The webs most detailed Coinmama Review: This platform is the home to nearly 3 million active cryptocurrency investors and has been operating since 2013. It’s time to break down what’s so special about Coinmama. Keep reading to find out what our expert has to say about this platform.
In this section of our Coinmama review we highlight 6 special features that deserves extra attention.
Coinmama is a cryptocurrency exchange registered in Ireland and has been around since 2013. It is a crypto exchange with a Money Service Business regulation from the United States and is trusted by millions of traders and investors in almost 200 countries.
The guy in charge of the operation is called Sagi and he is a veteran in the hi-tech industry with over 10 years of experience. The company behind this exchange is called Cmama Limited. There is a big team behind Coinmama and the platform is still being developed all the time.
Why use Coinmama
This exchange is best suited for cryptocurrency investors who are looking for a safe place to use their fiat currencies to buy either bitcoin or other major altcoins in a safe environment. Also, if you are new to the blockchain and cryptocurrency world you will find Coinmama very easy to use and it’s very well suited for beginner investors with little or no experience.
If you are looking for a trustworthy exchange with high spending limits, then Coinmama is for you. You can enter the VIP level with special identification and blow off the roof on the maximum purchasing power. In other words, there won’t be any limits to your investing on Coinmama.
Trading on Coinmama
Coinmama does not offer any active short-term trading at all. There is not even an interface for this style of trading so if this is what you are looking for, you better look elsewhere.
Payment methods and limits
Coinmama offers standard payment methods like credit and debit cards, plus ApplePay, SWIFT, and SEPA bank transfers. Regarding the withdrawal limits, for a basic account you can withdraw up to $15.000 daily and if you decide that you want a higher limit you can send in extra KYC-documents and unlock the no-limit withdrawal potential.
Things we don’t like
Okay, there are two things that we don’t like about Coinmama. First, there is no live-chat and this is a little frustrating for any user. Especially when they have this programmed robot to answer questions. It doesn’t come anywhere near a human being and the answers are so far off what you are looking for.
Second, Coinmama doesn’t have a mobile app. This is a big mystery to me and I honestly can’t think of any reason for not having an app available for its users. Today, millenials are using mobile phones more than anyone and I think Coinmama is missing out on a big chunk of customers here. But who knows, maybe there is an app in the making?
Another thing I realized when I was doing the FAQ section to this exchange was that the fees are pretty high. There is a 5% momentum fee and a 3.90% buy fee for credit cards, plus a 2% extra fee on the normal rate. This sounds very high in my opinion.
About the special features on Coinmama
Coinmama is not famous for its diversity of extra features. Instead, it’s a very user-friendly and safe cryptocurrency exchange that can handle all sorts of investing. With high spending limits, fast account verification, and instant delivery, Coinmama has gotten a good reputation over the years, and investors seem to be coming back. By Tradingbrowser standards, this is a veteran cryptocurrency exchange that handles fiat deposits in several different currencies which has helped Coinmama reach a wide audience.
Invest in cryptocurrencies
This is what Coinmama does best, help investors invest in small or large amounts of cryptocurrencies. Being registered as a Money Services Business with FinCEN gives the exchange the extra credibility we are looking for when recommending platforms to or traders and investors. We would definitely recommend that you use Coinmama to invest in crypto.
The reason why we have chosen to add this special feature is due to the fact that you don’t even have a cryptocurrency wallet on Coinmama. The way it works is pretty straightforward. You need to bring your own wallets, that’s it. Deposit fiat currency and have the bought coins being deposited into your own wallet. This will ensure a very fast withdrawal from the actual exchange since a blockchain transaction takes less than 1 hour.
Crypto deposit bonus
For all new-comers to Coinmama, there is a special crypto deposit bonus waiting. If you deposit up to the amount of $5000 within a 90-day period you will unlock a special gift. To be honest, we don’t know what the gift is because we haven’t made this deposit yet, so why don’t you go and find out for us? Free cryptocurrency to all new investors on Coinmama!
Is Coinmama safe to use?
Yes, we think that Coinmama is safe to use for several reasons. Number 1, it’s registered as a Money Service Business and this puts the exchange higher on the security ladder. Secondly, it’s been around since 2013, that’s a very long time and it’s earned the veteran status on Tradingbrowser. Thirdly, millions of investors have used and are still using the platform to invest in cryptocurrency. So, with regulation and a very good track record, plus a good reputation, we think Coinmama is a very safe cryptocurrency exchange to use.
Is Coinmama regulated?
Yes, Coinmama is registered as a Money Service Business (MSB) by the United States government.
Frequently asked questions
Read the most frequently asked questions about Coinmama. Find answers without searching the web.
Yes, this cryptocurrency exchange is a veteran platform with a very good reputation as being safe to use. Also, it is regulated in the United States as a Money Service Business.
There are no direct trading fees on Coinmama. However, there are fees for purchasing cryptocurrencies with credit or debit cards and through your bank account. The exchange has a 2% fee on the normal rate and also a 3.90% for buying crypto and 0.90% fee for selling crypto. For credit cards, there is an added 5% momentum fee. For bank transfers, there are no fees. Regarding the SWIFT transferred there is a minimum of 20 GBP for orders under $1000.
The exchange is known for its rapid account verification and you should be able to start investing in cryptocurrencies within the hour.
Yes, Coinmama will ask you for your KYC-documents to buy bitcoin and other cryptocurrencies with fiat money.
No, there are no wallets on Coinmama. You are in charge of your own wallets and therefore have full responsibility for your own funds.