In the rapidly evolving world of cryptocurrencies, finding a trustworthy and user-friendly platform for buying and selling digital assets is of paramount importance. Coinmama is a name that has been associated with the cryptocurrency space for quite some time, offering an easy way for users to purchase Bitcoin and other cryptocurrencies.
Today, we are going to review various aspects of Coinmama, including its history, features, security measures, fees, and user experience to determine if it is still a viable option in 2023.
Lately, the reputation of Coinmama is falling due to a number of bad reviews around bitcointalk forum:
- SOFIA IN COINMAMA WILL CHANGE YOUR WALLET ADDRESS AND KEEP THE COINS…PLEASE DO NOT USE COINMAMA (source)
- In fact they are a very serious and very professional company, although this thread is very old I want to add that I already used coinmama a lot and they have a high fee. for example: I bought $1000 in bitcoin but I received $830 in bitcoin in my wallet, they were very quick to send the bitcoin, but the fee is absurd. (source)
Coinmama was founded in 2013, making it one of the older players in the cryptocurrency exchange market. The platform was created to cater to users who wanted a simple and straightforward way to buy Bitcoin. Over the years, it has expanded its services to include a variety of other cryptocurrencies, including Ethereum, Ripple, and Litecoin.
In 2019, Coinmama was acquired by the financial services company, New Bit Ventures Ltd, which helped enhance its operations and security features. Since then, the platform has continued to grow and adapt to the changing crypto landscape.
One of the key factors that make Coinmama popular among users is its simplicity and user-friendliness. The platform is designed to be as straightforward as possible, making it an excellent choice for beginners. The sign-up process is quick, and you can start buying cryptocurrencies within minutes.
The user interface is clean and intuitive. Coinmama offers both a web-based platform and a mobile app, allowing users to trade on the go. The mobile app is well-designed and offers all the essential features available on the web platform.
Purchasing cryptocurrencies on Coinmama is a breeze. Users can choose from a variety of payment options, including credit and debit cards, bank transfers, and even Apple Pay. The ability to use Apple Pay is a unique feature that sets Coinmama apart, providing a convenient option for users in the Apple ecosystem.
Another user-friendly feature is the option to purchase cryptocurrencies in local currencies, which makes it easier for users to understand the costs and avoid exchange rate hassles. Overall, the user experience on Coinmama is top-notch and caters to both beginners and experienced traders.
Coinmama Supported Cryptocurrencies
In the ever-expanding world of cryptocurrencies, having a diverse range of assets to choose from is crucial. Coinmama offers support for a variety of cryptocurrencies, including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Tezos (XTZ)
- EOS (EOS)
- Stellar (XLM)
While this list includes some of the most popular cryptocurrencies, it falls short of the extensive offerings provided by some larger exchanges. However, Coinmama’s focus has always been on simplicity, and the available options should suffice for the average user.
Security is paramount in the cryptocurrency world, and Coinmama takes it seriously. Here are some of the security features in place:
- Two-Factor Authentication (2FA): Coinmama offers 2FA to enhance the security of user accounts. Enabling 2FA is highly recommended to protect your account.
- SSL Encryption: The platform uses SSL encryption to ensure that all data transmitted between your device and their servers is secure.
- Regulation Compliance: Coinmama complies with regulations, including KYC (Know Your Customer) and AML (Anti-Money Laundering) requirements. This adds an extra layer of security but may require users to provide personal information during account verification.
- Cold Storage: Coinmama stores most of its users’ cryptocurrencies in cold storage, which is not connected to the internet and is less vulnerable to hacking.
- Customer Support: The platform provides customer support to help users resolve issues and address security concerns.
However, it’s worth noting that no exchange is completely immune to security threats. Users should always exercise caution, use strong passwords, and consider transferring their cryptocurrencies to secure wallets for long-term storage.
Understanding the fee structure of an exchange is crucial when evaluating its suitability. Coinmama, while known for its ease of use, is not the most cost-effective option in terms of fees. Here’s an overview of the fees you can expect:
- Transaction Fees: Coinmama charges a fee on each transaction. The fee varies based on factors such as your trading volume and the payment method used. Typically, fees are higher for credit and debit card payments compared to bank transfers.
- Additional Fees: In addition to transaction fees, Coinmama may charge extra fees for high-risk transactions, currency conversion, and other services. These fees can add up, so it’s essential to be aware of them.
- Exchange Rate: Coinmama’s exchange rate is often slightly higher than the market rate, which can result in higher overall costs for users.
While Coinmama provides a straightforward and user-friendly experience, its fees are relatively high compared to some other exchanges. Users should carefully consider the cost implications before using the platform for large transactions.
Coinmama imposes certain buying and selling limits on user accounts, which vary based on the level of verification you’ve completed. The limits can be quite restrictive for new users but increase as you provide more personal information and complete the verification process.
For example, without verification, you might be limited to purchasing a small amount of cryptocurrency. With full verification, your limits will be higher. It’s essential to understand these limits to plan your transactions accordingly.
Customer support is an often-underestimated aspect of any cryptocurrency exchange. Coinmama, in this regard, provides reasonable support. They offer a ticketing system for support requests and aim to respond to inquiries promptly.
While many users have reported positive experiences with their customer support, some have also encountered delays in getting issues resolved. The quality of support can vary, and it’s advisable to maintain realistic expectations.
Many people out there who are looking to buy Bitcoin safe and securely should read this review about CoinMama. CoinMama is one of the best Bitcoin and Litecoin sellers online with an easy, fast and secure way. As far as I know and read about CoinMama, I found that it is really an easiest way to buy Bitcoin and Litecoin crypto-currencies currencies using Credit and debit cards.
Buy Bitcoin with CoinMama
Payment Processors that CoinMama Accept
PayPal was acceptable at CoinMama in 2013 but when CoinMama realize the risk, they stopped accepting PayPal as their payment method.
There are much more than just PayPal.
On the same year 2013 and same day as of May 12, CoinMama started accepting payments from Western Union and MoneyGram World-wide money transfers.
Note: Within 1 business day maximum from the time a client should submit the money transfer reference number (MTCN in other words) to buy the Bitcoins on the same day, to the time the purchased coins are transferred to the client’s wallet because the late submission will consume more money because of Bitcoin value increases as well as decrease on daily basis.
- User Management System
- Email notifications
- Buy Bitcoins and Litecoins Easily
- Auto expiry of orders within 24 hours
- 24/7 friendly support
- Buy crypto instantly
- Your security, our priority
- Trusted by 3M+ users
How to Buy Bitcoin with CoinMama
To start using CoinMama to buy e-currencies i.e, Bitcoins or Litecoins. Follow the steps below:
- First of all, open an account with CoinMama
- Secondly, just select the amount of Bitcoins or Litecoins that you are willing to buy and click on Buy Now
Buy Bitcoins or Litecoins with CoinMama
Note: For security reasons CoinMama needs you assistance in order to provide the best services to its consumers.
- Valid passport
- High quality scan
- Colored copy
To submit your legal document and in order to get verified at CoinMama.
Once your account get verified, you need to choose from which payment method would you like to pay and get your Bitcoins or Litecoins. However, if you want to pay with your credit/debit card within just seconds, Great! But CoinMama don’t directly process credit cards however you’re also welcome to pay with cash (Using Western Union and MoneyGram World-wide money transfers).
Once you’ve paid, you’ll receive a transfer receipt. On this step you’ll need to update us with all the transfer details to complete your order.
Once we’ve received and verified your money transfer, at the same time CoinMama will immediately deliver the coins to your wallet.
You’ll be able to track the status of your orders at all times under My Account.
If you have any question feel free to comment below.
Coinmama is a cryptocurrency exchange that has carved out a niche for itself as a user-friendly, straightforward platform for buying cryptocurrencies. It offers a clean and intuitive user interface, a mobile app, and a range of payment options, including the unique inclusion of Apple Pay. These features make it an excellent choice for beginners who want a hassle-free way to enter the world of cryptocurrencies.
However, it’s important to note that Coinmama’s simplicity comes at a cost. The platform’s fees are relatively high compared to many competitors, and its cryptocurrency offering is not as extensive. Additionally, the buying and selling limits can be restrictive for some users, especially those who are not willing to complete full verification.
The security measures in place are robust, and Coinmama has a strong focus on regulatory compliance, which can provide peace of mind to users concerned about safety. The inclusion of cold storage for most user funds is another positive aspect in terms of security.
In conclusion, Coinmama is a reliable platform for purchasing cryptocurrencies, especially for users who value simplicity and user-friendliness. If you are a beginner looking for a straightforward way to buy Bitcoin and a few other popular cryptocurrencies, Coinmama could be an excellent choice. However, if you are an experienced trader, or if you require access to a broader range of digital assets, you may want to explore other options with lower fees and a wider