cryptographic 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 Although its service is relatively simple to use, the fees withdrawn from the platform can quickly become expensive. This leads many investors to seek out the best Coinbase alternatives. After having been able to test more than a dozen different platforms, we will give you the name of the best Coinbase alternative.

The best alternatives to Coinbase in 2022:

Why (or why not) use Coinbase?

Before presenting the alternatives we have selected, we thought it would be good to go back a little on the strengths and weaknesses of Coinbase.

As mentioned in the introduction, novice investors will no doubt appreciate the ability to intuitively buy and sell cryptocurrencies. And this even without having too much knowledge in the sector.

It is also possible to buy Bitcoin with a credit card (although this will incur additional costs). To sum it up, Coinbase can meet your needs if you are a casual investor who wants to hold some trendy cryptocurrencies.

Despite its undeniable strengths, Coinbase is far from the ideal place to buy and above all actively trade cryptocurrencies.

Transaction fees too high

What are the disappointing elements of your offer? First of all, it is impossible not to mention the fees charged by the platform. It is one of the cryptocurrency exchanges with the highest fees. And it doesn’t matter which cryptocurrency you are about to buy.

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

Over € 200, the transaction fees amount to 1.49%. As you can see, these fees are simply exorbitant. If you are on a tight budget, you will leave with a huge disadvantage as in some cases the broker will take up to almost 10% of the commissions. Worse still, the fees on conversions from one cryptocurrency to another are 2% (if you want to trade Bitcoin for Ethereum for example).

According to our research, Coinbase’s high fees are the main reason 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 regarding the cryptocurrencies offered (very often you will not have access to popular assets, or several months behind the competition), the lack of regulation of the broker on European soil (does not have PSAN approval in France), insensitive and uncooperative customer supportas well as many problems and delays when transferring and withdrawing funds.

Many opinions left by Coinbase users go in this direction and testify to the shortcomings of its service. Do not hesitate to form your own opinion by browsing, for example, the opinions left on a site like TrustPilot.

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

The best alternatives to Coinbase

Have you been disappointed with Coinbase or are you convinced that it is not the right cryptocurrency exchange to meet your needs? There are some alternatives to Coinbase that will come to erase the flaws we have been able to identify.

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

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

After testing several platforms, we believe 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 can start buying cryptocurrencies such as Bitcoin and Ethereum but also other less popular ones in less than 10 minutes.

Everything is done 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 industry. And that is whether you go through its website or its mobile application. It suits both beginners and more experienced traders.

Because yes, the features are not lacking. eToro constantly seeks to innovate by offering new features. Among them is the copy trading function. It gives everyone the opportunity to “copy” the buy and sell orders of professional investors.

Start investing on eToro

What about taxes? If we consider that eToro is an excellent alternative to Coinbase, it is also because it has much lower fees. Here everything is once again simple and clear. The broker charges a 1% commission on each transaction, regardless of the amount invested or the cryptocurrency purchased. By the way, the minimum deposit on eToro is only $ 50, which makes investing accessible to everyone.

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

For all the reasons given, we are of the opinion that eToro is the best alternative to Coinbase. This is especially true if you are trying to avoid excessively high fees and want to invest on a regulated platform in France and the European Union.

2. ZenGo: maximum simplicity

ZenGo is another great 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 obviously compatible with iOS and Android devices.

You can quickly buy cryptocurrencies, store them securely and view the evolution of your wallet in real time. Thanks to the simplicity of the application, the registration process will only take 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 in ZenGo

Thanks to the collaboration with the company Nexo, ZenGo is also able to offer you savings products for your cryptocurrencies. This will allow you, for example, to generate interest on your Bitcoins.

What makes ZenGo a good alternative to Coinbase is also the fact that its application acts as a platform for buying and selling assets, a secure wallet and a broker with different 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, you will need to use the ZenGo application via WalletConnect. If necessary, be aware that a tutorial is available on the platform’s website.

Finally, if you are tired of Coinbase’s slow customer support, ZenGo is ideal. Its support can be contacted directly in the application. A livechat is offered which allows you to get your questions answered in seconds.

Coinbase alternative: choose the right crypto platform for you

To sum up our thoughts, finding a good Coinbase alternative isn’t very complicated.

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

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

Want to learn more about cryptocurrency trading? Check out our guides on how to trade, the best cryptocurrencies or how to store your cryptocurrencies.

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