Our guide today is about comparing two cryptocurrency exchanges — Coinmama vs Coinbase. These platforms are among the most famous and popular, so we will try to figure out which one is best to purchase cryptocurrency in various cases.
We will start with a brief description of each crypto exchange, and then move on to a detailed comparison of both.
Coinmama Description
Coinmama is rightfully called one of the leaders in cryptocurrency trading. This great exchange platform was founded in 2013 in Israel but is now registered in Slovakia. This cryptocurrency exchange has a wide coverage network and is already distributed in more than 180 countries and has more than 2 million users. Although the company is no longer registered in Israel, it is headquartered by New Bit Ventures there.
Brokerage Service
Coinmama provides brokerage services to its clients. This means that you do not need to search for a seller on the platform, check their reliability and compare the terms of the transaction between different people. The different agents don’t sell cryptocurrency here, the platform itself does it.
It is more reliable, faster, and easier for you as a client, but may be subject to a higher commission from the broker.
Coinbase Description
Coinbase is just a year older than Coinmama and was also founded as a brokerage company for the sale of Bitcoin to its clients. But over time, other services have been added that can be used by a client with a Coinbase account.
Brokerage Service
The main service remains the sale and purchase of cryptocurrency. Many customers trust this service, as evidenced by the company’s unrivaled reputation and growing user base.
In addition to brokerage services, the following options are offered to get a full cryptocurrency solution:
- Lend — American users can lend their digital currency to borrowers; at the same time, you can refuse at any time
- Pro — If you are confident in your knowledge of the crypto world, then you can try the advanced service; here you will find lower commissions and the ability to trade BCH, LTC, ETH, ZRX, and of course BTC
- Crypto wallet — Coinbase wallets launched as a standalone mobile app a little over three years ago; secure wallet services complement to store users’ private keys on their smartphones with a secure storage method
- Staking — you can try to make money on staking rewards even if you don’t have special equipment or special knowledge in this area
Coinmama VS Coinbase: Point by Point
Now that you have a basic understanding of both companies, we can move on to a deeper Coinbase vs Coinmama comparison. We will look at features such as:
- Payment method options
- Buying limits
- Fees
- Supported areas
- Customer support service
- Pros and cons
1. Payment Method Options
Coinmama provides a fairly wide variety of payment methods. You can easily use Mastercard or Visa bank cards, Apple Pay, or bank transfers (SEPA and SWIFT bank transfer). For the convenience of users and conversion, prices are indicated in several fiat currencies — USD, EUR, AUD, JPY, GBP, or CAD.
With this cryptocurrencies exchange, users can buy 10 different types of cryptocurrencies — Bitcoin, Bitcoin Cash, Ethereum, and Litecoin are of course presented among them. It’s nice that the list of strong digital currencies is not limited to this, and you can target other coins.
Coinbase has expanded the list of coins even further. There are now 27 types of digital currency presented here.
To buy cryptocurrency with Coinbase you may use a credit or debit card, PayPal, deposit and withdrawal method, and wire transfer. The last option includes SEPA for European Union countries and ACH for the United States.
Thus, we can say that you can choose almost any payment method when working with both services. The choice here depends on what currency you are targeting and how you prefer to make payments.
2. Buying Limits
Let’s continue our Coinbase VS Coinmama review by looking at buying limits. At Coinmama, there is a limit for both the minimum amount and maximum purchase. The minimum for buying Bitcoins is 60 USD (or equivalent in other available fiat currency), but the maximum limit depends on the verification that you can go through on the site.
At the first level, the daily purchase limit will be 5,000 USD, and the monthly limit will be 15,000 USD.
To obtain it, you need to provide your photo with your ID, Coinmama sign, and a copy of the document.
For the other two levels, the client must upload an additional document with a photo, a utility bill, and fill in a special form.
Coinbase also bases its limits on passed verification. The highest possible limit is 25,000 USD per day. In addition to full verification, one will also need to pay attention to the payment option to buy crypto.
3. Fees
Coinmama charges quite high trading fees. All indicated prices already include 5.9% for the service. In addition, transaction fees will be added on top, depending on the payment method. For bank cards, this is 5%, and for instance, for SEPA Bank Transfers there are no fees at all. Nevertheless, high fees allow the company to provide quality, security, and convenience of service.
Coinbase has a more complex and higher fees system. Here you have to pay:
- From 1.49% to 3.99% as a deposit fee; but 10 USD for wire transfer and free for ACH transfers
- From 0 USD to 25 USD but no more than 2% as a withdrawal fee
- From 0.5% to 4.5% as trading and transaction fees
4. Supported Areas
Coinmama is huge in the cryptocurrency world, covering almost the whole world except for a few US states and several countries.
Coinbase has more limited coverage, but still very impressive. The cryptocurrency exchange is available in more than 100 supported countries, including Australia, many European countries, Korea, South Africa, and so on.
5. Customer Support Service
For the convenience and peace of mind of users, the Coinmama currency exchange has a support and help center. You can ask a question through a special form or send a request by email. In most cases, you will receive a reliable response within 24 hours. Coinmama is trying to create a safe and trustworthy cryptocurrency exchange space, therefore, they treat all requests with the utmost care and scrupulousness.
Coinbase took a slightly different way. They created a guide with the most frequently asked questions and tried to explain everything in the most detail for informational purposes. But if you still want to address a problem or request to the customer support service, then you will have to wait much longer for an answer. By e-mail, the waiting time is on average 2-3 days. Help by phone is also available, but as practice shows, getting through there and getting real support is very difficult.
To summarize this point, we can say that Coinmama wins in terms of support and advice to their users.
6. Pros And Cons
Both of these crypto exchanges have their pros and cons. It is almost impossible to say unequivocally who will win the Coinbase VS Coinmama battle. It depends on which parameters are more important to you. Someone will never overpay higher fees for a user-friendly interface, while someone will happily spend an extra dollar for convenience and support. Therefore, we consider both services from all sides and provide you with Coinbase / Coinmama review.
Coinmama Pros
- Available in almost every corner of the world
- Affordable and helpful customer support service
- Friendly interface
- Non-custodial exchange
Coinmama Cons
- Still no mobile app
- Fees much above average
- Not very reliable security system
To summarize, we can say that if you can afford higher fees and storage of your coins with a certain wallet provider on the other platform, then the service will suit you. In return, you will receive a truly high-class support service.
Coinbase Pros
- Available in over 100 countries worldwide
- Convenient for beginners
- Secure
- Wide range of currencies
- Mobile App
- Crypto wallets
Coinbase Cons
- Poor support service
- High fees (but still lower fees than Coinmama charges)
- No private keys
Therefore, this is a good platform to start your acquaintance and conduct major cryptocurrency dealings.
To Sum Up
It’s not in vain that we looked at these platforms together. Both of them are great examples of good exchanges, have an excellent reputation and their audience.
A single Coinbase account can be your one-stop solution for buying and using cryptocurrency. Coinmama is a more expensive service, but in some cases, it will be irreplaceable and convenient for its users.
If you are not yet very confident about exchanges, then it is better to use Coinbase. Here you will find a user-friendly interface, an app for mobile devices, a wide range of currencies, and payment methods.
In general, try, develop and learn!
Frequently Asked Questions (FAQ)
Which is better Coinbase or Coinmama?
It depends on what you are looking for and what kind of experience you have. If you’ve just received your first investment advice and want to acquire bitcoin, then Coinbase is most likely the best option. They have a friendly mobile app, a full range of services mentioned above in the article, wide choice of currencies.
Coinmama is more expensive than other exchanges, but it offers more features and more currencies.
What is the difference between Coinmama and Coinbase?
Both platforms are primarily services that sell Bitcoin and other digital coins with a markup on the market rate. They charge a markup for their services.
The main differences between the platforms are coverage area, available currencies, payment methods, and fees. Coinmama is available almost everywhere, but Coinbase has more currency options and mobile apps for Android and Apple.
Is Coinmama like Coinbase?
These are two platforms from different developers, created as a brokerage crypto service, where using fiat currency you can buy Bitcoin or other coins. You can choose a payment method convenient for you, for example, bank transfer or debit card. The differences between the platform lie in the payment methods, fees, provided currencies, and user experience. Based on your needs, you can make a better choice.
How legit is Coinmama?
Coinmama is legit and available in most countries. The platform doesn’t provide such stringent security as you don’t use it as a crypto wallet to store user funds. However, Trust Guard and Comodo security specialists verified that 256-Bit SSL encryption is applied on pages that include private users’ data. The company has a reliable reputation and is one of the most popular, even despite higher payments than other exchanges have.
