These are 4 of the best sites like Coinbase where you can buy bitcoin using fiat currency.
With more than 20 million users across 32 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 for some users, so let’s take a closer look at four leading Coinbase alternatives.
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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 such as credit and debit cards. 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.
- Fiat currencies supported. Coinbase supports dozens of fiat currencies, so you’ll need to make sure that any Coinbase alternative you’re considering allows you to deposit any fiat currency you plan to use.
- Cryptocurrencies supported. Coinbase allows you to buy and sell four digital currencies. You’ll need to check whether other sites like Coinbase offer a better choice.
- 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 around 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 top cryptocurrencies, including bitcoin, ETH, XRP, Litecoin, Bitcoin Cash, Cardano, Qtum and Ethereum Classic.
- Can make purchases with a Western Union transfer, Visa or Mastercard
Coinmama is one of the more popular bitcoin marketplaces to make crypto purchases. Traders in the US and more than 226 countries around the world are able to use Coinmama, which charges a 5.5% fee for each transaction. Credit card purchases care levied an additional 5% fee. The major drawback is that at this time (July 2018), you can’t sell your crypto through the site, and you can’t link to your own bank account for a fiat-funded purchase.
- Allows you to buy leading cryptocurrencies with USD, EUR, RUB and GBP
- Also offers crypto-to-crypto trading
Established in 2013, this London-based exchange lets you buy crypto using Visa and Mastercard credit and debit cards as well as fund your account by bank transfer or cryptocurrency deposit. Eight cryptocurrencies are supported – BTC, ETH, BCH, Bitcoin Gold (BTG), Dash (DASH), XRP, Stellar (XLM) and Zcash (ZEC) – and while bank transfers and crypto deposits are free, credit card deposits typically attract a fee of up to 3.5%.
- Lets you buy BTC, BCH and ETH with credit card
- 5% fee applies
Founded in 2015, Czech Republic-based Changelly offers instant crypto-to-crypto exchanges as well as the ability to buy BTC, BCH and ETH using your credit card. Visa and Mastercard purchases take between 10 and 30 minutes, attracting a 5% Changelly fee, and the platform features an intuitive user interface.
- Designed to make it quick and easy to buy cryptocurrency with fiat currency
- Supports 15 fiat currencies and 16 cryptocurrencies
Founded in 2015 and based in Paris, France, Bitit offers a simple platform for accessing cryptocurrencies. With 15 fiat currencies supported, you can buy digital currencies using a credit or debit card (6.9% fee applies), cash voucher (fees range from 5.9% to 11.9%) or direct bank transfer via TrustPay (3% fee). Bitit allows you to purchase, BTC, ETH, XRP, BCH, LTC, DASH and 10 other cryptocurrencies.
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. Centralized exchanges like Coinbase have security weaknesses when compared to decentralized 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’ll be to access help through an exchange if you ever have a problem with your account. Is there an online help center? How can you get in touch with the customer support team? How responsive are they to inquiries?
- 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 suited 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 this writing, the author holds ADA, ICX, IOTA and XLM.