3 Best Coinbase Alternatives for Buying Cryptocurrencies – CoinPost.News

3 Best Coinbase Alternatives for Buying Cryptocurrencies

Coinbase is truly a grand name, and it’s recognized by anyone who, either directly or indirectly deals with digital and virtual currencies. Its effectiveness, less rigid requirements, and lightning fast transactions are a few of the qualities that made it get such a wide following. While it’s still one of the best cryptocurrency exchange platforms out there, there are certainly some setbacks that make potential investors look the other way.

Before we take a quick look at Coinbase’s competitors, let’s go through some of the things that make it a turn off.

Available in certain countries only

Coinbase serves around 32 countries only. If you live in a country where their services are not offered, you’ll only be able to read about them, and perhaps buy Bitcoin and Ethereum from them and that’s it.

Unresponsive sight due to huge traffic

On a very busy trading day, assuming something good or bad has triggered price changes, and people want to sell or buy more coins, Coinbase’s website gets pretty jammed up, and you cannot get anything done ASAP. Some windows of opportunity last very few seconds or minutes, and therefore a stalling site won’t do you any good.

Close links with banks

Coinbase is said to have received backing from venture capitalists during its nascent stages and hence its close ties with banks. The current account opening requirements are extremely stiff. It’s similar to opening an account with conventional financial institutions. They also execute some control over clients’ money like banks do.

Preferred Alternatives

Now, if you feel you’d rather use other platforms that offer close or better services than Coinbase, the following selections might interest you.

Gemini

 

 

Gemini offers advanced trading at reduced costs. It’s the best choice for those who already have some experience trading on Coinbase or traditional investing and are craving for a bit more complex strategies. Despite the advanced nature of its interface, the design is intuitive and simple to master after a short while.

You can buy or sell Bitcoin and Ethereum on Gemini. Everything happens on order book-something you may not find on Coinbase. If you are strategic enough, you can actually get your coins at a fairer price than that set on other platforms. Some of the order types on Gemini include market, limit, IOC (Immediate-Or-Cancel) and MOC (Make-Or-Cancel). The order book has some graphical charts that investors can use for technical analysis.

Any shortcoming? Yeah, they don’t have an app yet and supports two cryptocurrencies only.

Gemini Key Information

  • Beginner friendly
  • Deals with Bitcoin and Ethereum
  • Lacks a mobile application
  • Launched in 2015
  • Located in New York
  • Bank transfers and wires are the main methods of buying and selling
  • Great security
  • Very low fees
  • Good customer care support

 

GDAX

 

If you are feeling overtaxed by Coinbase’s exorbitant deposit and withdrawal charges, GDAX can offer you some relief. Since they are owned by the same parent company, their user interfaces look almost similar. All the important aspects of trading like price chart, trade history and order book appear on the same page.

On this platform, you can trade Litecoin, Bitcoin, and Ethereum with government-backed currency. If you decide to switch sides from Coinbase to GDAX, you’d be glad to know that there are no transaction fees levied for moving your assets. This efficient and zero-charged process provides for a smooth transition.

GDAX is also a good place for those who want to sharpen their technical analysis skills. The charts in the order book should help you get acquainted with advanced market trends. Common trading activities on this site include placing market orders, limit orders as well as stop-loss orders. You can trade on margin, though it’s not recommended for junior traders because of its high-risk nature.

Like Gemini, GDAX too doesn’t have a mobile app.

GDAX Key Information

  • Suitable for cryptocurrency exchange
  • No mobile application
  • Not beginner friendly
  • Launched in 2012
  • Located in San Francisco, California
  • Deposits and withdrawals made through bank transfer
  • Trades Litecoin, Bitcoin, and Ethereum
  • Great community trust
  • Great security
  • Good customer support
  • Low Fees

Kraken

Coinbase is commendable for first time traders who are looking to scratch their crypto trading itch. Once you are familiar with trade execution and need to add more coins to your portfolio, you should check out Kraken.

This platform offers over 15 coins which can be traded through different pairing. This means you’ll be working with several tabs, some displaying history, market, and account info while others showcasing the price, charts and order book. This makes Kraken quite advanced and complicated for freshmen. GDAX and Gemini put everything, or rather key information on a single page for easy analysis. With Kraken, it’s going to a little bit hectic flipping through the various pages to know what’s happening.

There are three interfaces for making trades; simple, intermediate and advanced. The first one is for casual investors that are interested in trading only a few coins. The last two are for those who want to add many coins to their portfolios.

Nevertheless, Kraken seems to know that their site can be a little confusing to newbies so they provide a trading guide as well as a well-detailed support center with plenty of FAQs on much that happens on the platform.

Kraken Key Information

  • Designed for cryptocurrency exchange
  • It’s not newbie friendly
  • Doesn’t have an app
  • Located in San Francisco, California
  • Launched in 2011
  • Deposit and withdrawals  are carried out through cryptocurrency and bank transfer
  • Trades Bitcoin, Litecoin, Ethereum, and several other cryptocurrencies
  • Great community trust
  • Good security
  • Low fee levied
  • And above average customer support

Wrap up

If you have tried Coinbase before or just don’t want to deal with it, the options outlined above will provide the same quality service if not better. GDAX and Gemini should be at the forefront of those who want to learn more about technical analysis. Kraken, on the other hand, comes in handy when you want to expand your trading portfolio by adding a few more coins to your stock.