As I mentioned earlier, due to the limitations of this quick experiment, there are some additional factors I couldn’t control for that might’ve affected the exchange rate such as the time between changing the price from $100 to $10. No fees, https://squareup.com/help/us/en/article/6313, https://support.coinbase.com/customer/portal/articles/2109597, https://hackernoon.com/0-to-pro-crypto-trader-your-ultimate-guide-to-bitcoin-and-altcoin-investing-e3d7b3840125, Position Sizing & Stop Losses in Crypto Trading, Number of Bitcoin wallets holding over 100 BTC tests 6-month high, Hackers Donate Bitcoin From Ransomware Attacks to Charities, Analyst Who Called 2018’s Bottom Says Bitcoin Will Soon Move Towards $12k, Streamity: Leveraging Binance Smart Chain to Provide Myriad of Services, Chainlink brings Verifiable Randomness to Ethereum mainnet, keeps other chains in sight, PayPal Brings Users To Bitcoin, But Not The Bitcoin Network, This blockchain only needs 22 KB of data to be verified, Bitcoin Crosses $12K as Pelosi and Mnuchin Near Stimulus Deal, Bitcoin Could Register Second Highest Monthly Close in History: Peter Brandt, $900 Imminent? CryptoCurrency Memes, News, Discussion & TA … While SoFi Invest is fairly bare-bones when it comes to crypto trading features, there are some interesting incentives at play. "text": "To answer this question you must do your own research. At this point there isn’t a clear winner that can lay claim to being the best option, but there are some great choices available if you’re wondering what other apps are like Coinbase. As an incentive, Robinhood offers free stocks to new users that sign up up via an invitation from existing users. Setting up your account is done via their app, but they do request a little more information than the other providers in this article. For these transactions Coinbase will charge you a fee based on our estimate of the network transaction fees that we anticipate paying for each transaction. This is because of the stringent regulations they must comply with as a platform that sells traditional investment vehicles such as stocks. From their insurance page: Coinbase maintains commercial criminal insurance in an aggregate amount that is greater than the value of digital currency we maintain in online storage. "@type": "Question", "@context": "http://schema.org/", Trade volume? Coinbase offers a $10 referral credit, Abra offers a $25 referral credit, Square offers a $5 credit, and Gemini offers a $10 referral credit. Gemini offers $10 in Bitcoin to new users that sign up and spend $100. The first thing you’ll notice is that the price you actually buy at (i.e., the Exchange Rate), is different from the price that’s listed as the price of Bitcoin. Square Cash’s exchange rate was $62.21 higher than Coinbase’s exchange rate. Visit our full Gemini vs Coinbase breakdown article. The offer is limited to one per person. Interested in learning more? "@type": "Answer", "text": "Yes. If I intended on purchasing Ethereum, Litecoin, or Bitcoin Cash, I might still go through Coinbase depending on the size of my order because Square Cash doesn’t support those cryptocurrencies yet, so I would have to move money to other exchanges, which would incur a blockchain fee anyway. A new generation of fiat-to-cryptocurrency options are coming into the market and challenging Coinbase’s dominance for mainstream users. Check out our dedicated Coinbase vs Abra blog. Bitcoin-purchasing services like Coinbase and Square need to account for this by adding additional cost as buffer — whether or not their buffers are excessive is subject for additional debate but not debated in this article. The inconvenience of this design on Gemini is minor and the exchange order book system isn’t that hard to figure out, but it is a little strange that such simple functionality is missing. (adsbygoogle = window.adsbygoogle || []).push({}); If your motivation for exploring cryptocurrencies is strictly focused on quick-and-easy investing, Robinhood may be the choice for you. Nonetheless they have a long record of safe cryptocurrency storage and are fully regulated by U.S. authorities that govern financial services. "description": "Purchasing platforms that offer US residents an alternative to Coinbase for buying cryptocurrencies. While the Gemini app allows you to quickly purchase any coin via your bank like Coinbase, the desktop platform forces you to use their exchange product. ", This is why I consider it the best alternative for high-value users. They also have a respectable selection of altcoin investment options including: While their limited options may be frustrating to some, Robinhood is a welcome competitor that is filling an interesting use case for traditional investors that want to dabble in cryptocurrencies. This is because the exchange rate also adds in some wiggle room to account for things like potential volatility (Bitcoin could be worth $8,953 one minute and $8,923 the next). Unfortunately, Bittrex signups are closed right now but you can still sign up through Binance: Do you have any additional questions? Fees are subject to change, but as of this article’s writing fees for a $50 purchase were 4.5%. There are none available in contrast to the selection on Coinbase of BAT, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, ZCash, USDC, 0x, and Tezos. *Purchase fees are approximates based on personal experience and exchange rates at the time of this articles writing. Anyone online who tries to tell you exactly what cryptocurrencies are worth buying is likely only trying to advertise their own investments."}}]}. Abra used to only support deposits and withdrawals of so-called “native coins” which were Bitcoin, Bitcoin Cash, Ethereum and Litecoin, but began allowing full featured use of all altcoins in December 2019. You’re out of luck. Gemini is a licensed digital asset exchange and custodian. Discord - Free voice and text chat for gamers. On January 31, 2018, Square’s Cash App announced immediate availability for users to buy and sell Bitcoin on its app — the amazing part? Coinbase takes its price from the market price of GDAX, its exchange. "url": "https://www.cryptocurrencyposters.com/" Cash App is a great personal wallet app that is primarily aiming to be a competitor to Venmo and Paypal. I set out to do a simple comparison between Coinbase and Square Cash: how much Bitcoin can I really buy with $100? They jumped into the crypto world by adding the option to buy and sell Bitcoin in January of 2018. Maybe someone can try with $10,000 (I didn’t attempt it because Square requested a $10,000 deposit into the app, which I’m not comfortable doing at this time considering I just downloaded the app this morning). ", You can get this offer by using my referral link below. In other words, while the exchange rate on Square Cash is higher, I got 2.36% more BTC on Square Cash when compared with the amount I could get on Coinbase after Coinbase fees. "@type": "Organization", All in all, I’m happy to see that the no-fee trades on Square’s Cash App did give me some extra Bitcoin compared to if I had purchased it on Coinbase. If it’s based on things like trade volume and total market cap, is it based on only Bitcoin’s volume and market cap? You can feel the different vibe when reading headlines from the respective company homepages. At $300, fees were 2%. This gives a bit of insight into how much an intended purchase amount actually impacts (or doesn’t impact) the overall exchange price. While Coinbase will charge a roughly 4% markup via fees, Cash App’s fee hovers around 1.5% based on my own personal use. Cash App says they’re “working hard to bring support for bitcoin deposits from third party wallets to Cash App.” While this may be frustrating to some users, others may appreciate the elegant simplicity of the app. The 2.3% was observed through my experimentation, which is by no means a fully controlled study. When I sell does this convert back to cash or bitcoin. Gemini also sets itself apart from the rest of the choices in this article by allowing you to deposit and sell all the altcoins offered on their platform. "text": "From their insurance page: Coinbase maintains commercial criminal insurance in an aggregate amount that is greater than the value of digital currency we maintain in online storage. "acceptedAnswer": { “The most popular U.S. exchanges” is a very qualitative claim — popular based on what? If you would rather use Coinbase instead, you can use this link to receive $10 of free Bitcoin. You can get this offer by using my referral link below. stock and ETF investing backed by Bitcoin, 100 Best Crypto Twitter Accounts to Follow. "@type": "Question", Of course, when you’re at the top, there’s a big target on your back. Square Cash, which does not have its own exchange, explains it methodology for price calculations vaguely: Your exchange rate for buying and selling Bitcoin through the Cash App is calculated using the current market rate across the most popular U.S. exchanges, plus a spread determined by the size of your transaction and market volatility. How am I qualifying these options? Set-up is simple with a quick app download, entry of personal information, and bank account / credit card connection process.