Cryptocurrencies are on the rise as new and exciting financial instruments for building wealth and maintaining security in payment for web-based services. Bitcoin has remained the gold star of cryptocurrency options; however, thousands of other coins have cropped up in the decade since the Bitcoin proof-of-concept and launch. The marketplace is ripe for investment opportunities, but choosing the right crypto-wallet to leverage as a sort of ‘brokerage’ account can be tricky.
A crypto wallet functions a little differently than a bank account dealing in fiat currencies – that is, hard cash currencies backed by government guarantee like the Japanese Yen or US Dollar. The ease of use of one of these fiat currencies is tied directly to the location of the spender. Americans who purchase goods in-store and don’t tend to leave their hometowns may benefit from a traditional bank account with associated debit cards or additional credit card access for larger or recurring payments over crypto exchanges. But most global citizens don’t fall within this narrow category. Therefore, the question remains: Where should you put your finances for maximum security and peace of mind?
Coinbase, based in San Francisco, CA, is the industry standard and provides ample customer support access to the popular coin options, and a number of payment methods for gaining access to the crypto world from a US bank account. In exchange for its ease of use, though, Coinbase charges relatively high fees, making Coinbase alternatives an attractive option for investors.
Kraken is one option: the platform has been servicing cryptocurrency traders since 2014, making it one of the oldest wallet services in business. As well, Kraken is incredibly secure, the platform has never been hacked and the developer team is on constant guard for new threats to its integrity. Kraken does suffer from a similar fee structure and therefore you will pay for the high degree of confidence in your digital security.
Other investors will prefer to seek out the lowest fees possible. Binance is the industry standard in good service and rock bottom trading fees; however, what you save in commissions you will have to be wary of in security. Binance has been breached in the past. While past security concerns aren’t necessarily indicative of future breaches, it should be taken under consideration when selecting a place to store your cryptocurrency portfolio. Binance was founded in 2017 and offers easy fluidity with nearly any trading pair you can imagine and signup is fairly simple on this platform.
Finally, Kucoin rounds out the list of best Coinbase alternatives. Kucoin is a new exchange based in Hong Kong, and offers an exciting and novel way to reduce fees even further from its already low 0.1% trading fee. As an account holder, you can invest in the platform itself with Kucoin Shares, reducing your trading fees by 1% for every thousand shares owned.
While alternatives are certainly important to consider, looking into Coinbase for your primary storage needs must be a part of anyone’s search. Coinbase offers ease of use for buying and selling a long list of popular coins, and accepts a number of payment methods. Coinbase signup is not for the faint of heart though, as there is a lengthy list of requirements for new buyers looking to get into the market through the Coinbase service; however, security is reliable and trading on the platform is made simple.
The crypto market is an exciting, round-the-clock trading alternative for the future. Getting into the action requires a little bit of research, but understanding your personal preferences for fees, security, and account funding can make the search fast and efficient and get you trading in a flash.
