One Powerful Feature that Helps Coinbase and Changelly to Beat the Competition.
While more and more people are interested in investing in cryptocurrencies, the process of actually purchasing them can be confusing. For people who are accustomed to dealing in fiat currencies, the world of cryptocurrency can seem daunting. For the majority of popular crypto trading platforms, you can't just sign up and start trading right away. The trading and investing are conducted via various crypto currencies and altcoins, so you have to go through on-boarding process first. In other words, you have to buy the crypto of your choice with fiat currency first (USD, Euro of whatever else you're accustomed to), and only then you will be able to join the exhilarating world of crypto projects.
However, there are a few simple steps that can help to make the transition smoother. With a little guidance, anyone can start trading crypto with ease. First, it's important to choose a reputable exchange that supports the type of currency you want to purchase.?
Crypto exchange is a digital asset management service that allows you to buy, sell, and store cryptocurrencies. Crypto exchanges offer a variety of features that make them convenient and user-friendly for crypto trading. However, converting your fiat currency into crypto on many of these platforms is a time-consuming process, and the on-boarding fees sometimes are simply exorbitant, sometimes reaching 5-10% of the converting amount.
That's where Coinbase and Changelly come to rescue. Coinbase is a crypto exchange that allows you to buy, sell, and store crypto assets. You can buy crypto with fiat currency (USD, EUR, GBP, etc.) Coinbase also allows you to store crypto assets in a wallet on the Coinbase platform. Crypto assets on Coinbase are protected by insurance. Coinbase is one of the most popular crypto exchanges and allows you to buy, sell, and store Bitcoin, Ethereum, Litecoin, and more. It has a well-developed mobile app with a variety of features.
Coinbase is a good option for many people who just start with crypto trading. The major benefit - if you are willing to wait up to 10 days for your funds to clear, you can have the money transferred from your bank account to Coinbase wallet with minimal fees.?However, in addition to transfer fees, Coinbase also charges 1% on all crypto transactions. So, it's better to initially buy stable coins on Coinbase and then transfer them elsewhere to trade. You can also buy instantly via credit cards on Coinbase. In this case the crypto will be immediately available, however the fees go as high as 4.5%.
If you want to have your crypto available right away or want to buy via credit card rather than bank account, then Changelly is a better choice than Coinbase. Changelly charges the exchange fee of 0.25%.?It also much better option for reverse transactions (ie: when you want to convert your crypto back to fiat currency). Changelly has a mobile app to buy crypto on the go. It offers transactions in 200+ cryptocurrencies and 100+ local fiat currencies, as well as a variety of payment methods.
Changelly is a good option for on-boarding or getting your money back to real world. However, while Coinbase has a robust set of trading tools and you can start trading there as soon as funds are available Changelly has limited trading potential, so it's better just to use it for buying crypto (or swapping different coins with each other), and then go to other crypto platforms for trading .?
In summary while Coinbase and Changelly have different purposes (Coinbase is concentrating on education, introducing new alt coins, trading and investing, Changelly mostly serving as an exchange), they both provide very valuable service for their clients which is easy crypto on boarding with fairly low fees. While there are hundreds of crypto exchanges available, this niche service currently has low competition since the majority of other crypto trading platforms are concentrating mostly on trading and don't have a thoroughly thought-through process and user-friendly interface for investor onboarding.