Coinmama Review: There are many cryptocurrency exchanges out there in the markets but the selection of the right one is important for you. Everyone has its own needs and finding the perfect platform that suits your needs is the most difficult task for you. We understand your problems and don’t worry we will give you the best solution for your problem as our team members are doing research keeping in view the factors such as security, scalability, simplicity, customers’ reviews and many more.
Today, I have come with the Coinmama exchange review with all its pros and cons and for what specialties it is famous for. Traders and investors who are looking for buying cryptocurrencies directly from the exchange can find this site a suitable place. Our Coinmama review 2020 comprised of the following features:
- What is Coinmama?
- Coinmama-a brokerage Service Provider
- Buy Cryptocurrency on Coinmama
- Supported Currencies
- Sell Cryptocurrency on Coinmama
- Fees Structure
- Supported Countries
- Is it safe to buy Crypto?
- Customer Support
- Pros and Cons
What is Coinmama?
Coinmama is a brokerage service company with the headquarters established in Israel. It is founded in 2013 in Israel and is serving the crypto industry diligently, and now it is one of the leading crypto exchanges for buying cryptocurrency. The exchange has access to almost 188 countries with nearly 1.3 million users across the world.
Coinmama- a Brokerage Service Provider
Coinmama is offering brokerage services for its users and customers. The major advantage of this facility is that you can buy cryptocurrency directly and don’t need to take crypto from other traders. It is the buy agreement between the user and exchange directly and you can get your purchased cryptocurrencies quickly as compared to other ones.
However, the main drawback of the broker services is its high fees. But Coinmama set the satisfactory fees so that their customers can easily afford the charges.
Buy Cryptocurrency on Coinmama
If we ranked the cryptocurrencies on the basis of their strengths for buying cryptocurrency then Coinmama is among the topmost platforms because it can allow you to purchase crypto directly through the broker facility.
How to buy cryptocurrency?
Create your Account: The first step to start your journey with Coinmama is to create your account by following the instructions. The whole signup process will take a few minutes and then you will be able to verify your account by going into your email box.
Verification: This is the most important step before purchasing as it requires you to upload your official documents for security purposes. There is a limitation on buying depending on your level of verification. The verification process normally requires the national ID card and Passport.
Finally, place your order: After completing the first two primary steps, you then able to get your crypto in your desired wallet. After filling out the form, write your wallet address and done with buying crypto.
Coinmama allow you to buy crypto with your fiat currency through the following payment methods as follows:
Debit Card: You can pay your payments with your Debit Cards such as Visa and MasterCard. Still, there is no support for Express, Discover and PayPal but it is expected they will also accept these payment methods soon.
Bank Transfer: Coinmama is also offering service to users to purchase cryptocurrencies through Bank Transfer. But there is a limitation on the buying order as you cannot make out a deal more than 12,000 USD.
Note: The bank transfer facility is only available through SEPA in Europe and SWIFT from the rest of the world.
There are few cryptocurrencies which you can buy on Coinmama which are as follows:
- Bitcoin Cash
- Ethereum Classic
Sell Cryptocurrency on Coinmama
Bitcoin is the only cryptocurrency which you are able to sell on Coinmama. However, this feature can avail by the users who are from Europe or have SEPA account number as selling Bitcoin is done only through SEPA and in returns get fiat currency ‘EUR’. There are three things you should consider before selling BTC.
- Your Bitcoin wallet with quick access
- Bank account details including IBAN
- Must have a SEPA account
How to Sell Bitcoin?
There are four steps to follow for selling Bitcoin:
Select ‘Sell’ Option: This is the first step: If you don’t have an account, then, open your account on Coinmama and select the ‘Sell’ option from the main account page.
Decide how much Bitcoin you want to sell: This is the second step toward making a selling order. Put your amount of BTC you want to sell at BTC to EUR conversion price.
Place your order by giving details: Here, you will have to give the bank account details including the IBAN and personal information.
Finally, send your BTC: Now, it’s time to send your BTC in the selected wallet. Once your bitcoins are sent, you will receive your cash in EUR in the bank account.
As it is earlier mentioned that you can buy your favorite cryptocurrency through credit card which means the fees will be comparatively high. Coinmama charged an extra 5% when purchasing through credit cards besides normal purchasing fees.
Coinmama is offering brokerage service which costs 5.9% fees on every transaction being made and it changes depending on the number of tokens being purchased.
Besides being headquartered in Israel, it is a global platform that has a reach to almost every corner of the world. According to them, they have access to almost 1,800,000 people across 188 countries.
However, it is restricted in some countries due to strict rules and regulations being imposed on cryptocurrency and blockchain by the governments. The list of restricted areas also includes some states of America.
Is it safe to buy crypto?
On the basis of users’ comments and reviews, we are able to say that it is a safe platform to buy digital currency through credit card or bank transfer. The traders and investors who are from European countries will take benefit from the site as they both buy and sell cryptocurrency through SEPA accounts at very competitive fees.
There are no complaints when comes to the question of security about Coinmama. The process of verification is very secure as you have to verify by giving a passport and ID card or other official documents. Moreover, still, there is no case of hacking occurred which makes it a more credible site.
Customer support should be very active for every site as users have always some issues and problems when using the services. Most of the crypto exchanges are being victims of giving response late. Coinmama has a distinct section under the label ‘Support’ where they have already given the solutions and instructions for generally occurred issues.
Their support team is also very active in giving reply within 24-hours to individual issues of users. So, in terms of customer support help, it is the most recognizable site out there.
Coinmama Pros and Cons
- Goof for buying cryptocurrency
- Brokerage Service
- Easy Interface
- Good Support
- High-security measures
- No options for trading
- No Mobile app
- High fees (especially for credit card)
- Limited Cryptocurrencies
There are various features of Coinmama which I have discussed one by one. Normally, the fee charges for broker services are very high but this exchange is providing services at very reasonable prices. There is a limitation on the number of cryptocurrencies available for buying and selling; you can purchase 8 different digital currencies but you can only sell Bitcoin through the SEPA account. The credit card is accepted but the charges are relatively high.