Coinbase is arguably the most complete replacement for a traditional bank available for crypto enthusiasts. However, it is not the only exchange out there, and there are many other exchanges that offer a similar feature set. Here, we take a look at 5 such exchanges.
1. Binance
Binance is by far the most well-known crypto exchange out there along with Coinbase. While Binance does focus on trading a bit more compared to Coinbase, it still offers almost all of the features that are available on Coinbase.
For one, Binance has a way higher number of payment methods that users can purchase crypto with. On top of that, it matches Coinbase in the number of ways users can utilize their crypto like fiat currency. Users can apply for a Visa card, acquire loans, and spend their crypto with zero fees.
Another area where Binance excels compared to Coinbase is in the number of DeFi features it offers. There are countless ways to invest crypto, and users can join mining pools to increase their returns from mining.
Overall, Binance is the ideal alternative to Coinbase for users that want to make use of the trading platform and the DeFi features.
2. Uphold
Uphold is another Coinbase alternative that offers many of the same features found on the exchange, but also adds many others on top of it.
Uphold offers over 70 cryptocurrencies compared to around 30 for Coinbase. On top of that, the number of total fiat trading pairs exceeds 1000 on Uphold, while Coinbase has less than 100 in comparison.
Users can apply for a card and make payments just like they would on Coinbase. However, the card can also be used to spend other assets such as gold. On that point, users can purchase metals, equities, and certain environmental assets on Uphold along with crypto, something not found on Coinbase.
Uphold is a great website for users that want to own a lot of different assets and want to have the functionality to exchange them very quickly. However, it falls short when it comes to crypto functionality. For example, it does not offer a lot of ways to invest crypto, and users cannot take out loans using their crypto as collateral.
Uphold is a Coinbase alternative for users that want to be able to hold different kinds of assets, and do not plan to take part in the DeFi side of Coinbase. Those looking to only purchase crypto and make use of it in as many ways as possible should stick to Coinbase (or look for another alternative).
3. Kraken
Kraken is another exchange that could work as a Coinbase alternative. It is primarily a trading platform, meaning that it offers a lot of features that facilitate the trading of digital assets. These features include OTC trading, futures, margin trading, and indices.
However, it also offers a fair amount of ‘Coinbase like’ features. For example, users can stake various currencies to earn interest, with the rewards on certain coins crossing 20%. It also has a dedicated arm that serves businesses and institutions. However, it does not dabble in the commerce side of crypto. Instead, it offers ways for institutions to buy, hold, and trade various currencies.
For users that are looking for a Coinbase alternative that offers similar payment and banking features, Kraken is difficult to recommend. However, this website is perfect for users that planned to use Coinbase primarily for trading.
4. Coinmama
Coinbase is definitely an extremely advanced cryptocurrency exchange. It is also the most popular, and a website that many people default to because their friends, family, and the people they know use it.
This also means that a significant portion of Coinbase’s user base does not use all of the features on offer. Many people just want to buy and hold crypto, and end up using Coinbase due to its popularity. However, there are other alternatives out there for people like this that make the process much simpler.
Coinmama is one such alternative. This is the ideal website for people that want to exchange their fiat currency for cryptocurrency. While the website does not offer a lot of coins, it does allow users to make the exchange instantly.
Only around 10 coins are offered on Coinmama, but there are a lot of different ways to convert fiat currency to those 10 coins. Similarly, there are multiple ways to convert the coins back into fiat form.
Unfortunately, only 5 fiat currencies are supported on Coinmama. It is also an extremely limited platform, as converting fiat to crypto and vice versa is the only thing that can be done on it. However, if that is all that a user needs, then Coinmama is the best Coinbase alternative for them.
5. Crypto.com
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The last Coinbase alternative on this list is Crypto.com. If users are looking for a website that is almost exactly the same as Coinbase, this is it.
In fact, that is precisely the reason why this is not considered to be the best alternative to Coinbase. Crypto.com is not better or worse when it comes to features, it is pretty much exactly the same.
Everything from using crypto to make payments, earning interest on coins, getting a Visa card, and engaging in both simple and advanced trading can be done on Crypto.com. Businesses can also access a similar featureset, including the option to use Crypto.com as a payment gateway to accept payments.
It is best to think of Coinbase and Crypto.com as mirror images of each other. Crypto.com is the perfect alternative for users that want to use Coinbase but are prohibited from doing so (e.g. due to the website being banned in their country).
The only problem is that if users are looking to trade with high amounts of leverage, there are other alternatives that offer a much better deal in that regard. As such, advanced traders may want to avoid Crypto.com (and Coinbase, for that matter) and go for another alternative on this list.
Moneycontrol journalists were not involved in the creation of the article
