CoinMama is a cryptocurrency exchange that provides users with the opportunity to buy Bitcoin and Ethereum with fiat currencies. Coinmama is established with its headquarters in Israel and started out back in 2013. This Coinmama review will provide you with all the ins and outs.
Rating 3.3 / 5.0
- Offers users live prices in Dollars and Euros
- Offers user the opportunity to buy a fraction or fractions of Bitcoin
- The exchange makes the reviewing of order easy
- Multiple language support
- Does not support the sale of Bitcoin
- Does not support the linking of bank accounts
- Does not have a mobile application
It has over 1,300,000 users and at the same time sells Bitcoin and Ethereum to only verified users. Launched in 2013, CoinMama happens to be one of the oldest exchanges in the world. CoinMama operates in over 188 countries including 23 states in the US. The exchange was developed to provide users or customers with the opportunity to purchase Bitcoin and Ethereum with credit cards. Unlike most of the other exchanges that have been developed and launched, this exchange does not support the trading of cryptocurrencies. Users are not allowed to sell their coins on this exchange. This feature distinguishes CoinMama from the other exchanges that have been developed.
Rather than provide a platform for users to sell their cryptocurrencies, all cryptocurrency purchases are transferred directly from the holdings of the company, thus, making all transactions carried out on the exchange more secure than that carried out on the other exchanges. The CoinMama exchange at the moment stands as one of the fastest ways or means through which users can buy Bitcoin or Ethereum with their credit cards. Currently, the exchange has increased the number of coins that can be purchased on their platform.
Initially, when this exchange was launched, most speculators and users doubted the success of this exchange simply because it offered users the opportunity to buy cryptocurrencies with debit or credit cards. This exchange has been referred to as a “Fiat Gateway”. This term is used to refer to exchanges where users or customers are able to exchange their fiat currencies for digital currencies. To ensure that users are able to carry out transactions via their debit or credit cards, the exchange partnered with one of the leading financial technology (fin-tech) companies Simplex. Simplex focuses on all forms of online payment processes and fraud. Although this exchange does not offer users the opportunity to trade or sell cryptocurrencies, it offers them a faster, simpler, and precise way to purchase Bitcoin and Ethereum via credit or debit cards.
Coinmama Fees (Payment Methods)
The CoinMama fees are 5.5% on all transactions that are carried out. Those buying with their credit cards will be charged an additional 5% and these coinmama fees will go to the Simplex company.
As a note of warning, users should bear in mind that most credit card issuers and banks consider the buying of cryptocurrencies to be the same thing as “cash advance”. If this is the case, users will be charged hefty transaction fees in order to expedite the transaction. With this in mind, it is advised that users find out if their credit cards add advance cash fees.
Although being one of the oldest exchanges, CoinMama is relatively small but is yet to experience any breach in the network. With over 1,300,000 monthly visitors, this exchange is far behind some of the other exchanges that boast of over 34 to 44 million monthly visitors. This exchange does not hold the coins of users, thus, making is susceptible to attacks.
On the exchange, users can decide to integrate the Two-Factor Authentication system to ensure that all purchases are secure.
How It Works
To make use of this exchange, users will have to create an account. To do this, users will have to provide their names, email address, password, and country of residence. Once they have provided this information, they simply have to click on the “Create Account” button that is found at the bottom of the page.
You will be required to provide a working email address, your first and last name, a password and your country of residence. Once, this information has been provided, a mail will be sent to the email address provided. In this mail will be a link that customers will have to click to verify their account. If you are to purchase cryptocurrencies from this exchange, you will be required to verify your identity.
Like most of the other exchanges, CoinMama has three verification levels. Each of these levels will require more detailed verification information than the other.
How To Buy Cryptocurrencies
Once your account has been verified, you will have to click on the “Buy Bitcoin” tab to enter the purchase page. When this page displays, you will be presented with various packages that the exchange offers for the buying of cryptocurrencies. The buying page has been designed to enable customers to conveniently buy cryptocurrencies and the minimum amount of coin they can buy is 0.11 or $100. On the other hand, the maximum amount to be purchased is 0.563 or $5,000.
Once you click on the “buy” option, you will receive the exact amount of cryptocurrencies that you ordered irrespective of the market fluctuation that might occur during the time you provided your purchase information.
The CoinMama exchange supports the buying of the following cryptocurrencies;
- Bitcoin (BTC)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Ripple (XRP)
- Cardano (ADA)
- Qtum (QTUM)
- See the image below for a brief overview of the offered coins on the CoinMama Exchange.
Unlike most of the other exchanges, the CoinMama support only offers its customers email support. Also, the exchange has an impressive and comprehensive Frequently Asked Questions (FAQ) and service desk board.
The FAQ’s are written in a simple and precise language to ensure that customers easily understand.
Although this exchange does not have a mobile application. No announcement has been made about the launch of a mobile application.
The CoinMama exchange offers certain features that will leave customers impressed at the same time not offering core features that exchanges are supposed to offer. The lack of selling or trading platform limits the usage of this exchange. This is evident in the number of monthly visitors. The CoinMama exchange is not one that is recommended to crypto users. This is simply because it does not allow them to link their bank accounts. Most importantly, it does not support the sale of Bitcoin. This Coinmama review was offered to you by Blockchain Watching
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