Pros Explained

• Platform simplicity: Coinmama is a simple, straightforward platform that lets customers buy, sell, and swap crypto. It doesn’t offer any other features, which could be good for those looking for an easy-to-use exchange.
• Longevity in the cryptocurrency space: Founded in 2013, Coinmama is an established platform in the crypto space. 
• Strong focus on security: Coinmama verifies its users to help prevent fraudulent activity and employs features like two-factor authentication to protect user accounts.

Cons Explained

• No cryptocurrency wallet: Unlike several other platforms, Coinmama doesn’t offer a cryptocurrency wallet. This could be a drawback for some users who appreciate the convenience of buying, selling, and storing their crypto in one place. 
• Limited options: Coinmama only facilitates buying, trading, and swapping of cryptocurrencies. Users looking for other financial products or tools would have to find those options elsewhere. 
• High fees: The fees are noticeably higher compared to other platforms offering a similar service at a lower cost.

Introduction

Coinmama is an established, straightforward cryptocurrency exchange. It supports a small number of digital assets and doesn’t offer a dedicated crypto wallet. Those looking for a crypto exchange with lots of tools and products may want to look elsewhere. Unlike some other exchanges which offer a full suite of products and tools, Coinmama is a basic exchange that could be well-suitedꦚ for novice crypto investors who have crypto wallets on other platforms. 

Company Overview

Coinmama was established in 2013 and has served almost four million customers around the world. The company is headquartered in Ireland, and it was founded by Nimrod Gruber, Laurence Newman, and Ilan Schuster. Coinmama supports 1🌠5 digital assets at the time of publication, including Bitcoin, Ethereum, and Aave.

Coinmama is available to users in more than 190 countries and 48 U.S. s🧸tates, excluding Hawaii and New York. It gives customers the option to purchase crypto using credi𝓀t cards, debit cards, bank transfers, and Apple Pay.

Cryptocurrencies Available on CoinMama

While some crypto exchanges offer hundreds of assets ava♔ilable for purchase, Coinmama has a limited seleꦯction. It currently supports just 15 assets, including the following: 

• Bitcoin (BTC)
• Bitcoin Cash (BCH)
• Chainlink (LINK)
• Compound (COMP)
• Dogecoin (DOGE)
• Ethereum (ETH)
• Ethereum Classic (ETC)
• Numeraire (NMR)
• Tether USDt (USDT)

Trade Experience

The trade experience on Coinmama is user-friendly and intuitive. However, options are fairly limited. Coinmama doesn't support crypto-to-crypto trading, and users can only sell Bitcoin through this platform. If you want to sell another asset, you'll need to use a different exchange. Customers can click the Buy or Sell tab to inꦯitiate a transaction on their online dashboard. Coinmama’s Wallet app is in the works and expected to be launched soon. 

While the platform experience is simple, certain assets do require a minimum purchase amount. To purchase any cryptocurrency on Co🍃inmama, you need to spend a minimum of $50. There is also a minimum order based 𓃲on which payment method you choose. 

Coinma🎃ma supports several payment methods, including credit or debit cards, bankꦰ transfers, and Apple Pay.

Fees 

Coinmama charges trading fees as a percentage of each transaction, and th๊ese fees vary based on account tier. The platܫform has three tiers: 

• Curious: Under $5,000 in transactions over a 90-day period
• Enthusiast: Over $5,000 in transactions over a 90-day period
• Believer: Over $18,000 in transactions over a 90-day period or over $50,000 in transactions total

Those in the Curious tier will pay a 3.9% fee per buy or sell transaction. Enthusiasts pay 3.41%, and Believer🐈s pay 2.93%. Compared with other cryptocurrency exchanges, Coinmama’s trading fees are relatively high. Users will also pay spread fees, called “rates” on Coinmama, and may be subject to other fees depending on the payment method they use.

Security 

Coinmama is strictly a crypto exchange and doesn’t hold user funds on ꦇits platform. Users must have a crypto wallet to initiate a transfer of funds. This security feature removes some of the risks users are exposed to when using a platform t🌺o store their funds. Coinmama also offers guidance to users on how to create a strong password and username, and customer information such as credit card numbers or bank account details isn’t stored on the platform. 

In addition to these features, Coinmama users are required to verify their identity by providing a driver’s license, passport, or another valid government-issued ID. Customers are also encouraged to enable 澳洲幸运5开奖号码历史查询:two-factor authentication, though it isn’t required. 

It’s important to note that Coinmama was one of several companies targeted in 2019 during a large-scale hack, resulting in a security breach that exposed user emails and passwords to those who orchestrated the hack.

Opening a CoinMama Account

What makes Coinmama attractive to many of its users is the platform’s simplicity and how easy 🍬it is to ♏open an account. Before you start creating an account, ensure you have a valid government-issued ID on hand and be prepared to create a unique password as well. 

You’ll begin the account creation process by inputting some basic information, such as your country of residence, address, and email. Once you submit that information, a confirmation link will be sent to the email address used to create your profile. After you click the confirmation link, the final steps to create your account include uploading a valid ID and a selfie to verify your identit🐽y. 

Customer Service

Coinmama offers a that leads directly to customer service. In addition to its customer support options, Coinmama also has a where users can find answers to common questions about account management, fees, and♋ more. 

Customer Satisfaction 

Coinmama customers have mixed feedback about this exchange, which is reflected in its 3.7 rating out of five stars across 865 Trustpilot reviews. Seve🍃ral users have positive things to say about Coinmama’s customer service.

There were two no💎table issues of conce🍬rn, though. Some new customers had to resubmit identifying information more than once in order to confirm their identity. Others reported unexpected account closures.

Account Management

Coinmama users can log in to their online portal. Once 🐼logged in, users can view the different stages of their orders ranging from pending, failed, or completed. Its Wallet app is expected to be rolled out soon.

Under༒standing how to transfer funds from Coinmama to a crypto wallet is a key c𒊎omponent to using the platform. While the process of transferring funds is relatively simple, those who aren’t familiar with it may be more inclined to look at different exchanges that offer built-in wallets. 

How CoinMama Compares to Other Crypt✤o🧸currency Companies

Coinmama is a simple, straightforward platform for buying and selling crypto. Its ease of use makes it a great option for certain customers. However, it has relatively high fees and users looking for expanded product offerings su🧸ch as crypto rewards credit cards or crypto-backed loans will need to look elsewhere. 

Final Verdict

Coinmama is a basic, easy-to-use platform that lets customers buy a limited number of cryptocurrencies and sell Bitc♉oin. However, it charges relatively high fees for each transaction and doesn’t offer all the features and products that competitors may provide. Despi🎐te this, Coinmama receives positive feedback from users overall, and its simplicity may make it an attractive option for newer crypto investors.

Methodology 

Investopedia is dedicated to helping those interested in cryptocurrency investing make informed and safe decisions. We are committed to providing our readers with unbiased reviews of the 澳洲幸运5开奖号码历史查询:top cryptocurrency exchanges for investors of all levels.

Exchanges were reviewed on points including security, fees, number of cryptocurrencies available, and more. We also considered if the exchange is regulated by a proper agency or entirely decentralized. Our full 澳洲幸运5开奖号码历史查询:cryptocurrency exchange methodology, including the review process and weighted data pointওs, is available for review.