Where is the best place to buy, sell and exchange cryptocurrencies? There are two global conclusions after a brief look at the market. Firstly, there are a lot of exchanges in general. Accordingly, the risk to meet the fraudsters or simply to make unprofitable exchange is high. Secondly, even the most trusted sites contain a set of user pros and cons in relation to each other. There are no global market leaders in niche, and the user will have to choose an option that fully corresponds to his preferences. So let’s compare the points between the biggest ones and pay attention to two big exchangers: Сoinmama vs Сoinbase.
First of all, it should be noted the significance of those two sites on the world map of cryptocurrency exchanges.
Coinbase is the largest US cryptocurrency exchange, which also offers the services of an internal cryptocurrency wallet. Coinbase’s total assets amount is almost $50 billion, and the site is the choice of millions of users from all over the world. Exchange is available in more than 30 countries. The exchange works since 2011 and has been selling / buying Bitcoin since 2012. Coinbase is one of the oldest projects in the world of its kind. It is important to note that Coinbase guarantees a flexible exchange grid between several cryptocurrencies and fiat currencies.
Coinmama also has been working at the market for a long time. It was opened in 2013. From the beginning of its history, this exchange always tries to provide its users useful innovations. For example, this was the first site where it was possible to buy cryptocurrency using a credit card directly. Prior to this, similar websites offered crypto purchase services only through bank transfers. As for state ownership, the service is registered in Slovakia, but its management is an Israeli administration. In the five years of its existence, Coinmama gained fame as a very reliable point of cryptocurrency exchange operations, and the fact like this is very important.
Thus, the significance of the Coinbase vs Coinmama comparison is obvious. Let’s consider all the advantages and disadvantages of the sites on key points.
First of all, let’s solve security issues. Is your money safe here?
Coinmama offers Comodo and TrustGuard technologies to protect against hacker attacks, which means 256-bit SSL encryption for pages that include personal information of users. There’s no 2-factor authentication, but it is not needed. The fact is that Coinmama acts only as an intermediary and does not offer internal wallets for storing currency. Cryptocurrency is not stored on the platform and it’ll be sent to you immediately. That is, hackers can’t get the money in principle.
Coinbase is led by a number of big and trusted organizations that are responsible for its financial activities. Unlike Coinmama, it offers the services of storing user funds at its facilities. But the trick is that your currency is stored in the cold storage offline. A small part of the active crypto is insured, so you have nothing to fear.
That is, here we see a 1: 1 score between Coinmama vs Coinbase, but the choice depends on your goals.
Available cryptocurrencies to buy and sell
Coinbase works only for a few well-known crypto titles and they don’t want to expand the assortment in the nearest years. So, here you can choose between:
- Bitcoin Cash;
- Ethereum Classic.
But Coinbase, oddly enough, comes out on top at this issue. There is a side of Coinmama: you will be able buy only Bitcoin or Ethereum using this service. Also, the sale operations are held only from the company’s account, not between users. Moreover, Coinmama does not buy crypto (you can’t sell your ETH or BTC here).
Coinbase vs Coinmama customer support issues
If you choose Coinbase, you can call its support team via phone or by sending them e-mail. User need wait for an answer during 1-3 days. The support is not super reliable, but you will most likely solve the problem you face. A detailed FAQ section of the site deserves great respect.
And what Coinmama can offer to us? There’s another one great FAQ to learn and solve almost any problem. If it isn’t enough for you, you may ask support for help online. You just click Help button on the screen and send the message. Support answers quickly, but try to ask a question as detailed as possible. A big disadvantage in mono-language support. You can chat in English only.
What about fees?
Coinbase will ask you for 1.49-3.99% for each transaction. The value depends on payment method. If you prefer bank transfers, you’ll pay less. Credit card is a more expensive method to buy or sell money, because the percentage goes to the card service. Input/output limitations depends on personal user’s situation, including country of residence and availability of additional user data (phone number etc).
Coinmama charges several commissions. The first one is 5.5% and it is already included in total transaction price that investor can see. Additionally, for transactions via credit card, you will have to pay a processing 5% fee. Also, there’s can be another one fee for bank that owns the card. Therefore, it is recommended to discover more about fees here before buying bitcoin or ethereum. Monthly purchase limit here is from $ 10,000 to $ 1 million, depending on the level of investor verification. The minimum transaction amount is $ 60.
Coinbase has a small advantage, but you’ll pay a lot anyway.
Coinbase is a reliable and long-playing member of the market. The main advantage is reliability and reputation, but lately there are delays in payments, this should also be taken into account. Commissions are usually lower in comparison with others, but limitations are quite strict, and deposits/withdrawals are not always convenient and quick.
Coinbase is worth using when you use exchange for a limited number of operations with basic cryptocurrencies. It will be inconvenient to deploy large-scale activities (as an example, to speculate with currencies) due to strict working restrictions.
If you try to summarize Coinmama’s cons and pros, this service has many advantages too. One of the most important is an excellent reputation. A cryptoexchanger works good, and you should not worry about the safety issues. But there’ some problems with verification and a range of available currencies. You can get more cryptocurrencies in another place without registration, but here it is much safer to do it. Also, you can’t maintain complete anonymity of transactions.
Coinbase and Coinmama have some differences in some functional details. But they’re both reliable players in this market who focus not on the benefits and great number of opportunities, but quality of a limited range of transactions.