Cryptocurrencies have made a massive impact in the global financial industry. Not only are millions of people using them already, but thousands more are registering at crypto exchanges with each passing day. There’s no denying the fact that these digital assets are a future online payment concept as they are packed with great features.
Exchanges lie at the heart of cryptocurrencies as they are the platforms where you can trade them. That is why we wanted to square up two reputable exchanges to determine which one is the best solution for your preferences.
Introducing the Exchanges
Coinbase
At the moment, Coinbase is arguable the most popular crypto exchange platform in the world. It was established in 2012 and in terms of trading volume, the platform is the US’ largest crypto exchange. Coinbase has quite a lot of fantastic features which is why so many traders are more than happy to register on this platform.
The security is impeccable as it offers 2-Factor-Authentication and offline storage. Not only that, but it supports the world’s most popular and most commonly-used cryptocurrencies, even though the overall number is not that high – Bitcoin, Ethereum, Litecoin, Bitcoin Cash, USD Coin, Dai, and most recently – Dogecoin. Its platform is mobile-friendly as it has developed apps that can be downloaded from all Android and iOS devices.
Throughout the years, Coinbase has made sure that it maintained the market’s highest standards in terms of user experience and security, which is why some reports state that there are around 30 million registered traders on this platform.
However, just like any fundamental in life, Coinbase is not perfect and since this is a fair and unbiased comparison, it is vital to list all the pros and cons of this exchange.
Pros
- Trading fees are lower
- Fantastic security
- Fiat currencies are accepted
- Several unique features
Cons
- Doesn’t accept too many cryptocurrencies
- Customer Support receives mixed reviews
Coinmama
On the other hand, we have Coinmama – another reputable exchange that allows you to buy several types of cryptocurrencies by using credit cards, wire transfers, Apple Pay, etc. It was established in 2013 and since then, its network counts around 3 million users across 188 countries.
This exchange believes that the future of money is the one where the people themselves have control over them and thus, unnecessary fees and middlemen are taken out of the equation.
Coinmama’s biggest focus is customer experience and great service, which is why it is known for providing registered traders with some of the fastest transactions on the market. It is registered in Slovakia, although its HQ is located in New Bit Ventures in Israel.
An interesting fact about it is that it was the first crypto exchange in the world to partner with Apple Pay in order to allow traders to buy Bitcoin. Currently, the digital assets that this company accepts include Ripple, Ethereum, Bitcoin, Qtum, Cardano, Bitcoin Cash, Litecoin, Tezos, EOS, and Ethereum Classic.
There are quite a few great advantages that Coinmama boasts, but there are also some disadvantages that this platform has. They are shown below.
Pros
- Rapid transfers
- Supported in numerous countries
- Straightforward and easy to use
- Several accepted payment methods
Cons
- Relatively high fees
- Trading tools like graphs and charts are not supported
Coinmama vs Coinbase: The Face-Off
It is now time to face off these two exchanges, starting with the fees. In this field, Coinbase is the clear winner as its fees are much lower than the ones of Coinmama – 0.5-4.5% compared to 5.9%. However, when it comes to the number of accepted cryptocurrencies, Coinmama takes the lead.
Coinbase accepts 7 cryptocurrencies, while Coinmama accepts 8. Coinmama is also superior when it comes to rapid transfers. All requests are processed within minutes and the best part about it is that the spending limits are pretty high, so you don’t have to worry about it.
Next up, in terms of user experience, Coinbase gets the edge. After all, the biggest difference between these two platforms is the fact that Coinbase is an exchange dedicated to cryptocurrencies, while Coinmama is more of brokerage service. Coinbase can provide you with tons of graphs and charts, all of which will be extremely helpful.
In terms of the available payment methods, they are levelled. Coinbase accepts bank transfers, credit and debit cards, SEPA transfers for European users, and Xfers transfers for users in Singapore. On the other hand, Coinmama’s accepted payment methods are SEPA, SWIFT, Apple Pay, Skrill, credit and debit cards, and Google Pay.
Standout Features
Now that we’ve gotten familiar with the two exchanges, it’s time to do a versus and see what are some of the standout features of both parties and in the end, determine which one will come out on top. Let’s start with Coinbase first.
The first standout feature of this exchange is the relatively low fees. Depending on the payment method and the cryptocurrency itself, general transaction fees usually vary between 0.5% and 4.5%. Coinmama’s fees, on the other hand, are around 5.9% as well as 5% credit card processing fee.
Next, we have the mobile app that deserves nothing but praise. It is very simple to use and is fully optimized for use on all Android and iOS devices. The fact that Coinbase has its own digital wallet is also worth a mention. Coinbase Wallet allows you to access your assets by using a dapp browser.
Coinbase Pro is arguably the biggest standout feature of this exchange. As the name itself suggests, it is a far more professional tool that supports more cryptocurrencies and makes the process of trading more straightforward.
Lastly, Coinbase ensures its site privately for any thefts or hacks of the site, meaning that you don’t have to worry about your assets being in harm’s way.
Coinmama’s biggest standout feature, on the other hand, is its fast transactions. After a trade is made, the coins are transferred to your account almost instantly. Not only that, but the high spending limits also deserve a lot of praise. The purchasing limit on second-level traders is set at $50,000 per day, while third-level traders have an even higher daily limit – $1 million.
Finally, Coinmama has a massive acceptance rate – as its official website suggests, it can operate in 188 countries around the world, hence you will be provided with massive flexibility.
Conclusion
When registering to trade crypto at any of these exchanges, the bottom line is that it all comes down to your personal preferences. They will help you determine which option suits your better.
- You should use Coinbase if:
- You want a greater focus on trading crypto
- You desire to have in-depth research of the trades
- Like to pay lower fees
- Want to store your assets on one platform
- Like a simple and straightforward trading experience
- You should use Coinmama if:
- Want to trade Bitcoin with ease
- Be provided with fast transactions
- Like a more responsive Customer Support team
- Spend high on a daily basis
As you can see, both exchanges come with a few pros and cons. Due to the fact that every trader has different preferences, it is impossible to determine the winner, however, we hope that his review will help you make your pick.