Bitpay VS Coinbase: Ultimate Crypto Exchange Comparison Guide

Comparison
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Contents
  1. General Information
  2. Registration and Verification
  3. Bitpay
  4. Coinbase
  5. Trading Volumes and Traded Pairs
  6. Bitpay
  7. Coinbase
  8. Commission
  9. Bitpay
  10. Coinbase
  11. Pros and Cons
  12. Bitpay
  13. Coinbase

General Information

BitpayCoinbase
Year of foundation20112012
CountryUSAUSA
LanguagesEnglishEnglish, Portuguese, German, French, Spanish, Italian, Dutch
Mobile appiOS, AndroidiOS, Android

Registration and Verification

Bitpay

Creating an account is easy. The interface has a plus button at the top of the screen. This is a short menu offering you:

  • A personalized prepto wallet;
  • With access for multiple users;
  • Joining a shared bitcoin wallet by invitation;
  • Import ready bitcoin wallet.

In the first case, you will only need to come up with a password. It is specified in the list of advanced settings. The second option involves up to six co-owners. For the transaction to be skipped, determine how many signatures are required, usually up to four. You will then be given a QR code to join. The creator can send such an invitation to those to whom he wants to grant sharing rights.

Coinbase

Simply registering with Coinbase is not enough to start trading. To begin using a Coinbase account, you must immediately undergo verification, which includes a photo ID. Verification usually takes a few hours. There is no verification only if you use the service as a wallet for storing cryptocurrency.

Trading Volumes and Traded Pairs

Bitpay

BitPay accepts the following cryptocurrencies for payment:

  • Bitcoin
  • Ethereum
  • Ripple
  • Bitcoin Cash
  • Usdc

BitPay offers businesses different ways to use it.

  • Online: For online transactions, businesses can add a simple BitPay payment button to their site. There is also a shopping cart plugin that is compatible with programs like Shopify.
  • In-store: Retailers can receive money through BitPay Checkout, an app that generates a QR code. The customer scans the code with their app and pays the amount using their bitcoin wallet.

Coinbase

You can deposit your Coinbase wallet in dollars or euros via card, bank transfer, and PayPal. However, euros can only be deposited through the web interface (not through the mobile app). Of course, you can also transfer cryptocurrency directly to Coinbase wallet.

Commission

Bitpay

It charges merchants a flat one percent transaction fee, which makes them more attractive than the transaction fees charged by some credit card companies (banks).

Coinbase

There is no transfer fee to Coinbase via SEPA, but the withdrawal costs €0.15 and takes 1 to 3 business days. From the United States, you can fund your account in dollars through the ACH system for free (up to 5 business days) or by regular transfer for $10. Withdrawals will cost $25. It is not possible to withdraw money from Coinbase to the card – only to the account. When buying cryptocurrency with a bank card, the commission at Coinbase will be 3.99%, and in the case of buying from a bank account – 1.49%. At the same time, third-party cryptocurrency buying services using Coinbase API may charge an additional fee.

Pros and Cons

Bitpay

Pros
  • Wallet from a well-known company – this inspires confidence.
  • In most cases, an intuitive interface, a large number of cues that appear in the process.
  • Support for different operating systems, and the interface elements are the same, which allows you to comfortably use the application both on your computer and on your mobile device.
Cons
  • There are only two cryptocurrencies – BTC and BCH. Nowadays, altcoins play a big role and multicurrency wallets are practically becoming the standard. And for zealous fans of monocurrency, there are wallets from the cryptocurrency development team.
  • The “Next Steps” block looks like intrusive advertising. The bitcoin wallet’s offer to buy Amazon.com gift cards is inappropriate, to say the least.
  • BitPay requires installation as a separate application, there is no portable version – this is not always convenient and not always a good thing. There are situations when it is better not to leave traces of cryptocurrency software on your computer

Coinbase

Pros
  • Serious reputation. For all time of work, there were no significant attacks that led to the loss of money by clients.
  • Insurance of client accounts.
  • Easy-to-use platform with extensive functionality. Since the addition of GDAX, Coinbase has been on par with other professional exchanges that offer an advanced terminal for analysis and the ability to open different types of orders.
  • High level of security. Coinbase offers a lot of methods to protect customer funds and the trading platform, which virtually eliminates the possibility of funds theft.
  • Possibility to work with fiat currencies.
  • Diversified system of charging commissions with rebates.
Cons
  • A large number of complaints on the exchange on various issues.
  • Support service cannot cope with the flow of tickets.
  • Only a few cryptocurrencies are available for trading. The choice of assets is very limited.
  • Lack of leverage.
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