Cryptocurrencies are one of the most important currencies on the market and this trend began just a few years ago. You’ll agree that cryptocurrencies took the world by storm, especially the well-known Bitcoin, whose value is the highest amongst them all. Right now, you can manipulate your cryptocurrencies by buying, selling or exchanging them with several different currencies. If exchanging is your primary concern, you might want to check the Coinmama exchange platform. Coinmama is a crypto exchange website where you can buy Bitcoin, Litecoin, Cardano, and Etherum with real cash or simply exchange your cryptocurrency for another one.
Coinmama is a Europe-based crypto exchange website that was established in 2013. With its headquarters located in Bratislava, Slovakia, the company can pride itself on being one of the best crypto exchange services in Europe. However, they began strictly as a Bitcoin exchange service and added some new currencies since then.
It’s really amazing how Coinmama progressed through the years. In fact, it’s more amazing to know that some American states can use Coinmama too! Their primary goal is to provide fast, reliable, and simple crypto exchange for almost all countries, with affordable fees. But, is it really that good? You will find that out in our review below.
Interested in how Coinmama compares to other crypto exchanges? We have compared all major cryptocurrency exchanges in this article.
The main question many of you will ask about Coinmama is the question above. "Is Coinmama safe to use?" If we just review the previous years and look at how many crypto exchange services we had back then, you’ll see that the number isn’t exactly high. However, you’ll also find Coinmama there, as one of the first cryptocurrency exchange platforms. Coinmama is an amazing service that’s great for those who would like to get more out of their Bitcoin and Ethereum currencies.
Coinmama also added a thick layer of security by letting you only buy, and not save your crypto on the website. By doing this, Coinmama doesn’t even come in contact with the money you are working with. On top of that, this service holds more than 1,000,000 satisfied customers and over 188 served countries worldwide. Judging by the numbers and our editors’ experience, we can’t say that Coinmama isn’t safe. In fact, it’s probably one of the best European crypto exchange services.
Take advantage of the security features!
A website such as Coinmama should always have a quality customer support service. You never know when something can go wrong, especially when it comes to your money. Before buying and selling crypto on this website, we decided to give the customer support a try. From our experiences, Coinmama has an amazing customer support that's well trained and quick to respond. On the internet, you’ll see some mixed opinions here and there, as well as some scam claims, which in our opinion, aren’t justified.
Coinmama offers three types of customer support. The first one is the Customer Care which you can contact using their number (+1-800-261-6932). Here, you can inform yourself on everything you need to know as a customer. The next one is the email for account-related issues and finally, you can contact them through the business email. Unlike Changelly, for example, Coinmama made sure that their customer support is one of the best in the game.
But, what are the other customers’ opinions? Well, the things are somewhat different here. Some are complaining about the delay and tiny system errors that are resolved quickly. The scam claims are also false and are mostly an effect of misunderstanding. When it comes to delays, we also experienced some of them here and there, and some Reddit users confirmed this. It’s a problem that should be rectified soon – at least, we hope so.
As we mentioned earlier, Coinmama is a crypto exchange service that’s available for almost anyone in the world. Although it’s a Europe-based service, Coinmama made sure that even the users in Africa and America can use it. However, the service is available for a large number of the USA states, alas, not for all of them. Still, if you live in states like Montana, Colorado, California, Louisiana, New Jersey, North Carolina, New Mexico, Nevada, Missouri, Texas, Virginia, and similar, you’re free to use Coinmama. The other supported USA states are listed below:
Coinmama has a beautiful, slick, and intuitive interface that many of us consider easy to use. You'll find your way around pretty easily, as most of the features are located on the top-side, while the news and updates are at the lower portion of the website. This is the interesting part, as you can inform yourself on various events in the crypto world or simply read an interesting article about some of the cryptocurrencies.
“Super easy and all done in under 30mins. I can only recommend this service, it even allows the most basic crypto fans to use it without a problem.“
But, you are probably interested in creating an account on Coinmama. Luckily, this process is very simple and you’ll be able to do that in less than two minutes. To begin using Coinmama, all you have to do is look at the upper right corner of the home page and click on "Sign Up". After this, you need to fill out the designated fields by entering your email, password, first name, last name, and your country of residence.
After you do all of this, your account needs to be confirmed. Of course, the main thing to do is to go to your email inbox and confirm it. Upon confirming your account, you’ll be returned to the website where you can see your profile. This page will also show you your orders and it should be empty since this is your first time using Coinmama.
Don't waste time, quickly sign up and start trading!
Coinmama’s reputation was built through the years, as this company exists for five years at this moment. There are two main contributing factors to this. The first is their great customer support and the second is the general accessibility. Coinmama is known to have a large number of customers worldwide and they are mostly pleased with the work of this service. However, Coinmama also has a bad reputation for their high fees.
As far as we all know, the crypto market is fluctuating every minute. That being said, we’re quite surprised with some of the rules regarding the fees. We’ll talk more about that in the next section of this review.
If you’ve ever used Coinmama for your cryptocurrency exchanges, you probably know that the fees can sometimes be a little high. Just a few years ago, Coinmama couldn’t do all of their processing and the fees were even higher. For example, you had to pay a service fee of 8.5%, along with the 5% fee for the payment processor called Simplex. If we add an additional exchange rate for the bank, you could very well end up with around 15% fee. Those were the times when Coinmama wasn’t the best option for exchaning cryptocurrencies.
Nowadays, we can’t say that Coinmama is the best option but still, the fees are much lower. As Coinmama does all of its processing, you now pay only the service fee, which is around 5.5%. With the service fee paid, the website is able to process your transaction much faster and provide you with an end-to-end support. The best thing is that the fees are both around 6% whether you use your Credit or Debit card.
Now is the time to start buying cryptocurrencies!
Coinmama supports two methods of payment. As we mentioned, one method is using a Credit card, while the other is using a Debit card. Both of these methods come with a constant fee, but Coinmama has some limitations, depending on your account verification. To verify your account, it's not only enough to confirm your email, but also provide several different documents.
A completely verified account should have sensitive information provided to the website. This info is about your city of residence, address, and documents that prove your identity. According to this, you can be a Level 1, 2 or 3. Level 1 users have the limit of $10,000, which is around 1 Bitcoin.
The users with Level 2 can purchase cryptocurrencies up to the limit of $50,000. If you want to reach Level 2, you need to provide a utility bill showing your name and a picture of you holding your submitted ID’s, be it your passport, National ID card, or driver’s license. Finally, Level 3 users have a so-called “God Mode” which raises their limit up to 1 Million USD.
Sending crypto on Coinmama is a very easy thing to do. If you don't mind creating an account, you can proceed to the process itself. Unlike some of the services, Coinmama requires you to make an account and since we explained you how to do this, you can try it for yourself.
Aside from buying Ethereum and Bitcoin, Coinmama offers Litecoin, Bitcoin Cash, and Cardano. In the upper part of the website, click on the crypto you want and then take a look at the packages that Coinmama offers. Of course, you aren’t forced to buy pre-built packages. If you look under the offers, you’ll see a slider that lets you move it, thus controlling the amount of the cryptocurrency you want to buy.
You’ll see the amount of the selected cryptocurrency underneath, but also an amount of USD/EUR that this cryptocurrency costs. If the slider isn’t effective for you, simply enter the desired amount and click the blue button saying ‘’Buy [Cryptocurrency name]’’. After that, be sure to enter the info about your address, name, mobile phone, city, country of residence, and Wallet address.
Now, the transaction should be initiated. The processing time may heavily depend on the workload. You may get your money in just a few hours or in a few days. In our previous experience, the average time is about three to four hours. It’s not the fastest time, but We’ve never had an unsuccessful transaction.
There are numerous ways to make your own E-Wallet online, so Coinmama decided to exclude this option. To put it simply, you can’t receive any cryptocurrencies to your Coinmama account. Whether you like it or not, We still think it’s a wise move by the developers. There are several reasons behind this, one of them being security.
Unless the website isn’t labeled as a Wallet for keeping your cryptocurrencies, that website usually doesn’t want to hold any liability for your crypto. As Coinmama isn’t a Wallet service, they have no need and interest in keeping your cash in their hands. This is a service that’s oriented on selling crypto, as well as exchanging it for another crypto or any other currency.
To conclude our review, we need to take into an account everything we’ve told about Coinmama. So, is Coinmama really that great? Well, since you've taken your time to read through our review, We are pretty sure you know the answer to that question. Coinmama is aimed towards customers that aren’t interested in a huge plethora of cryptocurrencies and want a stripped-down version of the service.
You’ll agree that we can’t find hundreds of cryptocurrencies on Coinmama, but the 5 that are available are probably everything that you’re going to need in the nearest future. On the other hand, many of you will be happy with the customer support and secure transactions that Coinmama offers.
All in all, Coinmama is a great crypto exchange service that’s suitable for both newbies and experienced users. Its intuitive interface and excellent ease of use are going to make you fall in love with this website even more. At least, it’s always free to register your account, so you can take your time and try it for yourself.
You can check out all of the most popular cryptocurrency exchanges in one article here.
Have you traded on Coinmama? Do you have any advice or suggestion for the other readers? Let us know in the comment section below!
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