Crypto traders can gain fortune on the multibillion dollar cryptocurrency market, which is popular among aficionados. Cryptocurrency trading cannot take place in a vacuum; there needs to be a channel through which the trade can occur.
Over the years, a number of cryptocurrency trading platforms have appeared, each providing traders with a variety of distinctive services. TransferXO and Coinbase are two excellent instances of such well-liked platforms.
You may have used both trading platforms as a cryptocurrency trader, but you may not be sure which is the best or which of their features is the most useful.
Let’s first examine TransferXO and Coinbase’s functions and characteristics before comparing them. Let’s compare TransferXO with Coinbase in more detail.
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Is TransferXO Better Than Coinbase?
Great cryptocurrency exchanges where you may simply trade your cryptocurrency based on your demands are TransferXO and Coinbase. The two exchanges continue to provide consumers with the greatest and most practical ways to trade cryptocurrency, thus the future of the market is secure with them.
While TransferXO provides users with a P2P environment and a small selection of listed coins for cryptocurrency trading, Coinbase offers options for a larger variety of cryptocurrencies along with cutting-edge trading tools.
Both services are safe and simple to use, although TransferXO’s costs are considerably lower and more accurate than Coinbase’s. As a result, it is up to you to decide which is best for you.
We’ll go into detail about TransferXO and Coinbase’s differences and potential overlaps. We trust you’ll make better and informed decision.
TransferXO vs Coinbase: Overview of Both Exchanges
TransferXO Overview
TransferXO is a peer-to-peer cryptocurrency exchange that enables blockchain adoption across Africa, enabling Africans to benefit from compound interest.
The online trading platform operated by TransferXO allows users to purchase and sell Bitcoin and other cryptocurrencies.
This website gives Ghanaians, Kenyans, and Nigerians access to a simple Bitcoin trading service. The TransferXO Fiat Wallet, a tool that permits trading in both fiat and bitcoin, is another addition to the platform.
The exchange provides friendly and beneficial conditions for trade activities. Traders can employ 12 different trading pairs. The seven most widely used cryptocurrencies are Bitcoin, Ethereum, Tether USDT, Bitcoin Cash, Ripple, Tron TRX, and Litecoin.
Additionally, they provide some of the strongest security in the sector, including institutional-grade cold storage that keeps 98% of its assets offline, two-factor authentication (2FA), biometric verification, and best-in-class insurance. They also offer institutional-grade cold storage.
It is widely considered as a key player in the cryptocurrency market and has established a reputation as one of the best places to buy or sell Bitcoin.
One of the more recent exchanges, TransferXO, has developed a reputation as a reliable and user-friendly platform.
Coinbase Overview
The biggest cryptocurrency exchange in the US is Coinbase, a well-known website that is well-liked by both new investors and seasoned traders and holders. Having debuted in 2012, it was among the first exchanges for cryptocurrencies.
With its services available in more than 100 countries, Coinbase is one of the leading exchanges in the world with more than 68 million identity-verified users.
Utilizing Coinbase is easy and intuitive, making it a good platform for beginners. However, because it is intended for experienced traders, Coinbase Pro can appear to be very complicated. Both provide extensive educational materials that are properly focused at the target audience.
Read Also Our Review of TransferXO vs Paxful: Is TransferXO Better Than Paxful?
TransferXO vs Coinbase: Pros and Cons
TransferXO Pros and Cons
Pros
- Simple Registration Procedure: The registration and verification procedures are quick to finish.
- Customer service is responsive and available around-the-clock, every day of the week.
- Depending on the jurisdiction, users can deposit and withdraw both fiat currency and cryptocurrency.
- To meet the needs of cryptocurrency investors, TransferXO offers a variety of markets for buying and selling cryptocurrencies. SWAP, P2P, and Swing are these.
- The P2P Trading platform provides users with access to a vast and active P2P network that spans more than 30 countries.
- Escrowed Trade offers users extra protection while purchasing and selling on a P2P marketplace.
- Know Your Customer (KYC) and Anti-Money Laundering (AML) Policy: TransferXO adheres to AML regulations to stop fraud and money laundering.
Cons
- Some investors might be hesitant to use the exchange due to the fact that it is new.
- Fewer methods of payment than other exchanges.
Coinbase Pros and Cons
Pros
- extreme security
- vigorous inspection and compliance with regulations in a sector where many significant companies ignore them
- $10 is the minimum account funding amount.
- well-insured, with FDIC account protection
- including a list of 65 cryptocurrencies and stablecoins.
- Publicly traded
Cons
- High costs and an unnecessarily intricate fee structure
- Historical disruptions during periods of high price increases for bitcoin
TransferXO vs Coinbase: Features and Comparison
There are a few significant distinctions to take into account while contrasting TransferXO and Coinbase. Let’s examine how the two exchanges compare in terms of features in more detail.
| Feature | TransferXO | Coinbase |
| Official Website | https://transferxo.com/ | https://www.coinbase.com/ |
| User Interface | User-friendly interface, easy to navigate and use. | Easy to navigate and use. |
| Supported Currencies | Supports over 10 cryptocurrencies, including Bitcoin, Ethereum, Ripple, and Litecoin. | Supports Bitcoin and a few other cryptocurrencies. |
| Fees | Low fees for buying and selling cryptocurrencies. | Fees vary depending on the payment method and currency. |
| Transaction Fees | 0.75% | $0.99 to $2.99 |
| Withdrawal Fees | 0% | 0.55% to 3.99% |
| Payment Methods | Accepts credit cards, bank transfers, Paypal, and cryptocurrency payments. | Accepts various payment methods, including gift cards, PayPal, and bank transfers. |
| Security | 2-Factor Authentication, SSL encryption, and Cold Storage. | Government approved ID |
| Customer Support | 24/7 customer support via chat, phone, or email. | Email & Phone |
| Mobile App | Available for both iOS and Android. | iOS & Android |
Read Also Our Review of TransferXO vs Binance: Is TransferXO Better Than Binance?
TransferXO vs Coinbase: Basic Products
TransferXO Products
P2P Exchange
The TransferXO P2P Exchange provides a decentralized, peer-to-peer platform for cryptocurrency trading, doing away with middlemen and centralized authority. You can now choose from a greater variety of trading pairs and pay reduced costs, all of which boost the security of your trades.
Direct cryptocurrency trading between users is possible on the decentralized TransferXO P2P Exchange. It operates as follows:
Sign up for TransferXO P2P Exchange: To join the P2P Exchange, go to TransferXO. On the platform, you must first register for an account. Your name and email address are among the mandatory pieces of information.
Deposit funds: Adding money to your TransferXO wallet is required after you’ve created an account. Different payment options, such as bank transfers, credit/debit cards, and cryptocurrencies, can be used for this.
Find a trade: You can start looking for deals once you have money in your wallet. There are several trading pairs available on TransferXO P2P Exchange, so you can pick one that meets your demands.
Start the trade: After locating a deal you want to make, start the trade by selecting the “Buy” or “Sell” option. The other user will receive informed of this, and they can choose whether to accept or reject the transaction.
Finish the trade: If the other user agrees to the trade, you can finish the deal. Escrow is a service offered by TransferXO P2P Exchange that keeps the money until the transaction is finished. The monies are released after confirmation from both parties that the transaction is finished.
Over-the-Counter (OTC)
The way that TransferXO Over-the-Counter (OTC) operates is by bringing together cryptocurrency buyers and sellers. By acting as an intermediary, the platform makes sure that transactions are carried out efficiently and safely.
Without the need for an intermediary, users can purchase or sell cryptocurrencies directly from other users.
The platform also offers real-time market statistics and data, enabling traders to make wise choices.
The TransferXO Over-the-Counter (OTC) service functions as follows:
Step 1: Fill out the OTC form with the pertinent data. On the exchange, orders can be made to buy or sell cryptocurrencies.
Step 2: After an order is submitted, the exchange will match the buy and sell orders while taking the clients’ requested price, quantity, and other conditions into account.
Step 3: The exchange will enable payment when an order matches. This may require moving funds from the buyer’s account to the seller’s account or vice versa, depending on the specifics of the transaction.
Virtual Card – Crypto Debit Cards
Digital debit cards called the TransferXO Virtual Card – Crypto Debit Cards are available for purchase everywhere that accepts Visa or Mastercard.
These cards are not connected to a bank account, in contrast to conventional debit cards. They are connected to a cryptocurrency wallet instead, allowing users to spend their digital currencies just like they would fiat money.
You will receive a special card number, expiration date, and CVV code when you apply for a TransferXO Virtual Card – Crypto Debit Card, much like a standard debit card.
Like a typical debit card, you can make purchases using this information both in person and online. However, the money will be taken out of your cryptocurrency wallet rather than a bank account.
The bitcoin in your wallet will be instantly converted into fiat cash when you make a transaction using your TransferXO Virtual Card – Crypto Debit Card.
This implies that you can use your digital currency wherever Visa or Mastercard is accepted without having to worry about the merchant accepting cryptocurrencies.
How to obtain a TransferXO Crypto Debit Card:
To obtain a cryptocurrency debit card, go to following steps:
Step 1: Create an account with TransferXO as the first step. You must provide your personal information and get your identification confirmed.
Step 2: The following step is to contribute more cash. You can make purchases using a credit or debit card, link a bank account, or transfer money from a cryptocurrency wallet.
Step 3: After making a deposit, you’ll receive a debit card with a number, an expiration date, and a security code that you may use to make transactions online.
Step 4: Your crypto debit card can be used to pay bills and make online purchases just like a regular debit card.
You can now use your virtual card to make purchases and transfer funds to other accounts.
Bill Payment
You may manage all of your bill payments in one location with the aid of TransferXO Bill Payment, an online application. Using TransferXO, you can pay your credit card, phone, internet, utility, and other bills.
Due to its partnerships with numerous billers and merchants, TransferXO allows you to pay bills to the majority of American businesses.
How to Use TransferXO to Pay Bills:
Here’s how to pay your bills with TransferXO:
Step 1: Describe the mode of payment and the total amount due before submitting a payment request.
Step 2: Using the current exchange rate, TransferXO determines the bill payment’s equivalent bitcoin value.
Step 3: The user examines the exchange’s display of the cryptocurrency equivalent and verifies the payment to authorize the transaction.
Step 4: TransferXO hands off the proper cryptocurrency to the bill-paying service provider or a third-party payment processor, who completes the transaction on your behalf. A confirmation email is then delivered.
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Coinbase Products
With a $320 million insurance coverage administered by Aon, one of the biggest insurance brokerages in the world, Coinbase Custody provides institutional-grade, cold-storage custody services. Additionally, Coinbase offers FDIC insurance for its US dollar accounts up to $250,000 in value.
In order to service approximately 9,000 institutional clients, the company also provides Coinbase Prime. In Q1 2021, institutional investors owned more than half of the assets on Coinbase.
With a market worth of approximately $28 billion as of August 2021 — up from $1 billion a year earlier — USD Coin, the quickly expanding No. 2 stablecoin, was launched by Coinbase and Circle in partnership. The venture capital arm of the business is called Coinbase Ventures.
The goals of Coinbase extend far beyond its trading business. It acquired Bison Trails, a top supplier of fully managed blockchain infrastructure, at the beginning of 2021.
The objective, according to the company, is to simplify the construction of “turn-key solutions to power distributed scalable crypto infrastructure,” in an effort to mimic the wave of innovation that reliable controlled infrastructure brought about for the internet 20 years ago.
It also offers a commerce division that gives businesses the resources they need to accept cryptocurrency payments.
TransferXO vs Coinbase: Fees
TransferXO Fees
With an average daily trading volume of $152,012 and a market capitalization of a private corporation, TransferXO offers consumers the ability to quickly convert between cryptocurrencies.
Each buy and sell order on TransferXO carries a 0.75% fee. This price is much less than the industry average of 1% to 2%. It’s crucial to remember, though, that many cryptocurrency exchanges have larger costs.
The fees charged by TransferXO are also quite low, with a maker fee of 0.75% and a taker fee of 0%. Additionally, there are 0.0% deposit fees, 0.0% withdrawal fees, and 0% volume-based pricing. 0.001 BTC is the minimum transaction value, and over 100,000 people are using blockchain wallets right now.
Deposits made through bank account transfers are free of charge. Transactions made with a debit card or withdrawals from a bank account are free of additional charges.
Because there are no fees associated with deposits or withdrawals, TransferXO is a good option for traders and investors. Cryptocurrency deposits are cost-free, while Bitcoin withdrawal costs depend on the network load at the time.
One of the simplest fee structures we’ve encountered is the one for trading at TransferXO.
Anyone looking to buy and sell cryptocurrencies quickly, securely, and affordably should consider using TransferXO.
It is a fantastic option for both seasoned and inexperienced cryptocurrency traders due to its low costs, wide selection of cryptocurrencies, and simplicity of use.
Read Also Our Review of TransferXO vs NairaEx: Is TransferXO Better Than NairaEx?
Coinbase Fees
With Coinbase, there are no separate fees for deposits or withdrawals, and the exchange uses percentage fees rather than set fees.
The charge for US bank transfers is 1.49 percent, and the money is available in 5 to 7 days. US clients can add a credit card as a backup payment option, allowing them to purchase up to $1,000 worth of Bitcoin instantly through Coinbase weekly.
Payments made with credit or debit cards in the US, Europe, Canada, and the UK cost 3.99 percent of the transferred amount and are instantly available.
The 1.49 percent European SEPA transfer fee results in a three-day turnaround on the transferred funds. The price for Xfers transfers in Singapore is 1.49 percent, however, the funds are made available immediately.
Deposits and withdrawals of cryptocurrencies are free of charge.
When it comes to trading, Coinbase imposes a fixed fee of 1 percent on each transaction.
TransferXO vs Coinbase: Buy & Sell Crypto
Buy & Sell Crypto on TransferXO
How to Buy Crypto on TransferXO
To purchase cryptocurrencies on TransferXO, adhere to the following steps:
Create an Account: Signing up for a TransferXO account is the first step. The creation of a password, name, and email address is necessary. Following account creation, you will receive a confirmation email. You must click the link in the email to verify your account.
Verify Your Identification: Prior to making a Bitcoin purchase on TransferXO, you must first verify your identification. For this routine procedure to be completed, you must enter your name, address, and birthdate. You must also provide a photo of your government-issued ID.
Fund Your Account: Following account verification, you must add funds to your account. Only a few of the payment options accepted by TransferXO include bank transfers and debit cards.
Buy cryptocurrency: With the money in your account, you may now buy cryptocurrency. TransferXO supports a number of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and others. Select the cryptocurrency you want to buy and the budget you want to stick to. After reviewing your transaction information, click the Buy button.
After buying cryptocurrency, store it safely by storing it in a reliable wallet. You can transfer your Bitcoin to an external wallet in addition to using TransferXO’s built-in wallet. Make sure to securely store your private keys to protect your crypto.
How to Sell Crypto On TransferXO
Selling cryptocurrency is a quick and easy process on TransferXO. The following are the steps:
Create an Account: The first step in selling cryptocurrencies on TransferXO is to create an account. If you have an account already, move on to the next step. Go to the TransferXO website and click “Sign Up” to register. Follow the instructions and provide the required information to establish your account.
Verify Your Identity: After creating your account, you must verify your identity. This step is necessary because TransferXO is a regulated exchange. To establish your identity, you must upload a government-issued piece of identification and provide some personal information.
Deposit Funds: You must deposit money into your TransferXO account before you can sell Bitcoin. Among the payment methods that TransferXO accepts are bank transfers, credit/debit cards, and cryptocurrencies. Choose the best payment method for you after adding funds to your account.
Choose the coin you want to sell: After you’ve deposited money into your account, the next step is to decide which cryptocurrency you want to sell. TransferXO supports a number of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and others. Select the desired cryptocurrency from the list of available options.
Decide how many you wish to sell: After selecting the cryptocurrency, the selling price must be specified. The amount can be entered in either local money or cryptocurrency.
Place the sell order: After choosing a price, placing the order is the last step. When you’re ready to submit your order, click “Sell” after carefully reading the transaction’s details. After you place the order, TransferXO will locate a buyer and complete the transaction on your behalf.
Learn More on How to Buy Bitcoin With Debit Card On TransferXO
Buy & Sell Crypto on Coinbase
TransferXO vs Coinbase: Security and Trustworthiness
TransferXO Security and Trustworthiness
TransferXO’s dedication to security is one of the distinguishing qualities that sets it different from other platforms.
Modern security mechanisms, including as two-factor authentication and SSL encryption, are used by TransferXO to safeguard your money and personal data.
The Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) both have TransferXO on their registers, which implies they hold them to rigorous standards for security and anti-money laundering laws.
Two important elements to take into account while selecting an online money transfer provider are security and reliability. TransferXO is aware of this and has taken many precautions to guarantee the security of both your transactions and your personal information.
Encryption
Modern encryption technology is used by TransferXO to safeguard your financial and personal data.
The SSL and TLS (Transport Layer Security) protocols are used to encrypt all data sent between your device and the TransferXO servers. These protocols make sure that nobody else can access or intercept your information.
Two-Factor Authentication
TransferXO employs two-factor authentication to make sure that only authorized people can access your account. This implies that in order to access your account, you must present two different kinds of identity.
Your password serves as your first form of identity, and an email or text message with a verification number serves as your second.
The wisest course of action for the company is never to use exchange platforms that do not support KYC verification.
Compliance
TransferXO is dedicated to abiding by all applicable financial transaction rules and regulations. Anti-Money Laundering (AML) is one of the financial organizations that has authorized and regulated the platform.
TransferXO promptly alerts the appropriate authorities to any questionable behavior.
Know Your Customer (KYC) and Anti-Money Laundering (AML)
To stop money laundering and fraudulent activities, TransferXO maintains strong AML and KYC procedures.
The software authenticates each user’s identification and keeps an eye on all transactions for any unusual activity.
TransferXO Trustworthiness
TransferXO has established itself as a reliable cryptocurrency exchange thanks to its security procedures. Here are a few causes for this:
User Reviews
User feedback for TransferXO has been largely good. TransferXO has a 4.5-star rating and an increasing number of reviews on Trustpilot, a well-known review site. Customers routinely compliment TransferXO’s reliability, usability, and customer service.
Transparency
TransferXO is open and honest about its costs, rules, and practices. On the TransferXO website, users may readily obtain information regarding fees, transaction limitations, and other crucial factors.
This openness promotes user confidence and demonstrates that TransferXO has nothing to conceal.
Reputation
Since it began operating in 2021, TransferXO has established a strong reputation among Bitcoin enthusiasts.
With more than 1.5 million registered users in more than 50 countries, it has processed more than $1.5 billion in transactions. Its profitability and endurance attest to the reliability of the exchange.
Coinbase Security
In the entire Bitcoin exchange business, Coinbase provides the most reliable security. Coins are stored in cold storage in excess of 97%. The private keys required to authorize cold storage transactions are kept in chunks on offline hard drives and paper, spread over multiple places, with backups in case any pieces are lost.
For withdrawals and logins, they provide two-factor authentication, and the maximum daily transaction limit can be customized. Hashed and encrypted passwords are used.
They employ PGP email encryption and provide email notifications.
The exchange has never previously been hacked.
TransferXO vs Coinbase: Customer Support
You may rely on TransferXO’s solid customer support system and its clean, orderly, and flexible user interface when you need to troubleshoot a problem.
Thanks to its extensive FAQ section, forums, and daily 24-hour account monitoring, TransferXO is made with customer support in mind.
Customers of TransferXO have access to a variety of support options, including:
Phone assistance
For quick assistance, customers can call TransferXO Customer Support. The phone support line is open around-the-clock.
Email Assistance
Customers who have questions, problems, or concerns should email TransferXO Customer Support. Within 24 hours, the team strives to answer emails.
Live Chat
Customers who prefer texting can use the live chat feature provided by TransferXO Customer Support. The live chat feature is always accessible.
TransferXO vs Coinbase: Unique Feature
TransferXO Academy
TransferXO Academy is Africa’s #1 online blockchain and cryptocurrency education university. They provide a platform for learning to 1 billion Africans in addition to employing blockchain technology to increase their digital riches.
To deepen your understanding of blockchain, you can enroll in one of the TransferXO Academy’s Advanced Courses.
Thanks to the Academy’s more than 100 certification programs, you will be in charge and get the training you need to become an expert. global recognition for credentials.
Your educational journey is in your hands with TransferXO Academy. You can come back at any moment to finish your courses after storing your progress.
Utilize the chance to learn more about one of today’s most cutting-edge technologies.
Fiat Wallet
You can have numerous Fiat Wallets loaded with money from Kenya, Ghana, and Nigeria using TransferXO’s special “Fiat Wallet” feature.
Typically, fiat money is used to buy cryptocurrencies. You may save cryptocurrencies on the platforms and in your TransferXO Fiat Wallet thanks to this innovative feature from TransferXO.
Final Verdict
According to the analysis and comparison above, crypto traders who value cheaper fees and a large selection of cryptocurrency options may prefer TransferXO.
Coinbase has a greater selection of payment options and a higher trading volume, but TransferXO offers lower trading costs, a user-friendly interface, and numerous fiat currencies.
TransferXO and Coinbase, two well-known cryptocurrency exchanges, each have their own advantages and disadvantages.
Regarding the number of supported currencies, lower fees, and a greater selection of payment options, TransferXO outperforms Coinbase. Coinbase, on the other hand, provides more choices for payment methods and currencies, which may be advantageous to some users.
The ideal trading platform for you will ultimately depend on your requirements and preferences.
We hope that this article has improved your understanding of TransferXO and Coinbase and facilitated your decision-making.