Currently, Coinbase still enjoys the top billing among exchange platform trading digital currencies. However, its 13 million users have a much wider selection to choose from. Many new users go to Coinbase because of its user-friendly features and its reputation as a trustworthy platform. At the same time, other platforms are starting to catch up to Coinbases ease-to-use standards — and they don’t have any trappings of traditional banks.
Reasons Investors Want a Coinbase Alternative
U.S. investors are looking for Coinbase alternatives due to a number of reasons. Coinbase still holds sway as a prominent Bitcoin exchange with perks for buyers. However, the company’s move toward policies similar to mainstream banks has turned off many users. Coinbase now charges exorbitant fees, and the platform has also incorporated aspects of conventional banking laws too close to rigid global financial systems for many investors’ comfort. One of the most unpopular practices is an application process that asks new users for lots of financial information.
Criteria for Coinbase Alternative
Here are some of the characteristics investors should look for in Coinbase alternatives:
- Beginner friendly. A new user should be able to purchase crypto without advanced training.
- Widely available. The service should be available in the majority of the country.
- No wire transfers required. Funding should be available for U.S. checking account, credit cards and debit cards.
- Reasonable Price markup. Many websites provide direct crypto purchases via a bank account or credit card but have incredibly high markups compared to the current spot price. Coinbase’s markup is 4 percent, so alternatives should match or beat that.
- Android and iPhone apps. Any valid Coinbase alternative needs to be available on Apple and Android-based mobile devices.
Top Coinbase Alternatives
There are hundreds of options online, but few of them truly
The top Coinbase alternatives available to U.S. residents include:
Users should compare several platforms before settling on one to hold the bulk of their crypto investments. Investors enjoy the relevant anonymity offered by cryptocurrencies. These digital currencies cannot be counterfeited or reversed by the sender, which isn’t the case with credit card transactions and traditional cash-backed global currencies. However, the investment type is relatively new and the industry is far from mature, so due diligence is recommended for newer or risk-averse traders.