Alternative to Coinbase?

[amgturbo45]

Hey everybody,

Does anyone happen to know a good alternative to cash out BTC into USD? Coinbase just has way too many security things and wait times where you have to wait 3-5 days for a deposit and such.

Any help is appreciated.

Thank you

[DireWolfM14]

Any legitimate exchange is going to behave the same way when transferring USD.  They will all wait for your ACH or wire transfers to clear before they'll let you withdraw the comparable amount.  At least Coinbase and Coinbase Pro allow you to trade the cash deposit instantly now, just a few months ago the wouldn't even do that.

I've also used Binance.US to transfer USD, and Bitstamp now offers US traders ACH transfers.

[magneto]

Hey everybody,

Does anyone happen to know a good alternative to cash out BTC into USD? Coinbase just has way too many security things and wait times where you have to wait 3-5 days for a deposit and such.

Any help is appreciated.

Thank you

You've got a ton of options.

Binance is definitely one of the top ones. But I've heard that they've been cracking down on security as well which means perhaps you'll see some delays in getting your KYC approved as well as your first withdrawal.

If you want near-instant cashout that is guaranteed, then perhaps look into OTC/P2P options instead.

[o_e_l_e_o]

As mentioned above, any major centralized exchange such as Coinbase, Binance, Kraken, Gemini, Bitstamp, etc., are going to have a lot of security checks, very invasive KYC requirements, and delays sending and receiving USD thanks to the slowness of the fiat banking system.

If you don't want to go through all that, then your only other option is to trade peer to peer with another user, although this also won't necessarily be very quick the first time you set it up. You'll need to use a decentralized exchange such as Bisq, LocalCryptos, or Hodl Hodl, find an offer you like (or post your own if there are none you like), and follow the necessary steps of sending your BTC to escrow and waiting for the USD payment from the other party. You can choose what method you would like to receive your USD, but if you choose a standard wire transfer then you'll still be subject to the several day delays that these take.

[dkbit98]

Does anyone happen to know a good alternative to cash out BTC into USD?

Some of the top exchanges as alternative to Coinbase would be Kraken.com, it has good volume, solid rating and it has never been hacked (so far).
Second one is relative new exchanged called FTX, with separate exchanges for US and other countries, and third one would be Gemini exchange by Winklevoss brothers.
They are all regulated exchanges and I think they are less strict than Coinbase, but do your own research and check out all exchanges on Coingecko:
https://www.coingecko.com/en/exchanges

[sheenshane]

wait times where you have to wait 3-5 days for a deposit and such.

This is a very common time frame to wait for when transactions involve the banking system.
For ACH transfer it usually takes 4-5 days and for wire transfer 1-3 business days, there are too many factors to consider of the delay more the days of what we expected, it might each country have a different time zone and bank cut-off.

I didn't see which country you're coming from but presumably, all countries have a local crypto exchange that supports any bank transfer for a quick transaction as long as it is in a business day, you must have research on this.

Anyway, you might try BestChange for Wire transfer, some of them are automated and quickly transfer.

[Bitfort]

Some ATMs are buying BTC. Try to find some in your vicinity and check if supports this feature.
Couple times I got fiat from Kraken and money arrived next day via SEPA (I'm in EU).
Lot of my friends have good experience sending fiat from binance.

You could also take a look at localbitcoins.com ( if you find buyer with the account at same bank then it can be almost instant ).

[Findingnemo]

Hey everybody,

Does anyone happen to know a good alternative to cash out BTC into USD? Coinbase just has way too many security things and wait times where you have to wait 3-5 days for a deposit and such.

Any help is appreciated.

Thank you

If you are looking for instant swaps then Bitcoin ATMs are the first choice for you! But you need to pay 5 to 20% as fee when you are converting.

LBC is another choice but it is only suitable for small trades like less than thousand dollars and I will avoid Paypal at any cost not matter how good the reputation of a trader is on LBC.

Or else the traditional cex like Binance.us or Coinbase.

[The Sceptical Chymist]

<snip>

Kraken and Gemini were two that immediately came to mind as Coinbase alternatives, except that it seems like OP is looking for a way to do bitcoin-->cash exchanges without having to do KYC, and as far as I know there are no exchanges that do that anymore.

As Leo suggested, OP might want to consider some P2P options.  I think that's pretty much the only way you're going to be able to exchange fiat for btc or vice versa with at least some anonymity.  Depending on where he lives, he might be able to hook up with someone who wants to buy his bitcoin in person.  I've never done that myself, but it seems like a neat way to do your business and socialize with another bitcoin enthusiast in the process.

If you are looking for instant swaps then Bitcoin ATMs are the first choice for you! But you need to pay 5 to 20% as fee when you are converting.

Unfortunately, I think most bitcoin ATMs only sell bitcoin and don't buy it from you (although I'm aware that some of them do).  There are a lot of machines in my area but none of them let you sell bitcoin.

[DireWolfM14]

Depending on where he lives, he might be able to hook up with someone who wants to buy his bitcoin in person.  I've never done that myself, but it seems like a neat way to do your business and socialize with another bitcoin enthusiast in the process.

It might also be a good way to find yourself becoming a victim of a $5 wrench attack.  If it was just for a few hundred bucks, then okay that may be a cool way to trade bitcoin, but I wouldn't take this risk for anything over a couple grand.  YMMV.

I guess I'm kinda skeptical about informing complete strangest that I own bitcoin.  Other than my immediate family and few very close friends, the only people who know I'm into bitcoin are you lot.

[Findingnemo]

If you are looking for instant swaps then Bitcoin ATMs are the first choice for you! But you need to pay 5 to 20% as fee when you are converting.

Unfortunately, I think most bitcoin ATMs only sell bitcoin and don't buy it from you (although I'm aware that some of them do).  There are a lot of machines in my area but none of them let you sell bitcoin.

You are right, only 30% of bitcoin ATMs are bidirectional which means it has the buying and selling capabilities of bitcoin but still there are some. Coinsource ATM, Bitcoin Depot and lot others allowing people to sell their BTC for cash but some have KYC requirements too.

[o_e_l_e_o]

It might also be a good way to find yourself becoming a victim of a $5 wrench attack.  If it was just for a few hundred bucks, then okay that may be a cool way to trade bitcoin, but I wouldn't take this risk for anything over a couple grand.  YMMV.

I guess I'm kinda skeptical about informing complete strangest that I own bitcoin.  Other than my immediate family and few very close friends, the only people who know I'm into bitcoin are you lot.

There are a number of methods you can use to trade bitcoin in person for cash while still maintaining your privacy and security. I've done a number of trades with complete strangers which have gone smoothly.

• Only trade with someone in person who has a history of numerous trades and plenty of positive feedback.
• There is no requirement to share any personal details with them whatsoever. Simply pick a time and place to meet, and some sort of physically identifying information (I'll be wearing a blue Yankees cap, for example).
• Meet in a public place with plenty of other people around. You can also go for somewhere with lots of CCTV if you like such as a big shopping mall or a major travel hub (such as an airport). You can also meet directly outside a bank which either the BTC buyer can withdraw cash from immediately prior to the trade, or the BTC seller can deposit cash to immediately after the trade. Doing this eliminates the risk of counterfeit bills.
• Bring a friend with you. If legal in your jurisdiction, bring something for self defense.
• Only take with you the exact amount needed to complete the trade, be it in fiat or BTC.

[Quickseller]

It might also be a good way to find yourself becoming a victim of a $5 wrench attack.  If it was just for a few hundred bucks, then okay that may be a cool way to trade bitcoin, but I wouldn't take this risk for anything over a couple grand.  YMMV.

I guess I'm kinda skeptical about informing complete strangest that I own bitcoin.  Other than my immediate family and few very close friends, the only people who know I'm into bitcoin are you lot.

There are a number of methods you can use to trade bitcoin in person for cash while still maintaining your privacy and security. I've done a number of trades with complete strangers which have gone smoothly.

• Only trade with someone in person who has a history of numerous trades and plenty of positive feedback.
• There is no requirement to share any personal details with them whatsoever. Simply pick a time and place to meet, and some sort of physically identifying information (I'll be wearing a blue Yankees cap, for example).
• Meet in a public place with plenty of other people around. You can also go for somewhere with lots of CCTV if you like such as a big shopping mall or a major travel hub (such as an airport). You can also meet directly outside a bank which either the BTC buyer can withdraw cash from immediately prior to the trade, or the BTC seller can deposit cash to immediately after the trade. Doing this eliminates the risk of counterfeit bills.
• Bring a friend with you. If legal in your jurisdiction, bring something for self defense.
• Only take with you the exact amount needed to complete the trade, be it in fiat or BTC.

Trading in an airport, past security would help with protection from theft from your trading partner, but might risk theft from the government (via asset forfeiture) if you are dealing with large amounts.

Other than trading in an airport (past security), there will always be the risk that the other party claims to have a gun in his pocket that is being pointed at you if you don't comply. To any bystander, or any CCTV camera, the interaction will be nothing more than two people talking. In this case, even a weapon of your own will not do much to protect you if you don't want to risk getting shot in the process.

My suggestion to the OP is to wire money to coinbase as opposed to sending it via ACH. This will speed up the time the funds will be available for withdrawal. Other than my suggestion, there is really not much that can be done to speed up funds availability without sacrificing cost, an ATM for example will take a (usually large) spread or fee.

[o_e_l_e_o]

Other than trading in an airport (past security), there will always be the risk that the other party claims to have a gun in his pocket that is being pointed at you if you don't comply. To any bystander, or any CCTV camera, the interaction will be nothing more than two people talking. In this case, even a weapon of your own will not do much to protect you if you don't want to risk getting shot in the process.

I mean, sure, that risk always exists, but you also accept the risk of someone with a hidden gun threatening you for money every time you leave your house. How do you know the guy standing behind you in the queue for the ATM isn't waiting to rob you? How do you know the guy standing outside the bank isn't waiting to rob you? I would argue you are at far more risk when you withdraw cash alone from an ATM on a quiet street at night time then when you and a friend organize to meet someone in the middle of the day in a busy shopping mall.

You can also start with small amounts and trade with the same person repeatedly over time to build up trust.

[Quickseller]

Other than trading in an airport (past security), there will always be the risk that the other party claims to have a gun in his pocket that is being pointed at you if you don't comply. To any bystander, or any CCTV camera, the interaction will be nothing more than two people talking. In this case, even a weapon of your own will not do much to protect you if you don't want to risk getting shot in the process.

I mean, sure, that risk always exists, but you also accept the risk of someone with a hidden gun threatening you for money every time you leave your house. How do you know the guy standing behind you in the queue for the ATM isn't waiting to rob you? How do you know the guy standing outside the bank isn't waiting to rob you? I would argue you are at far more risk when you withdraw cash alone from an ATM on a quiet street at night time then when you and a friend organize to meet someone in the middle of the day in a busy shopping mall.

When taking money out of the ATM, the person will not know the exact amount of money you have. If you are selling to someone face-to-face, your trading partner will know exactly how much money you have.

When I wrote my post, I was referring to someone who is trading fairly large amounts.

You can also start with small amounts and trade with the same person repeatedly over time to build up trust.

That is one good option, yes.