Coinmama is a leading Cryptocurrency service provider that was established in 2013. Since the formation, Coinmama has reached millions of customers in over 190 countries.
The main aim of Coinmama is to allow people to own and control their economy, which is often impossible with the traditional financial system. In addition to their pride in offering an easy and fun solution to buy Cryptocurrency, Coinmama sees Cryptocurrency as the economy’s future where no intermediary knows how much money a person holds.
+ Lots of payment options
+ Easy to verify and buy Crypto in minutes
+ Easy to use platform
+ Highly rated customer service
– Fewer Cryptos supported vs peers
Coinmama Review – Currencies and Payment Methods
If you want to focus on security, there might be no alternative to Coinmama because it does not hold cryptocurrency. Instead, it transfers the Crypto to your desired wallet address on any platform.
Therefore, if you want to buy a Cryptocurrency through Coinmama, you can do it without having a wallet with the platform.
List of Available Currencies
Coinmama has the world’s top-tiered cryptocurrencies in its platform with an instant buying opportunity. However, during our review, we have found that crypto exchanges with the wallet’s function have the highest available cryptocurrencies that might be a drawback of Coinmama.
Here is the list of available cryptocurrencies in Coinmama:
- Bitcoin Cash
- Ethereum Classic
From the list above it is clear that Coinmama has most of the liquid crypto assets that a user looks for. Therefore, this platform can certainly be seen as suitable for users who need regular Cryptocurrencies without any hassle.
In addition to the available Cryptocurrencies, the available fiat currencies are also flexible for a trader, as Coinmama has most of the used fiat methods in their list.
Debit/Credit Card is probably the easiest and most effective way to buy Cryptocurrency on Coinmama. After a quick and simple registration process, you can buy your favorite Cryptos just by providing your card details.
As Coinmama does not provide a Crypto wallet, it has no control over your money. Therefore, it is considered the most secure way to buy Cryptocurrency through a Debit/Credit Card.
While providing the buying order, you have to input the types of Cryptocurrency and the wallet address. Later on, it will take you to the payment processor’s website, and the complete process often takes no more than a minute.
Bank Transfer is another way to buy Cryptocurrencies through the Coinmama platform. It is suitable for those who want to buy at a bigger volume.
For a bank transfer, Coinmama supports both the SWIFT and SEPA methods so that people from most of the Crypto allowed countries can buy through the platform.
Moreover, you can sell Cryptos from this platform and make withdrawals via a bank transfer. In that case, it might take some days based on the bank’s rules and countries’ regulations.
Coinmama prides itself on offering an easy-to-use platform. So they also provide the quickest payment method for Apple users. You don’t have to add your credit card or bank information while buying Cryptocurrency. Instead, some information regarding your Apple pay may exchange the Crypto for you, which is very speedy.
Based on our review of the payment system, we can say that Coinmama used varieties of payment processors, and all of them are effective and fast compared to the other platforms. However, Coinmama does not provide wallets, and you cannot perform P2P trading with this platform.
Coinmama Review – Safety and Security
We have found that Coinmama uses an encrypted website where its payment transactions are also encrypted during our review. As a result, there is no possibility of storing your credit card information on the website. Therefore, you can easily trust this platform while inputting your financial information.
The most significant change for a cryptocurrency exchange is hacking, and for Coinmama, there is no exception. On February 15, 2019, Coinmama faced a hacking attack that targeted various industries.
However, hackers were only able to access some email addresses and hashed passwords of old accounts. Later on, Coinmama immediately notified its users regarding the attack, and their password was changed.
We also did not find any information regarding any stolen cryptocurrency from Coinmama or its platform. The main strength of Coinmama for safety and security is that it does not provide any custody service. Instead, coins are transferred immediately to their addresses.
Overall, based on our review, we can say that Coinmama is a very secure platform, and actually more so than other Crypto platforms that offer a wallet service. Therefore, if you focus on security, it might well be the best option for you. but investors should remain cautious every time they make a transaction online as nothing is ever.
Coinmama Review – Fees and Limits
The fees of every transaction depending on the payment method. Coinamama shows the fee based on the XBX+ 2% with a commission fee of up to 3.9% for a buy order.
Moreover, there are some charges while making transactions through fiat currencies, as mentioned below:
- Credit/debit card: 5% momentum fee
- SEPA bank transfer: No additional fee
- SWIFT bank transfer: £20 fee on any transaction within $1000, and the fee is waived for any amount above $1000.
Moreover, when you sell cryptocurrencies, you have to income the XBX Index average+2% and the selling between 0.1% to 0.9%. Moreover, Coinmama categorized sellers in three different categories with different changes as shown below:
- Believer: 2.1%
- Enthusiast: 2.5%
- Curious: 2.9%
Overall, the fees in Coinmama are slightly higher than other Crypto platforms but based on the safety features they offer; some extra fees are worth paying.
Coinmama Review – Services Offered and Customer Support
Coinmama’s primary focus is to provide cryptocurrency buying and selling services in a secure environment.
Coinmama offers to buy Cryptocurrency with Debit/ Credit Card, Bank transfers, and Apple Pay. However, the Coinmama website mainly focuses on card and bank transfers primarily.
You can buy Cryptocurrency by opening an account with Coinmama and verifying your account. In the verification method, you have to input your national ID card or Passport, and the verification process is done through AI technology that is very fast and accurate.
Remember that you are only able to buy Cryptocurrency once your account is verified.
Selling Bitcoin is very easy with the Coinmama platform. Here, you can sell your Cryptocurrency through the Bank account transfer, which is very effective for all traders.
In trading, traders should buy and sell cryptocurrency simultaneously where Coinmana made it easier by allowing to sell Cryptos in the following steps:
- Log into your Coinmama account and select “Sell.”
- Choose the Bitcoin amount you’d like to sell
- Create your order
- Send your coins
Coinmama Customer Support
Coinmama’s website is available in English and Spanish, where most of the traders use it in the English language.
In the Coinmama Support section, we have seen many frequently asked questions that may cover most of the investors’ askings. Moreover, almost 11 featured articles are explaining some specific issues that a trader may face.
Moreover, the Coinmama support center is open 24/7, where its live chat is speedy and effective. During our review, we have found their customer service to be prompt and very helpful for traders. You can find their help center here for more information that will answer most queries too.
Coinmama Review – Supported Countries
Coinmama is available for use in most of the Crypto supported countries except the following countries and US Provinces:
- New Mexico
- Rhode Island
- South Dakota
However, there are other countries where Coinmama use may remain limited due to those countries’ regulations.
Coinmama prides itself on being an easy and fun platform to buy Cryptocurrencies and it certainly lives up to its billing there. While Coinmama doesn’t have the largest coverage of Crypto coins vs its peers, it does offer most of the well-known Cryptocurrencies most beginners would be looking to purchase. A highly rated customer service team and strong security levels make the higher fees with Coinmama more acceptable and it truly is a great product to start your Crypto journey.
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Coinmama users (and potential users) most commonly ask these questions about the platform
Is Coinmama safe?
Coinmama is a very safe cryptocurrency exchange in terms of security and funds safety.
Can I store my Cryptos in Coinmama?
No, you can not store Cryptos in Coinmama. When you purchase Cryptos you specify a wallet address you will be sending them to. This is what helps make Coinmama a more secure Exchange to purchase Cryptos from as if hacked you cannot lose your Crypto holdings.
How do I get my money out of Coinmama?
There are several ways to get money out of Coinmama, like bank account transfer and credit/debit card payment.
How long do withdrawals take from Coinmama?
Withdrawal through Cryptocurrency depends on the Blockchain network’s activity, and Fiat withdrawal depends on the payment processor’s required time.
How high are Coinmama's fees?
Coinmama fees are slightly higher compared to the other platforms. You can get a more complete breakdown here.
How do I speak to support at Coinmama?
The quickest and most effective way to contact the Coinmama support team is the Live Chat.