Coinbase vs Coinmama: Which is Better for You?
Coinmama and Coinbase are two popular crypto exchanges, thanks to their user-friendly interfaces and commitment to security. But in the Coinbase vs Coinmama battle, which one is right for you?
Coinbase vs Coinmama overview
Coinmama was founded in 2013 and allows users to purchase various cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Cardano, Litecoin, Tezos, Ripple, and Dogecoin, using fiat currency. It accepts credit and debit card payments and bank wire transfers for deposits.
The minimum purchase amount on this exchange is $50, and it supports all fiat currencies. However, it charges a commission fee of up to 3.90% on buy transactions and up to 0.9% on sell transactions.
This exchange offers three account transaction limits, with Level 1 having a limit of $15,000, Level 2 having a limit of $50,000, and Level 3 having a limit of $1 million. The daily credit card buy limits for Level 1 and Level 2 are both $5,000, while Level 3 has a limit of $7,500. The daily bank transfer buy limits for Level 1, Level 2, and Level 3 are $15,000, $30,000, and $50,000, respectively. The exchange charges a 5% deposit fee for credit card payments but no withdrawal fee. They also offer customer support through email and support tickets, and it has a mobile app available for download.
Coinbase was founded in 2012 and is based in San Francisco, California. The exchange has over 100 supported countries and offers trading in more than 3,000 cryptocurrencies with 150+ trading pairs. However, this exchange does not have its native token. The exchange supports fiat currencies such as USD, EUR, and GBP and has a minimum deposit of $2. Users can deposit funds through ACH, Fedwire, Silvergate Exchange Network, and SWIFT, with fees ranging from free to $25. The maximum daily buying limit on Coinbase is $25,000 daily, and transaction fees range from $0.99 to $2.99. Withdrawal fees are between 0.55% to 3.99%. It has applications available for both iOS and Android, and customer support can be reached through email and phone.
Ease of Use
Both of these exchanges are user-friendly exchanges. Coinbase has a more extensive user interface and a broader range of features, making it suitable for beginner and expetextrienced traders. It also offers a more comprehensive range of cryptocurrencies to trade and allows for staking and lending some cryptocurrencies.
Coinmama, on the other hand, has a more streamlined user interface, making it easier for beginners to use. It also provides a simple buying process with fast transactions. However, it offers a more limited range of cryptocurrencies to trade.
On 15 February, 2019, Coinmama experienced a security breach that leaked 450,000 email addresses and passwords. The exchange's official statement revealed that the breach was part of a large-scale global hacking attack affecting 24 websites and 747 million records. But, if we look at the positives, customer cryptocurrency funds are never held or stored on the site, and payment information is not saved, which means that personal financial details and cryptocurrency are not at risk of being hacked.
In 2021, Coinbase suffered a security breach due to a vulnerability in its account recovery system, which compromised at least 6,000 user accounts. However, Coinbase promptly fixed the issue and fully reimbursed affected users. Despite numerous hacking attempts, Coinbase has remained vigilant in safeguarding its platform. So, both of these platforms are safe and secure.
Coinbase applies a fee that varies depending on the size of your transaction. Transactions of $10 or lower incur a fee of $0.99, while those between $10 and $25 cost $1.49. Transactions ranging from $25 to $50 require a price of $1.99, and those between $50 and $200 cost $2.99. Transactions exceeding $200 incur a fee based on a percentage of the transaction amount. Additionally, Coinbase charges a spread-based fee of 0.50%.
Other fees depend on the payment method used. ACH transfers are free, while a bank account or USD wallet incurs a 1.49% fee. Credit or debit card transactions attract a 3.99% fee, while wire transfers require additional costs of $10 for incoming transfers and $25 for outgoing transfers.
When trading on Coinbase Pro, fees range from 0% to 0.5% per trade. Users can expect to pay a taker fee ranging from 0.04% to 0.50% and a maker fee between 0% and 0.50%.
Coinmama charges commission fees that vary from 0.99% to 3.90%, based on the customer's Loyalty Level. By standard practice, the exchange applies a spread to balance the unpredictability of a decentralized currency without a fixed market rate. Additionally, Coinmama imposes an "express fee" for particular payment methods that involve securing the exchange rate for a prolonged duration. Such payment methods comprise credit/debit cards, Google Pay, Apple Pay, Skrill, and NETELLER.
Coinmama offers a diverse selection of cryptocurrencies for purchase, including some of the market's most popular and widely-used digital assets. Here, users can buy Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and Ripple (XRP). It offers trading pairs with several stablecoins, such as USDC and USDT, which are pegged to the US dollar, providing stability to users' cryptocurrency investments. Other tokens available for purchase include Chainlink (LINK), Dogecoin (DOGE), EOSIO (EOS), Loopring (LRC), Numeraire (NMR), OMG Network (OMG), Uniswap (UNI), Wrapped Bitcoin (WBTC), Yearn Finance (YFI), and Aave (AAVE). It's worth noting that some cryptocurrencies may not be available in certain regions due to legal restrictions or other factors.
Coinbase Wallet supports Ethereum and all EVM-compatible networks on the mobile app and browser extension. This wallet has pre-configured networks such as Arbitrum, Avalanche C-Chain, BNB Chain, Gnosis Chain, Fantom Opera, Optimism, Polygon, and xDai. \
The Coinbase Wallet mobile app also supports Bitcoin, Dogecoin, and Litecoin. Users can also link their Coinbase.com account to the Coinbase Wallet to buy or transfer cryptocurrency. However, it is vital to consider that not all supported crypto on Coinbase Wallet may be available for trading on Coinbase.com and vice versa.
Sending funds between the Coinbase.com account and Coinbase Wallet incurs standard network fees. The wallet also supports thousands of tokens, including ERC-20 tokens and all tokens on EVM-compatible chains and stablecoins such as USDC and DAI on all supported networks, including tickets on the Solana Network.
Coinbase vs Coinmama conclusion
In conclusion, Coinmama and Coinbase are user-friendly, secure, and reliable exchanges. When it comes to choosing from Coinbase vs Coinmama, you must consider your individual needs, such as the range of cryptocurrencies you wish to trade, your transaction limits, and the fees you are willing to pay.
Coinbase offers a broader range of cryptocurrencies and has a more extensive user interface, making it suitable for both beginner and experienced traders. In contrast, Coinmama has a more streamlined user interface and provides a simple buying process with fast transactions.
Regardless of your winner of the Coinbase vs Coinmama showdown, it is always important to prioritize security and to use a reputable and trusted platform for trading cryptocurrencies.
Author: Harsh Verma
Harsh is the founder of FinEndorse SEO agency and is an experienced content writer and SEO expert with hands-on industry experience and a proven track of success.