CoinMama Review
- Extremely easy to use platform
- Fiat currency supported
- Safe and secure exchange
- Variety of crypto assets supported
- Very high fees
- Not regulated
- Limited features
Coinmama is a very well established cryptocurrency exchange that was founded in 2013. Since their establishment, Coinmama has grown exponentially and now serves over 1 million people across 188 countries around the world. The cryptocurrency exchange has continued to innovate and expand their services with the offering of new crypto coins as well as tools and features for the trading and exchange of cryptocurrencies. Coinmama is owned and operated by New Bit Ventures Limited and have their headquarters located in Israel. As with most other cryptocurrency exchanges, Coinmama is not regulated by any reputable regulatory authorities. However, the exchange has been around a long time in the cryptocurrency space and has built up a viable reputation among crypto enthusiasts in the industry. The Coinmama crypto exchange now accomodates the needs of both beginner and experienced crypto traders as opposed to just beginners like they did before. Therefore, Coinmama is evolving with the industry and proving themselves as a viable crypto exchange. However, there are so many cryptocurrency exchanges to choose from, how do you know if Coinmama is the one for you? Well, find out in our in-depth review where we analyze all aspects of Coinmama and see how they compare to the competition.
Trading Platform
When Coinmama was first established, their exchange trading platform was very basic and supported limited features. Not much has changed, however, Coinmama has evolved to accommodate the needs of more established users and features a slightly more advanced trading platform while still accommodating beginners. The Coinmama trading platform is entirely web based, much like other crypto exchange platforms. The user interface is simple and easy to use but feels sophisticated enough for more experienced users. However, the platform does not feature any advanced technical analysis features for the trading of crypto assets.
To buy Bitcoin and other cryptocurrencies, Coinmama clients simply create an account and link their debit or credit card up to the account and place an order. The user types in how much they want to spend and the corresponding amount of crypto they can receive for that amount will be displayed, (the minimum purchase amount is $60 USD). The user must also provide their own personal wallet address for the cryptocurrency to be sent to, as Coinmama does not store the users cryptocurrency on their behalf. All in all, the entire process is very simple, fast, and seamless.
Exchange Markets
Coinmama has expanded their cryptocurrency assets offering to more than just Bitcoin (BTC) and Ethereum (ETH). They now support the ability to buy alternative cryptocurrencies (altcoins) as well. The altcoins supported by Coinmama include; Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH), Cardano (ADA), Qtum (QTUM), and Ethereum Classic (ETC). These cryptocurrencies can not be exchanged with one another like most crypto exchanges offer. Instead, they can be bought with fiat currencies such as US Dollars (USD) and Euros (EUR). Coinmama does not support the selling of these cryptocurrency assets, they only support buy orders made with either USD or EUR. Therefore, Coinmama is a relatively primitive cryptocurrency exchange that provides services primarily to new and beginner crypto users.
Fees and commission
An unfortunate aspect of the Coinmama cryptocurrency exchange is their extremely high fees in comparison with other cryptocurrency exchanges. Coinmama clients pay a fee of 5.5% per buy order transaction, plus an additional 5% fee when paying with a debit or credit card. Therefore, the fees add up to a staggering 10.5% to simply buy cryptocurrency and send it directly to your personal crypto wallet. Other crypto exchanges often only charge fees of around 2% – 5% for buying cryptocurrencies with fiat currency. Therefore, Coinmama is not very favorable for buying cryptocurrency, although the process is very simple, fast and easy. Coinmama users are paying for the simplicity and ease of use.
Security and fairness
Coinmama is a highly reputable cryptocurrency exchange that’s been offering secure and fair crypto exchange services since 2013. Coinmama may not be a regulated exchange, but they are legit and offer secure exchange services and are registered with FINCEN in the United states as a financial services business. Also, Coinmama never holds any cryptocurrency on the users behalf as the crypto funds are sent directly to the users personal crypto wallet upon purchasing. As for the clients sensitive personal information, it is highly encrypted using advanced SSL encryption protocols on all transmitted data, and the users debit or credit card information is never stored on Coinmama’s servers.
Support
Coinmama provides their customers with exceptional customer support in comparison with many other cryptocurrency exchanges. Customers can reach support representatives via email, live chat, or through a support ticket system in their help center. Additionally, users can communicate with support reps through Coinmama’s various social media channels including Facebook and Twitter. Also, customers can browse Coinmama’s extensive FAQ page and resourceful help center that’s filled with helpful articles. All in all, the customer support is professional, responsive, and friendly.
Conclusion
Coinmama is a very simple and easy to use cryptocurrency exchange that provides users with the opportunity to purchase various cryptocurrency assets. Coinmama is primarily for beginner cryptocurrency users but experienced users will appreciate their services as well as they are highly secure and deliver the crypto assets directly to the users wallet. The unfortunate aspects of Coinmama are their extremely high fees, inability to exchange crypto to crypto and sell crypto assets, and their lack of advanced technical analysis features. Other than that, Coinmama is a viable option for simply buying various cryptocurrency assets in a simple, fast and easy way.
Coinmama Q&A
The following are the common questions that customers inquired about Coinmama.
Is Coinmama regulated?
No, it is not regulated.
Is Coinmama a scam?
No, Coinmama is a legit cryptocurrency exchange with a good reputation among users.
Where is Coinmama based?
Coinmama is based out of Israel.
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