Coinbase has built a reputation as one of the biggest and best cryptocurrency exchanges. Not only in the United States of America (USA) but also in the rest of the world. The exchange is supported in 32 countries. Coinbase focuses on four major digital currencies, namely Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC) and Ethereum (ETH).
The GDAX Exchange is also part of Coinbase. It has recently launched full SegWit support for Bitcoin. However, if users want to trade or convert to any cryptocurrency outside of their offering, there are a number of reputable exchanges that support other cryptocurrencies and altcoins.
Here is a look at six alternatives to Coinbase. We will look at their services based on five criteria, namely level of trust, cryptocurrencies options, ways to deposit your cash, fees charged and the general user experience.
Localbitcoins is a marketplace that puts Bitcoin buyers and seller in touch. It’s like a Craigslist for Bitcoin. Users have to first register an account on the platform. This creates a web-based Bitcoin wallet for the user on the platform. Buyers or sellers can create a listing on the homepage with the amount, their location and their preferred payment method. Payments are done in local fiat currencies, such as United States Dollar (USD) and Great British Pound (GBP).
Read our Full LocalBitcoins Review Here.
There are a vast amount of payment options: These include payments such as PayPal and even face-to-face payment in cash. When this is done a list of compatible sellers are displayed with their offerings.
To protect buyers, Localbitcoins has a reputation and feedback system to create trust between buyer and seller. It can manage disputes as has an escrow service as well. The site only supports the sale of Bitcoin at this stage.
The platform charges 1% transaction fee on every completed trade. Sending from a Localbitcoins wallet to another one is free. The general usability of the site is easy and intuitive.
There are no complicated charts and trading graphs like most exchanges which makes this a good way to buy and sell Bitcoin for beginners and professionals alike. If you are an experienced trader you might find really good deals on this site that you would not find on any other exchange. The many payment methods available on this exchange is also a great bonus.
CEX is a registered exchange in the UK and has good credibility. At CEX you can even buy Bitcoin with a VISA or Mastercard. When it comes to trading options, they accept cryptocurrencies, bank transfers and credit cards.
You can buy eight different cryptocurrencies namely BTC, ETH, BCH, Bitcoin Gold (BTG), DASH, Ripple (XRP), Stellar Lumens (XLM), and ZCash (ZEC).The exchange supports four fiat currencies namely USD, GBP, Russian Rubles, (RUB) and the Euro (EUR) if you buy with fiat currency.
Read our Full CEX Review Here.
The biggest advantage to this exchange is that they claim to have coverage in 99% of the world’s cryptocurrency countries. As with most crypto exchanges they charge a small fee per transaction. The average fee is 3.5% per card deposit. Bank transfer and crypto deposits are free. There is also a 3% charge per crypto withdrawal. The exchange has very low fees between 0% and 0.25% depending on the amount of the crypto that is exchanged.
The exchange has a very easy instant buy and sell interface which makes it easy for first-time Bitcoin buyers. For more advanced traders there is a full order book and charts interface where they can place buy and sell order for their cryptocurrency.
I first heard about Changelly in 2017 through their mining platform, Minergate. They decided to take their crypto expertise to the next level by building a crypto exchange. The exchange comes with the credibility and experience that the team has already gained.
The Changelly platform can handle a staggering amount of different cryptocurrencies. I counted at least 98 supported currencies, including the iExec RLC token. The site has automated processes that monitor the biggest exchanges. The platform will then automatically choose the cryptocurrency that has the best exchange rate at that moment but the user can still choose which currency they would like to convert into.
Read our Full Changelly Review Here.
Changelly charges a flat rate of 0.5% per transaction. The instant conversion rate is the only way to exchange crypto on this platform. The user interface is very straightforward and easy to user. From beginners to skilled traders should be satisfied with the experience.
This exchange does not have an order book for trades like CEX. The only disadvantage of this exchange is the very high fees for credit card deposits like many of the other exchanges featured. Changelly takes a 5% fee and the payment provider, Simplex adds another 5%.
Bitit is a crypto exchange based in Paris, France. It allows users to buy cryptocurrencies using their local fiat currency. It supports about 14 fiat currencies, including the Chinese Yuan Renminbi (CNY) and the Japanese Yen (JPY).
Users can deposit funds using a credit card, cash, e-wallet or by wire transfer. Cash vouchers can be bought in some stores in Europe. There is a store locator to find these branches. The only disadvantage of this exchange is that it only exchanges fiat currency for cryptocurrency.
There are no crypto-to-crypto exchange pairs available. Similar to Changelly, the fees are also high for credit card deposits. The fees differ per deposit type and range between 3% – 11.9%.
The Bitit interface is also streamlined for instant trading. It does not have an order book for advanced traders to create buy or sell orders. However, it has a great user experience and anyone can use this exchange and will enjoy using it.
Coinmama is based in Israel and has listed a credible team on their website. It also trades in just two cryptocurrencies, namely BTC and ETH. They do state that they plan to add other currencies in future. The only method of payment on the exchange is credit or debit cards.
Read our Full Review of Coinmama Here.
All local currencies are accepted but the pricing is displayed in USD or EUR. Coinmama does not have a wallet service so users have to supply their own wallet address where the funds will be sent. The price quoted on the conversion rate will include the fee of 5.5%. The payment gateway that handles the credit card transactions will add another 5% to the total fee.
The exchange is very simple to use. It provides spot rates on buying cryptocurrency so does not have an extended trading platform with order books for advanced traders.
The Coincorner company is originally from the UK but has its headquarters in the Isle of Man. This exchange allows users to buy Bitcoin with a debit or credit card as well as bank transfers.
The platform only supports Bitcoin trading and has its own Android and iOS wallet apps. It has very low fees which range between 1% and 2.5% per transaction. Similar to Coinmama, CoinCorner also has a simple buy interface to get instant rates on Bitcoin. It does not have an order book for advanced trading.
Unfortunately the exchange rate fees on exchanges that accept credit card payments can be high. They often use a third-party payment processor so this means higher fees and extra charges. If it can be avoided, rather deposit cryptocurrency instead of fiat. Another option is to use bank transfer as the fees are also much lower. For users that are more experienced traders, using an exchange like CEX where they can create their own buy or sell orders will allow them more flexibility and more profit on transactions.
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