Coinmama Review

Coinmama is a relatively small crypto exchange for traders to sell Bitcoin for fiat currency. Due to its limited size, Coinmama review platform has a limited range of cryptocurrencies for purchase and does not permit crypto-to-crypto trading. Additionally, the charges for buying and selling crypto are much higher. However, Coinmama attracts several beginners by providing them with a way to buy cryptos. But, more advanced traders want low fees and a more extensive selection of cryptos and therefore look elsewhere.

Coinmama Review – Introduction

Coinmama is a crypto exchange offering a simple way to buy and sell a limited range of cryptocurrencies online. The company was founded in 2013 with a motive to allow investors to purchase Bitcoin. Now, they offer 15 popular cryptocurrencies for purchase and even allow traders to sell back Bitcoin to the exchange. They are headquartered in Ramat Gan, Israel.

Coinmama is not a traditional crypto exchange where traders can trade cryptos with trading pairs. Instead, it is a marketplace for investors to purchase crypto with fiat currency. Coinmama operates in many countries worldwide; however, they are unavailable in specific locations due to some regulatory restrictions.

Cryptocurrencies To Trade With Coinmama

As mentioned before, Coinmama allows traders to purchase 15 cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, Uniswap, Aave, and more. However, they do not support some of the more cryptocurrencies such as Solana, Polkadot, Avalanche, and Tether.

Coinmama Review – Trading Experience

Coinmama offers a fine trading experience as the users can only buy crypto or sell Bitcoin. Hence, it has a limited scope, and traders looking for more may not prefer it. You can deposit your funds in the Coinmama account through a wire transfer or ACH transfer. Also, you can deposit your Bitcoin from your digital wallet into your account. There are several other ways to purchase cryptos, such as Google Pay, Apple Pay, Mastercard and Visa cards.

Fees

Coinmama charges a specific fee for buying and selling. In addition to this, there is an extra fee based on the payment method used. The fees charged by Coinmama are based on TradeBlock XBX, a widely popular Bitcoin price index list, along with a 2.3% markup price. They also charge fees for each transaction, which is relatively higher than other crypto exchanges.

Security

Coinmama offers standard security features such as two-factor authentication as well as encrypted servers. They don’t store any of the crypto assets and rather require the customers to have their own wallets. Hence, the assets are always kept in the user’s custody rather than a centralized platform.

Opening A Coinmama Account

To sign up for a Coinmama account, you need to provide an email account along with a password. After your email address is verified, you are able to log in and secure your account through two-factor authentication.

Coinmama Review – Customer Service

Coinmama offers excellent customer support through calls, email, live chat and social media. Their phone support is amazing, as most crypto exchanges don’t provide this service. Their wide range of support options makes them apart from others.

Customer Satisfaction

Coinmama has received positive reviews when it comes to purchasing experiences and customer support interactions. Although many complain about their long verification approval time, the users are able to withdraw their money without any issue. Overall, Coinmama has much better reviews than its competitors, and its customer support team also responds to queries quickly and timely.

Final Verdict

In short, Coinmama is a simple-to-use and centralized crypto exchange offering traders an effective way to buy some selected crypto. However, they have high fees (8.9% of the purchase price, which is much higher than other crypto exchanges). Since these costs can take away a large portion of your investments, you can always look around for other crypto exchanges for a better price. Additionally, Coinmama does not take custody of the crypto assets, and the users are required to connect to third-party digital wallets to obtain custody of their holdings.

One can say that Coinmama is a highly costly option for beginners who want to purchase Bitcoin and other popular crypto assets. However, it offers excellent customer service and has a mobile app and web-based platform to make it easier for users to buy crypto.