Coinmama vs Binance | One Terrible & One Great Exchange
Jack Moreau
Feb 2024
9 min read
Fact checked
Are you unsure how Coinmama vs Binance compares? Our comprehensive comparison takes into account factors like KYC requirements, available countries, product offerings, trading fees, and deposit methods. Keep reading to find out which exchange is the better fit for your needs!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
When it comes to cryptocurrency exchanges, there is one heavyweight that stands out from the crowd, Binance. So how does Coinmama, a much smaller and lesser known exchange compare to the king? Let's find out!
Binance was founded in 2017 by Changpeng Zhao and is registered in the Cayman Islands as Binance Holdings Ltd. The company has over 6400 employees and is available in 186 countries.
Binance exchange
As one of the largest and most popular trading platforms, Binance offers a comprehensive suite of trading and financial services, including spot trading, futures trading, staking, earn products, launchpad, its own smart chain, and much more.
The exchange supports over 350 cryptocurrencies, numerous trading pairs, and is the most liquid exchange in the world. Binance has over 120 million users worldwide, with its Android app downloaded over 50 million times and has a strong 4.4 star rating.
Binance app
Coinmama was founded even earlier than Binance in 2013 by Asaph Schulman. The exchange is registered in Ireland under the name Cmama Ltd and the company has over 60 employees.
Coinmama is available in 188 countries, although it is prohibited in 8 jurisdictions including Israel, Japan, and Nigeria, as well as residents of Hawaii and New York.
Coinmama exchange
Coinmama is a very basic platform that let's users to buy and sell a limited range of 20 cryptocurrencies. Coinmama is estimated to have over 1 million or so user with its Android app having been downloaded only 10,000 times.
Coinmama app
Coinmama vs Binance Signup & KYC
When it comes to signing up for a cryptocurrency exchange, there are a few things to keep in mind. One of the most important is the KYC process ( Know Your Customer).
This is a requirement for most exchanges and involves ID verification before any trading is possible. Let's see how Coinmama and Binance compare in this category.
Coinmama has a pretty strict KYC process. In fact, you have to upload your documents before you can even see the interface.
This is a frustrating process that does not allow users to first explore the exchange nor it's interface. The verification process itself takes around 30 minutes to an hour, so it's not too bad once you get started.
Coinmama KYC
Binance, on the other hand, requires users to verify their identity through a KYC process as well. Creating a Binance account takes less than a minute, but in order to unlock account privileges, users must verify their account.
Binance KYC verification
Submitting all of the required information and documents for verification such as country of residence, address and government ID takes a few minutes tops.
Generally, the KYC verification process on Binance can be as short as 15 minutes but can take up to 2-3 business days in some cases to complete. Overall, Coinmama has the more tedious signup process while Binance is quicker to get started with.
Coinmama vs Binance Products & Services
In terms of products offered, Coinmama and Binance have a wildly different offering from each other.
Coinmama is a very simple exchange that focuses on allowing users to buy cryptocurrencies using their credit or debit card, or by wire transfer.
However, the user experience on Coinmama is poor, with a long signup process that forces all documents upfront and a website that doesn't work properly.
Besides the limited product offering and few cryptocurrencies available, the trading fees are also high. In short, Coinmama leave much to be desired and not an exchange that we recommend using.
Binance being the biggest exchange in the world also offers one of the wides product offerings on the market. This includes trading services such as spot trading to futures trading, margin trading, perpetual swaps, and options trading.
Binance spot trading
Liquidity on Binance is one of the best in the world, with daily spot trading volumes frequently exceeding $10 billion.
Binance also offers a max leverage of up to 125X on futures and margin trading is available with up to 5X leverage with cryptocurrencies and fiat currencies that can be used as underlying collateral.
Binance also offers trading bots and copy trading, which allows users to follow and copy the trades of successful traders automatically. Additionally, Binance provides leveraged tokens, staking, lending, and different types of vaults.
Binance staking and earn
Binance also has its own NFT marketplace and its own Web 3 wallet in Trust Wallet. The user experience on Binance is quite good, considering the wide range of products on offer. The exchange manages to offer this wide range without overwhelming the user.
Binance NFTs
Binance is thus the much more versatile exchange compared to Coinmama both in terms of cryptocurrencies offered by also in terms of overall product range and user experience.
When it comes to trading fees, Coinmama and Binance are on opposite ends of the spectrum. Let's start with Coinmama, which unfortunately does not offer traditional spot trading.
Instead, users can only buy cryptocurrencies with card and third-party providers, and the fees are incredibly high with a whopping 5% commission. This is not a great option for anyone looking to save on trading fees
On the other hand, Binance offers much more competitive trading fees. For spot trading, both makers and takers pay a low 0.1% trading fee. The futures trading fees on Binance are equally competitive with a maker fee of 0.02% and a taker fee of 0.04%.
Binance spot fees
These fees can also be further lowered if monthly trade volumes exceed $1 million or if users hold at least 25 BNB tokens.
For users who are looking for lower trading fees, Binance is definitely the better choice compared to Coinmama. Coinmama's high fees for buying cryptocurrencies with card are simply not worth it when there are other options available.
When it comes to depositing fiat currencies on cryptocurrency exchanges, it is important to consider the available options and fees. Coinmama and Binance both support fiat deposits, but they differ in their available deposit methods and fees.
Coinmama supports three fiat currencies inUSD, GBP, and EUR and offers fiat deposits via Swift for USD, SEPA for EUR, and Faster Payments (FSP) for GBP. While SEPA and FSP deposits are free of charge, Coinmama charges a 5% fee for credit/debit card deposits and $20 for Swift deposits.
On the other hand, Binance supports a wide range of 26 fiat currencies, including USD, EUR, AUD, GBP and many others. Binance offers several fiat deposit methods, including bank transfers via Swift, Signet, SEPA, and Faster Payments (FSP), as well as Visa, Mastercard, PayID, and Advacash.
Binance fiat deposits
In terms of deposit fees, Binance charges a 1.8% fee for fiat deposits made with Visa and Mastercard, while SEPA deposits come with a 1 EUR fee. Those who have an Advacash account can deposit with a 1.5% fee. Binance as such offers a wider range of deposit methods and supports more fiat currencies than Coinmama.
When it comes to withdrawing fiat currency from exchanges, Binance offers multiple options. Users can withdraw USD via SWIFT, EUR via SEPA, and GBP via Faster Payments (FSP).
However, Binance charges a 1.8% withdrawal fee for fiat withdrawals with Visa and MasterCard. For SEPA withdrawals, there is a 1 EUR withdrawal fee, but bank withdrawals for many other fiat currencies are free.
Binance fiat withdrawals
In terms of cryptocurrency withdrawal fees, Binance charges 0.0002 BTC for Bitcoin withdrawals and 0.0008 ETH for Ethereum. For those that wish to withdraw Solana and Tether USD, the fees are 0.008 SOL and 10 USDT (ERC-20) per withdrawal.
In conclusion, Binance and Coinmama could not be more different from each other and the same can be said about our opinion of them. Coinmama does not offer any unique selling points compared to Binance.
The exchange offers only 20 cryptocurrencies for their users to buy and sell with high commissions. The user experience is really terrible with a buggy website that has sections that don't even work.
Binance is the much more comprehensive exchange with over 350 supported cryptocurrencies, numerous trading pairs, and a wide range of services and features such as futures trading, staking, NFTs, wallet services and much more.
With over 120 million users worldwide and high liquidity, Binance is a great option for experienced traders. When it comes to trading fees, that's another category where Binance is much more competitive than Coinmama with it's low 0.1% spot trading fees.
We could go on and on but simply, Binance beats Coinmama easily in every category that we have covered in this comparison. While we highly recommend Binance and use it ourselves, unfortunately, we can't say the same thing about Coinmama.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
