The world of cryptocurrency is vast and continuously evolving. Whether you’re a seasoned investor or a novice looking to dip your toes into the crypto waters, selecting the right platform is crucial.
In this comprehensive guide, we’ll explore two prominent exchanges: Coinmama and CEX.IO, giving you an in-depth comparison to help you make an informed decision.
We’ll examine their history, trading fees, withdrawal methods, supported cryptocurrencies, user ratings, and more.
A Glimpse into Coinmama
Founded in 2013, Coinmama has nearly a decade of experience in the crypto industry and is currently based in Israel.
This platform offers a way to purchase some of the most popular cryptocurrencies, and also allows users to sell Bitcoin for cash.
Although, Coinmama provide a mobile app for iOS and Android, it’s only for Wallet purposes.
Coinmama’s Trading and Withdrawal Fees
Coinmama’s trading fees vary depending on the transaction type. When buying cryptocurrency, the market rate plus up to 3.9% is charged, and when selling, the rate is the market rate plus 0.99%. Credit and debit transactions come with an additional fee of 4.99%, and other fees may apply.
Interestingly, Coinmama does not charge fees for crypto deposits or withdrawals, which can be a major advantage for users who plan to move their crypto assets frequently.
User Ratings and Community
Coinmama’s user ratings reflect its strengths and weaknesses.
For example, NerdWallet gives it a rating of 1.5, basing the score on factors such as account fees, investment choices, customer support, and mobile app capabilities. This score indicates there are some areas where Coinmama could improve, especially considering its higher fees compared to other providers.
On the other hand TrustPilots users give Coinmama 4.4 rating, which is pretty high.
Supported Cryptocurrencies and Withdrawal Methods
Coinmama supports 9 different cryptocurrencies, giving users a decent range of options. However, it doesn’t allow crypto-to-crypto transactions; to purchase crypto, you must use fiat currency, such as USD or GBP.
Supported cryptocurrencies are:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Qtum (QTUM)
When it comes to withdrawal methods, Coinmama offers a variety of options, including Visa or Mastercard credit cards, and even allows for the use of Apple Pay for crypto purchases.
You can download IOS or Android Coinmama’s App and set up Non-Custodial wallet to store, receive & send their Bitcoin & Ethereum!
Delving into CEX.IO
CEX.IO is a London-based cryptocurrency exchange founded in 2013. It has established itself as a reputable platform with a range of features that cater to both novice and seasoned investors.
- CEX.io has been in operation since 2013, and it serves users in over 99% of countries worldwide, including 48 US states. The platform is often lauded for its security, having never been hacked since its inception.
- CEX.io supports over 70 of cryptocurrencies for trading, including Bitcoin, Ethereum, Litecoin, and many others. The platform also supports various fiat currencies such as USD, EUR, and GBP for deposits and withdrawals.
- The platform’s fees are considered relatively high compared to other crypto exchanges. The taker fee ranges from 0.25% to 0.16%, and the maker fee ranges from 0.16% to 0%, depending on the user’s 30-day trade volume. Additionally, deposit and withdrawal fees apply, which vary depending on the method used. For instance, Visa card deposits incur a service charge of 2.99%.
- CEX.io provides a mobile app available for both Android and iOS users. The app enables users to trade, deposit, and withdraw funds, manage wallets, and monitor real-time and historical market data.
- The platform does not provide a proprietary wallet for users. Instead, users must have their own wallet address for transactions.
- Cex.io has a higher TrustPilot score which is 4.6 and has two times more users.
Both Coinmama and CEX.IO have their unique strengths and areas for improvement. Coinmama, with its range of payment options and no-fee withdrawals, may appeal to those who prioritize flexible payment methods and frequent transactions.
However, its higher trading fees and lack of crypto-to-crypto trading may be a disadvantage for some users.
Coinmama is a well-established cryptocurrency exchange with almost a decade of experience in the field. It offers the ability to purchase a range of popular cryptocurrencies and sell Bitcoin for cash.
One of its strengths lies in the variety of payment options, including credit card purchases and Apple Pay. However, it falls short in a few areas such as higher fees compared to other providers, lack of crypto-to-crypto transactions, and absence of a mobile trading app for both Android and iOS users. It has also less users than Cex.io.
CEX.io is another experienced player in the cryptocurrency exchange market, boasting robust security measures that have kept it hack-free since its inception. The platform supports a wide variety of cryptocurrencies and fiat currencies for trading, deposits, and withdrawals.
While it offers a mobile app for both Android and iOS users and provides comprehensive customer support, it does have relatively high fees. Additionally, the platform offers wallet apps for Android & iOS.
In conclusion, both platforms have their strengths and weaknesses, and the choice between the two will largely depend on individual user needs and preferences. Coinmama might be a better choice for those prioritizing payment options and simplicity, especially for Bitcoin transactions.
On the other hand, CEX.io could be more attractive to users valuing security, mobile app availability, and a wider range of supported cryptocurrencies. However, potential users should be aware of the relatively high fees on both platforms.
Please note: Investing in cryptocurrency is a risky venture, and it’s crucial to do thorough research and consider your financial situation before jumping in. It’s also worth noting that the values and features of these platforms may change over time, so always check the most recent updates on their respective websites for the most accurate information.