Summary: Coinbase, while widely recognized as a leading platform for buying, selling, and storing cryptocurrencies, isn't the only contender in the market. An array of other US-based, regulated alternatives to Coinbase exist, each boasting distinctive features, competitive fees, and superior user experiences.
To aid investors in discerning the most appropriate exchange provider that aligns with their unique requirements, we've curated a selection of the top 5 Coinbase alternatives. Each one offers a unique proposition and distinct advantages over Coinbase. Here's a concise preview of our top 5 handpicked alternatives to Coinbase in the USA:
Coinbase Alternatives Criteria
Aiming to find the best Coinbase alternatives, we've pinpointed the best crypto platforms in the US offering distinct and unique advantages. These include competitive fees for cost-effective transactions, an expanded range of assets like stocks and ETFs, and interest on deposits via treasury products. Our concise guide to these diversified, feature-rich alternatives will help you identify the ideal cryptocurrency platform for your financial goals.
Ranking as the premier Coinbase alternative in the US, eToro features an impressive array of assets, with over 3,000 choices spanning cryptocurrencies, stocks, commodities, currencies, indices, and ETFs. Its distinctive social trading capabilities like Copy Trading and a Virtual Account for practice distinguish it from other platforms.
Regulated by the Financial Industry Regulatory Authority (FINRA) in the US, eToro is favored for its user-friendly interface and convenient USD deposit options including wire transfers, online banking, and debit cards. Additionally, eToro offers cheaper fees - with no initial commissions and tighter spreads on assets, further bolstering its position as the top Coinbase alternative in the US.
Uphold emerges as the second-best alternative to Coinbase thanks to its broader range of crypto assets (250 vs 170), coupled with lower fees (0% vs 0.6%), and the unique feature of investing in precious metals like gold and silver. Uphold, regulated and licensed by FinCEN, is one of the most reliable exchanges in the US. They uphold transparency by offering daily audits to verify proof-of-reserves, bolstering user trust.
Coupled with an intuitive interface and convenient mobile app, Uphold provides a seamless user experience. Uphold's commitment to transparency and security adds to its reputation as a trustworthy exchange, making it an excellent consideration for those seeking an alternative to Coinbase.
Public.com is considered the best alternative to Coinbase for users who are interested in investing in both cryptocurrencies and traditional assets, particularly treasury notes. Unlike Coinbase, Public.com allows users to trade not only cryptocurrencies but also treasuries and stocks commission-free. This means that investors can access to 3-Month, 6-Month and other US Treasury Notes to earn a yield on the same platform they can buy Bitcoin, Ethereum & other assets.
Another advantage of Public.com is that it offers a social investing platform that enables users to follow and learn from other investors. This feature can be especially useful for new investors who want to get started in the markets but are not sure where to begin. Finally, Public.com is a registered broker-dealer with the US Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), which means that it is a trustworthy and reliable platform for investors.
If your favourite feature of crypto and Coinbase is being able to spend your digital assets with a real-world debit card, then Crypto.com is the option for you. Their platform offers more assets than Coinbase with over 200 coins that you can buy, sell, stake or exchange. They also offer lower fees than Coinbase, with some trades costing as little as 0.2%.
In addition to its crypto debit card, Crypto.com offers a wide range of other features and benefits that make it a compelling alternative to Coinbase. For example, Crypto.com offers staking rewards and cashback incentives for using its platform and services, which can help users earn more cryptocurrencies and save money on fees. Crypto.com also offers a wide range of crypto assets for trading and investing, including many smaller and lesser-known coins that are not available on Coinbase.
Kraken is considered the best institutional alternative to Coinbase because it offers white-glove services for institutional investors, hedge funds and other high-net worths. Kraken's institutional-grade trading platform offers advanced features such as customizable order types, margin trading, and over-the-counter (OTC) trading for large block trades.
It also offers access to a wide range of crypto assets and trading pairs, including many that are not available on Coinbase. In addition, Kraken offers institutional-grade security features, such as multi-factor authentication (MFA), cold storage, and audit trails, which can help protect users' assets and data. Kraken is also regulated and licensed in multiple jurisdictions, including the United States, Canada, and Europe, which means that it is compliant with all applicable laws and regulations.
Which Coinbase Alternative has the Lowest Fees?
An alternative to Coinbase that offers lower fees is eToro. Unlike Coinbase, which charges a 1.49% trading fee along with an additional 1% spread, eToro has a more cost-effective model with zero up-front commissions and tighter spreads of just 1%. Thus, it provides a more financially attractive option for cryptocurrency traders seeking lower-cost platforms.
Coinbase Advantages to Competitors
Coinbase possesses several competitive advantages that distinguish it from its competitors in the cryptocurrency space.
- Regulatory Compliance: Coinbase holds the highest level of regulatory compliance as a publically listed company on the NASDAQ, offering users confidence and safety in their transactions.
- Coinbase Base Layer 2 Network: Coinbase are developing an L2 on top of Ethereum called Base, that is will host fast and low-cost smart contract execution for smart contract developers. This will enable a Coinbase-native ecosystem of DeFi, Metaverse and other applications.
- Coinbase DeFi Wallet: This feature offers users direct access to decentralized finance (DeFi) applications. It empowers users to manage their digital assets, explore DeFi protocols, and engage with decentralized applications (dApps) directly from their devices.
- Staking Services: Coinbase offers industry-leading staking services, enabling users to earn rewards on their cryptocurrency holdings. It provides a user-friendly and secure platform for participating in the staking of various digital assets including ETH, SOL, AVAX and more.
These features, combined, provide Coinbase with a unique value proposition in the highly competitive cryptocurrency exchange industry.
In conclusion, although Coinbase stands out with unique features such as regulatory compliance, DeFi Wallet, and staking services, other U.S.-based alternatives offer distinct advantages. eToro excels as the best overall with more assets and low fees, Uphold offers a vast range of crypto assets and precious metal investing, Public.com incorporates treasuries and stocks, Crypto.com presents a functional crypto debit card and staking rewards, and Kraken provides robust services for institutional investors. The diverse offerings in the evolving crypto market ensure there's a platform to meet every investor's needs.