eToro vs Coinmama | Who Has Best Crypto Offering & Lower Fees?
Jack Moreau
Mar 2024
10 min read
Fact checked
Are you looking for the best crypto exchange and curious how eToro vs Coinmama compare? We've analyzed both exchanges across a wide range of metrics such as KYC requirements, country availability, product offerings, trading fees, deposit methods, and more to help you make an informed decision!
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.
eToro is a global social trading and multi-asset investment platform that has gained popularity for its user-friendly interface, diverse range of assets, and innovative social trading features.
The company is available in over 140 countries and has it's main office in Tel Aviv, Israel and legal entities in the US, UK, EU and Australia.
The platform allows users to follow and copy the trades of experienced investors, creating a community-driven trading experience.
eToro exchange
With over 30 million users worldwide, eToro offers a limited range of 80 cryptocurrencies and has over 10 million downloads on its Android app with a 4-star rating based on over 100,000 reviews.
eToro app
On the other hand, Coinmama is a smaller cryptocurrency exchange that was founded in 2013 by Asaph Schulman. It is established and registered in Ireland and has over 60 employees.
Coinmama is available in 188 countries but is prohibited in 8 jurisdictions, including Israel, Japan, Nigeria, and residents of Hawaii and New York.
Coinmama exchange
With 3 million users, Coinmama offers support for only 20 cryptocurrencies and has been downloaded over 10,000 times. While eToro has a larger user base and a much wider range of assets, Coinmama is a smaller and more limited exchange.
eToro app
eToro vs Coinmama Signup & KYC
When it comes to signing up for eToro, the process is swift and users simply need to enter a username, email, and confirm the email verification.
However, to get verified on eToro, users must submit personal information about their country of residence, address, and a valid government ID. Once the information is provided, eToro can take up to 1-2 business days to process and verify the account.
eToro KYC
In contrast, Coinmama has a more tedious signup process that requires users to upload more information and complete the KYC process before they can even access the interface.
This is quite annoying as it does not give users an opportunity to navigate the exchange before they can decide if they wish to complete the KYC.
eToro vs Coinmama Products & Services
In terms of product range, eToro is more versatile than Coinmama as it allows users to buy and sell a wide range of over 3,000 financial assets.
Boasting a broad spectrum of offerings, eToro provides traders with access to an expansive portfolio of over 3,200 stocks, featuring giants like Apple, Tesla, Google, and Amazon.
eToro Stocks
The platform also allows trade across more than 50 currencies, a selection of over 30 commodities, and an array of over 20 major global indices. At the time of writing, commodities, currencies and indices are not available to users in the United States.
eToro Currencies
Cryptocurrency enthusiasts aren't left behind either. eToro presents an opportunity to invest in a selection of over 70 digital currencies, including household names like Bitcoin, Ethereum, and Solana.
eToro Crypto
Further broadening investment horizons, the platform offers a handpicked collection of over 400 ETFs, spotlighting industry frontrunners such as SPDR S&P 500 and Vanguard.
eToro ETFs
Recognizing the importance of continuous learning in the ever-evolving world of trading, eToro’s Academy emerges as a goldmine of information.
eToro Academy
And in partnership with TradingView, eToro provides traders with access to comprehensive charts, ensuring they are equipped with all the nuanced data required for making judicious trading decisions.
eToro Trading Tools
Real-time, pinpoint accurate pricing allows traders to confidently place their orders. eToro further enhances its user experience with its suite of advanced risk management tools, encompassing features like adjustable take-profit and dynamic trailing stop-loss settings. Stop Loss and Take Profit are not guaranteed.
Newcomers to eToro or those wanting a trial run can use the platform's demo feature without the real-world stakes.
eToro Demo Account
eToro's CopyTrader system allows users to replicate the trading patterns of seasoned market players. These expert traders, with their transparent strategies and outcomes, serve as valuable blueprints for beginners to copy.
eToro Copy Trading (Past performances are not an indication of future results)
Lastly, tuning into the growing wave of non-fungible tokens, eToro introduces Delta. This specialized segment is tailored for NFT aficionados, making the journey of exploring, transacting, and managing these digital treasures a breeze.
eToro NFTs
Coinmama is a much more limited exchange than eToro. They only offers users the option to buy and sell a limited range of only 20 cryptocurrencies with card or fiat currencies.
The user experience on Coinmama is poor, with a long signup process that forces all documents up-front and a website that does not work properly.
It is clear that Coinmama is not the exchange for experienced traders and investors who are likely looking for a wider range of products and services.
When it comes to trading fees, eToro charges a flat 1% fee for buying and selling cryptocurrencies. Unfortunately, eToro does not offer any rebates for higher trading volumes.
eToro Crypto Fees
On the other hand, Coinmama does not offer traditional spot trading as the exchange does not run its own order book. Instead, users of Coinmama can only buy cryptocurrencies with a card and third-party providers with a very high 5% fee.
That's incredibly expensive and not something we would recommend to anyone. In terms of trading fees, eToro is definitely the cheaper option between the two.
eToro Stock Fees
It's also worth pointing out that other products on eToro like stocks, come with a 0% commission which is a nice added bonus.
When it comes to depositing fiat currency on cryptocurrency exchanges, it's important to know what options are available and what fees are associated with each method.
Let's start with eToro which supports four fiat currencies, USD, EUR, GBP and AUD. To deposit fiat currency, users can choose from bank transfer, PayPal, Skrill, Neteller, and debit card.
The best part? All fiat deposits are free of charge on eToro! Conversion fee may however be applied as deposits are conducted in $.
Now let's take a look at Coinmama, they supports three fiat currencies in USD, GBP, and EUR. To deposit fiat currencies, users can choose from Swift for USD deposits, SEPA for EUR deposits, and Faster Payments (FSP) for GBP deposits.
While SEPA and FSP deposits are free of charge, Coinmama charges a 5% fee for credit/debit card deposits and $20 for Swift deposits.
Overall, both eToro and Coinmama offer a variety of deposit methods for fiat currency, but eToro stands out for offering free deposits for all supported currencies.
When it comes to withdrawal methods, eToro and Coinmama differ quite a bit. Let's take a closer look at what each platform offers.
eToro allows users to withdraw fiat currencies via bank account or to a debit card. However, there is a $5 withdrawal fee and non-USD currencies are subject to conversion fees.
Cryptocurrency withdrawals on eToro can only be transferred from the investment platform to the eToro Money crypto wallet, and there is a steep 2% fee for this transfer with a minimum cost of $1 and a maximum cap of $100.
While eToro supports various cryptocurrencies for withdrawal, such as BTC, ETH, ADA, XRP, and LTC, users should be aware of the high fees associated with transferring their crypto.
Coinmama, on the other hand, does not offer fiat withdrawals at all. As such, users can only withdraw cryptocurrencies, and must pay varying fees depending on which blockchain is being used.
In conclusion, eToro and Coinmama could not be more different from each other.
eToro has a larger user base and offers a much wider range of assets, including cryptocurrencies, stock and ETFs.
The platform allows users to follow and copy the trades of experienced investors, creating a community-driven trading experience.
Coinmama, on the other hand, is a smaller and more limited exchange where users can only buy and sell a limited range of 20 cryptocurrencies.
On top of this, the user experience is pretty terrible with a somewhat broken website and incredibly expensive trading fees. This may be the first time we have come across an exchange without any redeeming qualities.
As such, eToro easily comes out on top in this comparison as the much more beginner friendly platform with plenty of financial products for users to invest in.
Disclaimer
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured.
Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance.
luckyaltcoin.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.
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.
Signup to eToro and Get $10 Bonus (US Only) when you deposit $100! eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
