Coinbase Alternatives (UPDATED 2018): What is Better? | VKOOL

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What is Coinbase?

Coinbase is a cryptocurrency marketplace where people can sell and buy Litecoin, Bitcoin, Ethereum, Bitcoin Cash and Ethereum Classic. They are a major provider for crypto, and currently offer service to 32 different countries. They have even had over $50 billion crypto exchanges, and they have had $10 million different consumers use their marketplace.

There are other major players in the world of cryptocurrency exchange however, and they have different structures in terms of allowed crypto, fees, and overall consumer experiences.

In this comprehensive review we’re going to go over Kraken, Bitcoin ATMs, Gemini, and GDAX which are the main alternatives of Coinbase.

Fundamentals of Coinbase

Coinbase first got their start in 2012, and they’ve been able to offer their services in 32 different countries. The major currencies can be trade there including EUR, USD, GBP, and CAN. They also accept trades from Australia, Singapore, Sweden, Cyprus, and many other countries.

The company allows the exchange of Bitcoin, Litecoin, Ethereum, Bitcoin Cash, and Ethereum Classic.

They offer a free mobile app and for payment allow direct bank transfers, credit or debit cards, and of course cryptocurrency exchanges.

Gemini Marketplace

For season traders, Gemini offers place for trading to further set up a strategy for cryptocurrency exchange. This works as a way to trade either Ethereum or Bitcoin, as opposed to altcoins. You have many different options such as setting an Auction-Only option or different kinds of orders.

This order book makes it possible for people to get suddenly adjusted rates, which can mean snagging a deal off of ETH, or BTC. If you have the knowledge or want to learn about how to set up trading under different parameters, it’s far more customizable than Coinbase, who deals with a set system in place.

You can also take a closer look at the marketplace and decide for yourself if there are any tends you’re spotting. This is useful for an analysis and you get the option to quickly refresh the page for any sudden changes.

With fees people can expect an adjusted rate depending on the trading volume. This fee is recalculated at 7:00 pm EST, and depends on the amount you’ve been trading in a 30 day timespan. For example, takers can expect a 0.15% fee for amounts greater than or equal to 3,000 BTC with a limit placed at 5,000 BTC, which then turns into a 0.10% fee.

Fundamentals of Gemini

The company got their start in 2015 and they are based out of New York. To use their system requires a bank wire/transfer. They currently only offer trading for Bitcoin and Ethereum, and they make it clear how their fee structure as well as general system works on  their website.

The majority of their Bitcoin is stored offline in order to ensure that there is added safety. You can keep you crypto on their wallet as well.

GDAX Marketplace

GDAX is actually owned by the same group that manages Coinbase, but they offer GDAX as a more diverse place to buy and sell. With GDAX you get more advanced analytics, though the sign up process is equally as easy. They offer the trading of Litecoin, Ethereum, Bitcoin, Litecoin and Bitcoin Cash.

You can use their interface to look at market changes, and this allows for people to arrange their portfolio and determine potential market outcomes. There is a lot more information that what you’d find on the Coinbase interface and this is to make it customizable for serious traders who understand how to properly manage trading.

This is also not too complicated where it would be difficult to understand how to begin, but new traders may need to do some research before using it to its full potential.

With this customized ability to place an order, sellers and buyers can make decisions based off of market potential. This also offers stop order, which automatically would sell your crypto in the case that the market takes a dive. Because of the need to understand what all this means, it’s recommended to do research to know how it truly functions.

Fundamentals of GDAX

An immediately update ticker is offered on the official website where you can view the current value of different crypto. You also have a direct conversion rate for EUR, USD, as well as crypto to crypto rates.

You can also learn all about the fee structure and view the answers to common questions by looking at their support page.  An official Reddit page is also up and running where users share their experiences and stop to answer and make questions. Their fees are also lower than Coinbase.

Kraken Marketplace

Kraken is unique to Coinbase in hat it offers the sale of not just major coins, but also lesser known alt coins like GNO, REP, XBT, and many others. You can trade for CAN, YEN, USD, and EUR. Fees can also vary depending on the specific amount you’re looking to trade, and whether you’re the maker or taker. For those buying there is a 0.26% fee on a volume of 50,000 or less.

It’s a bit more complex than other trading platforms as you can see from the image below. This also offers people to really look at how their crypto is doing in the marketplace, and makes it more customizable.

To help ease the potential struggle that comes from reviewing a complex marketplace, they offer a full breakdown of how the entire thing works. Their FAQ section has a good outline to make consumers better knowledgeable of the entire process.

The different tabs also can be customized for more seasoned investors, and for people getting their start.

Whether you just want the basics and don’t want to get deep into the customization, you can choose between different tiers of either advanced, intermediate, or simple.

Fundamentals of Kraken

Kraken got their start in 2011, and they are a major player in the cryptocurrency marketplace. They self-describe themselves as being the “world’s largest… in euro volume and liquidity”.

The company is based out of San Francisco and they offer free account sign ups. 24/7 support is offered by their consumer support staff, and they offer evidence to ensure they have had successful audits.

Bitcoin ATMs

Although the name suggests it would only offer Bitcoin, these global ATMs actually offer alt coins as well as more popular coins like Ethereum, Litecoin, and Bitcoin Cash. You can actually look at online maps which highlight what the nearest sources are from crypto exchange.

This is meant to give direct line of transfer for people who don’t want a middleman. You can actually buy your cryptocurrency with other forms of payment instead of credit or debit card.

It’s important to consider that since this is made easier and because it requires upkeep, you can expect heavy fees, much more so than an online marketplace. It’s not uncommon to be charged 3 times the average of an exchange. They also tend to sell crypto at a much higher rate, so this means the fees and exchange rate wouldn’t be as useful. The reason for this is that it’s meant to be very convenient and easy for anyone to use.

A location near us was selling Bitcoin with a 13.2% fee.

They also charged $9,407.25 per Bitcoin, when on average markets the price was $8,328.15 per Bitcoin. So already you pay a higher premium fee to trade, while also paying more for the actual Bitcoin.

Coinbase vs BitPay

With BitPay users can spend, retain, or get a hold of Bitcoin through their wallet. This works globally and is currently the biggest service to do so. They have secured around $1 million USD worth of Bitcoin transactions a day. With their BitPay card users can use it similar to a payment card for any place that allows Visa.  Their free app also allows people to look at their activity and re-add funds.

Coinbase vs Circle

Circle is a worldwide platform that allows for instant monetary transactions. This makes it easier for people to text information and sends money to friends or for business transactions. They are also FDIC insured up to $250,000. All account information is encrypted twice, and they allow for fingerprint identification and or two-step authentication.  No fees are processed for transactions either.

Coinbase vs Bitstamp

Bitstamp offers trading for Ripple, Bitcoin Cash, Litecoin, Ether, and Bitcoin. They primarily focus on the European market, and operate out of Luxembourg. This is marketed as a way to trade without hidden fees and with 98% of all digital funds being stored offline to prevent hacking they also are subject to a yearly audit for accountability.

Coinbase vs eToro

eToro offers trading and stock options in cryptocurrency, commodities, and overall investing. They have set up over 238 million trades and offer a free app to start looking at the marketplace. Different payment methods are available including PayPal, MasterCard, Visa, WebMoney, Yandex, Skrill, and other forms. They were successful in acquiring $31.5 million USD, to fund their project.

Coinbase vs Blockchain

Blockchain offers a wallet and a lace to exchange crypto, much like Coinbase. A major difference is that with Blockchain, you can only use cryptocurrency to buy, with Coinbase offering other payment methods. You also can only trade Bitcoin and Ethereum on Blockchain. Their wallet is also free, and Blockchain boats over 100 million transaction and over 2 million wallets used.

Coinbase FAQ

  1. Is Coinbase safe to use?
    The website offers a lot of information on how they ensure safety, and it appears the company offers a lot of security.
  2. Does Coinbase offer Ethereum?
    Yes they certainly do, you can see updated exchange rates on their website.
  3. What are the full Coinbase fees?
    Fees vary on a lot of different circumstances including payment method and country of origin. For example, a US based buyer can expect a 1.49% charge on bank account payments, or 3.99% for credit/debit card use.
  4. Where is the Coinbase login page?
    The official page is: https://www.coinbase.com/signin
  5. Is Coinbase safe to link to a bank account?
    The official website actually targets this question and ensures encryption is use d as well as background checks on Coinbase employees. You can also choose another deposit method to use a temporary password and deposit through different means.
  6. Is there a Coinbase Reddit page?
    There is, it’s available here: https://www.reddit.com/r/CoinBase/
  7. Is Coinbase anonymous?
    For basic transactions all you need to provide an email, name, and some sort of payment method.
  8. Why does Coinbase need my ID?
    Periodic checkups on ID’s are needed to ensure that AML and KYC laws are upheld, depending on the area o jurisdiction.
  9. Is Coinbase legit?
    A lot of people do use it and it appears to work as directed.
  10. Was there a Coinbase security breach?
    Not that we know of, though they did say that they were investigating an insider trading possibility.
  11. Is Coinbase safe for silk road use?
    The silk road is closed but any illicit means is subject to legal action depending on the country of use.
  12. Can I use Coinbase in the UK?
    Yes, both buying and selling is offered.
  13. Can I use Coinbase in Canada?
    Canadian customers can take advantage of Coinbase and its services.
  14. What’s a common Coinbase review on Reddit?
    People had different experiences as some said it was simple to use, though some didn’t like the fees or they had trouble with verifying accounts.
  15. Is Coinbase down currently?
    The website at this time is available and fully operational.
  16. Does Coinbase offer ripple?
    No, they only allow exchanges for Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

Summary

There are many different kinds of marketplaces to buy and sell cryptocurrency. Some offer increased fees, more customization, more tools for experienced traders, sleek interfaces, more community support, and different payment methods. There is a different kind of use depending on what kind of trader you are, and some offer alt coins while others focus solely on providing the major cryptocurrencies.

With so many options to choose from, selecting a marketplace depends more on your personal needs. The great thing about this competition is that you can base your decision to purchase from a marketplace that best suits your specific needs. The market is always changing and with competition it ensures the consumer has options which best suits them. Whether you want to invest in a little, a lot, want a diverse portfolio, or want to use trader tools, there are options.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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