What is Coinmama Exchange Review
What is Coinmama Exchange Review :- CoinMama is a cryptocurrency exchange tailored to crypto-novices. It offers only brokerage services: buying and selling of ten cryptocurrencies. You won’t find a wallet, portfolio charts, or any complex features on CoinMama. While it offers a fast and easy way to buy crypto with your credit or debit card, CoinMama also has hefty fees, likely the highest in the market.
Think of CoinMama’s as an e-commerce store for crypto and not much more. The main advantage of using CoinMama’s lies in its world-wide availability and speed. Disadvantages include a lack of features such as a wallet and privacy issues.
Coinmama: Pros and Cons
- Beginner-Friendly. If there is one exchange a crypto-novice can use to buy their first coin, it’s CoinMamas. They streamlined the buying process, explained it in detail, and CoinMama sends you coins fast.
- Buying crypto is available worldwide. Unlike other exchanges, CoinMama helps you buy crypto in more than 180 countries, even with a debit card.
- Easy to understand guides. One of the goals Cryptocurrency founders set out to achieve is to educate the world about the crypto. And, they are doing well in this regard. You’ll find an answer to any question you might have in their knowledgebase.
- Hand holding three people
- Helpful support team. While CoinMama has no Live Chat or Phone Customer support, their email support for verified users is fast and reliable.
- High Fees. CoinMama’s combined fees for buying crypto using a credit card are 10.9%. Using wire transfer does bring the fees down to 5%.
- Simplicity. Advanced crypto users will quickly discover that CoinMama offers little for high fees.
- Selling cryptocurrency is limited to Bitcoin for customers in the 37 SEPA European countries.
With a Trustpilot score of 4.5 Coinmama is a customer favorite.
What users praise:
- Great payment options
- Fast and easy transactions
- An amazing support team
What user dislike:
- Strict verification process
- Higher fees
- Some countries are only allowed to Buy and NOT Sell
All in all, despite the high fees, you get what you pay for – a responsive, fast, trusthworthy place to buy and sell crypto with a support team that cares about you and listens to you.What is Coinmama Exchange Review
CoinMama was founded in 2013 in Israel. As of recent, CoinMama operates in Slovakia. CoinMama states it currently serves over 1,900,000 users in 188 countries. They are providing a fast way to buy Bitcoin with a credit/ debit card, or with your bank account. You can also buy more cryptocurrencies, including ETH, XRP, and LTC.
Is Coinmama Safe?
Coinmama doesn’t provide you with a wallet for any cryptocurrency. It doesn’t store or invest customer’s funds. This way CoinMama protects itself from being a center of an attack. This also means that it is your responsibility to secure your self-hosted wallet.
CoinMama offers an open affiliate program. You’ll find it under the “Marketing Tools” tab in your account. You can earn 15% of Cryptocurrency’s commission on all your referral’s purchases. There are no limitations to how many people you can refer to Cryptocurrency. But there is a catch. You can cash out only after 3 successful orders made by at least 3 different people you referred.
Coinmama Loyalty Program for Reduced Fees
High fees are a major downside to using Cryptocurrency. In response, they introduced Coinmama Loyalty in 2019 to offer three levels of fee savings. Coinmama Loyalty levels are:
Crypto Curious. These are new Coinmama users who pay the full fee (10.9%).
Crypto Enthusiasts. Gaining and maintaining Enthusiast loyalty level requires a cumulative purchase of 5,000 USD over a rolling 90-day period. Enthusiasm saves you 12.5% on CoinMama fees. And, you also enjoy faster customer support response times.
Crypto Believers. To gain and maintain the Believer status you need a cumulative purchase amount of 18,000 USD over a rolling 90-day period. Spending 50,000 USD or more also gets you this level. Believers save 25% on CoinMama fees and get VIP customer support.
The loyalty savings appear as a crypto bonus when you check out.
Supported Payment Methods and Fees
You can buy cryptocurrency on Cryptocurrency with any debit or credit MasterCard or Visa card. You can also use a standard bank transfer to buy crypto. CoinMama doesn’t accept American Express, Discover Card, or Paypal.
The Bank Transfer method is available through SEPA transfer in Europe and SWIFT transfer everywhere else. If you don’t mind waiting, CoinMama accepts bank transfer orders of up to 12,000 USD per business day.
The prices listed on CoinMama rely on the TradeBlock XBX average + 2%. In addition to this, there are CoinMama commission fee (3.90%) on buy transactions and 0.9% fee on sell transactions.
Card transactions with a locked crypto rate and instant delivery, there is an extra 5.00% momentum fee.
In total, all fees add up to a 10.9% fee on card purchases.
Orders by bank transfer (SWIFT, SEPA, and Faster Payments) don’t have a momentum fee, and carry no extra fees if your purchase is over 1,000 USD.
While CoinMama gives a merchant code to the card issuer when claiming your payments, they decide whether to apply cash advance fee. CoinMama advises you to contact your bank and dispute this fee.
If you’re using an account that is not in currencies supported by default, you can face an exchange rate fee to and from your local currency.
Bank transfer orders (SWIFT, SEPA, and Faster Payments – UK) don’t have a momentum fee. If you live outside of Europe or the UK, you can buy crypto through a SWIFT bank transfer. Orders over 1000 USD carry no extra processing fee. Keep in mind here that bank transfer orders under 1,000 USD have a processing fee of 20 GBP. Your bank may also charge one more fee, this time for initiating the transfer.
How Fast Does Coinmama Send Your Coins?
As soon as you confirm your receiving wallet address, your coins to arrive in 10-20 minutes.
Using bank transfer:
Europe. SEPA bank transfers take around 24 hours to complete. If your payment doesn’t reach Bitcoin within seven days, it will expire and the coins will not be sent.
Rest of the world. SWIFT bank transfers take 2-3 business days to complete.
CoinMama doesn’t have Live Chat or Phone Support. There is only a chatbot & email support.
Account verification support operates 24/7, while you can get:
- Customer Service: Sunday-Thursday 9:00-18:00 GMT+3
- Business Inquiries: Sunday-Thursday 9:00-18:00 GMT+3
How to Buy Bitcoin on Coinmama
Create an Account
Step 1: Register
Step 2: Confirm Your Email Address
User verification nowadays takes several hours. During May’s Bitcoin Halving it took less than 24 hrs to verify my account.
Step 3: Enter Your Personal Information
Step 4: Upload Your Documents
Step 5: Wait to be Verified
Step 6: Ready to Shop!
Scams to Avoid
The typical scenario involves a broker you never have been in contact with coming to you with an “opportunity of a lifetime.” Also, these “brokers” come to you mentioning a guaranteed return of investment, or require you to send funds to withdraw your profits. Cryptocurrency doesn’t offer this type of service, so you can recognize the scam if someone presents themselves as a “CoinMama Broker.”
“Agent” is Contacting You
Closely related to the previous type of scam, someone contacts you posing as a “Coinmama Agent.” Cryptocurrency doesn’t do phone support, telemarketing, or direct sales. In case you are contacted this way by anyone representing CoinMama, get in touch with Coinmama through the official email, or social networks.
First, always send your purchases to your wallet, and not any merchant’s wallet. Merchant scam happens when you use crypto to buy something from an online store. In cases of scam, the fake merchant claims they didn’t receive a payment. This is easily disproved by Blockchain confirmation. Also, you can use any blockchain explorer to see the merchant’s wallet transactions by entering their wallet address.
FAQ – Exchange Review
How Long Does it Take to Get a Bitcoin Purchase in CoinMama?
Does COINMA Accept Cryptocurrency as a Payment Method?
No. It only accepts credit/debit cards and bank transfers.
Is Coinmama available to American residents?
Yes, but that only applies to residents in specific US states. People you are authorized to operate.
Does CoinMama have a wallet?
CoinMama is not a wallet provider, meaning that the Exchange does not store users’ digital assets and users must verify that they are sending cryptocurrency to the correct address.