Have you ever wondered what it's like to deal in cryptocurrency? Maybe you've already taken a dive into that area of the swimming pool or maybe, like so many of us, you're not quite sure what to make of it all. There are plenty of companies out there that say they can help you store, transfer and make cryptocurrency. The overwhelming majority of them also claim that they can make you rich. Coinbase is one that is frequently discussed.
While it seems to come up in a lot of these discussions, there also seems to be quite a lot that people don't particularly like about the company. For example, the company doesn't have a physical headquarters. That's because everybody that works for the company works from home. There certainly is nothing wrong with that, but it does make a lot of would-be investors a bit apprehensive when they realize that the company could simply vanish into thin air in a matter of hours. Furthermore, Coinbase is expensive. As a result, a lot of individuals who are interested in learning more about cryptocurrency have started to look at other companies that are similar.
What if you're genuinely interested in learning more about cryptocurrency, yet you're not particularly thrilled with the rates and stipulations that are offered by Coinbase? Fortunately, you have a lot of different options available to you. Below are 10 companies that are quite similar. They’re ranked from number 10 to number one, but the important thing is finding out which one is your favorite and where it ranks on the list.
There are actually a lot of things to like about this particular company. For starters, they give you a bonus in cryptocurrency when you open an account and put so much in it. For example, anywhere from $100 to $1,499 will get you an extra $15 in cryptocurrency. Let's say you really want to go all out and put $100,000 or more into your BlockFi account. You'll end up getting an additional $250 in cryptocurrency from the company. That's a significant amount, especially when you consider the fact that there aren't all that many companies doing something similar.
There are also a number of other benefits associated with this particular company. They allow you to take all of your assets and place them in one of several pre-approved financial institutions that you trust. In other words, you get to choose from a list of financial institutions that are approved by the company and decide where you want to hold your assets as opposed to merely holding digital assets on a digital platform. These platforms tend to experience outages or simply vanish without any warning. By the same token, it makes it impossible to do one of the things that Coinbase has become notorious for, randomly closing people's accounts so that they lose all of their cryptocurrency.
When you sign up for an account here and deposit $100, you automatically unlock a lot of potential benefits. For example, you can start to explore various stocks, electronic fund transfers (often known as EFTs), or other forms of cryptocurrency. Here, you can even trade cryptocurrency on the stock market, provided you have the stomach for doing so. The company will automatically give you an additional $10 when you sign up and deposit your first $100.
The thing that you have to be aware of is that while it sounds like fun to trade cryptocurrency on the stock market, it is in fact a highly volatile activity to participate in. If you think the stock market is volatile in general, you haven't seen anything until you start trading cryptocurrency. You have the potential to make a great deal of money in a very short amount of time. However, you have an even greater potential to lose everything that you've invested and then some.
The company even tells you that you should invest at your own risk. Who should get involved? If you have the disposable income to get involved in something like this where you can comfortably take the risk, you might end up with a payday that is several times greater than you ever dreamed. The key is to not invest more money than you can reasonably (and comfortably) afford to lose.
Those who are relatively new to cryptocurrency often believe that digital money can only be used to purchase digital items. These days, that simply isn't the case. Gemini is a company that is set out to prove that, as they have a system setup that allows you to pay with a cryptocurrency wallet. Use it to buy tangible items at stores like Nordstrom and Bed Bath & Beyond. You can even purchase movie tickets at AMC Theaters. As a matter of fact, there are more than 30,000 retailers that accept cryptocurrency.
Gemini is one of the mainstays here because you can download their app and do everything you need to do right there. The app allows you to store cryptocurrency, look at your account and then pay for items in the real world with the money that's in your account. Most cryptocurrency companies still require you to switch between two or even three different accounts in order to use the money effectively.
It can be a lot more troublesome and time-consuming than most people are willing to deal with. In this case, you get a single app that allows you to do everything. The company also allows you to deposit several different types of cryptocurrency instead of limiting you to only one or two. Last but not least, you get dividends paid on your cryptocurrency. Depending on the type of crypto you have in your account, it can be as high as 8.02%.
Most people would argue that Kraken is more like Coinbase than virtually any other company on this list. That's largely because like Coinbase, they are nothing more than an exchange for cryptocurrency. They don't allow you to spend money with a digital wallet, nor do they grant loans like BlockFi does. Fundamentally, that means that they are more akin to Coinbase. That being said, they don't charge fees that are quite as exorbitant. As a result, a lot of people tend to like this company better.
It's important to note that Kraken is definitely not for the faint of heart, nor is it the best idea for people who are only beginning to trade cryptocurrency. It's basically designed for individuals who want to make short sales in this particular arena. If you've ever dealt with the stock market in any capacity, you know that selling short can be extremely profitable but also extremely risky. When you add cryptocurrency into the mix, it becomes even more so. Kraken has a lot of things going for it, but it's best left to those who are experienced traders who know what they're doing.
Most people have heard of this company, something that you can't honestly say with a lot of the cryptocurrency companies that deal in only that form of coins. This particular company has been hailed as a way to reclaim investing for the average individual who doesn't have loads of cash to spend on investing. It's also been heavily marketed as a place where people can go to learn about investing by doing so in real time without losing their shirt in the process.
It's easy enough to operate, as everything is done in a single app on your smartphone. They offer a couple of different options, allowing you to trade with standard cash or with cryptocurrency. At any time, you can withdraw your crypto coins and then use them in a digital wallet to pay for items in the real world. If you're looking for something that will allow you to gently break into the world of cryptocurrency while simultaneously allowing you to dip your toes in the world of investing, this is a good place to be. They also allow you to invest ridiculously small amounts of money, meaning that you don't have to worry about ending up broke if things don't go your way.
This is one of the more unique companies out there. They're similar to Coinbase in the sense that they deal with cryptocurrency, but they've completely reinvented the way that they handle it. They allow you to deposit cryptocurrency and invest using the same monetary method, then out it toward your retirement. It's sort of like having a dedicated retirement account, only using cryptocurrency instead of traditional cash.
The true benefit of using this company is that all of your investments using cryptocurrency are tax free. Theoretically, you can put loads of crypto coins into this account and then six months after your 52nd birthday, you can withdraw all of it without paying taxes on any of it whatsoever. All of the crypto coins can then be converted into traditional funds so that you can spend the money as you see fit. By the same token, those coins can be placed into a digital wallet that allows you to pay for items or even draw a salary during your retirement.
This is another cryptocurrency trading platform that is almost identical in every way to Coinbase, without the things that make Coinbase customers want to tear their hair out. For example, they are a lot cheaper to use. Where Coinbase charges you 0.5% for every transaction, Binance charges you only 0.1%. They're also a lot different from Coinbase in other key areas as well.
Anyone who's ever been a customer with Coinbase knows that they're notorious for allowing their entire platform to experience outages, effectively letting it go dark for hours (or days) with little or no warning. They also have a tendency to close people's accounts without telling them why. Binance doesn't do either one of these things. They also offer two-factor authentication so you don't have to worry about someone else getting your login information and then emptying out your account without your knowledge.
This is another cryptocurrency exchange that has a lot of good things going for it. First and foremost, you can trade various types of cryptocurrency instantly. Let's say that you're relatively new to the game and you're not entirely comfortable with the idea of trading cryptocurrency in the first place. You can actually exchange the crypto coins through your bank in order to see what the real time value would be, then make that exchange instantly.
In short, this exchange gives you the ability to keep the coins in your CoinSmart account or transfer them to your bank account and see a difference in your account as soon as you hit the button. That's something that very few other exchanges offer. This is also an exchange that is very user-friendly and works well for individuals who don't have a lot of experience with this type of thing.
This is a great platform for people that don't have a lot of experience. It's user-friendly and it lays all of the terms and conditions out in an understandable format. They also have some of the lowest transfer fees of any exchange out there. The end result is that you get to keep more of your hard-earned money.
For instance, they only charge 0.1% in most cases. They also allow you to deal in more than 50 different types of cryptocurrencies. At the most, you'll pay 0.3% for some of the more difficult to find crypto coins. Another major benefit to using this platform is that you can instantly take the money you have in your crypto account and transfer it to your bank. They make dealing with cryptocurrency about as easy as it gets.
Think of this company as a credit card company for cryptocurrency. Just like with Coinbase, they serve as an exchange where you can deal in multiple different types of cryptocurrency. The difference is that all of your crypto coins can then be placed on this card. At the end of the day, you can take the card and use it to make real-time purchases at more than 10,000 different merchants.
You'll use the card just like you would use a standard Visa or MasterCard. The best part is that you get to do all of it without even touching the money sitting in your checking or savings account at your bank. This keeps everything separate so that if something does go wrong, you don't have to worry about it affecting all your assets at one time.
Written by Allen Lee
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