If you’re looking to buy Bitcoin with Dollars, Euros, GBP, then there are not that many options out there, is there? There are plenty of Bitcoin Exchanges out there where you can trade your Bitcoin to other cryptocurrencies, but what about, when you need to buy Bitcoin with fiat currency? Let’s find out why should you find Coinbase Alternatives.
Most of you will think about Coinbase. It’s sort of a gateway to buying and trading Bitcoin and other Cryptocurrencies. You can Buy Bitcoin, Ethereum, Litecoin, Bitcoin Cash on Coinbase. They allow instant purchases via Visa/MasterCard credit/debit cards. Of course, they charge you fee for that. Which you might say is fine, but there’s another problem – it’s not supported in all countries.
- Coinbase is available in 32 countries. Check out if your Country is one of them – Here.
Are they any Coinbase Alternatives? It seems absurd that buying Bitcoin – something famous for its open, borderless, and decentralized nature – would be restricted because of where you are trying to buy it. Since there’s this problem we’re going to look into Alternatives to Coinbase.
Top reasons to look for Coinbase Alternatives:
- High fees
- Limited by Geographics
- Bitcoin Cash support
I’m not saying it’s bad and made in hell, I’m just saying it’s worth to think about other alternatives to coinbase.
Criteria for choosing coinbase alternative:
- Wire Transfer
- Buying Bitcoin with Debit Card/Credit Card
Cex io has earned quite a bit of reputation in cryptocurrency community. They have proven that they are a top player in the game. Covering almost all of the countries in the world. They handle quite the volume as well.
Security – Cex io customers/users don’t need to worry about security. They have enabled 2FA(Two Factor Authentication) making your accounts secure. They also ask to verify your credit/debit card and also your ID. To prevent any kind of fraud.
Wire Transfer – This crypto exchange allows wire transfer.
Buying Bitcoin with Debit Card/Credit Card – Check. They accept Visa/Mastercard for instant Bitcoin and Ethreum purchases.
Fees – Medium. You can check Cex io fees – here. The fees are lower comparing to coinbase.
Geographics – Althought they have covered 95% of the countries, they keep improving to cover all 100%. You can follow their country update – here
In summary, I believe Cex io is a good and potential competitor to Coinbase. Moreover, they keep improving their service by adding new countries to the list. Definitely a major player in the crypto space. Cex io comes out highly trustworthy.
Changelly is a little bit different. It definitely categorizes in coinbase alternatives. You can say it’s a bit more difficult, but not really. I would say it would be a bit more difficult for beginners. What I mean by that is that you can’t store your coins on changelly you will have to create a Bitcoin or Ethereum wallet depending on which coins you want to buy. Don’t get me wrong, it’s a great exchange, it’s only a little different and you might say a bit more complex for beginners, still highly trustworthy service with multiple million users.
Security – Security is on its level. They allow 2FA.
Wire Transfer – No. They don’t accept wire transfers.
Buying Bitcoin with Debit Card/Credit Card – Check and Check. You can buy Bitcoin, Ethereum and Bitcoin Cash with Credit/Debit Card.
Fees – High. If you want to buy bitcoin with a card the fee is ~ 5%. On the other hand, if you want to exchange Bitcoin for another altcoin the fees are a lot friendlier.
Geographics – All of the countries are allowed. Although you’re only allowed to make a transaction in USD or EUR.
In summary, Changelly is excellent if you don’t want to do anything with trading and just HODL your altcoins. You can easily exchange your bitcoin to any altcoin and send them right back to your wallet. The same with Ethereum. It’s great that there aren’t any geographical limitations.
Here’s another coinbase alternative – Bitcoin ATM.
Although this is not that popular method of buying bitcoin among the community since it’s not that available. Geographically speaking. Although if you live in a country where Bitcoin ATM are available it’s a great way to buy some Bitcoin.
A Bitcoin ATM asks you to scan your public address, and it will transfer BTC to that address in the amount of fiat that you deposited into the ATM. Of course, you will have to have a Bitcoin Wallet before you can actually buy Bitcoin on the atm machine.
Security – Low. You can’t really trust what’s under the atm, right?
Wire Transfer – No. They don’t accept wire transfer. Obviously.
Fees – High. Depending on the atm. Some of the atm’s charge 10% and even more.
Geographics – you can check the list – here. Although the list might be bigger since there are multiple companies producing ATMs.
In Summary – I wouldn’t use Bitcoin ATMs for several reasons, which already were mentioned, but as an alternative to coinbase it kinda qualifies. If you’re in an urge of Bitcoin, for some reason and don’t have an internet access, this should be a go to.
Coinmama have been in the business since 2011 and they are another alternative to coinbase. They are similar to changelly in that kind of way that they don’t provide you with a wallet. You can buy Bitcoin with them, but you can’t store your Bitcoin with them. You’ve to create a separate wallet, either it’s Bitcoin or Ethereum Wallet, depending on which cryptocurrency you’re willing to buy on Coinmama or other any other alternative.
Security – Medium. They currently don’t provide 2FA.
Wire Transfer – Not available.
Fees – High. 5-5.9% on exchanging fiat currency to Bitcoin.
Geographics – They are covering a lot of bases, but not enough, you can check the full list – here. A lot of states not included and also many countries not included. This is a pressing issue for many coinbase alternatives and coinbase for the matter of fact as well.
In summary – If you consider yourself to be a hodler and just want to invest in Bitcoin and keep it locked up in your wallet, then Coinmama is the choice, but if we’re considering fees, then they are a bit more expensive then their competitors. Also, they have a limit on your account on how many bitcoins you can buy, If you verify your identity they increase your limits.
LocalBitcoins.com is already live since 2012 and they are operating their business from Finland. They are a little bit different from the previously mentioned competitors. They are P2P(peer to peer) based exchange.
If you’re against centralized exchanges then LocalBitcoins is just for you. It has buyers and sellers all around the world more than 20 000 cities are listed.
You meet people in LocalBitcoins and meet them in real life to execute the transaction. You can send the money with PayPal, Wire Transfer or Cash, depending on what the seller wants and what you agree upon.
When you sign up for LocalBitcoins they will only ask for your ID, but if you submit your ID it will only increase the trust of other buyers and sellers.
Security – Medium. Be sure to check the trust of the seller, before buying bitcoin.
Wire Transfer – Available if the seller agrees.
Fees – Low. 1% for a transaction.
Geographics – More than 20 000 cities listed.
In Summary – It’s a great platform, especially for people who love the decentralized stuff. But be sure to check the reputation of the seller, if the reputation is higher it means they are more trustworthy. A P2P platform where you can buy and sell Bitcoin in your local City.
Coinbase Alternatives Summary
If at the beginning of the post I thought Coinbase fees are quite high, then I’ve to admit that relatively that’s the markets price and you don’t have a lot of alternatives on that, since Coinbase offers also a wallet, where you can store Bitcoin that you bought from them.
There’s an option to avoid Coinbase fees with GDAX.
I hope you guys enjoyed the post, thank you for reading. If you’ve any questions or comments, drop a line below, thanks.
You can also read our post about best cryptocurrency exchanges.
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