An Alternative To Coinmama

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An Alternative To Coinmama

Coinmama is one of the oldest cryptocurrency exchanges in Europe, which is still in operation, counting over 1 million users worldwide. This exchange provides novice crypto traders with all the basic tools to own their own cryptocurrency, and, as a result, is popular across the world. However, the exchange lacks the advanced tools and capabilities sought by more advanced traders, in which case there are several suitable alternatives.

Coinmama: a Closer Look

Established in 2013, Coinmama is available in 180 countries across the world. The centralised exchange allows you to buy Bitcoin and other cryptocurrencies with fiat currency, using credit or debit cards, as well as bank transfers. Coinmama only offers a handful of different currencies, however, you can be certain to find the most popular, including Ethereum, Ethereum Classic, and Litecoin.

Coinmama is a brokerage platform which means that as a user you are dealing directly with the exchange and not another user like yourself. This streamlines trades and makes them simpler, but this convenience comes at a cost. Although Coinmama does not charge deposit or withdrawal fees, its trading fees are significantly higher than some of its alternatives.

The exchange is deemed to be extremely safe, and this is due, in part, to its requirement to request basic identification of all of its users. There are also minimum and maximum limits which are extended across the platform and don’t depend on your level of verification. Minimum deposits are set at €53 or $60, while maximum daily buying limits are set at €5,000/$5,000. Monthly maximum deposits are set at €20,000/$20,000.

Even though Coinmama ticks many of the boxes for most traders, especially beginners, the exchange lacks certain additional features which other traders might like to see. The following exchanges are considered some of the closest alternatives to Coinmama, sharing in its positive features, but replacing some of its negatives ones.

EXMO

EXMO was founded in the same year as Coinmama and is one of the largest exchanges in Europe. The platform features several tools which can help new and experienced traders to turn a profit trading Bitcoin and other digital currencies. Using EXMO is extremely easy, even if you have never used an exchange platform before.

Purchase Options

EXMO offers users a wider range of options to purchase cryptocurrency than Coinmama. While you can still buy Ripple and other cryptocurrencies with credit/debit cards or bank transfer, EXMO also allows you to buy crypto with crypto. As long as you use supported currencies, you can enjoy faster trades with much lower fees. The exchange also welcomes PayPal for withdrawals and some deposits.

EXMO supports a greater number of fiat currencies, with RUB and UAH being accepted, along with EUR and USD. You can purchase a considerably larger number of coins, including the most popular cryptocurrencies of 2019 along with OmiseGO, Ink, and NEO.

Fees

Due to the numerous payment options and currencies available, EXMO’s fees can be somewhat complex at first. However, if you tend to use the same payment method and currency you will quickly get used to the applicable fees. Card deposits in EUR and USD are free, while other methods or currencies may incur certain fees. Withdrawals always come with a fee, but this varies considerably.

Additional Information

While using Coinmama requires you to connect a separate cryptocurrency wallet, EXMO offers you an in-built wallet. This set up allows you to trade crypto faster and gives you the option to recover your password in case you forget it.

EXMO has a reputation for being extremely safe, and this is thanks, in part, to its KYC policy. Although you can trade crypto to crypto without having to verify your identity, if you intend to purchase cryptocurrency with fiat currency you will be required to provide certain documents. While this may be seen as a bother for some users, it is done to help keep the platform safe and secure.

CEX

CEX is a cryptocurrency exchange which is designed for both novice and experienced traders. The platform runs a brokerage service which is ideal for beginner traders, but it also offers trading options for more advanced trades and investments.

Purchase Options

CEX allows you to buy and sell Bitcoin and other cryptocurrencies using the three primary methods, namely card payments, bank transfers and crypto payments. The exchange is available across the world, except in sanctioned countries or locations where cryptocurrency is banned. USD is the main fiat currency, with which you can buy any digital currency on the platform. EUR, GBP, and RUB are also accepted, but with certain exceptions.

CEX offers a smaller variety of cryptocurrencies than EXMO, and about the same amount as Coinmama. Apart from Bitcoin and Ethereum, you can also buy Zcash, Stellar, and Bitcoin Gold amongst others.

Fees

The brokerage service within CEX charges different, oftentimes higher fees than the trading platform. Depending on the method of payment used and the currency, you could see conversion fees as high as 7%. The platform does not require any minimum deposits and offers comparatively lower fees for withdrawals. Nevertheless, its fee structure tends to keep those trading in small volumes away.

Additional Information

CEX is a popular exchange amongst advanced traders for several reasons. Fully verified accounts can expect upper limits of $200,000 per day, or $500,000 per month. Furthermore, the exchange allows verification of corporate accounts, which do not have any limits when paying by bank transfer.

The exchange offers the possibility of trading on margin. This high-risk technique allows traders to amplify potential gains through the use of leverage. CEX also offers detailed cryptocurrency charts to help traders plan their investment strategy.

CEX is a regulated financial institution, fully licenced in the UK to carry out money-based transactions. The platform offers users a built-in wallet to store currency and implements various security features in order to keep both user details and funds safe.

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