With the digitisation of almost every possible field in human society, every single aspect is reaching the same level. This means, even the currency that we use and store is adopting the digitisation. By digital currency, we don’t only mean online transactions or cashless purchases, it means much more.
Over the past few years, Bitcoins have been gaining a lot of traction and trading them is very lucrative. However, you would need a secure and reliable online platform for storing, transferring your digital currency and also for doing digital transactions. But if you look for one, you can find such a platform that cost you nothing and is completely free. One such platform is Coinbase, a cryptocurrency exchange platform that fits the filter most appropriately.
Table of Contents
What Coinbase actually does?
Coinbase is a secure digital platform that can help users to trade in digital currencies. It is considered a very popular, user-friendly and secure platform that makes buying, selling and storing cryptocurrency, like Bitcoin, Ethereum, Litecoin, etc. an easy affair. It is presently available in just 32 nations. Hence, if you are from a place that does not have Coinbase platform, a few alternatives are there to help.
What the Coinbase alternatives should actually feature?
There are quite a few features that any secure online exchange portals should compulsorily have. They are mostly security, multi-factor authentication, extensive support system, etc.
Feature Comparison
|
Name |
Security |
Debit/Credit Card Payment |
Multi-currency |
Mobile App |
|
CEX |
Yes |
Yes |
Yes |
Yes |
|
Kraken |
Yes |
No |
Yes |
No |
|
Coinmama |
Yes |
Only MasterCard |
Yes |
No |
|
Gemini |
Yes |
Yes |
No |
No |
|
Local Bitcoin |
Yes |
Yes |
Yes |
No |
|
Mycelium Bitcoin Wallet |
Yes |
Yes |
Yes |
Yes |
|
Paxful |
Yes |
No |
Yes |
No |
1. CEX
CEX is currently one of the most popular Bitcoin exchange portals and is based in the United Kingdom. It deals in both BTC as well as ETH. It supports wire transfers on multiple currencies like USD, RUB, EUR, GBP, etc.
The users can instantly purchase both ETH and BTC with debit and credit cards. Plus, just like any other secure online payment portals, it has a two-factor authentication that enables strict security. It can be used via the web portal as well as its mobile app, which makes it one of the most versatile cryptocurrency exchange portals all around the world.
2. Kraken
Kraken is an ideal cryptocurrency exchange platform and is a very suitable option for the people who are very serious about Bitcoin, Ethereum, Ethereum Classic, Litecoin, Dash, Monero, Ripple, Zcash, EOS trading. The cryptocurrency transactions via the Kraken are possible through five currency options of EUR, USD, GBP, CAD, JPY.
The wire transfer of Kraken is processed through SEPA. Users cannot buy digital currency with their debit/credit cards. No hacker could ever breach this system till now, thanks to the tight security with 2FA authentication, PGP/GPG encryption and signing features, etc. You can get a cryptographically verified proof-of-reserves audit.
3. Coinmama
Coinmama is a financial service company that supports purchasing Bitcoins, Ethereum, Bitcoin cash, Cardano, Litecoin, etc. It employs both Visa as well as MasterCard for the purchase of the cryptocurrencies.
Coinmama presently operates in more than 180 countries all over the globe. Moreover, the users need not deposit any amount, which is a good things for most of the people using it. It supports USD and EUR fiat currencies. To buy cryptocurrencies, users need to have their own digital wallet. Users, however, cannot sell bitcoins through this tool, which takes away half of the practicality of a bitcoin trading portal.
4. Gemini
Gemini is a very appropriate alternative to Coinbase, and you can confide in the digital asset exchange platform for buying, selling as well as storing your digital assets (currencies mainly). No fees are charged for withdrawals or wire deposit but foreign banks might charge fees for currency conversion. Users can buy and sell Bitcoins and Ethereum against USD. Both individual and institutional accounts are offered for encouraging more professional trading.
Plus, being one of the fastest growing bitcoin exchange trading portals, it makes it very easy for even newbies to use it without much of difficulty or fuss at all.
5. Local Bitcoin
Local Bitcoin is also known as LBC and is a startup. It is a P2P Bitcoin exchange portal and is based in Finland and has started its operation in 2012. It is currently one of the best options for the people who don’t consider a centralised exchange method and prefer the peer to peer way. It operates in more than 15,000 cities around the world presently.
It allows meeting traders online and then trade offline. The payment can be made in cash or can even be wired via SEPA, PayPal or bank deposit. The users need to register with their email IDs, though verifying the identity would build better trust among the traders.
Conclusion
The online cryptocurrency platforms have been popular, reliable and secured so far. And keeping in mind that the cryptocurrencies are complicated, speculative, and a significant amount of risk is involved, the choice of medium matters greatly.
CEX is presently the best bet in this regards by offering all the basic features one would need. Gemini is another popular name in this segment, but the absence of multi-currency dealing makes for a slight drawback.
On the other hand, Coinmama could have also been the perfect choice in the segment, but since it operates with MasterCard only, Visa holders from some countries might feel let down.
And in such a situation, LBC (Local Bitcoin) is also a great offering since it has every single aspect covered, including card and wire payment means.
