Is a digital currency wallet that has been founded in 2012. Coinbase has more than 30 million users registered and over $150 billion cryptocurrencies traded. Major crypto coins are supported like Bitcoin, Ethereum, Litecoin, etc. Bitcoin is the most used cryptocurrency on Coinbase with a market cap of over $100 billion.
Coinbase is fully regulated to operate and the main headquarters are based in San Francisco, California. But the company has offices in London, Dublin, Tokyo, etc. Coinbase is mostly known as an exchange where users can buy and sell cryptocurrencies. It supports a variety of payment methods and crypto coins.
On the Coinbase platform you can also trade different cryptocurrencies. The platform is called “Coinbase Pro”, and it’s built to allow you trading with a buy or sell order. Also, you can use your crypto funds on the Coinbase wallet. With the Coinbase wallet, you can send or receive crypto, earn money from different cryptos, and more.
Was founded in 2013 and it has overs, 1,900,000 users, from 190 countries. The Coinmama platform allows the user to buy or sell major cryptocurrencies. The user can buy and sell crypto with different payment methods such as credit/debit cards, bank transfers, etc.
Coinmama was founded in Isreal, but Coinmama is registered also in Slovakia. It’s regulated by Money Services Business which is licensed by FinCEN and IMPA.
To buy or sell crypto, the user needs to verify the account. By upgrading to higher account levels, the user will have less more limit to buy, sell, deposit, and withdraw crypto. Some of the major cryptocurrencies are available to buy such as Bitcoin, Bitcoin Cash, Ripple, Ethereum, Litecoin, etc.
Crypto Marketplace & Trading
Coinbase Marketplace & Trading
The list of supported crypto coins to buy and sell include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). With the Coinbase wallet, you can easily buy or sell crypto on the platform. The wallet uses a clean and modern design which is easy to use for beginners too.
Sending or receiving crypto funds from other wallets is supported. The portfolio chart shows the total value of your crypto assets on the Coinbase wallet. You also can access the simple chart of other cryptos to view the value, market value, etc.
To make the crypto access experience more smother, the user can use the Coinbase wallet on smartphones too. The mobile app can be used on Android and iOS devices. You can use the Coinbase mobile wallet, to send and receive crypto too. Also, you can use the QR code scanning method to complete payment quicker and easier.
The user can also buy and sell cryptocurrencies directly from the mobile app. To provide you a safer experience on the mobile wallet, Coinbase allows you to lock the wallet with a passcode. And in case you lose the phone or your phone gets stolen, you can disable access to the mobile app remotely.
Coinbase users can make money while exploring and learning other cryptocurrencies on the Coinbase website or mobile app. You can earn money by watching educational videos about cryptocurrencies. Also, you can take part in quizzes to answer questions and earn money.
The earnings from watching videos and participating quizzes are sent directly to your Coinbase wallet address. However, the opportunity to earn money is limited because you need to wait for days, weeks or even months to compete in the “Earn crypto” program.
For crypto traders who want to trade cryptocurrencies, you can use the “Coinbase Pro” platform of trading. The trading platform offers real-time crypto prices, trade history, charting tools, etc. Crypto traders can open sell or buy orders quickly with the simple order type on the platform. The design on the trading platform uses modern design, clean, and very friendly.
Coinmama Marketplace & Trading
With the Coinmama platform, you can buy or sell cryptocurrency easily. To buy or sell a cryptocurrency, first you need to get verify your Coinmama account. After your verification is completed successfully, you can use a different payment method to buy crypto.
Currently, you can buy only the following cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Cardano (ADA), Qtum (QTUM), Ethereum Classic (ETC), Tezos (XTZ), and Eos (EOS).
Coinmama does not offer a trading platform to trade crypto as Coinbae does. Also, there’s no mobile app available for Android or iOS devices. On the Coinmama website, you can only sell the Bitcoin cryptocurrency.
To buy or sell a cryptocurrency, a minimum of $50 USD is needed. The prices are displayed in USD, EUR, CAD, GBP, AUD, JPY, but Coinmama supports other currencies too. The process for deposit and withdrawal can take a few business days.
Coinbase fees are calculated based on the payment method of the country and the amount. Coinbase charges a spread margin of 2.00% for crypto conversions. For users from the European countries, a minimum fee of 1.49% and a maximum fee of 3.99% applies to depend on the payment method.
For Australian and Singapore and Candian users, a fee of 3.99% applies. And for US users, a minimum fee of 1.49% and a maximum 3.99% fee applies. Also, for Wire Transfers, $10 or $25 applies.
Additional fees could be charged from your bank with Credit Cards payments. And to avoid these fees it’s recommended to use Debit Card or Bank Account to sell or buy crypto. Most of the withdrawal transactions can take 1 to 3 business days. For deposit transactions, in some payment method the processing time can take less than a day.
Coinmama charges a 3.90% fee for all buy transactions with credit cards. On transactions with a locked crypto rate and instant delivery, an additional 5.00% fee applies. The minimum amount to buy with a credit card is $50 USD.
Buying crypto with a bank account a $1,000 USD amount is recommended by Coinmama. All transactions with an amount of $1,000 USD or above do not have any fee charged. However, for transactions below the $1,000 USD, an amount of 20 GBP applies. Other fees from banks such as currency converting rate, etc, are not covered by the Coinmama.
To sell Bitcoin on the Coinmama website, a 2% rate is calculated by the XBX Index average, and a selling fee of 0.1 to 0.9% applies. To offer you a transparent selling process, Coinmama calculates fees, rates. Then, fees are rates are deducted on the Sell order form from the total amount by showing the total amount you will receive. Speaking of Coinmama we spent 14995$ on the platform and made a 2000 word article about Coinmama Fees if your interested.
Deposit & Withdrawal methods
Coinbase Deposit & Withdrawal methods
Coinbase supports different payment methods to buy or sell crypto. The payment methods to buy or sell crypto. The deposit and withdrawal methods can take several days. You can use the following payment methods on the Coinbase website:
- Debit Card
- Bank Account
- Wire Transfer
- Coinbase Card
To learn more about payment methods on the Coinbase website and mobile app, visit the here.
Coinmama Deposit & Withdrawal methods
To deposit on the Coinmama website and buy crypto, you can use several deposit methods. The buy orders are processed with a few seconds. Once, Coinmama approves the payment, the crypto funds are sent to your wallet address within a few minutes. The following payment methods are available to deposit funds:
- Debit Card (VISA and MasterCard)
- Credit Card (VISA and MasterCard)
- Bank Transfer (SWIFT)
- SEPA Bank Transfer (EU Banks Only)
- Wire Transfer
Selling Bitcoin is available only through SEPA Bank Transfer and SWIFT Bank Transfer. The process can take 1-2 business days.
Coinbase Account Limits
To unlock more additional features and limits, you need to verify your account. To see the current level of your account, log in to your account. Then go to “Settings”, and then click on the option “Account limits”. To increase your current level, follow these steps:
- Verify phone number
- Verify personal information
- Verify photo ID (valid state ID for US customers)
Coinbase uses Know-Your-Customer (KYC) verification system and Anti-Money-Laundering (AML) to prevent money laundering and other criminal activities.
Coinmama Account Limits
The process to buy or sell crypto on the Coinmama websites requires verification of your identity. To do that, you can use verification documents such as National ID, Passport, Driver License, Address Proof, etc. The limit to buy or sell it depends on the account level. There are three account types that offer different limits for buying and selling crypto.
- Level 1
Account Transaction Limit: $15,000 (USD)
Debit and Credit Card limit (buy only): $5,000 / 5 orders
Wire transfer limit (buy & sell): $12,000
Debit and Credit Card limit (buy only): $15,000 / 20 orders
Wire transfer limit (buy & sell): $15,000 / 50 orders
- Level 2
Account Transaction Limit: $50,000 (USD)
Debit and Credit Card limit (buy only): 5 orders / $5,000
Wire transfer limit (buy & sell): 10 orders / $30,000
Debit and Credit Card limit (buy only): 30 orders / $30,000
Wire transfer limit (buy &sell): 50 orders / $50,000
- Level 3
Account Transaction limit: $1,000,000 (USD)
Debit and Credit Card limit (buy only): 5 orders / $7,500
Wire transfer limit (buy & sell): 10 orders / $30,000
Debit and Credit Card limit (buy only): 30 orders / $40,000
Wire transfer limit (buy &sell): 50 orders / $100,000
- Level 4:
To upgrade to level 4, you need to contact the support team on Coinmama.
Coinbase might have the best security out of the two but at the cost of giving complete customer information to the IRS in 2020. Coinbase lost 200 million dollars worth of bitcoin customers due to selling crypto blockchain to the IRS and DEA causing security concerns to customers. To provide a secure experience for the account, Coinbase offers different security and authentication features. The user’s password is stored in the database using the bcrypt hashing function. You need to use use a strong password combined with different characters to continue with the signup. The private keys on the wallet are encrypted with AES-256.
And to add another security step for the user’s account, Two-factor authentication (2FA) is available too. You can use the 2FA authentication method to login with a code from your mobile phone number. Or you can use the generated codes from the authentication app like Google Authenticator, Authy, etc.
The mobile wallet app is safer to use too, as you can enable different security features. Besides the security features on the desktop wallet, you can prevent access to your mobile wallet with Touch ID, Face ID, Passcode. If you lose access to the phone or your phone gets stolen, you can lock the wallet to prevent others from accessing your wallet.
In the security aspect, Coinmama offers some security features offered by Coinbase too.
Coinmama has claimed that the security is the number one priority which has improved a lot and it will continue to improve even more. The personal details of the user are encrypted and the payment method details are not stored on the Coinmama website. You can use a strong password to prevent yourself from hackers and possible brute-force attacks. Also, Two-factor authentication (2FA) is available on all unverified and verified users.
Coinbase platform is designed for both beginners and experienced crypto users and traders. The Coinbase Pro is a new advanced platform of trading which is easy to use and trade different crypto coins. Compared to the Coinmama, fees on the Coinbase are lower but you can buy and sell only 5 cryptocurrencies. Unfortunately I cant recommend Coinbase due to bitcoins very existence it to get away from government control such as the IRS & DEA.
Coinmama has relatively higher fees to buy and sell cryptocurrencies but it doesn’t store any customer information. It offers more cryptocurrencies to buy but supports only the Bitcoin cryptocurrency to sell. The processing time of payments typically takes minutes which is similar to the Coinbase processing time. In general, Coinmama is best suited for crypto users interested only in story cryptocurrency long term compared to trading.
Image via shutterstock, Writer Behar H.