DigiFinex vs Coinbase: Will the Underdog Win?
Welcome! You’re probably familiar with Coinbase, the world’s most popular cryptocurrency broker, with over 53 million verified users. On the other hand, DigiFinex might not have crossed your radar as it doesn’t catch as many headlines — is there a good reason for this? Find out as we compare Coinbase and DigiFinex and discover whether either of them is a good crypto exchange for you.
Fees
DigiFinex Trading Fee System
New users will start their journey on the trading platform under the ‘Regular User’ fee level, which offers:
- 0.15% maker fees
- 0.20% taker fees
- A 25% discount if you pay your fees in DigiFinex Token (DFT)
To begin unlocking the VIP tiers, you can either increase your monthly DigiFinex trading volume or purchase some DFT to lock in. Since 100 DFT will cost less than $10, this method offers less risk.
See the trading fee schedule below:
Coinbase Fees
Coinbase has crypto trading fees of 2.0%, the highest of all reputable exchanges in the crypto market. Why? Well, they offer great convenience to beginners, which is their target market. So, the platform is fantastic for purchases but not ideal for trading crypto, so it’s just a stepping stone.
DigiFinex or Coinbase? You’ll find the lowest fees on DigiFinex.
Sign Up & KYC Experience
DigiFinex Onboarding
A word of warning. DigiFinex allows anyone to join their platform and trade KYC-free, which may appeal to some users whose countries face tough financial regulations, like the US. Unfortunately, use the platform at your peril as many services, like derivatives trading, may violate local laws. Heed caution.
- Head to DigiFinex.com and find the ‘Register’ button
- Provide your email address and hit the ‘Get Code’ link
- Find the code in your email inbox (in a new tab), then copy and paste it into your sign up form
- Set up Two Factor Authentication (2FA) when requested, with Google Authenticator being the recommended tool
- You will now be able to trade KYC-free with a 1BTC daily withdrawal limit
- To lift your limits you’ll need full KYC verification, which means providing an identity document and waiting for approval
How to make a Coinbase account
Unlike DigiFinex, KYC checks are mandatory, so prepare one proof of ID and one proof of address. Again, a passport and bank statement combo are best.
- Head over to Coinbase.com or download their mobile app
- Either way, you will be asked to give your name, email address, password, and location (residency)
- Accept the terms and conditions, then continue
- In a new tab or window, go to your email and click the verification link Coinbase has sent to you
- Now give your phone number and wait for a 7-digit code to arrive via SMS (this is one method for Two Factor Authentication)
- KYC checks will begin, asking for:
- Your name
- Date of birth
- Address
- Reason for using Coinbase
- Source of funds
- Occupation
- Employer
- Last digits of SSN (for US users)
- Another email will be sent with a link to confirm your identity, which can be done via webcam or mobile app, taking photos of your ID and proof of address
- Once your account is confirmed, Coinbase will invite you to add a payment method and buy Bitcoin (for example)
DigiFinex or Coinbase? DigiFinex wins for its option to trade KYC-free.
Ease of Use & Feel of Website or App
Is DigiFinex good for beginners?
Ease of use is massively important to our community, so we can report that user reviews are mostly positive for the website but more critical regarding the mobile app.
This crypto exchange has a financial feel, providing a more professional approach that would appeal to an older user base. We’ll touch more on the trading interface later, but the design, loading speed, and intuitive layout gets high marks.
A solid selection is that traders will find over 150 popular cryptocurrencies and more than 210 trading pairs on DigiFinex. Moreover, their daily trading volumes put them in the top 30 globally.
Using Coinbase
Coinbase isn’t a cryptocurrency trading platform, it’s a broker, so while it excels at sales and purchases, it isn’t so good at making trading tools. That being said, you can use your login to access Coinbase Pro (learn more here).
The key features of Coinbase include:
- Easy on-ramping and setup
- Banking API to rapidly deposit funds
- Crypto loan options
- Rewards for taking mini-courses about blockchain technology
- Over 5,000 trackable crypto assets (though only around 50 for purchase)
DigiFinex or Coinbase? Coinbase is the king of usability.
Deposit Methods
Getting your funds into DigiFinex
There are currently 0 fiat currency deposit methods for DigiFinex.
Making deposits on Coinbase
Coinbase permits deposits via these methods:
- ACH transfer (USD only)
- Wire Transfer (USD only)
- SEPA Transfer (Euros only)
- Ideal/Sofort (Euros only)
- Faster Payments (GBP only)
DigiFinex or Coinbase? Coinbase is among the leading exchanges for deposit flexibility.
Instant Buy Options (Buying with a Credit or Debit card)
Make purchases on DigiFinex
DigiFinex partners with cryptocurrency liquidity providers, such as:
- Simplex
- Mercuryo
- Wyre
These liquidity providers allow DigiFinex users to perform real-time price comparisons of around 35 different cryptocurrencies. In addition, forty other fiat currencies are accepted, and fees are variable.
Buy crypto on Coinbase
Coinbase sells around 50 different cryptocurrencies, with debit and credit cards accepted depending on the country in question.
Card fees are 3.99% for each transaction valued at over $200. Alternatively, the following charges apply based on the transaction value:
- $0-10 – fee: $0.99 | €0,99 | £0,99 | C$.99
- $10-25 – fee: $1.49 | €1,49 | £1,49 | C$1.49
- $25-50 – fee: $1.99 | €1,99 | £1,99 | C$1.99
- $50-200 – fee: $2.99 | €2,99 | £2,99 | C$2.99
Bank transfer purchases have a charge of just 1.49%, providing a cheaper alternative. Ultimately, the most economical method for asset purchases is to make secure deposits of fiat currencies for free and then make direct purchases on the platform.
DigiFinex or Coinbase? Coinbase makes it easier to buy cryptocurrency.
Trading Experience
Trading with DigiFinex
For beginners, DigiFinex has the key things that all exchanges need – an on-ramp, Bitcoin liquidity, spot trading, and specific markets. Perfect.
For more advanced cryptocurrency traders, there are advanced trading instruments that other exchanges don’t offer, such as:
- Perpetual swaps (similar in nature to futures trading)
- Margin trading (11 different crypto pair choices and 5x leverage)
- ETFs!
As well as excellent cryptocurrency exchange services and offering a trustworthy place to buy Bitcoin, you can access multiple viewing options for your account. Keep things simple with the basic interfaces, or go advanced and become a pro with technical analysis, margin trading features, and drawing tools.
Trading with Coinbase
You can choose to trade crypto if you accept their 2.0% trading fee; otherwise, it’s better to see this as a reliable place to buy your digital assets and then move on. Alternatively, you can transition to Coinbase Pro, where the trading charges start from 0.5% (still higher than DigiFinex).
So, beyond trading, what can you do?
- Enjoy crypto-backed loans with some of the industry’s lowest fees
- Stake altcoins in the Coinbase Wallet, which can be either custodial or non-custodial (which appeals to those who enjoy decentralized exchanges)
- Get a Coinbase debit card and use it to make purchases with your crypto balance
DigiFinex or Coinbase? Both cryptocurrency exchanges are top quality, but DigiFinex is better suited to making trades.
Reputation and Security
Trusting DigiFinex
Asset security is paramount to all crypto exchanges, but some other exchanges don’t take it quite as seriously as DigiFinex. To ensure funds aren’t lost, they use cold storage and cold wallet technology combined with regular external IT audits. This keeps them fully accountable.
The platform has never been hacked and has an excellent security reputation, but if there is one downside, other exchanges put more investment into their mobile app development. So DigiFinex could take a larger market share in this way.
The word on Coinbase
As is the case with DigiFinex, Coinbase also keeps user funds in cold storage, out of reach of pesky hackers. Aside from costly trading fees, Coinbase has a pretty excellent reputation if user reviews are anything to go by. Among beginners, they are known as the best platform in the market, but other exchanges have more to offer for cryptocurrency pros.
DigiFinex or Coinbase? Both are great, but Coinbase is world-famous.
DigiFinex or Coinbase: Who is our winner?
When we compare Coinbase and DigiFinex as crypto exchanges, the latter is better to start trading, but on most other points, our winner is Coinbase.
