Coinmama Exchange // Condensed Review – Pros and Cons

Coinmama Exchange // Condensed Review – Pros & Cons

Started in 2013, Coinmama (coinmama.com) is one of the world’s oldest Bitcoin exchanges. Operated by NBV International, this cryptocurrency platform accepts investors from 190 countries and has a total of 2.7 million users worldwide. Not to mention, the interface is extremely simple to use, making it ideal for novice users!

The following Coinmama review will analyze the most important aspects and provide you with a well-balanced and detailed overview of the exchange and its services. The time is now, so let’s dig deep to see what Coin mama Exchange has to offer!

Register a free account at Coinmama

Coinmama Restricted Countries/Regions

The use of Coinmama is not permitted for users in the following countries or territories: Cuba, Crimea, Iran, Israel, Lebanon, North Korea, Palestinian Territories, South Sudan, Sudan, Syria, Somalia.

Is Coinmama a safe cryptocurrency exchange?

As you may know, most cryptocurrency exchanges are not regulated by any governmental body. However, Coinmama is in fact registered with FinCEN (Financial Crimes Enforcement Network) in the United States, and can therefore provide money services to investors globally. This shows that the Coin mama platform is dependable and that any fraudulent activities on their site will be investigated accordingly.

Is Coinmama a safe cryptocurrency exchange? FinCen

And of course, the website uses HTTPS protocol to ensure safe and secure transactions, 24/7. In addition, Coinmama does not store or record any credit card information, nor do they hold any customer funds, and is therefore a very safe and reliable exchange to buy and sell cryptocurrencies.

Available Cryptocurrencies at Coinmama

Coinmama prides itself in offering the most popular cryptocurrencies. Users from all over the world are able to buy and sell the following:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Cardano (ADA)
  • Litecoin (LTC)
  • Tezos (XTZ)
  • Ripple (XRP)
  • Dogecoin (DOGE)
  • Chainlink (LINK)
  • Uniswap (UNI)

Coinmama Cryptocurrency Exchange

One very surprising difference between Coinmama and other exchanges is that this platform only allows you to buy and sell the above cryptocurrencies. They do not provide margin or futures trading capability, and instead they focus their efforts into providing one of the most easy-to-use websites for you to simply buy and sell BTC, BCH, ETH, ETC, ADA, LTC, XTZ, XRP, DOGE, LINK, and UNI.

Coinmama Cryptocurrency Exchange

Coinmama Wallet

If you already have cryptocurrency in a wallet from another provider, then you are ready to use Coinmama. Simply transfer your funds over to Coinmama to keep all of your coins in one place. If you do not already own any crypto, then you can also easily purchase directly from this website and then store it in the built-in Coinmama Wallet.

Coinmama Mobile App – iOS & Android

Again, because Coinmama focuses its energy on providing a platform for the pure buying and selling of cryptocurrencies, they do not have a mobile app that lets users trade on futures, perpetuals, and other contracts. Therefore, please login to your account on desktop to undergo the buying and selling of available coins at Coinmama.

Coinmama KYC Verification Requirements

Coinmama has 2 different levels for user accounts.

When you complete the Coinmama verification process and are approved, you’ll automatically have a Level 1 account. This will allow you to buy cryptocurrencies with a credit card or via bank transfer.

The required KYC document is a government-issued ID. With Level 1, you are able to purchase up to $15,000 USD’s worth of crypto, with daily limits of $5,000 USD for credit card transactions and $12,000 USD for bank transactions.

By upgrading from Level 1 to Level 2, you will have more freedom to purchase cryptocurrencies with a much higher limit. In order to upgrade to Level 2, you will need to provide a government-issued ID and a utility bill in your name.

Register a free account at Coinmama

Coinmama Payment Methods and Fees

We shall go over the payment methods used at Coinmama.

Depositing at Coinmama and Fees

You can make instant purchases of cryptocurrencies via Visa, Mastercard, Apple Pay, Google Pay, and bank transfer.

Transactions made via credit cards and debit cards will be charged another 5%. However, Coinmama has a Loyalty Program where you can save 12.5% for any cumulative order if you have purchased more than $5,000 USD over 90 days. And if you have purchased more than $18,000 USD over 90 days or if you have a lifetime purchase amount of over $50,000, then you save another 25%!

Withdrawing from Coinmama and Fees

Despite higher-than-average deposit fees compared to other exchanges, it’s worth noting that Coinmama does not have any withdrawal fees! 0.00%! So go ahead and feel free to withdraw your cryptocurrencies to anywhere you need the funds to go.

Coinmama Customer Service

You can contact Coinmama support via email, Facebook or by scrolling to the bottom of the homepage and submitting an inquiry. Coin mama Exchange will take action on all kinds of customer inqueries/issues within 2 hours on any business day. This is real dedication to show that their focus is on providing the best customer service experience!

Conclusion – Should I use Coinmama?

Although Coinmama is ideal for novice users to purchase and sell digital currencies, the only negative is that they do not offer trading services much like the major crypto exchanges. For this reason, this platform is not suitable for professional or serial traders. However, even with this inconvenience, Coinmama is still a great place to buy and sell your favorite cryptos for these reasons:

  • 1) Simple interface – one of the most user-friendly exchanges!
  • 2) Accepts Visa and Mastercard and supports all fiat currencies!
  • 3) Super fast delivery of your purchased coins!
  • 4) The attractive Loyalty Program benefits you with huge savings!

Coinmama is one of the oldest cryptocurrency exchanges in the world and has earned a name for itself as a safe platform for the smooth buying and selling of cryptocurrencies. If your goal is to look for a safe and secure platform to buy and sell the major coins, then this website is absolutely one of the top choices for you. Go ahead, create a free account to try Coinmama today!

Register a free account at Coinmama

Up to 25% Discount on Fees

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