2022-3-20 12:20 |
There are plenty of options out there when it comes to buying Bitcoin.
However, the options become fewer and fewer when it comes to buying Bitcoin in your home country’s fiat currency.
When most people think of purchasing Bitcoin using fiat currency, they think about one of the largest exchanges – Coinbase.
Here is a quick intro for those of you who don’t know Coinbase:
Coinbase is a US-based exchange that offers many advantages for its users. It’s the world’s most popular exchange to purchase and sell Bitcoin, Litecoin and Ethereum, and they also support the instant purchase of these currencies via MasterCard/Visa credit and debit cards.
You might think this is great. However, there’s a big problem…
Coinbase currently only serve 32 countries.
Check here to see whether their service is available in your country.
Buying Bitcoin is famous for its open, borderless, and decentralized nature, so it seems absurd that buying Bitcoin would be restricted because of where you are trying to buy it.
Coinbase has said they’re trying to expand their operations to 168 countries. However, I doubt that very much because Coinbase became the first exchange to be valued over $1 billion, and they recently raised $100 million. Coinbase was already heavily funded even before this funding, so they would’ve started by now if they wanted to expand support for 168 countries.
Moreover, I think Coinbase started to act like traditional banks because of their limited accessibility, high fees, and their stance on Bitcoin Cash and other Bitcoin forks.
Coinbase also opened up other problems when it comes to serving customers and they started to integrate its business with traditional banking laws and act on the base of the classic financial system. Also, Coinbase first got approved by US Government, which included monitoring of users account and forced shutdowns of many accounts. Many users who used Bitcoin for paying adult services, gaming, gambling, and resale of coins got their accounts frozen. One more thing worth noting is that many personal information is required for opening the account.
Considering all of the above, there are several Coinbase alternatives currently available that will help you get your hands on some Bitcoin.
BinanceBinance is widely recognized as one of the world’s leading crypto exchanges, thanks to its average daily trading volume of $1.2 billion, 1.4 million transactions per second and millions of users.
It is characterized by an all-encompassing ecosystem and aims to increase the freedom of money worldwide by building a block chain infrastructure. Check out our Binance review to get to know the platform in more detail.
It used to be a crypto-only exchange but since adding fiat deposits and withdrawals, it has become de-facto Coinbase competitor number one for quick and easy bitcoin buying. It blows Coinbase out of the water when it comes to other features that are available on the Binance platform.
Binance offers a wealth of features, including a crypto exchange/trading platform, an academy, a charitable foundation, an enterprise exchange solution, a block chain incubator, a token launch platform, a research facility and the crypto wallet. In this way, the platform aims to create an all-encompassing ecosystem that includes most digital crypto services.
The fee for spot trading with the BNB token ranges from 0.06% Maker/Taker, down to 0.012% Market and 0.024% Taker, depending on your personal trading level. Different interest rates are charged for margin bonds and futures trading.
As for the deposit and withdrawal fees, they vary depending on the cryptocurrency you choose. For example, BTC deposits are free of charge, while withdrawals are settled on the exchange for a fee of 0.004 BTC. Additional fees are charged when purchasing crypto, depending on your preferred payment option. In general, card-based purchases are less expensive than bank transfers.
Visit Binance now
CEXCEX is a London, UK-based exchange that supports the buying and selling of BTC, ETH and 20 other coins. CEX has been operating since 2013 and has earned quite a bit of respect in the cryptocurrency space and is operational in 99% countries of the world. The great thing about this platform is that they keep on adding more countries to their list.
Some of the notable features of CEX include:
Trade exchange.Purchase Bitcoin using debit or credit card.Purchase Ethereum using debit or credit card.Purchase/sell/trade Bitcoin and Ethereum.Good 24/7 user support.2-factor account authentication (great security feature).A mobile app.Supports wire transfers of USD, GBP, RUB, and EUR.stakingmargin tradingCEX also supports the instant purchase of ETH/BTC via MasterCard/Visa debit and credit cards.
And you should know that you need to verify your identification while dealing with fiat currencies. Here you will be required to do an identity verification and card verification.
CEX has 2FA authentication as well as SMS/call service available for extra security, so their users need not worry about the security of their funds.
Also, the fee structure on the platform is really simple to understand.
Check out CEX.io
eToroThe cryptocurrency trading platform from eToro is a replacement for the code base. This platform allows you to build your crypto-based portfolio and enjoy advantages like near-instantaneous execution of market orders. Here is a full eToro review for you to check out.
Features:
Protected by industry leading security protocolsThe platform will not pass on any of your private data without your consent.Your funds are safe with reputable banks.Commission-free means that no brokerage fee is charged when opening or closing the position.Visit eToro now (75% of retail CFD accounts lose money.)
CoinmamaCoinmama is a digital financial services company that has been operating in the cryptosphere from Israel since 2013, but was originally a company of NBV International based in Slovakia. It enables investors to buy popular coins such as ETH, BCH, ADA, LTC etc., including BTC. Read our review of Coinmama here.
Fees: Simplex, Coinmama’s credit/debit card processor, charges an additional 5% fee for each transaction (with a minimum cap of USD 10). Only Visa/MasterCard are supported.
Countries supported: You are active in over 180 countries.
Additional comments: Reliable and trusted service.
Visit Coinmama now
BitpandaBitPanda is an up-and-coming platform for cryptocurrency, which was founded in Austria in 2014. It has so far accumulated 1 million users and more than 160 team members, while processing millions of Euros in transactions. It is characterized by a PSD2 payment provider license, an excellent security protocol and optimized usability.
It is becoming increasingly popular thanks to its many features, user-centric approach and the many supported coins.
Read our full review of Bitpanda here.
The main features of the platform include the Bitpanda platform, its integrated global exchange, the Token ecosystem, Bitpanda Pay, Bitpanda Savings, Bitpanda Metals, Bitpanda Swap, Bitpanda to Go, Bitpanda Plus, Bitpanda Affiliate and the Bitpanda App.
Bitpanda boasts itself as the cheapest cryptocurrency broker on the market. It has a BTC purchase fee of 1.49% and a BTC sales fee of 1.29%. A number of other commissions and taxes are charged depending on the services and payment methods used. For example, the exchange offers a maker and taker fee of between 0.1%-0.05%.
Visit Bitpanda by clicking here.
ConclusionCoinbase is most common and one of the first exchanges, and is frequently used by most of the newcomers to Bitcoin network. For everyone with more experience in the network, it is clear that there are many alternatives worth considering. They offer many advantages over the Coinbase and some other exchanges that operate globally.
I should mention that I am not against Coinbase, but I don’t see any harm in exploring other alternatives for those users across the globe that can’t get access to Coinbase.
That said, there are plenty of options out there to buy and sell Bitcoin, and now all you need to do is go and do it!
The post Best Coinbase Alternatives 2022 – Better Exchanges than Coinbase appeared first on CaptainAltcoin.
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