Compare the 3 Best Coinbase Alternatives (What You Need to Know in 2024)
The uncertainty surrounding compliance and regulatory problems for Coinbase is intensifying. Bitcoin-only Swan is one of the most popular Coinbase alternatives for buying Bitcoin in July of 2024. Learn why!
Drew and Matt Ruby
Jun 20, 2024June 20, 202411 min read11 minutes read
The sudden collapse of FTX, previously a leading crypto exchange, has led some to question if Coinbase is the best platform for buying and trading Bitcoin and other cryptocurrencies.
Coinbase is currently facing regulatory actions from the SEC and other lawsuits. The exchange also suffers from data breaches, dissatisfied customers, high costs, outages, and technical glitches.
Many of the tokens sold there are iffy gambles, and some are even outright scams. The future of these tokens is uncertain, so Coinbase’s support of these assets is questionable.
NOTE: We recommend sticking with Bitcoin, a well-established, widely accepted digital asset in good standing with the U.S. government, and using Bitcoin-only companies.
In this article, we will examine three alternatives that can replace Coinbase as the place you buy and sell crypto.
Price: Significant savings on fees compared to other platforms (ZERO FEES on your first $10,000)
Interface: Straightforward, clean, uncluttered, and to the point.
What Customers Dislike About Swan
Timing: Recurring buys can be confusing to some
Strict process: Non-US residents report signup can be complex
Limited options: Bitcoin-only
Swan let’s you start buying Bitcoin in minutes with no fees on your first $10,000, provides friendly, expert service, and offers world-class Bitcoin education.
Account restrictions: Customers report issues with this
Fees: High fees upon withdrawals reported
Cooling period: Not always able to access funds
Uphold Solves the Following Problem
The platform to discover new tokens early. Brings you choices faster than any other regulated platform in the U.S. Connected to 28 underlying trading venues, including Centralized and Decentralized Exchanges, Layer 2 Networks, and Rollups.
Swan focuses on Bitcoin because it believes Bitcoin is better money that will improve the world. With Swan, you can buy Bitcoin instantly with your bank account or bank wires and sign up for recurring purchases so you can “set it and forget it.”
Customers can also withdraw Bitcoin to self-custody for free.
“Great company! I’ve been with them two years and the experience has been really good. They’ve offered webinars and other educational tools to familiarize customers with how to reach their financial goals. I also had very good support from customer service when conducting financial transactions. I received regular updates and was quite satisfied with the responsiveness of the staff.”
Swan $0 in fees on your next $10,000 investment: After that, a modest 0.99% fee is applied to all Bitcoin buys. No deposit fees, no withdrawal fees, and absolutely no hidden fees.
Swan offers investors free withdrawals into self-custody of purchased Bitcoin with a secure, non-custodial Bitcoin wallet. This gives investors complete control over their digital assets and an added layer of security.
Swan’s knowledge base includes comprehensive educational resources, in-depth market analysis, and up-to-date information on Bitcoin and the crypto industry.
Swan’s experts work around the clock to guide you on the technical aspects, market trends, and potential risks of Bitcoin.
Swan Advisor Services helps financial advisors integrate Bitcoin into their clients' investment portfolios seamlessly. Investors get advice and strategic recommendations tailored to their financial goals and risk tolerance, ensuring Bitcoin is a beneficial asset.
Swan’s Specter Labs offers a range of safe and easy-to-use self-custody options for Bitcoiners who prefer direct control of their wealth.
Uphold bills itself as “the platform to discover important new tokens early.”
The crypto broker is connected to 28 underlying trading venues, including centralized and decentralized exchanges, Layer 2 networks, and rollups. Uphold allows you to trade in just one step between any supported asset. It aims to quickly bring customers a variety of choices. Uphold serves over 10 million customers in more than 180 countries.
Uphold Pros
Trade in just one step between any supported asset.
Flexible experience with a broad range of assets.
Publishes assets and liabilities every 30 seconds at the site.
Uphold Cons
Users report face scans required for transactions.
“Uphold seemed trustworthy at first with its smooth interface and great rates, but things quickly went downhill. They started requiring face scans for every transaction, and processing times became unpredictable.”
Uphold claims to offer a seamless and user-friendly experience for accessing and transacting a variety of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP), among others.
It also supports traditional fiat currencies like the U.S. dollar, Euro, and British pound, allowing users to easily convert between cryptocurrencies and fiat currencies.
Provides seamless conversions between cryptocurrencies and fiat currencies for convenient and fast exchanges, allowing investors to manage their portfolios and benefit from price fluctuations.
Investors can safely store their cryptocurrencies and digital assets in a digital wallet protected by multi-factor authentication and encryption.
Uphold members can easily send and receive cryptocurrencies or fiat currencies to and from other Uphold users worldwide without delays or transaction fees.
Users can fractionally own cryptocurrencies, stocks, commodities, and real estate and diversify their investments through a single platform.
They also get prepaid debit cards to spend cryptocurrencies at any location that accepts regular debit or credit card purchases.
Security, transparency, and regulation are the pillars on which Bitstamp has made crypto securely accessible to over 4 million customers globally.
Europe’s biggest exchange, Bitstamp was founded in 2011 and has offices in Luxembourg, the UK, Slovenia, Singapore, and the US. by trading volume and offers trading of BTC, ETH, LTC, SOL, ADA, DOT (and more than 70 other assets).
The exchange is a pioneer in crypto security and regulation, having developed things like cold storage of assets, multi-sig wallets, and SegWit implementation.
UPDATE: Robinhood to Acquire Bitstamp
Robinhood Markets, Inc. (“Robinhood”) has entered into an agreement to acquire Bitstamp Ltd. (“Bitstamp”), a global cryptocurrency exchange.
Bitstamp Pros
Industry-leading security
Transparency through internal and external audits
Global presence
Holds 50 licenses and registrations in key global jurisdictions
Bitstamp Cons
A short list of coins supported for staking
No margin trading or lending features
Some customers have complained about additional fees
Bitstamp is one of the first cryptocurrency exchanges to receive a BitLicense, ensuring compliance with strict regulatory standards.
Liquidity and competitive fees
Bitstamp’s trading fees decrease as trading volume increases, making it attractive for traders of all levels.
Global accessibility.
Bitstamp’s services are available to users worldwide for international cryptocurrency trading. It also offers multilingual customer support so users can get help in their preferred language.
Industry-leading compliance.
Bitstamp adheres to Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to ensure a secure trading environment.
What Customers Say About Bitstamp on Trustpilot
“After 2 months of trading experience at Bitstamp, I have the following to say: It is the best so far in the world of crypto and blockchain.”
“Customer service is of Zero Help — All they say is you must wait for complaints department to answer — and you can’t talk to the complaints department!”
Bitstamp’s user-friendly interface and commitment to transparency and reliability have earned it the trust of many traders worldwide. It’s also been a leader in the security industry since its founding. All funds and crypto on Bitstamp are backed 100% and ready to be withdrawn anytime. External parties review its financial controls annually and are subject to regular internal audit reviews.
Fees
Bitstamp uses a complex maker-taker fee model to determine trading fees. The fees are calculated based on your current pricing tier at the time of an order’s execution. Generally speaking, customers pay between 1 — 1.5% in trading fees.
Final tips
Here are a few tips for picking the suitable Coinbase alternative:
Determine your specific needs and goals: If you only want to buy/sell Bitcoin, you don’t need a platform that offers dozens of tokens.
Examine fees: You save money with every trade when fees are lower.
Consider feedback from other users and industry experts: It’s always nice to hear what others say about businesses on sites like G2, Capterra, and Trustpilot.
Consider sustainability: You want to ensure the company you use is trustworthy and will be around for a long while.
Drew, a class of 2013 Bitcoiner, is a Research Analyst for Swan Bitcoin.
He has worked in institutional VC/PE, FinTech, and DLT consulting for over six years. He also brings over twelve years of experience working with national nonprofits and start-ups in education and software development in several leadership roles.
Matt Ruby
Matt Ruby is a seasoned content writer helping educate million worldwide about Bitcoin for Swan. Matt work with tech companies to create words, videos, and other content that makes them seem human. He specializes in taking boring/drab tech topics and making them interesting, educational, funny, and accessible to regular people.
When we save our life’s work in bitcoin, we want to be certain that the wealth generated by such work will still be around decades or even centuries from now.
