Coinbase is a top cryptocurrency exchange not only in the US, but globally. In 2022, it had 108 million users around the world, and that number is on the increase. Coinbase earned a reputation for itself when it went public and started trading on the US stock exchange.
With all these achievements though, Coinbase falls short by some measurements. First, it can be an expensive exchange. Anyone who has used Coinbase can confirm that the fees are on the high side, particularly for non-US users.
Also depending on the payment method you use, the fees can go higher. This makes it necessary to look for an alternative. Secondly, Coinbase has a reputation of crashing during times of high market activity.
The exchang repeatedly crashes at times when the crypto market is high up and users wish to sell their assets to take profit. This can be a real pain as the website doesn’t bounce back until after the activity has gone down, around which time you may have lost your profits.
While this article is not aimed at discouraging you from using Coinbase, the concerns are real. So, we have picked three other exchanges that you can effectively use in place of Coinbase, should the need arise.
Binance needs no introduction because it is the number one crypto exchange in the world by trading volume. It also has features that make it appealing to users from all over the world. Although it has less than half the number of Coinbase users – probably because Coinbase is five years older, it is a reliable platform.
The exchange charges low fees, and it is one of the cheapest exchanges to use. It is not as easy to use as Coinbase, but it offers a wide range of crypto assets hardly found on any other exchange, which is one of its strengths.
Binance also has a thriving peer-to-peer (P2P) trading platform that attracts crypto traders from all over the world, enabling them to sell crypto and cash out in their local currencies, which is very helpful in third world countries.
A major strength of Binance is its high liquidity. You can find almost any crypto token on Binance with sufficient liquidity to trade it.
Bybit is a derivatives crypto exchange with headquarters in Dubai. The exchange also has a reputation for low fees, just like Binance. It is also a very easy platform to use for both beginners and experienced crypto users.
Like Binance, Bybit has a P2P platform that you can use to buy and sell crypto assets on the go. Bybit has a reputation with security too, because it has never been compromised.
The exchange supports a whopping 270 assets, which is one of the largest in the industry. This gives you access to several crypto trading pairs that you can use. Being relatively young, it has 15 million users around the world, but the number is growing fast.
Bybit operates in160 countries and in 16 languages. It also has very high liquidity, making it a reliable place to trade even the smallest of altcoins.
If you’re looking for security, Kraken is the exchange you’re looking for. Founded in 2011, it is one of the oldest crypto exchanges, but it has no history of a breach or downtime. This is a major advantage over Coinbase because Coinbase experiences downtimes all the time.
Kraken also has a long list of supported crypto assets, and of course high liquidity. Although it has a relatively small user base of nine million users, it operates in 190+ countries and with $207 billion quarterly trading volume.
The platform is also easy to use and beginner-friendly, making it a platform for everyone. Whether you’re just starting or you just need to change your exchange, Kraken is a good option to consider.
Conclusion
These are Coinbase alternatives you can use if for any reason you’re fed up with Coinbase or you just wish to try out new platforms.
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