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Alternatives to Coinbase: A Comprehensive Guide to Crypto Trading Platforms

Coinbase is a popular cryptocurrency exchange that has been around since 2012. It is one of the most trusted and reputable exchanges in the world, and provides a variety of services, including an online wallet service, a digital currency brokerage, and even some basic educational resources for newbies to crypto. While Coinbase has been the go-to platform for many beginner and pro-traders over the last few years, there are various other options available.

In this article we will examine some alternatives to Coinbase so that you can choose the best platform for your crypto needs.

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What is Coinbase?

Coinbase is a cryptocurrency exchange, but it’s also much more than that. It offers its own Bitcoin wallet and API keys to third-party apps so they can take advantage of the company’s services without having their own accounts. Coinbase has been designed for both new users and experienced traders alike with an intuitive design to help you easily start investing in Cryptocurrencies such as Bitcoin or Ethereum.

Unlike some exchanges which only offer trading pairs between two cryptocurrencies, Coinbase offers many different currencies like Ripple, Litecoin, and Zcash etc. Along with its easy to use interface, this has made it one of the most used platforms for beginners who are looking for an easier way into crypto than just investing money into a single currency. One major plus of Coinbase is that it is available for both Android and iOS, which makes the whole trading process a lot easier.

Main Features and Benefits of Coinbase

Downsides to Coinbase

Coinbase has a number of downsides that potential customers should be aware of:

First of all, it is difficult to get verified with Coinbase and the verification process can take several weeks. Customers may also find themselves unable to buy certain cryptocurrencies through Coinbase because they are not listed on their exchange (for example Ripple).

The fees for exchanging cryptocurrency via Coinbase can cost anywhere from one percent for bank transfers, four percent for credit cards, or seven percent plus thirty-six cents per transaction if you use PayPal. If using an American Express card, then there are no additional charges but this does come at the expense of reduced liquidity as only Bitcoin via Amex. 

Furthermore, withdrawals from Coinbase typically incur a fee amounting up to $300.

Coinbase is a regulated institution which may be appealing to some customers but it also means that cryptocurrencies are not immune from the scrutiny of government agencies.

Finally,Coinbase could close your account at any time for violating their terms of service or if they suspect you’re using them to commit fraud (remember, Bitcoin transactions can be quite anonymous).

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Crypto coin

Kraken

Kraken is a US based cryptocurrency exchange that operates worldwide. It offers trading of different cryptocurrencies and some fiat currencies, as well as leveraged margin trading on selected pairs with short-term financing rates. Kraken also settles trades in Euros, USDs, British Pounds and Japanese Yen (JPY).

Advantages

Disadvantages of Kraken

ZenGo

ZenGo is a cryptocurrency exchange that aims to provide the best customer service possible. There are many things this company does differently than other exchanges, such as not charging any deposit fees and offering its own token – ZNGO tokens (ZNX). Furthermore, the company offers a referral program, and pays you for referring your friends and family to ZenGo.

Advantages

Disadvantages

Gemini

Gemini is a US-based exchange which was founded in 2015. Gemini trades Bitcoin and Ethereum with fiat currencies USD, CAD, EUR, GBP and JPY as well as other cryptocurrencies such as Zcash (ZEC) and Litecoin (LTC). It primarily operates off the U.S. dollar though it also offers some trading pairs against other currencies such as Euros or Canadian Dollars. This is particularly useful for qualified customers outside of the United States where there may be more favorable tax conditions. Gemini enables users to deposit money using credit and debit cards, and also by wire transfer. This means you won’t need to verify your account before you start trading in cryptocurrencies.

Advantages

Disadvantages

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Bitcoin IRA

Bitcoin IRA is an online brokerage service that allows you to buy and sell bitcoin in a self-directed individual retirement account. There are no investment minimums to get started with Bitcoin IRA and you can buy fractional shares starting as low as $25 per share (approximately 0.0016 BTC). Bitcoin IRA enables you to purchase cryptocurrencies without needing someone else to trade on your behalf. This results in lower fees for buying shares than through traditional brokers because there are no trading commissions. In addition, Bitcoin IRA offers a competitive pricing structure for those who buy and hold their investments.

Advantages

Disadvantages

Robinhood

Robinhood is a mobile trading platform for multiple cryptocurrencies including Bitcoin and Ethereum. It offers commission-free crypto trades with no fees on either sell or buy orders, as well as instant deposits to your account. It’s also possible to trade stocks on Robinhood which is not the case for most other exchanges. Robinhood is ideal for beginners who want to get into trading in cryptocurrencies because it is so simple and doesn’t have a ton of confusing options.

Advantages

Disadvantages

FTX

FTX is a crypto trading platform, designed to help traders avoid many of the risks and challenges that come when they trade on other exchanges. FTX supports numerous currencies including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Litecoin (LTC). The exchange has a user-friendly interface and offers an auto-trading system for beginners who want help in making decisions about which cryptocurrencies to buy or sell. It also provides users with real time market data updates, as well as price notifications via SMS. In addition, FTX offers comprehensive customer service to help traders resolve any issues that might arise.

Advantages

Disadvantages

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To Sum Up

At the end of the day, when it comes to crypto trading platforms, there is no one-size-fits-all option. The perfect platform for you may be totally unsuitable for somebody else so the best thing is to try out a few options and see which offers you the most benefits and the best user experience. Most platforms offer a trial so you can get a feel for their interfaces and check the effectiveness of the different features. The platforms in this article are some of the most popular and commonly used on the market today, so they are a good reference point, especially if you are new to crypto. Happy trading!

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