Coinmama Exchange Review
In this post we give a non biased review of the Crypto Exchange Coinmama and share details about features, fees and an overview of their site.
Disclaimer: Under NO circumstance should this review be interpreted as a recommendation to trade or an endorsement of a trading platform, supplier or of a specific cryptocurrency.
Coinmama Crypto Exchange Review – QUICK NAVIGATION
QUICK FACTS – Coinmama Crypto Exchange
Type: Trading platform/crypto exchange
Founder: New Bit Ventures
Headquarters: Bratislava, Slovakia
Coinmama Crypto Exchange Review:
Overview of Coinmama
Coinmama is a brokerage service that allows one to purchase Bitcoin and other cryptocurrencies pretty easily with a credit card, SWIFT or bank SEPA transfer. An excellent aspect of this exchange is that customer service comes up paramount with customer experience and service at the very top of the pile. This is also a good option for those who are purchasing their first cryptocurrency.
Crypto Exchange: Getting Started & Signing up to Coinmama
Registration
To buy bitcoin with Coinmama you are required to set up an account and be verified to meet with compliance regulations, for this you will need, photo ID, your smartphone and old fashioned pen and paper
We have made a simple step by step on how to sign up below:
- On the coinmama site click ‘sign up’
- Add your basic information including name, email address and a unique password
- Confirm your email address from the email coinmama sent to your inbox
- Input more personal information eg your home address and upload your photo ID using your phone or scanner – see coinmama site for image rules
- Use the old fashioned pen and paper to write ‘Coinmama and the date your submitting your application
- Hold the dated piece of paper up with your photo id and take a selfie
- You need to then wait for verification which usually takes around 15 minutes
Coinmama Exchange Bonuses: Sign up bonus
At present there is no offer from Coinmama on sign up
Trading on crypto exchange: Coinmama
Since Coinmama is a brokerage service there is no actual trading on the exchange
Fees
Coinmama’s website fee structure already include the company’s brokerage service fee of 5.9%. Coinmam also have a 5% credit card fee/charge which needs to be added onto the amount
Withdrawal on Coinmama Exchange
Withdrawal is simple and is with the same methods used in depositing. Additionally, according to the company, clients with SEPA supported bank accounts will be able to sell up to 12,000 USD in Bitcoin by a single transaction. No additional processing fee on SEPA bank transfers.
User Experience on Coinmama
Navigation
It is quite easy to get around the Coinmama platform if you are a newbie. For a pro it’s obviously much easier although the high fees will probably deter more experienced traders.
Charts
There are no charts on Coinmama since its a simple brokerage service
Offerings/Markets
You are only able to buy on Coinmama at present by selection one of the eight options available which include Bitcoin (BTC) Ethereum (ETH) Ripple (XRP) Litecoin (LTC) Bitcoin Cash (BCH) Cardano (ADA) Qtum (QTUM) Ethereum Classic (ETC)
Other products
Coinmama does not offer any additional products apart from the brokerage service
Mobile Experience
The mobile site is not fundamentally any different from the desktop version and is quite easy to use
Security
Security seems excellent as detailed in the signup process
Governance
Coinmama is an Israeli company which was founded in 2013 but is now headquartered in Slovakia. They are a private setup with an undisclosed number of employees. Coinmama is a brokerage service and has no wallets of its own. The company is licensed in Slovakia
Support & Social
Support requests are usually answered within 24 hours. There is no live chat, however. An interesting blog section provides some excellent articles on how to buy cryptocurrency and other useful information such as price history
Crypto Exchange: Our Rating of Coinmama
As brokerage services go, Coinmama is one of the best out there. It looks to be a reputable company and their support is pretty good.
It could be seen as a disadvantage to have the high fees which cannot be helped when using a credit card for purchases. but considering the prompt service, it’s sometimes worth the cost. However, this is balanced out with the high speed of transactions and efficient verification.
