crypto platforms to consider

For many cryptocurrency investors, Coinbase is the first stepping stone to investing. But is it really the right choice? Although its service is relatively simple to use, the fees charged by the platform can quickly become expensive. This makes many investors look for the best alternatives to Coinbase. After being able to test more than a dozen different platforms, we will give you the name of the best alternative to Coinbase.

The Best Alternatives to Coinbase in 2022:

Why (or why not) use Coinbase?

Before presenting our chosen alternatives, we thought it would be good to go back a bit to the strengths and weaknesses of Coinbase.

As mentioned in the introduction, beginners will undoubtedly appreciate the ability to intuitively buy and sell cryptocurrencies. And that even without having too much knowledge in the field.

It is even possible to buy Bitcoins with a credit card (although this will incur additional costs). To summarize, Coinbase may suit your needs if you are a casual investor looking to hold a few trendy cryptocurrencies.

Despite its undeniable strengths, Coinbase is far from the ideal place to buy and especially actively trade crypto.

Excessive transaction fees

What are the disappointing elements of the offer? First of all, it is impossible not to talk about the fees that the platform charges. It is one of the crypto exchanges with the highest fees. And it doesn’t matter which cryptocurrency you have to buy.

If you buy a cryptocurrency for less than €10, the platform will charge you a fixed commission of €0.99. Between €10 and €25 the fees will be €1.49, between €25 and €50 they will be €1.99 and finally between €50 and €200 you will pay a fixed commission of €2.99.

Above €200, transaction fees amount to 1.49%. As you can see, these fees are simply exorbitant. If you have a small budget, you will leave at a huge disadvantage, as the broker will in some cases take up to almost 10% in fees. Even worse, the fees on conversions from one cryptocurrency to another are 2% (for example, if you want to exchange Bitcoin for Ethereum).

According to our research, the high fees charged by Coinbase are the main reason why its customers are looking for an alternative.

Absence of some popular cryptocurrencies and poor customer support

The other weaknesses of the platform that we were able to identify are: its lack of diversity in terms of the cryptos offered (very often you will not have access to popular assets, or with a delay of several months compared to the competition), the broker’s lack of regulation on European soil (it does not have PSAN approval in France), unresponsive and uncooperative customer supportas well as many problems and delays in transferring and withdrawing funds.

Many opinions left by Coinbase users go along these lines and testify to the shortcomings of their service. Don’t hesitate to form your own opinion by, for example, browsing the opinions left on a site like TrustPilot.

So is Coinbase a good place to buy and trade cryptocurrencies? We think not, because despite its strengths, the high fees, relatively long cryptocurrency transfer times, slow support and lack of regulation in Europe make the platform relatively disappointing in our eyes (and in the eyes of many of the investors surveyed).

The best alternatives to Coinbase

Have you been disappointed with Coinbase or are you convinced that it is not the right crypto exchange to meet your needs? There are quite a few alternatives to Coinbase that will remove the bugs that we have been able to identify.

We let you find below the names of the best alternatives to Coinbase.

1. eToro: the best platform to buy and trade crypto

After testing quite a few different platforms, we believe that eToro is the best alternative to Coinbase.

eToro is a cryptocurrency broker that allows you to buy and trade nearly 80 of the world’s most popular assets. Through its platform you will be able to start buying crypto like Bitcoin and Ethereum but also other less popular ones in less than 10 minutes.

Everything happens very simply and naturally with this broker because it offers well-thought-out interfaces. The user experience offered is, in our opinion, the best in the field. And that regardless of whether you go through its website or its mobile application. It will suit both beginners and more experienced traders.

Because yes, the functions are not lacking. eToro is constantly trying to innovate by offering new features. Among them is the copy trading feature. It allows anyone to “copy” buy and sell orders from professional investors.

Start investing in eToro

What about fees? If we think that eToro is an excellent alternative to Coinbase, it is also because it has much lower fees. Here, everything is again simple and clear. The broker charges a fee of 1% for each transaction, regardless of the amount invested or the cryptocurrency purchased. Speaking of which, the minimum deposit at eToro is only $50, making investing accessible to everyone.

eToro is appreciated for the reliability of its service, the level of security offered, as well as its compliance with the applicable regulations. This last point is a real guarantee of quality and seriousness. You can invest with peace of mind on this platform, as in France it is registered with the AMF as a “Service Provider on Digital Assets” (PSAN).

For all the reasons stated, we are of the opinion that eToro is the best alternative to Coinbase. This is especially true if you want to avoid excessive fees and want to invest on a regulated platform in France and the EU.

2. ZenGo: maximum simplicity

ZenGo is another very good alternative to consider if you want to leave Coinbase.

Although his solution is far from the best known, we were surprised by the quality of the service offered.

ZenGo is the ideal platform if you are looking for simplicity. Even an absolute beginner can quickly master ZenGo’s intuitive platform. To achieve such a feat, ZenGo decided to offer its service only through a mobile application. The latter is of course compatible with iOS and Android devices.

You can quickly buy cryptocurrencies, store them safely and watch the evolution of your portfolio in real time. Thanks to the simplicity of the application, the registration process will only take you a few minutes.

Through its application it is possible to invest in more than 30 cryptocurrencies, including Bitcoin, Ethereum, BNB, Matic, Shiba Inu, Dogecoin and many others.

Start investing on ZenGo

Thanks to a partnership with the company Nexo, ZenGo is even able to offer you savings products for your cryptos. This will allow you to generate interest on your Bitcoins, for example.

What makes ZenGo a good alternative to Coinbase is also the fact that its application functions as: a platform for buying and selling assets, a secure wallet and a broker with various savings products. You can absolutely use ZenGo as a wallet to interact with decentralized platforms (to buy NFTs, place your assets on a DeFi protocol, etc.). To do this, use the ZenGo application via WalletConnect. If necessary, know that a tutorial is available on the platform’s website.

Finally, if you’re tired of Coinbase’s slow customer support, ZenGo is ideal. Its support can be contacted directly in the application. A live chat is offered and allows you to get answers to your questions in seconds.

Alternative to Coinbase: choose the right crypto platform for you

To summarize our thoughts, finding a good alternative to Coinbase is not very complicated.

Now you need to take the time to determine your expectations in order to make the best choice for you. If you want to trade cryptocurrencies, enjoy more reasonable fees and take advantage of innovative features (for example, copy trading), then eToro is an excellent choice. It also has the advantage of being a regulated broker in France, having obtained PSAN approval issued by the AMF.

Are you constantly on your smartphone and want a user-friendly solution? In this case, it might be wise to look at the ZenGo application. The latter allows you to buy, transfer, sell and above all securely store your digital assets. And that in all simplicity.

Want to learn more about cryptocurrency trading? See our guides on how to trade, the best crypto bank cards or how to store your cryptocurrencies.

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