Coinmama is a cryptocurrency exchange known for being one of the world’s most beginner-friendly platforms. Launched as early as 2013, Coinmamam is a pioneer in the crypto space that provides investors with a simple and hassle-free buying and selling experience.
While it may not be the go-to platform for expert crypto traders looking to execute high-frequency trades, it still serves as an excellent choice for those who are simply looking to buy or sell their cryptocurrencies.
Coinmama allows users to purchase and trade popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash using fiat currency. In this review, we will take a closer look at Coinmama’s features, fees, security, customer support, and overall user experience.
Coinmama Review: The TLDR
Simplicity is the name of the game for Coinmama. This beginner-friendly crypto exchange only supports a handful of coins, not to mention popular options such as Bitcoin, Ethereum, Litecoin, Aave, Dogecoin, USDT, and USDC, to mention a few. With a history that goes as far back as a decade in the crypto space, Coinmama is by far one of crypto’s best-kept secrets.
They offer a straightforward trading experience, and any crypto trader who shies away from the sophisticated nature of charts and order types will appreciate what Coinmama has to offer.
Even so, some crypto traders will not enjoy the fact that Coinmama does not feature an in-built wallet, as is the case with most centralized exchanges such as Coinbase or Binance.
Furthermore, unlike most crypto exchanges where fees range between 1 to 2 percent, Coinmama’s fees are slightly higher than conventional at a range of 0.9% to 3.9%.
What’s the History of Coinmama
Coinmama is Israel’s first Bitcoin ARM company and was founded in 2013 by Nimrod Gruber and Ilan Schuster, both of whom had a background in the tech industry. The two founders were motivated to create Coinmama as a simple and user-friendly way for people to buy and sell cryptocurrencies, which were gaining popularity at the time. Since then, Coinmama has grown to become one of the most well-known cryptocurrency exchanges in the world, serving over 2.5 million customers in more than 190 countries.
Coinmama is run by a team of over 50 employees based in Israel and Slovakia. The company is privately held and has not disclosed its financial information publicly. Even so, Coinmama has received positive reviews for its user-friendly platform and quick verification process, although some users have criticized its relatively high fees and limited selection of cryptocurrencies. Despite these criticisms, Coinmama remains a popular choice for people who are new to the world of cryptocurrency.
How to Open an Account
Getting started with Coinmama is easy. Just follow these steps.
Step 1: Go to Coinmama’s website and sign up
Step 2: Verify your email address and also go through KYC, as Coinmama requires users to complete a KYC (Know Your Customer) process to comply with regulatory requirements. You’ll need to upload a photo of your government-issued ID, such as a passport or driver’s license, to complete this step.
Step 6: Submit your payment method
Step 7: Buy cryptocurrency: Once your payment is processed and your account is verified, you can start buying cryptocurrency.
And that’s it!
When it comes to user experience, most traders have had a positive trading experience on Coinmama, with many praising the platform’s user-friendly interface and quick verification process. However, some users have noted that Coinmama’s fees are relatively high compared to other exchanges, which may deter high-volume traders. The good news is that Coinmama offers decent discounts for high-volume traders. For instance, top-tier traders on the platform can pay as little as 0.99% in fees.
Also, if you are used to centralized exchanges that let you store your coins in your exchange wallet, Coinmama will surprise you a bit as it lacks an in-built wallet. Perhaps this design is, in a way, encouraging crypto natives to learn to be their own banks and store their coins in cold storage.
Even so, when it comes to trading experience, Coinmama remains a solid choice with a strong reputation for security and reliability.
As mentioned, Coinmama charges much higher fees than your typical crypto exchange. The fees vary depending on the cryptocurrency, payment method, and the amount being purchased. For example, purchasing Bitcoin with a credit card incurs a higher fee compared to using a bank transfer.
There is also a volume-based fee structure where the higher volume buyers get discounted rates as low as 0.99%. Coiinmama calls their tiered fee structure “Loyalty levels.”
Is Coinmama Safe?
Coinmama is a safe platform that employs industry-standard encryption and security protocols to protect user data and prevent unauthorized access. It requires users to complete a KYC process to prevent fraud and money laundering, and 2-factor authentication is used for additional security. The majority of users’ funds are stored in cold storage, making them less vulnerable to hacking attempts.
Conclusion: A Great Option for New and Old Crypto Users
In conclusion, Coinmama is a reliable and user-friendly cryptocurrency exchange that provides a straightforward buying and selling experience. With over 2.5 million customers worldwide, Coinmama has established itself as a popular choice for people who are new to the world of cryptocurrency and looking for a simple and accessible platform to buy and sell crypto.
While Coinmama’s fees may be higher than some other exchanges, the platform’s ease of use, quick verification process, and secure storage of users’ funds make it a great choice for beginners.
However, for advanced traders looking for advanced order types, margin trading, or a wider selection of cryptocurrencies, other exchanges may be a better fit. Overall, Coinmama is a reputable and trustworthy platform that provides a solid entry point into the world of cryptocurrency.