The best alternative for buying bitcoin in Australia is: Swyftx
As you may have already noticed, Coinbase is without a doubt one of the largest and most reputable cryptocurrency exchanges in the world – at least with regards to ease of use. It boasts tens of millions of monthly visits from users and has a profound commitment to privacy that makes sure you’re kept safe when trading online.
To add, the Coinbase ethos essentially revolves around disrupting the existing financial system to create a more open, more free and far more ethical model through opening simple avenues to cryptocurrency.
The company is making true on their promise by keeping their platform as simple and intuitive as possible for all users. It is working to draw in more and more new folk each year through beginner-focused layouts, easy trading tools and more, which is fantastic for our crypto beginners.
In all, the Coinbase experience is secure, easy to use and designed from the ground up to be as friendly as informative as possible. There aren’t any ‘traps’ here.
All that said, Coinbase isn’t the only ‘winner’ in our book, and if you’re looking for another cryptocurrency exchange that offers a similar experience, then take a look below.
Coinbase is often criticised for being just a little too costly for most users, and although this may be true, it is still an excellent platform to begin your investment in crypto assets.
Take a look below at our top pick alternatives to Coinbase.
The Best Alternatives to Coinbase
All of our top choice crypto exchanges below are easy to use, have relatively low fees and offer a great overall experience for anyone looking to start trading as soon as possible.
Disclaimer: the feature sets and support from these cryptocurrency trading platforms will depend on your location, local regulation and support for your coins. Make sure to take a look on your chosen trading platform’s website prior to signing up.
First up is Binance. We know bigger isn’t always better when it comes to trading, though Binance’s globe-spanning network is the overall winner in our book.
It is one of the largest exchanges in the world and is often regarded as the world’s central hub for crypto investment. It is home to over 170 cryptocurrencies and boasts a user interface that is on par with Coinbase’s easy to use version.
For beginners, the Binance platform is easy to understand and has plenty of information front and centre, and for advanced traders; there are a tonne of expert trading tools here to help you get the most out of your time trading.
Keep in mind that Binance is also an ultra-low-fee option too. You’ll be charged a fee based on various trading activities, meaning there isn’t a flat fee for one type of trade, though it still works out to be far lower than just about anything else on the market.
There’s excellent customer support here too, so getting help when you need it is no trouble at all.
Landing at second place is Coinmama. The exchange is again, a very user-friendly version and comes with plenty of support should you need it. It also offers credit card payments, which is ideal for a lot of users looking to pay with plastic for their coins.
Launched back in 2013, the exchange has a few years under its belt, and that means its a tried and true service for our investor readers. To add, there’s FINCEN compliance, or Financial Crimes Enforcement Network compliance in the US, which means you’re staying entirely compliant when trading here.
For Australians and New Zealand traders, it’s also good to note that the credit card and debit card experience is seamless here, and being certified with compliance policies means you’re able to trade with cards and not need to worry about local compliance.
There are all major coins available on Coinmama, of course, which includes Bitcoin, Ethereum, Litecoin, Ripple and Bitcoin Cash, to name a few.
Keep in mind that this platform is currently a buy-only model, which comes in handy for those looking to buy and hold. In short, a lot of currencies do only go up in the long term, so buying online isn’t too much of an issue. However, Coinmama is deciding on whether to allow trading and selling as well.
You’ll find this platform locally available in 188 countries around the globe, and you will be joined by 1.8 million customers making use of the exchange every month.
When it comes to trade volumes, we’re glad to say that limits tap out at an ideal $5,000 per day or $30,000 a month which means for the more prominent traders out there, you’ll be good to get investing larger sums without having to wait too long, or having to break up your investments across multiple exchanges.
One final thing to note is that there isn’t yet a digital wallet on the platform. That said, you’ll need to invest in your own hardware wallet or open an online on your own. This isn’t too much of an issue though and can be done relatively quickly.
A lot of the time we suggest holding your coins in a personal wallet anyway, so this isn’t much of a difference.
When it comes to fees, they’re rather low — though credit and debit cards are slugged a 5 per cent fee.
With all of that out of the way, Coinmama is certainly on our radar when it comes to a Coinbase alternative.
Founded by the Winklevoss Twins, the Gemini platform is another fantastic alternative to the Coinbase platform in that it’s designed to be exceedingly simple and easy to use.
This is an excellent platform to use if you’re looking for a more serious trading platform, though, because there are a whole lot of technical tools here for advanced traders. If you’re in need of a platform that has a maker and taker schedule, then this is for you.
It is also compliant and vetted by the New York State Department of Financial Services (NYSDFS) which means you’re trading on a platform that isn’t sketchy or murky in any way, perfect for our beginners.
One area where the platform is a little lacklustre is in the coins supported. Only the big names are what you’ll find on Gemini right now, meaning Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and ZCash — which could be a dealbreaker if you’re looking to expand into other coins down the track.
However, what Gemini lacks in coins supported, it more than makes up for in trading fees with them reaching as low as 0.00 per cent for the makers on the platform. The higher fee structure reaches around 0.03 per cent for the takers on the exchange.
You’ll be able to use Gemini in the US, Singapore, Korea and Hong Kong with the UK also offering support for the platform.
A global stand out with regards to privacy, the Local Bitcoins platform, which is based in Finland, is another excellent alternate to Coinbase. It’s a P2P exchange, which means you’ll communicate with those on the platform and work out fair selling prices for coins and make physical transactions or transactions through other platforms.
Of course, as the name suggests, only BTC or Bitcoin is supported here; however, the exchange is ultra-secure and decentralised, so you and your trading partners are the only ones overseeing what’s going on — there’s no big brother style trading happening here.
When it comes to safety and scam prevention, there’s an escrow feature in the Local Bitcoins platform that hold cash or Bitcoins prior to the transaction being completed, which means you’re at less of a risk when it comes to coin theft.
It’s important to note that there isn’t a verification or ID requirement here either, so if you’re looking to trade anonymously, then this is the platform for you. However, if you want to identify someone, you’ll have to ask that they share their ID with you, which we would highly suggest you do.
Use a Bitcoin ATM
One often forgotten means of trading Bitcoin is using the old-fashioned ATM-style machines. These aren’t only convenient if you’re interested in a quick trade, but they’re also the ideal solution for anonymous trading too.
You’ll be able to pay with cash or credit card here, and you don’t need an internet connection either — the coins and the ATM are all already connected and verified prior to purchase
Again, this form of trading Bitcoin is decentralised, so it is as secure as can be. One thing to note, though is that there might be an issue with compliance if you’re using these platforms frequently and without identification.
Be sure to declare income and assets when investing through a Bitcoin ATM to avoid penalties when tax time comes around.
Finally, depending on where you live, it might be hard to find a Bitcoin ATM, though there are plenty of location websites that will make the process of finding the ATM a lot smoother.
With all of those Coinbase alternatives out of the way, it’s easy to see that there is a tonne of other avenues to take when it comes time to invest in cryptocurrency.
A lot of platforms are increasingly adapting and improving their trading tools and user interfaces to be more user friendly to match Coinbase, which is great news for just about everyone. The landscape is becoming more mainstream, and that means you have more options than ever when it comes to trade crypto in Australia and across the globe.
Always be sure that you’re opting for an exchange that is compliant with local regulations, however, and if you’re trading anonymously, do your best to declare income, losses and other financial information for correct taxation.
In all, Coinbase might be the global winner, though Coinmama, Binance and the Aussie trading platform Swyftx are undoubtedly worth a look.