Sofi vs Coinbase, which exchange should you choose? If you’re looking for a straight answer, here it is. Sofi exchanges are more suitable for those looking for a variety of investment assets. Coinbase matches the needs of new investors. Now let’s look in detail at what both exchanges offer to their clients, starting with the general info.
Sofi vs Coinbase general info
Sofi – general info
Social Finance Inc., is a modern and top-notch finance company encompassing crypto services and stock brokerage. The company was created by four students from Stanford in 2011. The exchange supports 28 crypto assets available for trading on mobile and desktop. Transactions are made in USD. There is no option for crypto-to-crypto transfers. It boasts more than two million clients.
Coinbase – general info
Coinbase is quite a basic platform allowing clients to trade cryptos. Also, you can convert from one currency to another. The platform is accessible in more than 100 countries with over 55 million users. The company was founded y Brian Armstrong in 2012. Upon its launch, it started by offering Bitcoin trades via bank transfers. In 2017, the exchange added Litecoin as a trading asset.
Main features of Sofi
The most popular features on the Sofi platform are as follows:
- Available order types: market orders
- Payment method: bank account
- There is an available mobile app
- Crypto transfers are not allowed
- Minimum Deposit of $10.00
- Minimum trade: none
- Signup Bonus Gift Download the app and get up to $1,000 when you open an account.
- Copy trading is not allowed, but social trading is.
- Funds Withdrawal Fee (Partial) $0.00
Coinbase Main Features
Here is a list of the most important account features.
- Payment methods: debit card, credit card, bank account, wire transfer, and PayPal
- Conversion crypto to crypto
- Apps supported by Android and iOS
- Minimum Deposit of $2.00
- Minimum trade 0.001 BTC, 0.01 BCH, 0.01 ETH, or 0.1 LTC
- Sign-up bonus Get $5 in Bitcoin after your first trade on Coinbase.
- Copy trading is supported, but there are no options for futures trading, paper, and social trading
- Brokerage Fee Percentage 0.5%
- Funds Withdrawal Fee (Partial) $25.00
- Funds Withdrawal Fee (Full) $25.00
- Customer service with live messaging available 24/7
Coinbase vs. SoFi – Fees
Coinbase’s fee structure is complicated, with fees ranging from $0.99 for transactions below $10, up to $2.99 for those between $10 and $200, and a percentage of the total transaction for those over $200. Additionally, Paypal fees are 2.5%, and wire transfers cost $10 for incoming and $25 for outgoing. On the other hand, SoFi’s fee structure is much simpler, charging a flat markup of 1.25% for all crypto transactions.
The transaction fee does add up for large purchases. Still, SoFi is a little cheaper than Coinbase. Wire transfers on SoFi cost $15 for an incoming transfer and $25 for an outgoing transfer.
Coinbase vs Sofi – Security Features
When selecting an exchange, security is a paramount consideration. This article compares Coinbase and SoFi’s security features. Coinbase utilizes AES-256 encryption to protect digital data and SSL encryption to prevent data theft, phishing attacks, and other security issues. Users can opt for either Google or Duo authenticator for two-factor authentication (2FA), in addition to a text message code or a security key device. Coinbase also enables 2FA for cryptocurrency transfers.
Coinbase employs a high level of security to protect customer funds by keeping 98% or more of them in offline storage. SoFi also provides additional security measures like two-factor authentication, which sends a code via SMS, email, or voice call after entering your email and password, as well as SSL encryption to protect their site from data breaches and other potential threats. However, SoFi does not offer cold storage services for cryptocurrencies.
Coinbase vs Sofi – Altcoins Supported
When selecting a crypto exchange, it is essential to look into the range of altcoins available. An expansive selection of altcoins is beneficial as it grants investors access to the diverse crypto market. Although Coinbase offers more options, SoFi is able to provide investors with exposure to a variety of altcoins. The following is a list of some of the altcoins both exchanges support. Smart contract platforms like Ethereum, Solana, Cardano, Chainlink, Algorand, Polygon, Stellar, and Tezos, as well as DeFi tokens such as Aave, Uniswap, The Graph, Maker, Compound, Synthetix Network Token, Yearn Finance, and Bancor Network Token, are all available. Additionally, gaming tokens like Enjin Coin and Metaverse tokens like Decentraland, and storage tokens like Filecoin are offered on both exchanges.
Here is the altcoins s list on the Coinbase exchange but not on SoFi:
ZcashAvalanche, Axie Infinity, Wrapped Bitcoin, Band Protocol, Amp, Tellor, BarnBridge, Cartesi, STORJ, Civic, Shiba Inu, Curve DAO Token, Dash, Ren, District 0x, EOS, Horizen, Rai Reflex Index, Internet Computer, QuickSwap, Kyber Network, Polymath Loopring, Orion Protocol, OMG Network, Mirror Protocol.
In contrast, only Cosmos is not available on Coinbase.
Coinbase vs Sofi – Final Verdict
Both have very attractive features, but it all comes down to whether you are a rookie or professional and what types of assets you wanna trade. Sofi is better for buy-and-hold investors. Therefore, the fact that Sofi doesn’t allow crypto transfers doesn’t matter. Coinbase is a very ergonomic platform suitable for new and expert investors. Both can be first-time trading platforms.
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