Coinbase: Alternative exchanges and sites to consider
These are 5 of the best sites like Coinbase where you can buy bitcoin using fiat currency.
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With millions of users across dozens of countries, Coinbase is one of the most popular crypto exchanges in the world. But it’s far from the only option available. In fact, there are several other exchanges that arguably offer an improved trading experience, especially for Australian users, so let’s take a closer look at five leading Coinbase alternatives.
Exchanges like Coinbase
When compiling this list of sites like Coinbase and selecting some of the leading options, we focused on several key aspects. These include the following:
- Deposit methods. Coinbase offers easily accessible deposit methods for trading dollars to cryptocurrency. By offering a link between fiat currency and some of the biggest cryptocurrencies available, Coinbase is often the first port of call for many new crypto buyers.
- Cryptocurrencies supported. Coinbase allows you to buy and sell several digital currencies. Its selection is narrower than many other exchanges, so it's easy to find Coinbase's supported cryptocurrencies elsewhere.
- Ease of use. Coinbase is designed to make it easy for new users to buy and sell digital currency. Features include a straightforward user interface, simple fiat deposit methods, a quick sign-up process and an extensive selection of online help guides. Do the other exchanges you're comparing offer a similar level of user-friendliness?
- Fees. How do the deposit, withdrawal and trading fees compare to those charged by Coinbase? Coinbase fees vary depending on the payment method chosen and your country of residence, but credit and debit card purchases usually attract a 3.99% fee.
- Limits. Are there any deposit, trading and withdrawal limits? Do these vary based on the verification status of your account?
- Supported countries. Does the exchange offer its services to customers around the world or is it targeted at users from a specific country?
- Customer support. Does the exchange have a good reputation for providing prompt and helpful customer support?
Top exchanges like Coinbase
- Allows you to buy cryptocurrency using fiat currency
- Supports more than 100 digital currencies
Melbourne-based CoinSpot offers both fiat-to-crypto and crypto-to-crypto trading, but unlike Coinbase, it is only targeted at Australian users. AUD deposits are accepted via BPAY, POLi Payments and cash, and you can use the platform to instantly buy and sell bitcoin, Ether, Ripple (XRP), Bitcoin Cash, EOS, Litecoin and dozens of other cryptocurrencies. A 1% trading fee applies to instant buy and sell transactions.
- Allows you to buy a wide range of cryptocurrencies with AUD
- Lower trading fees and smaller spreads than many other exchanges
This Australia-based exchange lets you buy many cryptocurrencies with Australian dollars, and supports deposits with local payment methods such as POLi and PayID. On Swyftx, Australian dollar deposits are converted to US dollars on entry. While this incurs a small cost on deposit, it translates to lower trading costs than some other exchanges after deposit. It offers an extensive range of 100+ cryptocurrencies.
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Things to consider about exchanges like Coinbase
Before deciding whether you should choose Coinbase or one of the alternative platforms featured in this list, remember to consider the following:
- Fees. If you’re using a platform that accepts credit card payments, be aware that these tend to come with higher fees than other exchanges that accept crypto transfers. These fees can vary depending on the payment method selected and even your account verification status, so make sure you read the fine print.
- Limits. Find out how much you’re allowed to deposit to and withdraw from your account, and whether there’s any limit on your trading volume. Note that you may be able to access higher limits by completing additional verification tasks.
- Payment methods available. Consider the payment methods you can use to deposit and withdraw from your account. For example, is your brand of credit card supported? Does the exchange accept deposits from bank accounts in your country of residence?
- Supported currencies. First, check that the exchange supports the fiat currency you want to use and that you’re also able to access the platform from your country of residence. Next, consider the number of cryptocurrencies you can buy on the platform.
- Buy only. Some exchanges similar to Coinbase only offer the option of buying cryptocurrency, not selling. If you want an all-in-one platform, some sites may not be right for you.
- Security. Centralised exchanges like Coinbase have security weaknesses when compared to decentralised platforms. You should also consider the security features a platform offers, such as 2-factor authentication and cold storage of user funds as well as whether it has ever been hacked.
- Anonymity. Consider the amount of personal information and identification you’ll need to provide before purchasing. Many platforms that allow you to buy crypto using fiat currency have strict ID verification requirements.
- Customer support. Don’t forget to consider how easy it will be to access help through an exchange if you ever have a problem with your account. Is there an online help centre? How can you get in touch with the customer support team? How responsive are they to enquiries?
- Other options. If you’re looking to perform crypto-to-crypto trades rather than fiat-to-crypto trades, there are a number of platforms available. Do your research and compare your options to find out which one is best for you.
If you’re looking for an easy and convenient way to buy cryptocurrency using fiat currency, Coinbase is a popular choice. However, there are also several other options worth considering that may be better aligned to your trading needs.
For example, if you want to build a diverse crypto portfolio, you may want to look for a platform that supports more digital currencies than the four supported by Coinbase. If you want to deposit funds via bank transfer, you’ll need to look for an exchange that supports this feature in your country of residence.
Whatever you’re looking for in a crypto exchange, the most important thing to remember is to compare your options. This will help you choose a platform that makes it simple, convenient and affordable to buy the cryptocurrencies you want.
Disclosure: At the time of writing, the author holds ADA, ICX, IOTA and XLM.
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