Buy crypto on Coinmama

When looking for a place to buy and trade cryptocurrencies, you want to consider all that a platform can offer, including its services, features, fees, payment methods, listed coins, availability in your country, security, and registration requirements.

In this review, we zoom in on all things Coinmama, a popular exchange that offers brokerage services.

What is Coinmama?

Established in 2013 in Tel Aviv, Israel, Coinmama is a cryptocurrency exchange boasting over 2.6 million users from 188 countries. It is currently registered in Slovakia, but the headquarters are in Israel and are run by New Bit Ventures.

Coinmama is famed for providing a wide range of payment options that allow users to purchase crypto with fiat currencies. The company is also uniquely defined by its brokerage service that doesn’t connect you to buyers or sellers but rather gives you access to the platform’s inventory. Unfortunately, they don’t provide wallets either, so users have to bring their storage solutions to perform any transactions.

Pros and Cons

Let’s look at some of the pros and cons that Coinmama has to offer.

Pros:

• A user-friendly platform that supports multiple languages.
• High level of security.
• Wide range of everyday payment options with credit or debit cards and wire transfers.
• You can receive your coins instantly.
• Excellent customer service.
• High purchasing limits.
• You can buy coins directly from the site, no middlemen.

Cons:

• No mobile app.
• No wallet.
• Do not accept PayPal, American Express, or Discover.
• It only lists 10 coins.
• No Chat. Customer support is only available via email.
• High fees.
• No crypto-to-crypto trades.

Services and Features Offered

Brokerage Services

As mentioned earlier, Coinmama provides brokerage services. Unlike cryptocurrency exchanges that are marketplaces, this platform buys and sells from you directly. This feature saves time because you don’t have to go searching for a seller or for buyers. However, it gets expensive because of the extra fees they charge.

Loyalty Program

Coinmama also has a loyalty program that rewards users as they buy more crypto on the site. There are three levels of savings, which you reach after meeting a particular minimum purchase amount measured over 90 days.

1. Crypto Curious: Level 1 is for new Coinmama users. You don’t get any savings under level 1.
2. Crypto Enthusiast: Level 2 users get to save 12.5% on the final price of their purchase. The saving reflects as a crypto bonus during check out.
3. Crypto Believer: Level 3 buyers save 25% and, as Coinmama promises, queueless customer support. You will be required to purchase for at least 30 days before becoming a Crypto Believer. You also need to achieve a cumulative purchase amount of 18,000 USD within 90 days or a lifetime purchase of over 50,000 USD to maintain the status.

Help Center

The platform also provides a Help Center, which is a comprehensive library of learning materials to answer users’ queries.

Blog

For trending news, they have a blog that delivers the latest in the cryptocurrency world.

Supported Coins

Coinmama currently only supports 10 coins, which is a small number compared to what other popular platforms such as Binance and Kraken offer. The coins listed on the platform can be seen when you click the “Buy” button, which rolls out a dropdown menu. They include:

• Bitcoin (BTC)
• Bitcoin Cash (BCH)
• Ethereum (ETH)
• Ethereum Classic (ETC)
• Litecoin (LTC)
• Cardano (ADA)
• Qtum (QTUM)
• EOS (EOS)
• Tezos (XTZ)

Payment Methods

Coinmama provides users with the following range of conventional fiat currency payment methods:

• Visa or Mastercard credit and debit cards are accepted, a 5% momentum fee is charged.
• Faster Payments. It applies to UK banks only, has zero fees, and settles in one business day.
• SEPA Bank Transfer. Applies to EU bank accounts only, has zero additional fees, and delivery takes up to one business day.
• ApplePay
• Fedwire
• Swift
• Sofort

The amount you pay is denominated in EUR, USD, AUD, CAD, GBP, or JPY, depending on your preference. If you wish to buy cryptocurrency in Coinmama, you must hold at least one of the six fiat currencies mentioned or convert the one you have to one of these first.

Fees

Coinmama’s fees are arguably high for a crypto exchange. The base price of coins is based on TradeBlock’s XBX index. There is an additional 2% (standard deviation) and a selling fee of 0.1-0.9%, depending on your user level. In a nutshell, the rates translate to a 5.9% fee for Curiosity-level users, 5.5% for Enthusiasts, and 5.1% for Believers.

The platform also charges another 5% fee for credit and debit card transactions, reflecting after you choose your payment method. SWIFT bank transfers attract a flat fee of £20 on all orders below 1,000 USD or its equivalent in the other currencies.

As you can see, depending on your level of experience with the platform and method of payment, you may have to part with anywhere between 5.1% and 5.9% extra in addition to 5% (card) or £20 (SWIFT) on your purchase.

If your bank or card issuer considers the transfer a “cash” transaction, they may also charge you a Cash Advance fee. To be safe, consider factoring in about 10% in fees when working with Coinmama. It could be slightly more if you are using a card or less if your payment method does not attract additional charges.

Buying Limits

Coinmama imposes several purchase limits depending on the level of usage you achieve on the platform. They include:

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The limitations are rolling limits, which imply they apply to any 24-hour time frame or 30-day period and not from the first of every month or midnight. Before making any purchase on Coinmama, you will have to submit some form of identification document. They increase according to your level of usage as follows:

• Level 1: A valid government-issued ID, a selfie while holding the ID, and a note that says “Coinmama,” on which you should also write the day’s date.
• Level 2: A secondary ID (for example, a driving license) and a utility bill with your details.
• Level 3: Filling a short form in addition to the documents above.

Supported Countries

Coinmama has one of the widest lists of supported countries among crypto exchanges, even beating some of its rivals, such as BitStamp and Kraken. They only restrict sanctioned countries and a few US states. If you are in a sanctioned country, you will need to use a VISA or MasterCard issued by your government to make any purchases on the platform.

Among Coinmama’s restricted states are Alabama, Florida, Arkansas, Iowa, Connecticut, Louisiana, Delaware, Georgia, Oregon, South Dakota, Nevada, New Mexico, Vermont, Washington, and Rhode Island. In addition, the restricted countries include Cuba, Crimea, Lebanon, Israel, Sudan, Somalia, North Korea, Iran, Syria, Palestinian Territories, and Syria.

Privacy and Security

Regarding privacy, Coinmama collects data surrounding your activity in the platform, the KYC info you provide, inquiries, bugs and reports sent, and device data such as IP addresses and geolocation information. However, the company says they only use the data to improve their services and occasionally send you marketing materials.

Coinmama also admits that they may share private information with third parties in connection with the services they provide. This, they say, is only the minimum information needed. They may also share it with the authorities or arbitrators in case of legal compliance issues or disputes.

The platform uses industry-standard practices in the protection of your information, including encrypted transactions. In addition, they do not store your credit card details. Moreover, the absence of a wallet on the platform means that you run a lower risk of losing your coins with Coinmama.

However, exchanges are always in the crosshairs of cyber attackers. Coinmama is not an exception. On February 15, 2019, hackers attacked the site and gained access to approximately 450,000 old user emails and passwords dating 2017 and earlier. No coins were stolen, thanks to the lack of hot wallets on the platform.

The attack was part of a larger data breach that targeted 30 companies and a total of 841 million users, among them 1.4 million Coinmama accounts. Coinmama was quick to notify the affected customers, advising them to change their passwords. They also started expiring customer passwords and recommending that users set new ones. However, the Coinmama team admits they still don’t know who orchestrated the attacks.

User Reviews and Customer Support

Coinmama provides a help center and a dedicated support channel via the email [email protected]. Most user complaints and queries receive responses within 24 hours. It may take longer on weekends and public holidays, though. Looking at customer reviews online, there seems to be no issue concerning response time.

One thing with user reviews is that the majority are often negative, given that most people only feel inclined to say something after a bad experience. Among the issues that keep coming up is the KYC procedure for identity verification. The company asks for detailed client information and occasionally rejects applicants without providing a comprehensive explanation.

The good news is that they also let rejected applicants re-apply.

Verdict: Is Coinmama Right for You?

Coinmama is not the best choice if you are an avid crypto trader. However, the platform would suffice if you wish to purchase crypto quickly in any of the 10 listed coins. To top it off, you don’t have to be tech-savvy to use it.

Coinmama is perfect for first-time buyers and newbies who do not hold cryptocurrencies yet. It allows you to purchase through wire transfer easily or use a credit or a debit card, among other popular payment methods. What’s more, if you want to get a coin that’s not available to purchase using fiat currency, you can simply buy a popular coin such as BTC from Coinmama then use the BTC to buy the crypto coin you wanted from another site that supports crypto-crypto trades.

Buy crypto on Coinmama 

Earn rewards for renting

What is Nebeus?

Nebeus (Developed and operated by Money-4 Limited & Rintral Trading SL) is a London & Barcelona-based fintech start-up company founded in 2014 by Sergey Romanovskiy. Their primary focus is to provide crypto asset-collateralized loans by integrating margin calls, health monitors, and volatility alerts. This unique platform aims to help bridge the gap between fiat and crypto with a wallet that allows you to earn, borrow, exchange, send or receive cash and crypto.

Some of the other features of Nebeus include:

• Make deposits and cash withdrawals at physical locations.
• International cash transfers to over 150 countries worldwide.
• Mobile phone top-ups on more than 500 mobile phone operators around the world.

They have also recently entered into a partnership with Railsbank and will soon provide users with their own Nebeus Mastercard to make purchases in everyday life.

Where is Nebeus Based?

At first glance, their website states, “The platform is developed and managed by Rintral Trading SL, Carrer de la Ciutat de Granada, 150, 08018, Barcelona, Spain.” and are registered in the Commercial Registry of Spain.

Although founded in 2014, they do not have a large social media following or many reviews from the public to date. However, they did a recent crowdfunding event on the “Seedrs” platform where 248 investors joined the campaign. Their funding was also match approved by the British Government’s “Future Fund,” resulting in a total of €995K raised. Allowing Nebeus to win the global award for “Digital Lending Innovation” in the Finance Monthly Fintech Awards 2021.

The Nebeus website offers English, Spanish and German translations. The English translation is not perfect and they have a few spelling errors here and there (which were promptly corrected when I pointed them out), but their blog posts are clear, educational, and easy to understand.

I felt as though the overall website user experience was a bit misleading. Many of the links I clicked on redirected me to the sign-up page to open an account instead of providing me with more information about the option stated on the link as I would have expected.

About Nebeus

Their “about us” page could use some improvement. Although it mentions their past and future, it does not include any information about the employees or company registration. I was not able to find a clear link to this page on the homepage, but it came up when I searched through Google.

Nebeus comply with all UK and EU regulations, and they are planning to obtain an EMI license to improve the services they can offer.

By 2020 Nebeus had more than 60,000 users already. They currently provide options for you to make cash transfers to more than 150 countries and offer mobile top-up with more than 500 mobile phone operators supported around the world. They have made it possible for you to transfer and deposit money at more than 230,000 retail locations & post offices.

On Nebeus, you can add funds using any Visa or Mastercard, and your funds are instantly credited to your account. Soon you will also be able to use your Nebeus Mastercard to make payments.

Opening a Nebeus Account

Opening a Nebeus account is quick and can be done by providing your Name, Surname, Email, Password, and Country. They support a large variety of countries that other platforms often exclude.

Currently, you can use your account without completing the verification process. The only option that is not available without verifying your identity is to transfer Fiat from your Nebeus account.

They have an easy automated KYC verification process. Once you have created your account, click on the profile icon top right and then click on “get verified,” where Nebeus will guide you to add your phone number and verify it with a pin code. Next, you will be required to go through an identity verification process where you are asked to take a selfie and a picture of your original document. Lastly, you need to provide your proof of address to verify it.

Once your account is verified, Nebeus will notify you via email. The entire verification takes around 24 hours to process and once completed, you will be able to use your account with all of its features.

Deposits

Nebeus offers a great variety of payment channels:

• Deposit directly from your Visa or MasterCard charged at 2.90% per transaction – this is the standard rate of most other platforms.
• Deposit cash at a Cash Collection Point near you for a fee of 6.50% to add or send funds – this option is great for those who do not have access to the other methods, and although it is a little higher in terms of fees, it still provides an option that would otherwise not be available.
• They also accept free SEPA deposits, and to send it is 7 € or 1% fee.
• Supercharged Wire Transfer for free – another great option that shows they are trying to accommodate as many people as possible.

Exchange

Nebeus makes it easy for you to add fiat and exchange it to crypto such as BTC or ETH within your account. Recently they launched deposits of USDC and USDT too. They also provide the option to exchange crypto for Euros, US Dollars, or British Pounds.

You can buy crypto by sending a wire transfer in Euros or transfer money via your bank account. These funds are then converted into crypto and deposited into your Wallet within one business day.

Nebeus charges a fee of up to 0.35% when you buy or sell cryptocurrency.

In June, they added two stablecoins, namely Tether (USDT) & USD Coin (USDC), and integrated both coins into some of their services, enabling you to:

• Buy, sell, and exchange stablecoins with crypto and fiat.
• Get crypto-backed loans in stablecoins.
• Top-up your mobile phone using stablecoins.
• Send or receive stablecoins to and from any other digital wallet.
• Withdraw stablecoins directly to your MasterCard.
• Send stablecoins to any other Nebeus user for free.

Borrow

As crypto has started to become a much better alternative store of value and investment option, it only makes us wonder about other ways to benefit from the crypto while holding it. This is where crypto-backed loans come in. It is a way to leverage your crypto and use it as collateral. Crypto-backed loans are an excellent option that allows you to use your loan to pay for your daily expenses without touching your crypto. Nebeus’ loans are pre-approved and insured.

Nebeus offers two options for borrowing.

1. Quick Loans. These are instant, pre-approved loans that are offered directly from their treasury.
2. Flexible loans. Fully customizable, where you can select your terms and borrow up to 80% of your crypto value.

How to Borrow?

Once you have opened your Nebeus account, you can get a loan in 3 steps:

1. Transfer your crypto from any other wallet for free
2. Choose the loan you would like to take out
3. Get cash while still keeping your crypto

Fees

• Quick Loans: 50% Loan-To-Value and 0% interest for three months.
• Flexible Loans: up to 80% Loan-To-Value, interest rate, and borrow up to €250,000 for as long as 36 months.

The fees are pretty similar to the other prominent players in the lending space like YouHodler and Nexo.

These are two of my other favorite crypto lending platforms to earn interest in your crypto and obtain loans by providing crypto as collateral.

Transfers

You can transfer to over 150 countries from your Nebeus account as long as your account is verified.

• The minimum amount to send is 5€
• The maximum amount you can send is 3500€ per transaction
• The fee for transferring is 2.8%

You can also use SEPA transfers/withdrawals for a fee of 1%, with a minimum of €7. Deposits with SEPA are free.

Rent

If you are not interested in borrowing, perhaps an option that might be interesting to you is the rent feature that Nebeus offers. Crypto renting is a way to rent your crypto to someone and get rewarded for it.

The two options at Nebeus are:

• Juniper – Rent a minimum of 0.0025 BTC or 0.03 ETH for more than one month to earn 3.5% per year.
• Sequoia – Rent a minimum of 0.12 BTC or 3 ETH for more than four months to earn 6.75% per year.

How to Insure Your Crypto?

Nebeus stores your crypto in their Nebeus Vault, a Class III bank-grade secure cold storage that is a disconnected device, making it safer from cyber attacks and insured up to $100M by Lloyds of London.

Nebeus provides two options insured by Lloyds of London in which you can protect your crypto against risk.

• Single Insurance at 4€/month for one of your cryptocurrencies.
• Full Insurance at 6,90€/month for your full vault.

Customer Support

There is no chat service available on Nebeus. When clicking on the help link, you are redirected to their knowledge base, and at the very bottom will find the link to submit a ticket. I have submitted a ticket to them; although I received a timely response, it came from a support@…us.zohodesk.eu email address with the subject Re:[## 2662 ##], and this can be easily missed or disregarded as spam. Perhaps something to take note of when requiring support from them.

Status Page

On their website, they have a link to a status page that provides you with a live status of their systems, whether they are operational or not, as well as the downtime. Proving to be quite a thoughtful feature.

Verdict

Overall, I like that Nebeus have taken a simplified approach, and the platform is easy to use for everyday people. Nebeus offers a great one-solution platform that provides a secure wallet to store a combination of fiat and crypto, allowing you to send, withdraw, lend, borrow and earn.

Nebeus aims to create a financial world without boundaries between cash and crypto and be known as a trusted financial service worldwide. Using Nebeus is a great way to help you earn interest on your crypto without needing to sell any of it by implementing some form of lending.

Earn rewards for renting

Sign up to Cointracking

If you own or trade any crypto, the approach of tax season might present a whole new set of challenges. Trading and investing across multiple cryptocurrency exchanges can easily become very confusing for the average trader. In other words, it can be very tricky to keep track of your digital portfolio, your gains, and losses at all times.

If you regularly engage in cryptocurrency transactions, then the burden of calculating these profits and losses usually falls entirely with you. Fortunately, there is software out there that can help you keep an account of your cryptocurrency portfolio and generate tax reports based on your activities.

CoinTracking.info is one such platform that can function as your personal crypto portfolio monitor. In this review, I will walk you through the different features of this product and how you can use it to simplify the process of crypto tax reporting.

CoinTracking.info – An Overview

As you likely already know, the first cryptocurrency – Bitcoin, was launched in 2009. In 2012, CoinTracking was created as one of the first companies to have tapped into the upcoming market of crypto tax reporting tools. The platform was intended to make the lives of traders easier, by managing their portfolio throughout the year.

Over time, CoinTracking.info has gained the trust of over 880,000 users and handles portfolios worth $24.7 billion. It has built a worldwide network comprising expert tax advisors, professional cryptocurrency investors, and lawyers who can offer you any assistance with international filing requirements.

In simple terms, CoinTracking.info allows you to evaluate all your relevant information about your crypto portfolio in one place. With this tool, there is no need for you to extract your trading reports and enter them manually. Instead, the platform will directly import your data, and then do the rest of the work by itself.

At the moment, CoinTracking.info integrates with 68 cryptocurrency exchanges, 22 wallets, and offers legacy support for 22 closed trading platforms.

CoinTracking.info – Features

You can look at CoinTracking.info as a multi-faceted platform. It can serve as a portfolio manager, as well as a tax calculator for your crypto holdings.

As a portfolio manager, CoinTracking.info allows you to:

• Calculate your historical balances and profits
• Check coins and currency on each exchange
• View current balances
• Review your realized and unrealized gains
• Analyze the total profit and losses of your trades

CoinTracking.info also offers a unique Capital Gains Tax Calculator for thousands of different cryptocurrencies, digital assets, and tokens. And most importantly, the platform will be able to generate reports that are compliant with your country’s specific tax laws.

The tool is also accessible through its mobile app, allowing you to track different cryptocurrencies and your assets while on the go.

Now that you have an idea of what CoinTracking.info is all about, I’ll now explain how you can start using the platform.

How to Start with CoinTracking.info?

Once you have created an account on the platform, in order to start using its features – you will first have to import your trading data from an exchange or a wallet.

How to Add your Trades

CoinTracking.info allows you to import your trading data using three methods.

1. Automatic API Import

As I mentioned earlier, CoinTracking.info has partnered with several cryptocurrency platforms to monitor your trading data automatically. This can be done by linking the API Keys of your respective exchanges and wallets.

The platform also comes with an API Live Data Check that will allow you to check your current balance across multiple exchanges that you have connected through an API. This will ensure that the trades are added seamlessly, and you do not have to worry about manual updates.

2. Uploading Data Using CSV

You can also transfer data by uploading a CSV file that contains all your trading information. Many exchanges allow you to export these directly from their platforms.

Then you can simply drag and drop these files into CoinTracking.info and you are ready to go.

3. Manual Data Entering

In case there are some trades you were unable to import automatically, you can enter the data manually. You will be entering the details in the form of a table, by entering the specific numbers of coins bought and the trading involved. You will also have the option to edit these entries or erase them later.

If you are having any trouble setting up your account, not to worry – CoinTracking.info offers you detailed instructions every step of the way. When this is completed, the platform will give you a complete analysis of your trades, prices, volume, gains, losses, and the entire value of your portfolio.

Note: The automatic import options are available only for paid users of the platform. If you are accessing the free service, you will have to manually enter all the data.

CoinTracking.info – Interface, and Tools

When you have set up your account, you can proceed to explore the different features of CoinTracking.info. Let us start with what you will find in the portfolio management section.

CoinTracking.info – Analysis Tools

CoinTracking.info has one of the most user-friendly interfaces you will come across. Although the website might look a bit outdated, it has clearly defined each section and categorized its features.

In terms of analysis, you will be able to find the following useful features on CoinTracking.info:

Dashboard

Your dashboard will give you a complete overview of your portfolio. This will include the summary of the coins you hold, the value of each coin, your total profits/losses, the list of your exchange, and much more.

You will also be able to get a synopsis of your trades per day.

Reporting

The Reporting Tab consists of a wide range of different data regarding your trading activity. These charts and tables are interactive, which allows you to take a look at individual datasets if needed. You can also set the graph to view information for a specific period.

This includes:

• Trade Statistics – Here, you will find separate graphs for your historical balance, the current value of each currency, your trading volume, and the number of coins you hold.
• Trade List –  Under this section, you will be able to see a detailed listing of all your trades, such as the buy and sell volumes. This will also include any comments that you have added for individual coins at the time of uploading the data. CoinTracking.info allows you to export this list in multiple formats directly from the platform.
• Trade Prices– This will calculate the cost of all your trades on any particular day, or until the date specified.
• Trade Fees – Here, you will be able to find an account of any trading fees applicable to the trades you have imported.

CoinTracking.info – Research Area

If you want to buy Bitcoin in Canada, you want to make sure that you buy it from the right exchange. We all know what happens when people buy from the wrong places, especially if they intend to keep their crypto on the exchange for any period of time.

The case of Quadriga is a clear warning side. The Canadian exchange, the biggest at the time, ceased operations in 2019, and the company was declared bankrupt with C$215.7 million in liabilities and about C$28 million in assets.

In my opinion, there are currently four leading places for Canadians to get themselves some Bitcoin or other cryptocurrencies. Here are my picks:

CoinSmart – The most accessible crypto exchange in Europe and Canada

CoinSmart takes the cryptic out of crypto. They’ve designed a platform that caters to Europeans with all levels of crypto literacy. If you’re an advanced trader you get all the bells and whistles of an advanced exchange. If you’re just getting started, you’ll love the platform’s ease of use and how everything just falls into place. The best thing I like about CoinSmart is how they don’t shy away from providing actual human support. They offer 24/7 omnichannel live support. CoinSmart is probably one of the very few if not the only exchange that does this.

The setup is very smooth and KYC is lightning quick. Their smart trade feature lets you convert one supported coin to any other supported coin without needing to go into Bitcoin first. True one-click trading with very competitive pricing. CoinSmart started in Canada and has quickly grown to Europe.

Euro, USD, CAD supported. Fund through SEPA, Interac, Wire Transfer or buy crypto through credit card.

CoinSmart is safe and secure. In Canada, it is registered with FINTRAC and it also has the necessary licenses in Europe.

If you want to Buy Bitcoin with Euro, give CoinSmart a try.

Buy crypto on CoinSmart

Buy cryptos on Binance

Binance needs no introduction in the cryptocurrency exchange circle – not least because it is responsible for some of the largest trading volumes globally. For example, in the last 24 hours alone Binance has facilitated over $9 billion in trading volume (as per CoinMarketCap).

While most traders will buy and sell pairs through the main Binance website, the provider also offers a trading app. This is available to download free of charge, and it’s compatible with iOS and Android devices.

One of the stand-out features of Binance is that it offers a significant number of cryptocurrency pairs. In fact, this stands at well over 600 pairs at the time of writing.

This means that you will have access to cryptocurrencies of all shapes and sizes. For example, if you’re looking to trade the likes of Bitcoin, Ethereum, or Bitcoin Cash – you will benefit from heaps of pairs at your fingertips. Alternatively, if you want to access less liquid projects like Troy, Polymath, or Status, Binance also has you covered.

Trading Structure

Binance does not offer CFD products. On the contrary, you will be buying and selling cryptocurrencies in the traditional sense. You will, however, still be trading pairs.

For example,

• You wish to trade Bitcoin against Ethereum. As such, you will need to trade ETH/BTC.
• We’ll then say that the pair is priced at 0.0348. This means that for every 1 ETH, you get 0.0348 BTC.
• Much like real-world currencies, the value of ETH/BTC will go up and down on a second-by-second basis.
• You then need to stipulate whether you think the price of the pair will go up (buy order) or down (sell order).

Once you place an order via the Binance trading app, the position will remain open until you decide to close it. Once you do, your profit or loss will be determined by whether you speculated correctly, and by how much.

On top of spot trading pairs, the Binance app also gives you access to more sophisticated products. This includes the platform’s Perpetual Futures Contracts, which allows you to apply leverage.

As the structure of the derivatives offered by Binance falls outside of traditional trading regulations, it is able to offer leverage of up to 1:125. This means that a $200 account balance would permit a maximum trade value of $25,000.

Fees and Commissions

In terms of trading fees at Binance, the platform is largely very competitive.

For example:

• The highest trading commission charged by the Binance app is 0.1%. This is charged at both ends of the trade. For example, let’s say that you trade $500 worth of BTC/XRP. This would cost you just $0.50 in commission. if you then sold the pair when it was valued at $550, you would pay $0.55 in commission. This is extremely competitive.
• You can get your trading fees down to even lower percentage rates if you make use of the BNB Coin. This is Binance’s native cryptocurrency token.
• If you’re keen to trade Perpetual Futures Contracts via the Binance app, this starts at just 0.02%.

With that being said, if you plan to deposit fiat currency into Binance with your credit card, this can be costly. This comes out at the higher of 3.5% per transaction or 10 USD.

On the other hand, if you are able to deposit funds with a cryptocurrency, then no fees are charged by Binance. In terms of withdrawing cryptocurrencies, you will pay a charge that is similar to the blockchain mining fee for the respective coin or token.

Safety and Regulation

Binance is not regulated by any single government entity or national regulator. This means that you can never be 100% sure just how safe your money is. On the flip side, Binance does have an excellent reputation in the space and crucially – is responsible for billions of dollars worth of trading volume each and every day.

Although it operates without a license, there are several safeguards in place to ensure your account remains secure. This includes everything from 2FA (Two-Factor Authentication), address whitelisting, cold storage, anti-phishing tools, and ‘SAFU’.

The last safeguard is Binance’s Secure Asset Fund for Users. This is a reserve pot that grows over time. If the unfortunate happens and Binance is hacked, the pot will be used to compensate victims.

You can read my full Binance review to learn more about this platform.

Get the Binance app

Kraken – A Top Worldwide Option

Trade cryptos on Kraken

It’s somewhat difficult to get away from Kraken. This is because the platform ticks most of the right boxes for crypto investors worldwide. While Coinbase is the biggest USD-volume exchange, Kraken comes in a close second. It dominates the EUR markets in Europe though.

So, in order to buy Bitcoin at Kraken, all you need to is a bank account. The easiest way to make a deposit in USD is to transfer the funds via FedWire or SWIFT.

You can, of course, also transfer other currencies, including GBP, CAD, EUR, JPY, CHF and AUD.

You only need to deposit a minimum of $1 and deposits are free too – so far so good.

In terms of Bitcoin trading fees, Kraken the platform utilizes a market maker/taker system. If you’re just planning to use the platform to buy Bitcoin, then you are a market ‘taker’. As such, unless you are planning to trade more than $50,000 in a single month, you will pay a commission of 0.26%.

As such, if you were to buy $100 worth of Bitcoin, you would pay a fee of $0.26. Don’t forget, you’ll also pay a 0.26% commission when you eventually get around to selling your Bitcoin. Nevertheless, buying Bitcoin at Kraken can be done in a hugely cost-effective manner.

In terms of regulation, Kraken isn’t licensed in the same way as a traditional online stockbroker or CFD platform. But, launched way back in 2011, the platform is one of the oldest cryptocurrency exchanges in the space.

Crucially, it complies with all U.S. regulations on anti-money laundering, and thus – all users must have their identity verified. Finally, I should also note that Kraken is extremely user-friendly. As such, if this is your first time investing in a cryptocurrency online, Kraken is a good option and alternative to Coinbase. It might not be as easy to use as Coinbase, but the fees are lower.

Read More: You can find my full Kraken review here.

Buy Bitcoin on Kraken