The cryptocurrency market is a volatile one, and it can be difficult to figure out which exchange is the best for you. In this article, we’ll compare Coinbase and Coinmama to help you make an informed decision.
The moonpay vs coinbase is a comparison of the two popular cryptocurrency exchanges. It will help you decide which one to use.
If you want to start into cryptocurrency trading, the first thing you’ll need is some cryptocurrency tokens. You may acquire them by accepting cryptocurrency payment for a product or service you offer. You may also use your fiat money to purchase cryptocurrencies. You may do this on a variety of websites and with a variety of payment ways. Coinmama and Coinbase are two of the most common names that come up while searching for places to purchase crypto tokens. We’ll compare Coinmama vs Coinbase in this post so you can determine which is most convenient for you.
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What exactly is Coinbase?
Coinbase is a cryptocurrency that has been around for quite some time. It is a bitcoin trading business headquartered in San Francisco that was established in 2012. It’s one of the world’s most well-known bitcoin exchanges. It’s a custodial exchange, which means they provide all of its customers crypto wallets, and any tokens purchased or exchanged are kept in those wallets until the user moves them to their own wallets.
Coinbase is popular among new cryptocurrency traders because, unlike many other exchanges, it provides a straightforward, easy-to-understand user interface that is suitable for beginners.
Is Coinbase a secure platform?
Coinbase, like other custodial exchanges, is an attractive target for hackers since it stores millions of dollars worth of users’ crypto assets at any one moment. However, they have yet to be hacked in any major way. They’ve put in place a number of critical security measures. To begin with, the majority of money are kept in offline encrypted wallets that are spread across several locations. All users must utilize two-factor authentication (2FA) for additional protection. Coinbase said a few months ago that they had been attacked by hackers in June, but that their security team had stopped the effort and no cryptocurrency had been taken. Almost every Coinbase review you read will praise the company’s security.
Fees on Coinbase
You must pay a charge for all bitcoin purchases and sales. This is typical of every transaction. For novices, though, calculating your transaction cost on Coinbase may be a bit tricky. This is due to the fact that Coinbase costs vary depending on the quantity of cryptocurrency purchased and the payment method used.
The charge would be 2.99 USD if you bought 100 USD worth of Bitcoin using a US bank account. However, if you pay with a credit card, the charge will be $3.99 USD. It takes some time to get accustomed to this.
What exactly is Coinmama?
Coinmama is a website where consumers may purchase bitcoin. It was founded in 2013 and is registered in Slovakia. Its original goal was to make it simple and fast for consumers to buy bitcoin. Later, more crypto tokens were introduced. Coinmama, on the other hand, isn’t a full-fledged cryptocurrency exchange. It does not allow for token trading or cryptocurrency withdrawals into fiat money.
Is Coinmama a secure platform?
You may come across a Coinmama review that claims the exchange isn’t as secure as other cryptocurrency exchanges since it doesn’t support additional security measures like two-factor authentication (2FA) or e-mail authentication. This was definitely true in the past, but it is no longer so. Setting up two-factor authentication is now not only feasible, but also required. Coinmama is exactly as secure as other crypto trading platforms thanks to these and other safeguards.
Fees charged by Coinmama
Let’s just get this out of the way: Coinmama is more costly than many other platforms for trading. In this game, there are two distinct costs. To begin, Coinmama charges a 5.9% brokerage fee, which is paid automatically when the site displays its trading prices.
In addition to the brokerage charge, there is a 5% credit card processing fee. In the end, the price you pay for cryptocurrencies on Coinmama will be 10.9 percent more than the current market price. Other exchanges are much lower.
Now that we’ve met the two competitors in our Coinmama vs Coinbase comparison, let’s pit them against each other in a variety of categories to discover who wins:
Head-to-Head: Coinmama vs. Coinbase
Round 1: Service type
Coinbase is a complete cryptocurrency exchange that lets you buy crypto tokens with fiat money, swap one cryptocurrency for another, and withdraw crypto tokens back into fiat money. Coinbase wallets hold purchased tokens until the user chooses to move them to their own wallets.
Coinmama is a cryptocurrency brokerage business, not a cryptocurrency exchange. When you purchase bitcoin on Coinmama, you are purchasing the token directly from Coinmama, not from another user. While brokerage services are usually quicker, they are also more costly than exchanges. Tokens are immediately transferred into the user’s personal wallets after purchase. Coinmama is similar to non-custodial exchanges like Changelly in this respect.
Trading crypto tokens or withdrawing crypto into money is not permitted on Coinmama. The only option is to use your credit card to purchase bitcoins.
This round goes to Coinbase for providing a comprehensive set of trading services.
Security in the second round
Currently, both systems have comparable security features and procedures. Before making your first transaction, you’ll need to set up 2FA. Neither service has had any significant cyberattacks that resulted in the theft of bitcoin from its customers.
In this head-to-head match, the second round ends in a tie.
Round 3: Methods of Payment
Coinmama enables you to purchase bitcoin using credit cards or a SEPA transfer in Euro. Coinbase has a significantly larger variety of coins. Coinbase accepts payments from US bank accounts, credit cards, SEPA deposits, SWIFT, PayPal, and other methods.
Coinbase vs. Coinmama Coinbase wins round three without a doubt.
Round 4: Usability and speed
With a clear, easy-to-understand user interface, Coinbase is known for being gentler on beginner crypto traders than many other exchanges. It’s one of the most user-friendly swaps available.
Coinmama, on the other hand, is at a whole other level of comfort. The fact that you can only perform one thing on Coinmama contributes significantly to its simplicity of use. And everything is provided in an easy-to-understand and follow format.
Because of its brokerage nature, Coinmama has an advantage over Coinbase in terms of transaction speed. Because you’re purchasing cryptocurrencies straight from Coinmama, your tokens will be delivered to your wallet as soon as your payment is processed. Trades on Coinbase are not at all sluggish. They’re simply not as quick as we are.
Coinmama has a small lead at the conclusion of this round.
Anonymity is the fifth round.
Some individuals want to purchase, trade, and sell bitcoin without revealing their identities. While the majority of them want anonymity for genuine security reasons, others have more nefarious objectives.
If you’re looking for a place to trade anonymously, this isn’t the place for you. Both Coinmama and Coinbase follow rigorous KYC (Know Your Customer) rules in accordance with current anti-money laundering laws. Before you begin shopping, you must first prove your identity using a government-issued ID document. So, unfortunately, anonymous trading is not an option in any scenario.
This round comes to a stalemate.
Sixth round: Availability
Coinbase allows users from more than 190 countries to open accounts for free. Coinbase, on the other hand, only provides wallet services in the majority of those nations. Currently, only approximately 30 nations have access to purchasing, trading, and withdrawing cryptocurrency.
Coinmama is accessible in more than 190 countries across the globe.
Coinmama comfortably wins this round.
Tokens are listed for Round 7
Although none of these sites has a particularly big variety of cryptocurrencies (there are hundreds of them), there is a distinction.
Coinmama allows you to purchase Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC), Ethereum Classic (ETC), Ripple (XRP), Qtum (QTUM), and Cardano (ADA) (ADA). However, after you’ve purchased a token, you won’t be able to exchange it for another on Coinmama.
Coinbase offers 18 different tokens, some of which you may buy with your credit card or any of the other payment options available. One token may simply be exchanged for another after purchase.
Coinbase wins this round because they list more coins for direct purchase and offer to exchange for others.
Fees (round 8)
As previously mentioned, Coinmama charges a 5.9% trading cost plus an extra 5% credit card processing fee (this final price is waived if you pay with a SEPA transfer), for a total of 10.9 percent over market value. That’s a lot of money.
Fees on Coinbase are complicated since they vary depending on your location, the cryptocurrency you’re purchasing, and the payment method you choose. However, they are often far lower than those on Coinmama. Coinbase wins this round.
Round 9: Apps for mobile devices
Many individuals like to purchase, trade, and sell cryptocurrencies while on the move, so mobile applications are a great help.
Coinmama is exclusively available on the internet. Coinbase’s mobile app is well-designed and simple to use on both Android and iOS smartphones. By default, Coinbase receives this round.
Round ten: customer service
Customer service is still a major issue in the crypto trading industry. Many websites provide no customer service at all.
Both websites provide instructions and how-tos for the many transactions available. The Coinbase instructions are very helpful.
Customer service is available from both Coinmama and Coinbase. In both instances, e-mail assistance is preferable, since telephone service is at best patchy. Coinmama usually responds to e-mails within 24 hours, while Coinbase takes 24-72 hours to respond.
So, although Coinbase’s website offers better instructions, Coinmama’s e-mail replies are quicker. Let’s call this round a stalemate.
Finally, Coinmama vs. Coinbase…
Let’s start with a head-to-head comparison:
|1: The kind of service
|3: Methods of Payment
|4: Convenience and speed
|Anonymity is number five.
|7: List of tokens
|9: Apps for mobile devices
|Customer service is number ten.
Coinbase has five rounds, Coinmama has two, and the third round is a tie. With these findings, choosing Coinbase seems to be a no-brainer. In many instances, it would be a more practical option. But keep in mind the problem of availability. If you reside outside of the countries where cryptocurrency may be purchased, you’ll need to utilize Coinmama or another site.
Finally, both Coinmama and Coinbase provide a quick and simple method to buy bitcoin. Either option is a great way to get started in the crypto realm. Please leave your comments below if this Coinmama VS Coinbase comparison guide was useful, or if you have any questions!
The coinbase comparison is a comparison of the popular cryptocurrency exchanges Coinbase and Coinmama.
Frequently Asked Questions
Which is better Coinmama or Coinbase?
Coinmama is a better option due to its lower fees and higher limits.
What is the most reputable Cryptocurrency exchange?
Coinbase is the most reputable cryptocurrency exchange.