Coinmama Review 2023
Coinmama is an established exchange and brokerage platform in cryptocurrency that offers digital asset trading services. It’s a more straightforward and fair exchange for beginners as well as seasoned experts.
In this Coinmama review, we'll explore why this platform is considered legit, easy to use, and secure. Coinmama believes that the future of money and investing is where the people are in complete control of their economy
That means no middlemen, fine print and hidden fees. To deliver this promise to digital asset investors, Coinmama has been working each day since its launch in 2013 to offer one of the simplest financial services.
Also, Coinmama believes that everything that is good is established on strong values. The platform refers to these as the Coinmama DNA, which includes:
Coinmama is a property of New Bit Ventures Ltd, and Cmama Ltd operates it. When it comes to regulation, the Central Bank of Ireland, FinCEN and FINTRAC Canada regulate the trading platform. This comprehensive review covers:
- Advantages and disadvantages of Coinmama exchange
- How to buy cryptocurrency in Coinmama exchange, including options, fees and steps
Table of content
Table of content
Advantages of Coinmama Exchange
Coinmama has its unique range of benefits, which any trader, whether experienced or newbies, will enjoy. They include the following:
Everyday Coinmama Payment Methods
A major drawback of many digital exchange platforms is that they don’t allow traders to use fiat currencies. They usually ask their customers to deposit funds using another crypto option. That means you cannot do it if you don't have any digital assets, and this is where Coinmama stands out.
The platform supports debit and credit cards, allowing users to purchase crypto directly on the platform. It’s as simple as ordering groceries online, but in this case, you aren't purchasing food but digital assets.
With almost every bank globally offering debit and credit cards backed by MasterCard or Visa, you should not have any issues purchasing digital assets from Coinmama.
You also might be interested in our in-depth comparison of two other crypto exchanges: Kraken and KuCoin.
A User-friendly Platform
Coinmama is an exchange platform committed to offering a simple and straightforward way to buy and sell digital assets. Is it your first time to purchase crypto?
Coinmama simplifies everything for you. With no prior knowledge, you can sign up and verify your account, enter card details and pick the number of coins you want to purchase.
On the Coinmama exchange platform, you’ll find great features like kill-or-fill orders, market orders, and statistics, including charts and graphs, to help you make data-driven decisions.
Whether you want to use a tablet or smartphone that operates on Android or iOS, you'll access every feature anywhere, anytime.
❓ What is Coinmama?
Coinmama is a user-friendly cryptocurrency exchange platform that allows individuals to buy and sell cryptocurrencies, primarily Bitcoin and Ethereum, using fiat currency. It offers a straightforward interface and is accessible to users in various countries, making it popular among beginners in the cryptocurrency space.
❓ Where is Coinmama located?
Coinmama is located in Dublin, Ireland.
❓ How to see my Coinmama wallet address?
To see your wallet address on Coinmama, you'll typically need to follow these steps:
- Log in to your Coinmama account.
- Access your wallet from the user interface.
- Choose the cryptocurrency you want (e.g., Bitcoin).
- View and copy your wallet address, which is a long alphanumeric string, for transactions or sharing.
❓ What are Coinmama supported countries?
Coinmama is available in 188 countries and 48 US states, excluding Hawaii and New York.
❓ is Coinmama legit?
Coinmama is a reputable company. Furthermore, Coinmama support is good.
It is a real shame that many crypto exchange platforms aren’t regulated by any reputable regulatory authority. But you should trade with a lot of confidence on this platform. Coinmama is registered and regulated by FINCEN in the United States, Central Bank of Ireland and FINTRAC in Canada.
With these reputable regulatory authorities, Coinmama shows how reliable, trustworthy, and secure it is. Any fraudulent activity on this platform will be investigated by some of the leading regulatory authorities accordingly.
Excellent Coinmama Customer Support
If you’ve got a problem with your account, depositing funds, purchasing or selling your cryptocurrency, and need help, Coinmama offers reputable options to pick from. Live chat is available.
It’s the best option is to keep in touch with the customer support team on the exchange platform, as it offer instant replies. The only drawback is that it is available during working hours. You need to use live chat between 9:00 and 18:00 GMT +3.
If you encounter a problem outside these hours, you have several options. They include Facebook, Twitter, email and raise a support ticket. Coinmama’s FAQs page also addresses the most common concerns and questions.
Get Coins Right in Your Wallet
Coinmama ensures that its customers can purchase cryptocurrencies easily and quickly. And once they purchase them, they’re sent to user private wallets as soon as the payment is completed. This ensures customer funds are secure and safe.
Disadvantages of Coinmama Exchange
While Coinmama offers numerous benefits, it has a few drawbacks, which include:
A Few Crypto Options Available to Pick From
At the time of creating this review, Coinmama was offering only ten crypto options. When you compare this to other leading exchanges, you’ll conclude that this is quite a major drawback. There are exchanges out there that offer over 100 coins. Coinmama only offers:
- Bitcoin Cash BCH
- Bitcoin BTC
- Ethereum Classic ETC
- Ethereum ETH
- Litecoin LTC
- Cardona ADA
- Tezos XTZ
- Ripple XRP
Coinmama charges an average fee of 5.5% for each transaction you make. The number of coins you purchase determines the exact amount of fee you’ll incur. This can be expensive if you want to buy cryptocurrencies in huge amounts.
Coinmama Credit Card Fees
While you can easily use a debit or credit card to buy crypto on the Coinmama platform, there is a fee to pay, which, unfortunately, seems quite expensive. You’ll have to pay an additional fee of 5% on top of the Coinmama charge.
How to Buy Cryptocurrency in Coinmama Exchange
What makes this trading platform attractive to most traders is its simplicity and how straightforward it’s to create an account and purchase cryptocurrency. Let’s discover the options available, fees and steps you need to follow.
You can purchase all the ten cryptocurrencies the platform supports, including Bitcoin, Ethereum, Litecoin and Ripple. The platform offers several options to buy these cryptocurrencies. You can buy them using:
- Bank Transfer
- SEPA (EU banks)
- Faster Payments (UK banks)
You’ll require a digital wallet because the Coinmama wallet isn’t available and doesn’t hold crypto coins. There is also an option to purchase a crypto using another. For example, you can buy Bitcoin using Ripple.
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The fee to purchase an order varies depending on the payment option and the loyalty of the customer. Let’s sum up everything:
- A fee of 5.0% on using debit and credit cards
- No additional fee through SEPA
- No extra fee for orders over €1,000 through Swift, but users have to pay €20 if they order below €1,000.
You’ve gone through all the benefits and drawbacks of Coinmama and decided to purchase crypto on the platform? You’re on the right track. Let’s find out the steps you need to go through to purchase your first crypto coin.
- Visit Coinmama’s official website
- Navigate to the Sign-Up button available in the top right corner
- Enter the required details, and submit your verification documents
- Confirm your email address
- Log in to your account and access the Buy button; choose what you want to buy: Bitcoin, Ethereum, etc.
- Verify your transaction
- Enter identification details
- You’ll receive an email detailing the amount of crypto you have purchased
- Get your crypto coins instantly
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