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Coinbase is one of the most popular crypto exchange platforms in the world, but what are the Coinbase alternatives? When it comes to cryptocurrency trading, you need to find a competitive exchange that best suits your needs. Coinbase is an ideal cryptocurrency exchange for many people, but for some, it just does not work out.
In this article, we have discussed some of the best Coinbase alternatives on which you can signup and start trading right away. Let’s take a look:
Why Choose Coinbase Alternatives?
Coinbase is currently the second-largest cryptocurrency exchange in terms of trading volume and has over 56 million verified users. It is the top-ranked exchange in the United States and is trusted by millions of people.
However, Coinbase is not a perfect cryptocurrency exchange and has a few drawbacks that might not sit well with some of the users. It has a user interface that is quite different from other cryptocurrency exchanges, and some conventional traders might find it a bit complicated. Apart from that, some of the main drawbacks of Coinbase exchange include:
High Fee
One of the reasons many new investors avoid Coinbase is the high fee. When you compare Coinbase with its competitors, you can see a clear difference in the fee structure. Anyone who is just getting familiar with the crypto space would not want to pay such a high fee on small trades they are making.
Traders can also avoid these high fees by switching to Coinbase Pro, which is a different version of the same exchange. However, it also comes with more advanced features, which can be a little overwhelming for some users.
No Control Over Wallet Key
This is something that is consistent with most cryptocurrency exchanges, but that doesn’t mean Coinbase should get a pass for it. Whenever you purchase a cryptocurrency on Coinbase, it is stored in a wallet that is controlled by the crypto exchange itself.
This means that users do not control the assets they own, and it also negates the whole idea of using decentralized currencies. Your assets on Coinbase are completely under your control only when you withdraw them into a personal wallet.
Altcoin Variety
Another small drawback that comes with this excellent exchange is the limited variety of Altcoins it has to offer. Compared to other exchanges, the number of Altcoins available on Coinbase isn’t very impressive.
Investors who like to stick with the high market-cap altcoins might see this as a hurdle, but investors who are choosy about their altcoins will definitely have trouble diversifying their portfolio.
Coinbase itself is well aware of this problem and has been consistently listing new coins since the beginning of 2021. It is a high-quality exchange that plans to expand its roster in the future, but as of today, it doesn’t offer too many altcoins.
List of the Best Coinbase Alternatives
Swissborg
Swissborg was introduced in 2017 by Anthony Lesoismer and Cyrus Fazel with an aim to establish a platform that offers faster and safer trading. It uses a smart engine that is connected to top exchanges like Binance and Kraken and executes your orders instantly at the lowest price available.
The Swissborg app has an easy-to-use interface that allows users to trade without any inconvenience. If you are looking for a crypto exchange that allows you manage everything from your phone then you can sign up on Swissborg today and claim your extra bonus.
Coinbase vs Swissborg: Trading Fee Comparison
On Swissborg, the fee is charged depending on the pair you have created and is different for different cryptocurrencies. A fee of 0.5% to 2.00% is charged for buying crypto with FIAT or stable coin pairs. This fee can reduce further to 0% to 1.0% if you sign up for Swissborg premium membership.
If you are not using Swissborg premium, it can prove a little more expensive than Coinbase in general.
Coinbase vs Swissborg: Liquidity Comparison
Swissborg works differently in comparison to other cryptocurrency exchanges and does not face any challenges when it comes to liquidity. It offers you liquidity from other exchanges with its smart engine. The platform is connected to other top cryptocurrency exchanges like Binance, HitBTC, Kraken, and LMAX. This not only allows you to execute trades instantly but also offers you the cheapest trade available.
As Swissborg takes liquidity from multiple exchanges including Binance, it has a clear edge on Coinbase in terms of liquidity.
Coinbase vs Swissborg: Deposit and Withdrawal Fees
Swissborg does not charge you any fee for depositing funds, but you might be charged a small fee by your bank depending on their policy for depositing FIAT.
For withdrawal, the fee charged by Swissborg is as follow:
- 0.1% for FIAT withdrawals
- 1% for wallet withdrawals
Binance
Binance is the most popular and the largest cryptocurrency exchange in the world in terms of the daily trading volume. It hosts millions of users from all across the globe and is also Coinbase’s main competitor.
The exchange offers more features than any other cryptocurrency exchange out there and offers a user interface that is ideal for new investors. It is also one of the most secure platforms out there and offers a huge roster of altcoins to its customers.
To learn more about the Binance exchange you can also browse over to our complete Binance review and read about the features it has to offer in detail. You can also sign up on Binance right away and claim your free bonus by clicking on the highlighted text.
Coinbase vs Binance: Trading Fee Comparison
When it comes to trading fees, Binance is miles ahead of Coinbase. Binance is considered one of the cheapest cryptocurrency trading platforms in the world in terms of trading fees. Binance charges a small trading fee ranging between 0.02% and 0.1% for direct purchases and sports trades. The fee depends on the type of trade you are making but does not exceed the 0.1% limit.
Coinbase, on the other hand, is considered one of the most expensive cryptocurrency exchanges when it comes to trading fees. The exchange charges between 0.25% and 0.50%, only the taker fee is lower which is 0.1%. These fees can be reduced but for this, you have to upgrade to Coinbase PRO.
Coinbase vs Binance: Liquidity Comparison
When it comes to liquidity and trading volume Binance is the only exchange that has better numbers than Coinbase. Binance is the biggest cryptocurrency exchange in the world in terms of liquidity and hosts a significantly bigger volume than any other cryptocurrency exchange out there.
Coinbase, on the other hand, also offers great liquidity to its customers and hosts a large trading volume on daily basis. Trades are executed almost instantly, and customers rarely face any liquidity-related issues on the platform.
Overall, both Binance and Coinbase offer excellent trading volume and are ideal for all kinds of traders.
Coinbase vs Binance: Deposit and Withdrawal Fees
Binance is again among the best cryptocurrency platforms when it comes to deposit and withdrawal fees. The exchange charges a fee of 0.0005 for BTC withdrawal and $1 to $15 for FIAT withdrawal. For cryptocurrency withdrawal, users also have to pay the network gas fee.
On the other hand, Coinbase charges a fee of 1% for cryptocurrency withdrawal in addition to the gas fee. FIAT withdrawal can cost between 1.49% to 3.99% depending on your region and the payment method you are using for withdrawal.
Kraken
Kraken is among the top 5 biggest exchanges in the world in terms of trading volume and is among a handful of cryptocurrency exchanges that offer its services in the United States. Its founder and CEO Jesse Powell is a respected member of the cryptocurrency community and has inspired a lot of confidence and credibility.
The exchange is secure and fast and offers the best liquidity for the BTC/EUR pair. It has also never been hacked in the past and uses advanced protocols to protect its customer’s assets and privacy.
Kraken is also among the main competitors of Coinbase as they are two of the biggest crypto exchanges active in the USA. Creating an account on Kraken is quite simple and straight forward and you can also claim a free bonus by signing up with this link.
Coinbase vs Kraken: Trading Fee Comparison
The trading fee for Kraken is not fixed and varies between 0% to 0.26% depending on the type of trade you are making. The trading fee depends on the following three factors:
- Currency pair being traded
- The 30-day trading volume of the customer
- Trade role (Market maker or taker)
There are no fees charged for placing an order, which means canceling an order before it gets executed is free of charge.
Coinbase, on the other hand, charges between 0.25% to 0.50% for spot trades as mentioned above.
Coinbase vs Kraken: Liquidity Comparison
Kraken ranks among the top 10 cryptocurrency exchanges in terms of trading volume as it offers decent liquidity to its customers. Trades on Kraken are executed almost instantly as the exchange hosts millions of users from all across the world and order books are always stacked.
Kraken might not offer as high liquidity as Coinbase but the numbers are still excellent and most traders wouldn’t even notice the difference.
Coinbase vs Kraken: Deposit and Withdrawal Fees
The deposit and withdrawal fee on Kraken varies depending on the payment method you are using. The exchange supports different withdrawal methods including:
- FED Wire
- Swift
- Silvergate
- SEPA
The methods used for withdrawal are different for different currencies and can vary from region to region. Also, unlike Coinbase Kraken does not support credit/debit card withdrawals or third-party payments for US users.
The withdrawal fee can range between 0.9% to 1.5% for US users and around $4 to $35 for wire withdrawals.
Coinbase Alternative for Margin Trading
If you are looking for margin trading, then Coinbase is not the right exchange for you. Margin trading allows you to borrow funds from the exchange to trade assets and earn bigger profits. The leverage offered by margin trading exchanges can vary from anywhere between 2x to 125x. It is a great way of earning quick profits and is a suitable option for experienced traders.
Unfortunately, margin trading is not currently available on Coinbase due to regulations and policy issues. Let’s take a look at some of the Coinbase alternatives that offer margin trading:
Margin trading is highly risky and is not advised for traders that are new to the crypto space.
ByBit
ByBit doesn’t have 50 million users or an extremely high daily trading volume, but that is not all you need to look for in a good cryptocurrency exchange. Compared to Coinbase, ByBit is a much younger platform, but it is slowly becoming popular and has started to give tough competition to the old exchange.
One of the main reasons behind this is that ByBit is a well-managed platform and is consistently evolving. The exchange stores all the funds into cold wallets and has never experienced any security breaches.
It has also introduced KYC verification process recently to make the platform more secure. You can also use the platform without completing the KYC process but your withdrawals will be limited to only 2 BTC per day.
You can also read our complete review of ByBit to find out about every minor and major feature this exchange has to offer.
Coinbase vs ByBit: Trading Fee Comparison
ByBit is a crypto derivatives exchange and uses the old taker fee and maker rebate model. The maker receives a 0.025% rebate on every trade they make regardless of the assets they are trading. Similarly, the taker of the order has to pay a 0.075% fee for every trade they are taking.
Coinbase, on the other hand, is a bit on the expensive side as they use a typical exchange fee structure. They charge a taker fee of 0.25%, and makers also have to pay 0.15% of the trade they are executing.
If you are using Coinbase Pro and usually trade in high volume ($100,000 per month), you can also earn a small discount. After the discount, you will only have to pay 0.20% as a taker and 0.10% as a maker.
Coinbase vs ByBit: Liquidity Comparison
The liquidity of a crypto exchange is also highly important, and while it may not matter to average traders with small investments, it can make a big difference for traders who have large portfolios.
The 24hr trading volume for every exchange varies greatly and can rise or fall very quickly depending on market situations. The daily trading volume for Coinbase fluctuates between $4 billion to $20 billion.
ByBit, on the other hand, claims to manage an average trading volume of over $2 billion (Coinpaprika). However, there is no way of telling whether it is true or not because the trading volume for ByBit is not displayed at Coinmarketcap.
Coinbase vs ByBit: Leverage Trading
ByBit is a cryptocurrency exchange that is strictly focused on margin trading and offers a leverage of up to 100x.
The exchange also supports numerous types of trading strategies and styles, including scalping, algorithmic trading, hedging, and institutional trading. It is one of the reasons why ByBit is considered the top exchange for all kinds of traders.
Coinbase, on the other hand, does not support margin trading due to which most of its customer base is set in the US, and there are certain geo-based laws and regulations they have to follow.
If you are interested in margin trading, you can sign up on ByBit by clicking on this link and can also earn a free bonus.
Coinbase vs ByBit: Deposit and Withdrawal Fees
Depositing funds on both Coinbase and ByBit comes free of charge. However, when it comes to withdrawal fees, ByBit is not completely free.
On ByBit, you have to pay a small miner fee when you are withdrawing your assets. This fee is different for different cryptocurrencies and is listed as follow:
- Bitcoin – 0.0005
- Ethereum – 0.01
- XRP – 0.25
- EOS – 0.1
ByBit withdrawal time depends mainly on the blockchain you are using to withdraw your cryptocurrency.
Coinbase, on the other hand, is among few exchanges that do not charge a withdrawal fee either.
Phemex
Phemex claims to be the fastest cryptocurrency exchange in the world and is quite popular for the futures trading platform it offers.
The exchange was introduced in 2019 and has managed to create a lot of buzz in this very short period. Phemex has managed to gain so much popularity in such short term due to its customer-first approach and technological advancements.
You can also read our full Phemex review to find out what this exchange has to offer and why you should start trading on it.
Coinbase vs Phemex: Liquidity Comparison
Coinbase is the second-largest exchange in the world in terms of daily trading volume, so it would be unfair to compare Phemex with it.
Phemex might not have as much liquidity as Coinbase, but unless you are trading large volumes, you do not need to worry about it. Phemex makes up for the trading volume with its technological advancements and impressive features.
Its trading software is considered to be one of the best and is known for executing orders quickly. There have not been many complaints about the Phemex trading interface lagging.
Coinbase vs Phemex: Trading Fee Comparison
The fee structure followed by Phemex is quite simple and cheap. It follows the traditional maker-taker fees model and charges 0.025% and 0.075% per trade, respectively. The fees stay the same for all types and sizes of trades.
These fees seem extremely affordable compared to Coinbase’s 0.25% fee for takers and 0.15% fee for makers.
Coinbase vs Phemex: Leverage Trading
Coinbase lags behind the majority of exchanges when it comes to leverage trading. Just like ByBit, it offers max leverage of up to 100x to its customers for margin trading.
Phemex is also equipped with high-quality advanced tools that allow traders to dive into different kinds of trading strategies, including simulated trading, contract trading, hedging, and scalping. The user interface for the Phemex exchange is also designed specifically for the leverage traders.
Coinbase vs Phemex: Deposits and Withdrawal
Phemex exchange does not charge you any extra fee for deposits and withdrawals. However, it also does not allow you to deposit or withdraw assets unless you convert them into Bitcoin first. You will need a separate Bitcoin wallet that you can use for withdrawal or deposit assets from your Phemex trading account.
If you are interested in trading on Phemex, you can browse over to the highlighted texted to claim your free bonus.
PrimeXBT
PrimeXBT is another Coinbase alternative that offers something more than just cryptocurrency trading. It was found in Seychelles in 2018 and is famous for the CFDs and copy trading it offers on its platform.
Despite being new to the crypto space, PrimeXBT has attracted plenty of new investors and experienced traders in the past three years and has created an excellent reputation for itself.
You can also learn more about this excellent exchange and the features it has to offer by browsing over to our complete review of the PrimeXBT exchange.
Coinbase vs PrimeXBT: Liquidity Comparison
PrimeXBT hosts customers from over 150 countries and has multiple high liquidity providers. The trading volume on PrimeXBT might not be as high as Coinbase, but it is enough to entertain all kinds of traders.
Generally, the liquidity on PrimeXBT is quite high, which means their trading spreads are more competitive and tighter.
Coinbase vs PrimeXBT: Leverage Trading
This is where things get really interesting for PrimeXBT because, unlike other cryptocurrency exchanges, it offers more than just crypto trading. The exchange also offers other asset classes like CFDs, bonds, indices, commodities, and Forex on its platform.
It also offers high leverage of up to 100x for certain trading pairs. However, the max leverage you can trade depends highly on the market conditions and the number of positions already opened.
Coinbase vs PrimeXBT Trading Fees Comparison
The trading fee structure is again much cheaper than Coinbase and similar to Phemex. This exchange also uses the maker-taker fees structure and charges 0.025% and 0.075%, respectively. These low fees are one of the reasons why it is among the most popular cryptocurrency derivatives exchanges.
Coinbase vs PrimeXBT: Withdrawal and Deposits
PrimeXBT offers you multiple deposit and withdrawal methods, including Bitcoin, Altcoins, and credit cards. A small fee is charged depending on the withdrawal method you are choosing.
Also, despite the fact PrimeXBT supports credit cards, it does not allow users to withdraw cryptocurrency by converting them into FIAT. Instead, it uses an API of its own that allows customers to trade cash for any other cryptocurrency of their liking.
PrimeXBT Covesting
The covesting version of the exchange is another thing that sets it apart from Coinbase and other competitors mentioned in the list. It allows you to copy the moves of expert traders who are making profits on the platform and make safe trades without having to do any extra research into markets.
It is ideal for those traders who do not have enough time to dive into fundamentals and technical analysis but still want to make profits regularly. If you are also looking for easy trading, you can sign up on PrimeXBT Covesting today and start trading with a free bonus.
Conclusion
Coinbase is arguably one of the best crypto exchanges out there. It is considered a major rival to the top global cryptocurrency platform Binance and has attracted millions of users from all across the globe.
However, it is not for all kinds of traders and might not be an ideal choice for you if you are looking for a crypto exchange with:
- Low Fees
- Leverage Trading
- Copy Trading
- Easy-to-use Interface
There are much better alternatives out there if you are looking for any of the above-mentioned features.
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