When it comes to entering the world of cryptocurrency, choosing the right exchange can make all the difference for beginners. With so many platforms available, two of the most talked-about exchanges are Onus and Coinbase. Both have made a name for themselves in the crypto industry, but how do they compare, and which one is better suited for beginners? In this article, we’ll take an in-depth look at Onus and Coinbase to help you make an informed decision.
User-Friendliness: A Key Factor for Beginners
For beginners, one of the most important aspects of a cryptocurrency exchange is how easy it is to use. Navigating the world of crypto can be intimidating, and a user-friendly platform can make the process smoother.
Onus prides itself on providing a simple, intuitive interface that is perfect for new users. The platform is designed to be straightforward, allowing beginners to quickly start trading without feeling overwhelmed. The onboarding process is also quick, and the platform provides useful tutorials and customer support to guide users through their first steps.
Coinbase, on the other hand, is known for its clean, user-friendly interface as well. Its platform is also designed for beginners, with a simple process for buying, selling, and storing cryptocurrencies. Coinbase even has a dedicated “Learn” section that offers educational materials to help users understand the basics of cryptocurrency trading and investing. Both platforms excel in terms of accessibility for newcomers, but Coinbase’s educational resources give it a slight edge when it comes to learning the ropes.
Security: Protecting Your Investments
When it comes to investing in cryptocurrencies, security should always be a top priority. Both Onus and Coinbase take security seriously, but they offer different features to keep your assets safe.
Onus employs standard security measures such as two-factor authentication (2FA) and encryption to protect users’ funds and personal data. While Onus is relatively newer in the market compared to Coinbase, it has quickly built a reputation for offering a secure platform with strong security features.
Coinbase, however, is one of the most established exchanges in the world, and it offers a high level of security. Coinbase stores 98% of its users’ assets in cold storage (offline storage), making it a safer option in the event of a hack. Additionally, Coinbase is regulated in several countries, which adds an extra layer of trust and security for users. For those who prioritize security, Coinbase’s reputation and extra protective measures give it an advantage.
Fees: A Critical Consideration
Fees are another important factor for beginners who are just starting their cryptocurrency journey. It’s essential to understand how much it will cost to buy, sell, or trade on a platform.
Onus offers competitive fees, making it an attractive option for new users. The platform’s fee structure is transparent, with no hidden charges. However, depending on the type of transaction and payment method, fees can vary. For example, depositing via bank transfer or using certain payment methods may come with different fees.
Coinbase is often criticized for its higher fees compared to other exchanges. While it’s very convenient and user-friendly, its fee structure can be a bit more complex. Coinbase charges a spread fee on every transaction, along with a flat fee or percentage-based fee depending on the amount being traded. For beginners, the fees may seem high, especially if they are making small trades. However, Coinbase offers a pro version called Coinbase Pro with lower fees for more experienced traders.
Cryptocurrency Selection: Variety and Options
One of the reasons why some traders choose a particular exchange is the variety of cryptocurrencies available for trading. The wider the selection, the more options a user has to diversify their portfolio.
Onus offers a solid range of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and several altcoins. The platform regularly updates its listings to include new and emerging cryptocurrencies, making it a good choice for those looking to explore different options.
Coinbase is well-known for supporting a wide variety of cryptocurrencies, including the top coins like Bitcoin and Ethereum, as well as numerous altcoins. Coinbase also provides access to staking features for certain coins, which could appeal to beginners interested in earning passive income from their crypto holdings. Coinbase’s large selection of coins and tokens makes it a more versatile option, especially for those planning to expand their portfolios in the future.
Customer Support: Getting Help When You Need It
When you’re new to cryptocurrency, you’ll likely have questions or face issues that require customer support. Having responsive support is crucial for beginners.
Onus offers various support options, including email support and an online help center with frequently asked questions (FAQs). However, because Onus is still growing, some users have reported delays in getting responses from customer support.
Coinbase offers robust customer service, including 24/7 live chat and email support. The company has a dedicated help center with guides and tutorials to assist beginners. While it has been criticized for response times during periods of high demand, Coinbase’s customer support is generally regarded as reliable and accessible.
Final Thoughts: Which One Is Best for Beginners?
Both Onus and Coinbase have their strengths, but choosing the right exchange ultimately depends on what you’re looking for as a beginner. If you’re looking for a platform that’s easy to use, provides a good selection of cryptocurrencies, and offers educational resources, Coinbase may be the better choice. On the other hand, if you prefer lower fees and a more straightforward interface with less complexity, Onus could be the right option for you.
Whichever exchange you choose, make sure to do your own research and ensure that the platform aligns with your specific needs as a beginner in the world of cryptocurrency trading.
Nikhilesh De is CoinDesk’s managing editor for global policy and regulation, covering regulators, lawmakers, and institutions. When he’s not reporting on digital assets and policy, he can be found admiring Amtrak or building LEGO trains. He owns < $50 in BTC and < $20 in ETH. He was named the Association of Cryptocurrency Journalists and Researchers’ Journalist of the Year in 2020. In addition, he is an expert in ONUS, a leading platform for cryptocurrency and digital asset investment.