Circle - Better alternative for Coinbase
Introduction
Circle Invest App is the newest app in the market for buying and selling cryptocurrencies. To give a little background, Circle company is backed by Goldman Sachs and it became the first regulated crypto exchange by acquiring Poloneix Cryptocurrency exchange for $400 Million.
Key Advantages of using Circle Invest over Coinbase
(1) Offers instant deposits from bank accounts
Deposits in Coinbase takes up to 7 days. Tried depositing $100 in Circle Invest today and deposit was made available within seconds.
(2) No commissions
Coinbase charges 1.5% fees.
Disadvantages of using Circle Invest over Coinbase
(1) No withdrawal
Coinbase allows withdrawal to other wallets. Not sure if Circle Invest has plans to implement this feature in the next release
(2) Cannot buy crypto directly
Coinbase allows you to buy crypto directly without having to deposit the money in USD Wallet. But just because deposits to Circle is instant, it shouldn't be a big minus.
How Circle Invest offers no commission
First of all nobody offers anything for free. Circle invest shows a different quoted price for selling and buying when compared to other major exchange which makes up for the commission fees. Even Coinbase shows a higher price for buying but they additionally charge commission fees as well which is ridiculous.
Even with a different quote price, Circle Invest app gives you a better deal than Coinbase
Below is a real time comparison of Circle Invest and Coinbase price quotes taken at 4:02 PM EST on 14th March 2018
Tip
Ethereum Classic (ETC) is an additional cryptocurrency which is not available in Coinbase but available in Circle Invest. So it is possible to see a rise in ETC price which is at $ 17.19 at the time of writing.
Conclusion
It is not a huge difference but still Circle Invest is better than Coinbase and can save dollars as well as your time. It is highly possible that instant deposit may not be instant when the user base increases. For sure, Circle Invest is a Coinbase killer.
Reference
https://www.circle.com/en/invest
Image source:
Taken from https://www.circle.com/en/invest
Screenshot of Coinbase Mobile App
Screenshot of Circle Invest Mobile App
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Unable to withdraw the digital assets means you're paying for the assets and at the same time, you don't own the asset. No Thanks.
I meant withdrawal to other wallets is not available in this initial version. You can sell it for USD within the Circle Invest app. So you do own the asset but it is just that you cannot send it out of Circle.
It you cant move the private keys off the platform, you down own the asset. The platform owns it.
hmmm that is true. As long as im able to sell it in USD i wouldnt worry. But it is true that it is an disadvantage in this beta version
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