What are the differences between Coinmama and Kraken? The Crypto exchanges like Coinmama and Kraken have come a long way since they were launched to create an impression in the crypto market as a reliable exchange platform.
However, both these platforms, needless to say, differ in the ways they offer their services to their respective users.
If you are unaware of these differences, this article will be of great help to you. Listed here are all those differences which, when known, will help you to choose one among the two when the time comes.
Both these crypto trading platforms differ in several aspects such as their features, the trading fees charged, the withdrawal fees, the payment and deposit methods, their trading types supported along with the currencies, and even in value for money offered.
All these are very important metrics that determine what type and quality of service you can expect from these platforms. Remember, eventually, the platform you choose should be able to meet all your crypto trading needs.
This US-based company is accessible globally and is also considered to be one of the largest Bitcoin exchanges in terms of Euro liquidity and volume. Coinmama, on the other hand, is a crypto trading exchange that makes it easier for newcomers to step into the crypto world.
It has a limited number of crypto coins on offer but other features of it are quite good to give Kraken a tough competition.
6 Differences Between Coinmama and Kraken
If you want to make an in-depth comparison between Coinmama and Kraken, you will need to analyze all the metrics that are most important as well as look into the features that seem to be less important.
It will also be better to take into account some data-driven and fact-checked information and compare them side by side.
When you consider the fees of these two platforms, it will be much easier to decide which one of these is the right exchange for you.
In terms of withdrawal fees, Coinmama charges 5% while Kraken has a fixed limit that can go up to $60 or 0.00015 BTC.
If you consider the trading fees, Coinmama may charge you up to 3.9% in comparison to the 0.26% fee charged by Kraken.
The spreads of the respective platforms are within 0 and 2% on an average for Kraken and for Coinmama it is variable from 6%.
And, in terms of exchange fees, which involve both maker fees and taker fees, that of Coinmama is 5.50 for both but Kraken charges 0.26% taker fees and 0.16% maker fees.
2. Supported Crypto Coins
Kraken supports a lot of different types of crypto coins so that the users can choose the one they can trade with from its list. This list includes ANT, ALGO, AAVE, ADA, ATOM, BTC, BCH, BNB, BAT, BAL, CRV, COMP, DASH, DOT, DOGE, DAI, ETH, ETC, ETH2, EOS, EWT, FLOW, FIL, GRT, GNO, ICX, KNC, KSM, KEEP, KAVA, LTC, LSK, LINK, MLN, MANA, NANO, OXT, OMG, OCEAN, PAXG, QTUM, REP, REPV2, SNX, STORJ, SC, USDC, TBTC, TRX, UNI, USDT, WAVES, XDG, XTZ, XRP, XMR, XLM, XBT, YFI, and ZEC.
On the other hand, Coinmama supports a fewer number of crypto coins in comparison to Kraken and the list includes BTC, ETH, BCH, XRP, LTC, ADA, and XTZ.
3. Payment Methods
The different payment methods supported by the Kraken platform include Bitcoin Payments, Etana, PayID, Clear Junction, Silvergate Bank Transfer, and Wire Transfer.
However, the users of Coinmama have somewhat limited options which include Paybis, Simplex.
4. Customer Support
In terms of customer support, you can contact Coinmama through email and a hotline.
However, the Kraken platform can be accessed in a number of ways when you need to contact them for customer service. These options include email, live chat, phone, and several social media platforms such as Facebook, Twitter, and LinkedIn.
5. Pros and Cons
The advantages enjoyed by the users of Coinmama include reasonably good security and quite useful customer support.
The platform is also quite user-friendly and is accessible from almost all countries across the globe including most of the parts of the US. The users can also use their credit and debit cards to make a purchase on this platform which offers probably the highest buying limits.
However, the demerits of this platform include its limited crypto coin support, high fees, and some incidents of scam claims in the past. Also, the lack of phone support can be a point of bother at times.
On the other hand, Kraken offers its users a reliable and secure platform to trade a diverse range of crypto coins, and that too at lower fees.
However, it too comes with some significant downsides such as having uptime issues sometimes and not being able to provide useful customer support.
The verification process on this platform also takes some time and it does not support making deposits or withdrawals by using a credit card.
6. Some Other Differences
These smaller and insignificant differences are also good enough to know if you really want to make a better comparison between these two crypto platforms.
In terms of value for money provided to the users, Coinmama seems to provide it more than Kraken.
If you wish to follow a crypto exchange that has a larger number of users then you should go with Kraken because it has nearly double the number of users of Coinmama that has around 2.2 million active users.
If you are looking for a platform that will help you in your crypto trading endeavor by offering several analytical tools then Kraken should be your obvious choice.
If you are one of those users who want to trade on the go using a mobile app, you should also go for Kraken.
However, if you want to make anonymous trading then it is Coinmama that will allow you to maintain it.
Also, Coinmama allows fiat currency trading using USD, EUR, CAD, AUD, and JPY while Kraken supports USD only.
In terms of maximum trading limit for a day, Coinmama with its $5000 limit seems to lag far behind Kraken that has its limit set at $100000.
If you are looking for a crypto platform that also offers derivatives you should prefer Kraken over Coinmama.
CoinMama was founded in 2013 and it is located in Bratislava, Slovakia but Kraken is a company located in California, USA and established in 2011.
The minimum deposit requirement for Kraken is 0.0001 XBT and, in contrast, that of Coinmama is 100 whether it is USD, Euros, or GBP.
When it comes to trading, the minimum trading amount permitted by Kraken is 0.0002 XBT and by Coinmama it is the same as the minimum deposit requirement of 100 whether it is USD, Euros, or GBP.
And, finally, if you are looking for a platform that is overseen by multiple regulators then Kraken should be your obvious choice. This platform is regulated by the FCA, FSA, AUSTRAC, FinCEN, and FINTRAC.
Which is Better – Coinmama or Kraken?
It is not easy to say which among Coinmama and Kraken holds the top spot as a more suitable crypto exchange.
You will need to take the advantage of such articles that compare these two crypto trading platforms head-to-head and then weigh them individually against your needs and preferences.
This will make it much easier to find out which among these two brands wins.
The good things about the Coinmama platform are that it has a pretty fast and effective verification process.
In fact, accounts are verified by it in about 10 minutes and users can start trading immediately.
All they need to do is upload a photo ID issued by the government such as a passport or Drivers’ license to be eligible to buy crypto coins worth up to $15,000.
On the other hand, the Kraken platform offers the lowest possible percentage for trading fees. It also has far better customer support options for the users to get in touch with them.
Add to that, the platform also beats Coinmama in the payment methods and coin support aspects.
And, the mobile app of this platform is compatible only with iOS devices.
Also, there are a few recent negative reviews that you should go through before signing up with them.
However, that does not mean you should shun this platform right away. This platform is good for those users who are looking for:
- A reliable and trusted company that has not been hacked yet
- A higher Bitcoin to EUR liquidity
- An adequate number of useful charts by Trading View
- Reasonable commissions and
- Bank transfers.
On the other hand, Coinmama is a platform that is good for those users who:
- Want a platform with an MSB license and
- Want to trade with different fiat currencies.
However, you should be aware of the high commissions and deposit fees charged by this platform as well as the limited number of crypto coin support.
This platform also offers only a buy option but no wallet option and a limited deposit option.
Therefore, both these platforms are good to use for first-timers in the crypto industry and accessible from the United States.
However, Coinmama is considered to be a good crypto broker exchange that is also accessible from several countries in the European Union.
On the other hand, Kraken is a platform that is considered to be one of the best crypto exchanges. Therefore, you should choose accordingly.
If researching is asking for a bit too much for you, simply go through this article and browse the facts mentioned above to get the best possible answers to all of your crypto exchange questions and select one among Kraken and Coinmama.