NFT INSIGHTS

Coinbase is one of the most known cryptocurrency exchange platforms popular among various investors. However, not everyone fancies it, primarily due to its complex interface, hefty fees, and privacy issues. It, therefore, prompts most people to turn to better Coinbase alternatives, including Gemini, Binance, Bittrex, Kraken, and Bitstamp, which are both cheaper and not overly intricate. This review will provide insight into Coinbase and why it's ideal for switching to other better alternatives. Why Coinbase isn't suitable for New crypto investors Even as Coinbase launched its global digital exchange (GDAX) in 2015 – that came to be known as the Coinbase pro – it still has issues with its transactional integrity. However, we'll put credit where it's due – its privacy index is stern, and there are no successfully reported hacks or thefts on its treasury funds to date. However, that doesn't mean it's indomitable either. Usually, Coinbase associates Bitcoin addresses with identities, which can be bad for privacy. That compromises both transacting parties since it leaves a ramp-on trail for hackers. Besides, Coinbase has for some time tried to find the highest bidder, most definitely, the DEA and IRS, for its blockchain analytics data, as some public documents report. That, therefore, exposes you to hackers who can potentially steal your Essential KYC information and extort coins. Although your coins get covered by the FDIC insurance, once they're stolen, it would be an uphill task to explain to them that Coinbase is at fault. And predictably enough, your insurance coverage won't have any of it, provided that it gives them a good excuse not to pay you back. If you're a regular Bitcoiner on Coinbase, you'll agree that the fees usually go through the ceiling if you don't transact with the Bitcoin pro. Bitcoin pro charges a spread of up to 0.5% on purchases and sales, which quite remarkably are cheaper for private users. However, for general and public transactions, the fees play in between 1.49% and slightly over 3.98%, which are pretty higher compared to most crypto exchange programs. Also noteworthy, Coinbase can sometimes be unstable with flash crashes coming out of the blue, as witnessed with the Etherium market in 2017, forcing it to deflate from about $320 to $0.10 within seconds. That resulted in traders experiencing stop-loss orders and margin calls, which drove them to losses. If an inconsiderate trader places huge sell orders, they cause considerable slippages in the market and potentially drive people into losses. Notably, these flash crashes have followed up since, with Etherium and Bitcoin prices affected in 2018 and 2019, respectively. However, still, there are better alternatives to hold or transact cryptocurrency that keeps you sleeping worry-free at night. If you're also not a fan of this exchange platform, then a few other crypto exchange platforms can come in handy. Such include the Binance, Gemini, Kraken, Uphold, and Bitstamp, among others. Things you to note when choosing a crypto exchange Of course, you need to rigorously scrutinize the background and see what a crypto exchange offers to play safe with your assets. Luckily, there are numerous platforms to choose from, so you're split for choice. But not all of them can feel trustable enough, as we've seen with Coinbase. Here are the essential things to consider before settling on a crypto exchange. 1. Ease of use You don't have to torture yourself with platforms offering complex user interfaces or subject you to intricate transactional patterns. Most crypto exchanges understand how essential a more straightforward user interface is to their users and have various views from "basic" to "advanced." Better still, if you're a beginner, some platforms will offer the option to start as a newbie so that you don't feel intimidated by the details. 2. Security Security and privacy are the concerning issues most people ask many questions about. With the escalated crypto theft scandals and sophisticated hacking, the last thing you'd want is to have sleepless nights worrying over your cryptocurrency safety. Try working with platforms that offer a more significant cold storage portion of your funds – probably over 98% – secured with SSL encryption and offer two-step verification. A Binance, Bittrex or a Gemini vs Coinbase comparison uncovers clear security pitfalls, which makes the latter less of an option if you’re more concerned with privacy and security. 3. Fees Crypto exchange platforms earn through charging transactional fees, and therefore, it's imperative to find out how much it would cost. Try comparing values from various platforms and gauge what is fitting for you. Better options with lower fees include the Binance.US, Gemini, Kranken, among numerous others. 4. Insurance It will also help if you get a crypto exchange that ensures your funds in case of theft or losses. Most of them, including Binance.US, Gemini, and Bittrex, offer an insurance cover for funds reaching particular amounts. If the holding platform is at fault, you're guaranteed to recover a portion of the lost amount, if not all. Here is a list of Top US Exchanges Gemini Gemini is a cryptocurrency exchange facilitating the buying of Ether, Bitcoin, and other cryptos. Technically, the platform allows for the exchange of about 52 tradable cryptocurrencies. It's best for security and volume trades and perfect for beginners due to its simple user interface. Apart from being highly reputable with its security, the platform charges considerably lower transactional fees. Its trade fees are usually fixed for $200 or below and reach up to 1.49% for amounts above that. Besides, debit card deposits cost 3.49%, while there are no charges for wired transfers. Binance.US Binance.us is a top exchange in the United States offering over 50 tradable cryptocurrencies. Unlike its parent, Binance, this exchange is unavailable in states such as Idaho, Hawaii, Newyork, Texas, Louisiana, and Vermont. It does, however, offer lower transactional fees. These include 0.1% for spot trading, 0.5% for buy and sell fees, and 4.5% for Debit card transactions. In addition, it boasts of high cyber security ratings, thus perfect for security-conscious investors within the States. Kraken Kraken, also a proficient exchange in the United States, offers over 90 tradable cryptocurrencies and is available for all U.S. residents. However, people living in New York and Washington. Like Binance US, the fees it charges are considerably low and based on the volume you trade on a 30-day rolling period. Technically, the maximum fee percentage the exchange charges is 0.26% for takes and 16% for makers when making transactions below 50 grand. This percentage lowers to as low as 0.10% for takers and 0.00% on maximum trade volume. Uphold Uphold is among the most user-friendly exchanges offering over 60 cryptocurrencies. It's available in the United States, and everyone can seamlessly trade through the platform. While no deposit fees are charged, the platform has a spread of 0.8% to 1.2% on ETC and BTC. It's also a secure platform where you can make safe transactions with bank-level encryption and two-factor signing in. Bittrex Bittrex offers promotional commissions, and if you're interested in earning, you can whoop in a considerable 10% of all referrals. It offers more than 100 tradable cryptocurrencies and is charges between 0.00 to 0.35% of maker and taker fees, respectively. This exchange is also safe and befitting large volume traders to capitalize on the lower fees. Bitstamp Although this crypto exchange hasn't entirely stamped its presence in the crypto space, it does provide an impeccable platform perfect for novices and experts. It currently trades on about 40 cryptocurrencies, and the fees are considerably low, starting from 0.22% to 0.5%. You can purchase crypto right from the bank, credit, or debit card. Coinegg Coinegg focuses on using digital assets instead of fiat currency. It's an intuitive trading platform offering over 40 cryptocurrencies. It offers flat trading fees of about 0.10% on both wire transfer and credit card deposit methods. Although it's developed in the U.K., it's widely used in the United States and offers simple interfaces and guaranteed security. GDAX GDAX is a perfect exchange platform for highly active professional traders. An added advantage with this exchange is that it stores 98% of its customers' digital assets offline, protecting them in the best way possible. It sets its maker fees at 0.00%, while its taker fees can range from 0.1% to 0.3% over 30 days. In Conclusion While Coinbase is a household exchange in the crypto business, it's marred with numerous issues that make it less befitting for most people. Unless you're using its upgraded version, Coinbase Pro, you're in for a bumpy ride of crypto harassment. However, other exchanges are widely popular in the United States and can be more ideal alternatives for you. These include Binance.US, Uphold, Kraken, Bittrex, and Coinegg, among numerous others.