‘Register’ on the top right corner of the page to start the registration process.
- Begin the registration by entering your email address and then select a strong password. Next, go to your inbox and verify your email ID through the verification mail sent.
- Next, verify your phone number. Once you enter your phone number, you will receive a verification code. This code can be used to verify the phone number.
- Once this is done, complete the KYC process by sending in the required documents.
- 2 Factor Authentication can also be enabled with the help of authenticator applications such as Google Authenticator.
- Next, add a bank account, credit card, or debit card. To add the debit or credit card, you will need to take a picture of yourself with the card and upload it on the site. You will be charged a fee of $10 for each bank transfer you carry out. Credit card deposits incur a 3.5%+$0.25 fee.
- To carry out trade, choose the currency you want to buy and choose the ‘Buy’ option. Similarly, to sell, select the currency and choose ‘Sell’.
To say that Binance is a leader in the cryptocurrency market would be an understatement. Binance is often the preferred choice for many crypto enthusiasts for carrying out trade. Started in China, Binance offers two different views. One view for the beginner and another for the advanced trader. It is one of my favorite Coinbase alternatives today.
The free structure on Binance is free from any sort of complexity. It has a flat 0.1% fee for all transactions. Although tricky to use, it provides great analytics tools for carrying out trade. It is a great platform to use instead of Coinbase. Binance offers support to over 80 cryptocurrencies.
Must Read: 10 Best Bitcoin Wallets You Must Try
To register and trade on Binance:
- Visit Binance
- On the top right corner, you will see the ‘Register’ option. Click on it to begin the registration process.
- Next, fill in the email and password. Click on ‘Register’.
- Next, solve a captcha puzzle. Solve it carefully.
- Go to your inbox, look for the mail from Binance, and verify your email address.
- A Security Risk Notice will pop up when you log in for the first time. Read and understand the notice and choose ‘I understand, Continue’.
- This platform also allows for 2 Factor Authentication. Choose ‘Google Authentication’ for authentication through the Google Authenticator app, or, ‘SMS Authentication’ for authentication through phone number.
- Next, go to the ‘Funds’ and choose ‘Deposits’.
- You can deposit funds into any of your cryptocurrency wallets on this page. You will obtain the address once you choose the currency.
- Next, go to ‘Exchange’ and then choose ‘Basic’ from the dropdown menu.
- On the right-hand side of the screen, you will see the option to choose the currency pair. Choose the desired pair and continue.
- Choose the type of order and select ‘Buy xxx’ or ‘Sell xxx’ to buy or sell the cryptocurrency. (Here, ‘xxx’ represents the currency)
Changelly was started in 2013. It has support for over 130 cryptocurrencies and is one of the best Coinbase alternatives going around. Changelly revolves around the principle of providing convenience to the user while carrying out trade.
It has low transaction fees, but, has limits on transactions and card payments. It does not have a bothersome KYC process and is extremely easy to use.
Check Out Complete in-depth Changelly Review 2018: Begineers Guide.
To register and trade on Chagelly:
- Go to Changelly
- Click on ‘Join’.
- Next, choose ‘Sign Up’ and enter the email address.
- Only the email address is needed. You will have to verify this email address. Look for the mail sent by the Changelly team and carry out the account verification.
- To start the trading, first, choose the cryptocurrency pair that you wish to trade with.
- Specify the amount of the trade. Once done, click on ‘Next’.
- Enter the recipient address. This could be the address of the wallet that stores the cryptocurrency you are buying.
- Next, carefully go through the details of the transaction to ensure everything is correct.
- Once verified, confirm the trade and wait for the exchange. It takes between 5 minutes to 1 hour for the trade to be confirmed.
Some more Coinbase Alternatives You can Try
|Alternatives to Coinbase||Website Link|
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Wrapping up Best Alternatives to Coinbase
There are several platforms available on the web for carrying out trade. We have listed a few of the top exchanges that could do just as good a job, or, a better job than Coinbase. If you are like us and want to jump ship from Coinbase, the above guide can help you in choosing a suitable alternative.
Bitpanda, Bittrex, Kraken, CEX.io, Binance, and Changelly are all excellent alternatives. All of them have great user interfaces. Trading on these platforms should be easy and hassle-free.
If you like this list of best Coinbase alternatives then please do share it with your friends and let them know about these great exchanges.
And don’t forget to let us know your best platform in the comments below.