IQ Option vs Coinbase

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IQ Option vs Coinbase

IQ Option vs Coinbase

Everyone’s getting into cryptocurrency trading these days. However, you can’t do that on your own – you need to open an account with a company specializing in this kind of trading first. Websites offering this kind of service are called cryptocurrency exchanges, but they are not the only option you have. More and more brokerage companies are realigning their offer to suit their clients’ new needs. The consequence of all that is an increased number of available choices, so choosing the right company to trade with should not be taken lightly. After all, it’s your money that’s on the line. That’s where we come in – we examine your potential partners to save you time and provide advice through articles such as this IQ Option vs Coinbase review. Read on and learn what each of them has to offer.

IQ Option vs Coinbase coins

The first thing we want to look at is the selection of supported coins you can find on each website. You’d think that IQ Option is at a disadvantage here because they are a broker dedicated to pretty much all kinds of trading, while Coinbase specialises in cryptocurrencies, but the truth is IQ Option actually offers more cryptocurrencies. All the most popular coins are there, fourteen in total, from Bitcoin and Ethereum to the likes of Zcash, Neo, Stellar and more.

Coinbase became famous primarily thanks to its dedication to Bitcoin trading, but today they also offer Litecoin, Ethereum and Bitcoin Cash. Still, this is a much smaller selection of assets than what its opponent has to offer. If, for example, you’re looking to trade Zcash, IQ Option will have to be your choice. Because of a bigger variety of coins, we have to give the first round of this IQ Option vs Coinbase clash to the broker. But things are far from over. Stay with us and see why we say that.

IQ Option Cryptocurrency Trading

IQ Option vs Coinbase platforms

If you’ve read our IQ Option Cryptocurrency Trading article, you know how much we liked what we saw there. The interface is well designed and intuitive, you have loads of analytical tools at your disposal and the platform in general is quite advanced. Definitely, you’ll love it here, especially if you’re more of a casual trader than a true trading pro.
However, Coinbase takes this to a whole new level. For start, they actually have two different trading platforms, Coinbase Exchange and GDAX. The former is meant for primarily casual traders, enthusiasts and retail customers, whereas the latter has a much more professional and serious vibe to it. But that’s just the beginning of what you can do on Coinbase’s website. With their help, you can integrate the four cryptocurrencies this exchange supports into your app or business or even create a completely new product. You can also create wallets, get price information and much more. So, apart from simply trading here, Coinbase will provide you with everything you need to do business in cryptocurrencies, which is a big advantage over its competitor. Our IQ Option vs Coinbase duel is now tied, but we have more things to examine. Will we have a clear winner?

General Risk Warning: The financial services provided by this website carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

IQ Option vs Coinbase finances

In an article like this, it is impossible to skip the financial aspect of trading on each of the websites, so we will now take a look that part of the two offers. Now, if you’re not new to our website, you know that IQ Option has some of the lowest financial requirements of all brokers. You only need 10$ to open your account and you can start opening your trades with a single dollar. The thing is, Coinbase is on the same level! With them, you can buy or sell starting with just one dollar. What we will say, however, is that, unlike Coinbase, IQ Option accepts e-wallets.
So, what do we do now? Well, we have to check the fees. IQ Option’s policy on that is pretty straightforward: you will be charged 2.9% whenever you open a trade, 0.05% + 0.001 BTC for every BTC withdrawal and 0.0007 ETH for every Ethereum withdrawal. With Coinbase, things are not that simple because their fees depend on where you are in the world and which payment method you’re using. For example, if you use a credit card in Australia, the fee will be 3.99%, but if you use a US bank account, the fee will drop down to 1.49%. There are many more countries/regions included in this policy, too many for us to analyse them all here, but they usually range between the two mentioned numbers. In the end, we can conclude that there is very little between these two companies in terms of quality – no matter which one you pick, you’ll be in good hands.

Conclusion

It’s been a long hard fight between these two, and it’s actually not that easy to say who came out on top in this IQ Option vs Coinbase review of ours. Both companies have their advantages, so your choice will depend a lot on what you’re aiming to do. If you’re more of a casual trader and want to just trade the most popular cryptocurrencies, IQ Option could be more attractive to you because of the larger number of coins it offers. On the other hand, if you’re a pro or you’re looking to do something more than just trading, such as allowing your business to accept cryptocurrencies or creating a brand-new app, Coinbase is likely to be your choice. It is also worth mentioning that both websites have some really low financial requirements, which is certainly one of the main reasons why both of them are at the very top of the industry. So, apart from making it very easy to start trading, they also make it quite affordable. In any case, you are surely in for a treat, no matter which of the competitors you choose. They both offer an excellent trading experience, and all you have to do is make the most of it. Best of luck!

General Risk Warning: The financial services provided by this website carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

DISCLAIMER: Binary options are prohibited in EEA.

Coinbase vs. Coinmama Comparison – Which Bitcoin Exchange Is Better?

Coinbase and Coinmama have been around for almost 4 years and have built quite the reputation. These two platforms are two of the fastest and most popular ways to buy cryptocurrency. In this comparison, we’ll go over everything from the key features of each site, how those features compare, which site is easiest to get started on, and ultimately which one is best for you.

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You can read full guide on Coinmama and see if it is legit exchange. Here is also Coinbase full review and guide.

Coinbase vs. Coinmama: Key Information

Site Visit Coinbase Visit Coinmama
Company Launch 2020 2020
Company Location California, USA Bratislava, Slovakia
Site Type Easy Buy/Sell Methods Easy Buy Method
Buying Limits $550/week $150
Available Cryptocurrencies Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) Bitcoin (BTC), Ethereum (ETH)
Buy/Deposit Methods Bank Transfer, Credit Card, Debit Card Credit Card, Debit Card
Sell/Withdrawal Methods Bank Transfer, PayPal, Cryptocurrency Cryptocurrency
Cold Storage 90.0% 0.0% (doesn’t store coins on their servers)
Fees Medium High
Security Great Great (holds no coins, sends them directly to your wallet)
Community Trust Great Great
Verification Required Yes Yes
Requirements Full name, phone number, email, bank account in allowed countries Full name, country, email
Customer Support Good Medium
Countries Supported 33 Countries Most Countries
Languages English, German, Italian, Spanish, French, Portuguese, Dutch English, German, French, Italian, Russian, Spanish
Mobile App Yes No
Beginner Friendly Yes Yes

The Features of Coinbase and Coinmama

Coinbase and Coinmama are perfect platforms for those who want to dip their toe into the world of cryptos to see what all the fuss is about. Coinbase has become a leader in the cryptocurrency exchange space and if you’ve been doing a bit of research, then Coinbase will probably come up as a regular option to purchase Bitcoin. This is because Coinbase is very beginner-friendly, but it may also stand out as a fast and simple option with few complications.

So what is the real difference between these two platforms, is it just price or is there something more to it?

Both platforms provide easy cryptocurrency purchase options that are almost instantaneous. You can purchase Bitcoin and Ethereum in low amounts on a credit card with a quick account setup and no verification. However, you will need to go through standard verification checks with both sites for larger purchases.

You will notice the big differences between these two companies when comparing the rest of the features offered.

Founded in 2020, Coinmama very much presents itself as a quick buy option. However, they only allow you to purchase digital currency via credit card or debit card. This means that there is not much else you can do on the Coinmama site once you acquire Bitcoin or Ethereum, which means that you can’t sell or trade through Coinmama. One more thing worth noting is that you need a wallet to store your Bitcoins, but Coinmama doesn’t provide this service. They’ll send your BTC to any wallet address you provide but they won’t store them for you, which means that you will have to choose a secure storage method elsewhere before purchasing your cryptocurrency.

With Coinmama, you simply pay with your payment method of choice and your cryptocurrency will be sent to the specified wallet immediately. You are probably thinking ‘Ok, great. What more do you need?’ Well, maybe not a lot. However, if you are looking for a more rounded site, then Coinbase could be a better fit.

Launched in June of 2020, Coinbase provides a greater selection of buy options. Along with credit card, you can make a bank transfer into your Coinbase account, which balances the options available between lower fees and convenient speed. Another string to the Coinbase bow is the fact that secure wallet services complement these buy options so you can buy and store your funds in a single Coinbase account.

One more thing worth mentioning is that Coinbase allows you to sell cryptocurrency back through the site, which is a beginner friendly way to trade or ‘cash out’ your funds. Of course, you need to be aware that the rates won’t be as favorable as the open market price because they are effectively a currency exchange at this point.

Coinbase might look a bit more complicated and daunting. However, they do offer a full cryptocurrency solution compared to Coinmama. Coinmama is a buy-only outlet serving consumers that want to buy major cryptos (Bitcoin and Ethereum), but this solution might work for if you already have a wallet ready to go elsewhere.

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When using the platforms, Coinmama is a bit like a ‘lite’ version of the two while Coinbase does feel like a powerhouse of the industry.

Available Cryptocurrencies

Coinbase has an advantage of allowing its users to buy and sell three of the most popular cryptocurrencies – Bitcoin, Ethereum, and Litecoin. This means that Coinbase is a pretty solid foundation for those who are looking to create a portfolio of strong digital currencies. It’s important to note that they plan to add more cryptocurrencies in the future.

On the other hand, Coinmama only allows you to buy Bitcoins and Ethereum. However, this is not too much of a problem if you are just looking to get yourself started. The great thing is that you can switch it up in the future if need be because you are not tying yourself into a certain wallet provider with Coinmama.

When it comes to the number of countries where Coinbase is supported, a total of 32 countries are available for you to turn to, including United Kingdom, United States, Greece, Hungary, Ireland, Italy, Jersey, Latvia, Netherlands, Norway, Liechtenstein, Malta, Monaco, Australia, Austria, Belgium, Bulgaria, Czech Republic, Denmark, Finland, Canada, Croatia, Cyprus, Poland, Portugal, San Marino, Spain, Sweden, Switzerland, Singapore, Slovakia, and Slovenia.

Coinmama currently operates in 226 countries worldwide, from Afghanistan to Zambia. Click here for a full list of eligible countries. It’s important to note that Coinmama adhere to prescribed sanctions lists, which means that if a country shows up on a sanctions list maintained by United Nations, the US Office of Foreign Assets Control (OFAC), UK Treasury, or European Union, Coinmama will not operate there. Within the United States, only U.S. residents in the following states can use their services: Arizona, California, Colorado, Florida, Illinois, Indiana, Kansas, Kentucky, Louisiana, Michigan, Missouri, Montana, Massachusetts, Maryland, Nevada, New Jersey, New Mexico, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and Wisconsin.

Both platforms offer the use of credit cards. However, this comes at a price because the fee with credit card purchases is 4% due to the fees charges by credit card companies and risks of fraudulent chargebacks. It’s recommended to deposit money from your bank into your Coinbase account, which will save you around 2.5%.

Read our comprehensive guide on best cryptocurrency exchanges.

Coinmama, by their own admission, charges higher fees. However, that’s a price you pay for convenience. The price is based on current market values, with Coinmama’s 6.15% fee included in this pricing, and that’s the markup on the market rate. In addition, Coinmama charges an additional 5% fee on each credit and debit card transaction, and this fee is added once you have chosen payment method.

Safety and Security

Security is definitely the most important component of any great exchange platform.

Coinbase features industry-leading security and combines its easy to use service with top-tier security. 98% of customers’ cryptocurrency funds are stored in secure offline cold storage and they use two-factor authentication (2FA) meaning your account can’t be accessed with just your regular password.

Coinmama, on the other hand, does not need such stringent security as you will not be holding funds in a wallet on your account, which makes it less susceptible to attacks than other exchanges. They do use trusted security and they are protected by Trust Guard and Comodo security specialists confirming that 256-Bit SSL encryption is actively used on pages that contain private information.

Although it’s pretty much a given that financials should use two-factor authentication (2FA) these days, Coinmama does not currently offer it. It’s a little worrying that someone could gain access to your account, so be sure to choose a strong password that contains lowercase and uppercase letters as well as numbers and symbols.

Both Platforms Are Trusted by the Community

Coinbase remains a longstanding name within the cryptocurrency world and they have got the necessary licensing that enables you to trust them with your Bitcoins. Coinbase has cemented its reputation as early adopters and is now starting to penetrate the wider public. Headquartered in San Francisco, California, Coinbase was launched by Brian Armstrong and Fred Ehrsam. It’s also worth noting that Coinbase has many trustworthy investors backing the company, including Alexis Ohanian (Reddit Co-Founder), Digital Currency Group, Blockchain Capital, and Bank of Tokyo.

Customer Support

Customer support is still a vital ingredient in the overall success of your customers, but when we talk about crypto industry, customer support is still a bone of contention with many companies leaving this as an unaddressed area.

You are generally better sticking to email because neither company is particularly easy to get hold of on the phone. Coinbase offers customer support through email, and in our personal experiences, we’ve typically received responses from support within 24-72 hours, depending on the nature of our query. Their website is pretty much modern, simple, straightforward and quite helpful with a few introduction guides and a support centre that answers most of your major questions. However, no live chat is available, which makes it harder to contact the representatives in case of an emergency.

Coinmama has the live chat option and their customer support is available via email, as well as an extensive list of FAQ’s. As with most cryptocurrency exchanges, online reviews of their customer service response has been mixed, but it doesn’t appear that there are any major problems with response times, with most queries consistently replied within 24 hours. However, their website support is a little lightweight because they walk you through how to purchase their product but then there is little else to appease your questions and concerns.

Conclusion

There is validity and trust to both sites and both sites have been around long enough to prove they are here to stay.

Coinmama is perfect for those who are looking for a quick transaction without the need to verify your identity and for small amounts of money. Coinbase, on the other hand, is a more rounded option once you have made your purchase and if value for money is the most important aspect I’d go with them. Coinbase can be used for all your major cryptocurrency dealings whether you are purchasing to hold or to use.

Important Note : If you value your privacy I’d definitely stay away from Coinbase because they have been known for tracking user funds and also banning accounts if they think the fund are being used for questionable purposes.

Coinbase vs. Coinmama Pros and Cons

  • Has slightly higher fees than most exchanges
  • May track how its users spend their cryptocurrency
  • Prepaid credit cards are not allowed
  • Coinbase wallets are less secure than a wallet you control yourself
  • Live chat available
  • Available in many countries
  • Responsive and fast customer service
  • Good for newbies
  • No mobile app
  • High fees for purchasing with a credit/debit card
  • Only sells Bitcoin and Ethereum

CoinBase

CoinBase

  • Instant purchase of cryptocurrencies with a credit/debit card
  • Simplicity
  • 10 USD bonus!

CoinBase is a US-based broker, made to sell and buy cryptocurrencies for fiat money (currently Bitcoin, Litecoin, Bitcoin Cash and Ethereum for US dollars and euro). Their website doesn’t allow trading of binary options or forex (it only allows buying and selling cryptocurrencies). Despite of this drawback, the company is pretty important.

Why is it? Read on.

If you want to buy or sell any of the above cryptocurrencies, CoinBase represents a top in the industry. The buying process is simple. All you have to do is to sign up, verify your account by taking a photo with a webcam and deposit money using your credit or card (instantly) or through a bank transfer (takes 2-5 days) to your registered account. Within a couple of seconds, you can start buying cryptocurrencies. You can also buy other cryptocurrencies directly without having to convert your money into bitcoin and then into your desired cryptocurrency.

CoinBase platform

CoinBase platform is not one of the super-sophisticated ones. Which is a good thing. The platform is so simple that it can be handled by everybody with some basic knowledge of English. Below you can find the screenshot of the system.

This is what the coinbase’s platform looks like

The spread offered by CoinBase is minimal However, you must pay a small fee. In the above picture, you can see that when buying bitcoin worth 500 USD, the fee will be around 3.8 %.

Taking into account the extreme growth of bitcoin throughout 2020 (i.e. by more than 1000 %) a fee worth a few per cent is a negligible amount. The value of your cryptocurrency may rise by tens of per cent within a single day, which far exceeds the fee.

CoinBase wallets (accounts)

The system of CoinBase exchange is simple. Your account allows you to access several wallets. No matter which cryptocurrency you want to use – BTC, ETH or LTC – the process is always the same.

These wallets allow you to receive crypto from another exchange (such as Bitfinex or Kraken exchange), from a bitcoin ATM, simply from anywhere. After that, you can keep the coins at the CoinBase exchange, send it to someone else or exchange it for fiat currencies (euro, usd) or another cryptocurrency.

If, instead of selling, you want to buy a cryptocurrency it’s all very simple. Simply move on the top line to “Buy/Sell”. Add your preferred payment method (most likely payment card) and select the amount you want to spend on your selected crypto.

CoinBase account balance

Although the keeping of cryptocurrencies in wallets and at crypto exchanges such as CoinBase is practical, it is not recommended due to safety reasons. Having this in mind, don’t keep the crypto on your account longer than necessary. Many people tend to ignore this recommendation, which is a bad habbit.

Bonus

CoinBase offers an attractive bonus. If you register by clicking on the button below and buy any cryptocurrency for 100 USD or more, you will receive account bitcoins worth 10 USD for free.

Why does CoinBase offer such a bonus? Well of course, in order to lure new traders to its platform. As mentioned above, CoinBase charges a small fee for each transaction and knows that this will pay off.

Verification

Same as other exchanges, CoinBase requires verification. The process is simple and quick. Select Start Verification to open up your webcam. Place your personal ID (citizen pass) against the camera from both sides one after another and click OK.

Within a few hours (max. a few days) you will receive an e-mail notification of the completed transaction. In case of failure, don’t worry and retry your attempt. If your second attempt fails, try to download a mobile app and take photo by using this mobile app. This method should work under any circumstances and it is pretty nicely explained on the webpage.

CoinBase Pros

  • Instant purchase of cryptocurrencies with a credit/debit card
  • Simplicity
  • 10 USD bonus!

CoinBase Cons

  • Purchases by credit card are charged a 4% fee
  • Platform does not enable limit orders

CoinBase – Review author

More about the author Step

I’ve wanted to build a business of some kind and earn money since I was in middle school. I wasn’t very successful though until my senior year in highschool, when I finally started to think about doing online business. Nowadays I profitably trade binary options full-time and thus gladly share my experiences with you. More posts by this author

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