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In this article, I’ll be discussing Crypto to FIAT exchanges, where you can deposit funds from a bank account and buy crypto-assets.
If you are purchasing Bitcoin or other cryptocurrencies, your first purchase will usually occur on an exchange or brokerage. There are several exchanges to choose from, each with slightly different experiences and fees for the user.
Each option has advantages and disadvantages depending on your needs and country of residence. We will discuss each option below and explain their specific differences.
Coinbase
Coinbase was one of the first US-regulated crypto-exchanges and remains a trusted exchange for over 30 million users worldwide.
Cryptocurrencies Listed
- Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Tezos, Ripple, Chainlink, Augur, Stellar, Kyber Network, Dash, Basic Attention Token, 0x, EOS, Orchid, Algorand, Cosmos, Zcash, district0x, Civic, Loom Network, Decentraland, Golem
Pros
- Coinbase supports customers in over 30 countries, including the US, EU (except Germany), UK, Singapore, Canada, and Australia
- Quicker setup than Coinbase Pro
- You can purchase immediately and lock-in a buy price, but it will take 5+ days to be credited to your account
- ACH Deposits with Plaid
Cons
- Coinbase has been late to adopt new technology
- New purchases take 5+ days to withdraw
- Onboarding is more complex than Cash App
- High fees: 1.49% for bank transfer, 3.99%for debit cards, variable withdrawal fees
Coinbase Pro
Coinbase Pro is a more advanced counterpart to Coinbase with more order types and lower fees. Anyone with a Coinbase account can open a Coinbase Pro account. There is no “Pro” tier that needs to be purchased.
Cryptocurrencies Listed
- Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Tezos, Ripple, Chainlink, Augur, Stellar, Kyber Network, Dash, Basic Attention Token, 0x, EOS, Orchid, Algorand, Cosmos, Zcash, district0x, Civic, Loom Network, Decentraland, Golem
Pros
- Supports the same countries as Coinbase, including the US, UK, Singapore, Canada, Australia, and EU (except Germany)
- More options for order types compared to Coinbase and Cash App (market, limit, and stop orders)
- Fees at 0.5%, significantly lower than Coinbase
- ACH Deposits with Plaid
Cons
- 3-5 day delay (~2 days SEPA in EU) before the funds are credited to your account
- Rigorous onboarding process
Cash App
Cash App started as a centralized peer-to-peer payments app, and has expanded to offer brokerage services for Bitcoin and other assets.
Cryptocurrencies Listed
- Bitcoin
Pros
- Easy mobile onboarding
- Ability to purchase and withdraw Bitcoin immediately
- App-based
Cons
- US Only
- Despite having no trading fees, Cash App’s spread is slightly wider: 1.6% to 10% of your order value, making it more expensive than Coinbase Pro
- Cash App fees are variable so you won’t know how much you’re paying in fees unless you compare your purchase/sale price with the market price
Kraken
Kraken is an older exchange that has been around since 2011. Its functionality is similar to Coinbase Pro and is offered in almost every country in the world.
Cryptocurrencies Listed
- Bitcoin, Monero, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Tezos, Ripple, Chainlink, Augur, Stellar, Dash, Basic Attention Token, EOS, Algorand, Cosmos, Zcash, Cardano, Icon, PAX Gold, Tron, Qtum, Siacoin, Waves, Gnosis, Lisk, Dogecoin, Melon, OmiseGO
Pros
- Supported in almost every country in the world
- Operating in the United States since 2011
- The lowest fees of any exchange listed for beginners
- Fees vary between 0.26% and 0% based on volume and order type
- Kraken offers deposits in USD (FedWire), EUR (SEPA), and CAD (Wire and EFT)
- Margin trading with up to 5x leverage
Cons
- Not available to residents of New York (NY) or Washington State (WA)
- Strict and lengthy KYC/AML Process
- Lower volume and liquidity than Coinbase Pro
- No ACH Transfers
Summary of Crypto to FIAT exchanges comparsion
Coinbase has the highest fees of any of the options listed. Use Cash App if you need to instantly lock in the price. For everything else, use Kraken or Coinbase Pro
Keep in mind that exchanges are susceptible to hacks, and it’s dangerous to store your assets on an exchange long-term. Consider storing your assets in a secure offline wallet.
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