Coinmama review: All you need to know about Coinmama
The rising price of Bitcoin and other Cryptocurrencies are rapidly attracting customer towards stepping into the world of cryptocurrency. For trading in different Cryptocurrencies, you need to look for a sleek and reliable cryptocurrency exchange platform with a reasonable transaction fee and excellent customer support and features. However, the options are not few and you must make a decision by considering various key aspects about these exchanges. When it comes to making a choice about a well-established, popular and trustworthy exchange platform which is in the market for many years, you have to consider Coinmama. Coinmama is a renowned and secure cryptocurrency exchange platform which is working for a long time to make the crypto trades simple and efficient. There will hardly be any website on the internet which does not add Coinmama on its list of top cryptocurrency exchanges. If you are new to Cryptocurrencies and want an uncomplicated solution for getting lucrative gains then you should give Coinmama a try. It is one of fastest and simplest way to trade in Bitcoins or Ethereum with a number o payment options. The traders must know about the different things on the platform to eschew any pitfalls which unaware traders can come across. So, here is an informative and comprehensive review of the Coinmama exchange platform to help you decide whether it is worth spending your time and money on it or not.
What is Coinmama?
The cryptocurrency landscape is facing a tremendous growth in the past few years due to these reliable and effective cryptocurrency exchanges. Coinmama is one of the most popular and oldest digital assets exchange platform and Bitcoin brokers which offers a wide range of services for easing the efforts and money for trading in major altcoins. With a number of flexible payment option, it became a platform to bring Western Union as a payment option in the cryptocurrency world. Coinmama is one of the most effective and simple Bitcoin and Ethereum broker which allow verified users to play with a number of features and progress towards fulfilling their trading goals. Until now, it has a customer backing of over 200,000 and is a successful crypto transaction based company in Ra’anana, Israel. The exchange platform was established in 2013 when there was no option of trading with any Bank cards. Nowadays, there are countless crypto brokers who allow trading in credit cards but a few years ago, the feature of credit cards was obscure and unexplored. It was Coinmama which came up with Payment options like Western Union to foster the trading process and broaden its dimension. The website is a product from New Big venture Ltd. who works to offer financial service to make the process of buying digital currency fast, safe and irrespective of the location and currency. It assures us that we will be able to buy digital assets whenever we want and at a challenging rate. The company platform is registered in FinCEN, United States for delivering financial service as a Money Service Business (MSB). The traders are entitled to receive sleek and intuitive design to help them purchase coins with their Credit card or Debit card. As Bitcoin and Ethereum are the hottest buzzes in the market, they have streamlined their approach to them and devoted everything to make the business with them, painless and congenial.
Overview of the Coinmama exchange platform
Earlier, the process of buying Bitcoin and other major altcoin was very tiresome as it used to take a lot of time and money to complete the process. But, as the exchange platforms become so competitive with their prices and flexible options, many people have turned to trading in digital currencies. Coinmama is major chunk holder as it introduced the effective method for sending Bitcoin from one wallet to other and exchanging it for other. Coinmama has made the transaction in cryptocurrency effortless and straightforward by incorporating the payment method of Credit or Debit card. Anyone with a valid Credit card or Debit card can start off their fundraising business with this exchange platform and generate impeccable gains. As there is no middle-man in the trading process, you can expect swift and error-free transaction completion. Currently, you can buy only Bitcoin and Ether on their website but the company can involve other Crypto purchasing option in future as well. They bestow their services to a total of 217 countries which includes United Kingdom, United States, Dubai, Spain, India, Sri Lanka, Brazil, Indonesia, Malaysia, Russia and many other countries. If you need a trading network to sell purchased Cryptocurrencies then you have to send it to other exchanges or choose something else. This is one of the biggest downsides of the company as they have no option for selling the coins. But, some of its features are so unique that it can benefit you a ton. The advanced and innovative feature of Coinmama is that you can check the cost of buying a certain amount of Bitcoin or Ether live, without worrying about any extra charges or hidden fee. Coinmama is known for its transparency in displaying all the charges, exchange rate, and the exchange fee. So, if you have any question related to the integrity of the website, you can drop it right now. Coinmama is endowing its amenities to almost all the people in the different part of the world. With a high withdrawal and transaction limit and low verification, it is a perfect platform for beginners and professional traders who want to showcase their prescience and astute behavior. Also, your personal details are completely encrypted to protect your privacy and provide utmost security.
How to trade at Coinmama platform?
Coinmama is known for delivering the finest service for buying Bitcoin and Ether by monitoring the proper charts and making the optimal decision for yourself. Although it is available in most of the countries in the world, people still face some problem if they don’t have Visa or MasterCard service in their country. Coinmama is nurturing the environment for secure trading for several years and made the process extremely straightforward. If you have decided to make an account and proceed with live Bitcoin and Ether trading on Coinmama, you can proceed ahead with the registration process. First of all, you have to create an account by providing your Name, Email ID, and your residing country. After verifying your email ID and successfully login into your Coinmama account, you can proceed towards making your first Bitcoin or Ether purchase. For your first transaction, you have to head to the desired cryptocurrency and access the live exchange rate and choose your package. You can buy a single quantity of Bitcoin or Ether or make a transaction for multiple Bitcoin or just a very little fraction of it. The minimum limit for trading on the platform and buying Bitcoin is as low as 0.1 BTC. It completely depends on your ambition and requirement. The rates are flexible and you also get a chance to Pay in either EURO or USD. The rates which are display implicitly on the website are live and the affordable rate for getting the major cryptocurrency giants. The price for the desired amount keeps on fluctuating every second, so you can monitor the Bitcoin and Ether graph and make the most appropriate choice according to your insight and plans.
After selecting the cryptocurrency and the amount which you want to buy, you have to select the mode of payment. There are a couple of payment options which are not just limited to Bank credit and debit cards. At Coinmama, you also get a Cash payment option through Western Union or MoneyGram. The entire payment process is smooth and instinctive, so you can’t have any problem or queries while dealing with the payment options. After completing the transaction for the specified number of Cryptocurrencies, you have to confirm the wallet address where you want to send your purchased currencies. Although it has pioneering and plain idea for instant payment and easy navigation, it lacks a big thing constraining the user to involve in more trades on the platform. The biggest pitfall of Coinmama is that you can sell off the purchased Bitcoin or Ether and can’t even keep it on the decentralized network as it does not have any wallet. The only option you have is to provide a valid Bitcoin wallet address where you want to send your funds and digital assets. By clicking on the confirmation link, you will be entitled to receive the coins in your wallet instantly without any hassle.
Available payment options at Coinmama
As we have discussed Coinmama to be the first cryptocurrency exchange platform which enabled the use of Western Union to pay for the Bitcoin or Ether, it attracted many thousands of people towards their blooming network of reliable trading. Coinmama is a recognized exchange platform which has worked over the years to provide instant altcoin purchase at the best rate. At this platform, you can buy Bitcoin or Ethereum by selecting the mode of payment. This is done by heading to the Ether or Bitcoin tab and selecting USD or EURO. Now, you can pay using different types of options by looking at the fee and the time of transactions. Coinmama supports three types of payment options which are as follows.
- Credit cards: The reason why more and more traders are adding up to the crypto space is due to the payment options such as Credit cards. Credit cards provide flexibility to the users to trade at the maximum credit limit while paying nothing at that time. We all know how a credit card works and how it can benefit us during an instant transaction. Visa and MasterCard are accepted from almost everywhere in the world. There are many other exchanges which fail to provide such high regional coverage but Coinmama can be used by almost every one irrespective of their country of residence. The credit card deposit is the fastest method which is offered by Coinmama. This is because the company has integrated Simplex in their system allowing the user to pay with their Bank cards from any local currency.
- Debit Cards: With Cryptocurrency being such a hot commodity in the recent times, the addition of payment options like Debit card will just make your life easy. Other than the credit card deposit, you can choose the debit card as well for instant transactions on the app. With just a few clicks and by giving your card details, you can buy Bitcoin or Ether with your Visa or MasterCard Debit Card at a competitive rate. However, the payment fee and the transaction rate are not the best at Coinmama but, if we consider the security and the reliability they are offering, it is worth it.
- Cash: Although Credit card is the most popular and sought after option at Coinmama, some people even look for paying using cash due to ease of payment and avoiding giving credit card details. After verifying your digital Bitcoin wallet on Coinmama, you can choose Western union for paying in cash. The traders usually don’t go for Western Union or Money Gram to pay for their Bitcoin or Ethereum purchase until the options of paying through Visa or MasterCard are available.
The option of paying with the Western Union is rather expensive than choosing Bank cards. It is a mere consolation that Coinmama supports different deposit methods and withdrawal methods. But, traders using Cash methods to buy digital currencies are actually bounded due to lack of privileges of using Visa or MasterCard credit card in their country. If there is a credit card option in your country hardly anyone will do for the Cash payment option.
Which Cryptocurrencies are available on the Coinmama platform?
Until now, the developer team at Coinmama has focused on only two digital currencies which are Bitcoin and Ethereum. As BTC is the largest growing cryptocurrency in the world, you can make a swift purchase to your Bitcoin wallet in just a matter of few minutes. The best thing about Coinmama is that you are entitled to receive error-free withdrawal with a variety of withdrawal methods. This Israel based company also sells Ethereum which is second largest and second most renowned cryptocurrency in the world. As people are more inclined towards trading in Bitcoin and Ethereum, they have focused only on these currencies. Nevertheless, as the feature of selling cryptocurrency and a digital Bitcoin wallet is going to be added to the website soon, we can also expect that the company will bring other Cryptocurrencies as well. For now, you have to send your money to your Bitcoin wallet or Ether wallet with the deposit address.
Which countries are supported by Coinmama?
The method of exchanging Cryptocurrencies are available in total 217 countries which includes almost all US states, United Kingdom and European and Asian countries. The foremost thing about Coinmama is that it allows payment using any local currency form your local bank and provides service to almost all the countries n the world. After registration on the website, you can purchase digital currencies from your local bank with your credit or debit card without any problem. Canada, Brazil, Afghanistan, Aland Islands, Angola, Australia, Bahamas, India, Sri Lanka, Bolivia, Bermuda, Austria, Argentina, Bhutan, Bosnia and Herzegovina, Central African Republic, Chad, Colombia, Malaysia, Denmark, Czech republic, Estonia, Finland, France, Greece, Germany, Hong Kong, Ghana, Croatia, China, Egypt, Hungary, Iceland, Kenya, Jordan, Italy, Japan, Maldives, Mexico, Lesotho, Nepal, Netherlands, Oman, Pakistan, Poland, Portugal, Saint Lucia, Serbia, Spain, Singapore, Sweden, Thailand, Switzerland, South Africa, United Arab Emirates, Vietnam, Russian federation, Romania, Portugal, Slovakia, Ukraine, United Kingdom, Zambia, Venezuela, British virgin Island and United states are some of the countries where the Coinmama exchange network is accessible. The list is not even half and you can find the complete list of 217 countries by clicking on this link https://support.coinmama.com/hc/en-us/articles/211237889-Areas-we-operate-in.
As it has MSB license, it is widely available for trade in the United States. But, there are still many states in the United States where the service is not yet available. Here is a list of States where you can use Coinmama to buy Bitcoin and Ethereum and send it to your Bitcoin wallet.
- New Jersey
- North Carolina
- South Carolina
So, in total, 23 States have been given the provision to trade in Coinmama out of 50 United States. But, fortunately, the list is increasing and the company is striving to add other States as well to articulate their reliable service to the world. The most traffic to the website comes from countries like United Kingdom, Israel, Canada, and France. As you can’t sell the bought cryptocurrency, the traffic to the website is considerably low as compared to other platforms like Coinbase, Poloniex, Kraken, and Bittrex.
What if the user is not from the United States or the United Kingdom?
Coinmama only accepts users with a verified document in English only. This means that if you send a document for verification which is in a different language than English that will not be considered a valid document for verification. It is normal if you receive a rejection for verification if you send a scanned copy of a non-English document. So, if you belong to a country where the official language is not English and the documents provided by your government is not in the English language, it would be really difficult to get your application accepted for trading on Coinmama. So, even if you are not from a native English speaking country or your document is in some other language, you can head to a licensed translator and translate your document to English. You have to send the original document along with the translated document from the registered translator to login into your account and enjoy the great privileges of the company.
Coinmama trading platform and deposit methods
Coinmama is one of the most trustworthy and efficient platforms for buying BTC and Ethereum and sending it to your Bitcoin wallet. For this, you can either use the credit card or your Visa or MasterCard Debit Card. But, as many countries have still not prevailed the availability of Visa or MasterCard, you can use the Cash option and pay through Western Union. The only problem with paying through Cash method is that the deposit charges are high. The website is protected by https security protocol and is extremely secure and there will be no question in anyone’s mind related to the integrity of the website. There are several verification levels which you will come across after Login to your Coinmama account. Currently, as there is no Mobile app platform available, it is difficult for people to buy Bitcoins and Ether whenever they want. As it was extremely risky to buy coins with Credit cards a few years ago, the website like Coinmama, Coinbase, etc has worked towards diminishing the risk of such scam and presenting a distinct and unequivocal picture in front of everyone.
This product by NBV international has endowed a new momentum to the crypto space by introducing new deposit methods which also includes the Western Union. It was one of the earlier websites which included Credit cards for buying Bitcoin and Ethereum easily and safely. As there are no options for storing the money with an e-wallet, there are hardly any scams which the company can think of. Coinmama is a registered website in the name of a Slovakia based company NBV international. There is no such ‘trading platform’ on the exchange as the interface is a simple blend of simplicity and usability. The interface is so intuitive that even a person who doesn’t have any knowledge about how digital currencies work and how to buy Bitcoin will also be able to purchase the Bitcoin and send it to his Bitcoin wallet. It process starts with 0.1 BTC and goes up to a very high limit. There is a slider at the bottom of the digital currencies page where you can set your own limit according to the amount and price. If you want to buy a specified number of BTC of ETH, the platform will atomically calculate and give you the current price considering the market trends. As it automatically provides with the details along with fees transparency and exchange rate, you don’t need any Bitcoin charts or analysis tools.
Reputation and website integrity of Coinmama
When we are concerned about buying Cryptocurrencies and spending money on a platform, the website integrity, reputation, and the security is almost everything. This is because not only your personal details are at risk but also the company can be fraudulent by grabbing your money and not providing the expected service. As more than a dozen of exchange companies have scammed people by stealing money, it has become extremely difficult to trust anyone. So, it quite usual of having questions such as is it legit? Or is it safe? Or is it scam? However, at Coinmama, you can be sure that there will be no fund loss or any violation of personal identity. The main objective of the company is to let you buy currencies in the most secure environment. The authenticity of New Bit Ventures Ltd #514907880 signifies all these things and ensures that Coinmama is legitimate and offers optimum level of security to prevent any hacking attempt. The company is also having its registration in the US as Money service business. # 31000084489239 is the MSB registered number which is listed on their website. This MSB registration allows operating in most of the US States and is rapidly increasing their regional coverage in the US. So, there is no questioning on their legitimacy and website honesty. When it comes to reputation, Coinmama will perhaps make it to the top list.
Reliability and security of funds at Coinmama
Does Coinmama have any mobile app?
As of now, there is no official mobile app from the company. Although there is no mobile app launched by Coinmama, the website works well on any browser on the mobile platform. So with the responsive design of the Coinmama website portal, you can access all those things which you could on a Mobile app. Nevertheless, a mobile app can make the process extremely straightforward and allow the user to send currencies to their Bitcoin wallet on the go. There should also be a privilege of login to the account and access the different features of buying Bitcoin and Ethereum. Fortunately, the company is on the verge of launching a Mobile app where you can expect all the amenities of buying digital currencies. With the upcoming Coinmama Mobile app, you can set up your account and trade much more effortlessly and quickly. Also, there is some buzz about releasing a custom API to allow the developers to build compatible custom applications on the top of the platform. However, there is not much of a need for an Android app or iOS app, after all, it is just a platform to buy currencies and send it to your Bitcoin wallet or Ethereum wallet.
Purchase limits at Coinmama
Coinmama is recognized to offer high withdrawal limits with a variety of withdrawal methods. This process is the simplest when you use Credit Cards for the purpose. However, there are verification levels to purchase at different transaction limits and enjoy the high entitlements. Verified users are allowed to purchase $5000 worth of Bitcoin and Ethereum with a maximum monthly limit of up to $20000 through a number of deposit methods. The interface displays the pricing in USD and EUR but you can use your local fiat currency to transact. So, basically the local currencies are first converted to the USD or EUR and then the payment is processed. With an unverified identity, you won’t be able to transact and buy BTC or ETH for more than 150 USD cost. So, it is necessary to verify your account and enjoy the prerogative. So, for verifying your account, you have to upload some sensitive information which includes Passport, Driver’s License, and other government IDs. After you sign up to your account and login, you have to deal with the verification procedures. As you move ahead with the verification status and tiers, you will be allowed to transact at great fees with higher daily and monthly limits. To transact at the best fees and at the highest limit, you have to complete the three verification levels which are shown below.
Exchange fees and withdrawal methods at Coinmama
The transaction fees or the purchase fees are the major concern for most of the people using any exchange platform. So, people try to use the service which asks for the least transaction fees. The purchasing fees at Coinmama is not the best and is a bit high than its competitors. However, if you consider the security and the ease of transaction provided by them, you will think that it is not too much. As credit card is an option for buying Bitcoins and sending it safely to the desired Bitcoin wallet, there are certain advance fees, exchange fees, credit card purchase fees and the Coinmama fees which you have to pay. However, the exchange fees at other platforms like Kraken, Coinbase, BitPanda are also quite comparable. But, the charges are definitely not the best and you can get much better alternatives when it comes to fees. First of all, the company asks for 5.5% of fees for each and every purchase. If you use a Credit card for the purpose, you have to pay an extra 5% of credit card fees for accessing the safe interface provided by Simplex. There is also a small amount of Cash advance fee. The Cash Advance fees are levied if your local fiat currency is different from USD or EUR. Also, an Exchange rate fee is superimposed if you are buying from local currencies other than USD or EUR. For instance, if you want to buy Bitcoin worth of 1000 US Dollars with your Credit card, there will be Coinmama fees of 5.5% and Credit card deposit fee of 5%. So the minimum percentage which you have to pay is at least 10.5% at Coinmama. Additionally, if your country’s fiat currency is not USD or EUR, you have to bear surplus charges as Cash Advance fees and Exchange rate fee. So, for buying Cryptocurrencies worth $1,000, you have to pay more than $1,105. After sign up on Coinmama, be ready to experience the high purchase fee at the platform. Nevertheless, the fees at other exchanges are also high if you choose credit card option for payment.
Verification levels at Coinmama
Level 1: Level 1 is the first verification tier where you move your account from unverified level to a verified level. It is mandatory for the user to complete this process to starting trading on the platform. By reaching the first verification tier, you can purchase the currencies worth of 10,000 USD. For completing his verification tier, you have to provide one of the following government-issued ID.
- National ID card
- Driver’s License
Level 2: To enjoy higher limits of buying digital assets at reasonable and transparent fees, you have to level up further to tier 2. After signup and login to your account, you will have to move to level 2 verification tier to benefit from the uninterrupted service to 50,000 USD. For such higher limit, you have to submit additional documents. As you are going to get more advantages, you have to show some efforts by submitting one of the documents listed below.
- Electricity or Water Utility bill which has your name
- A picture of your face while holding one of the submitted documents
Along with this, you have to provide the scanned photocopy of the two government-issued IDs, unlike the first verification process which requires only one Photo ID.
Level 3: Also known as God mode, the transaction limit at this stage using various deposit methods goes up to 1 million USD. So, by putting extra efforts, you can access the unlimited purchasing limits. If you are not satisfied with the 50000 US dollars worth of Bitcoins or Ethereum, you can progress ahead by sending the same request to Coinmama at their customer support mail ID. So, if you feel the privileges are insufficient at Level 2, you can contact them at firstname.lastname@example.org and put up the request for the upgrade. For obtaining this level of authorization and such high limits at the affordable fees, you have to fill out a short form and send it again to Coinmama.
Customer support and feedback at Coinmama
Although Coinmama is a relatively small exchange platform, it is slowly and steadily enhancing its reputation and building its market share. With around 600,000 visitors in a month, it is behind its major competitors like Coinbase, Poloniex, Bittrex, and Kraken. But, the graph of Coinmama visitors is always increasing with a positive slope because of its dedicated customer support and positive customer experience. Customer service is definitely an important aspect when we talk about the image of the company. Although the Coinmama website is one of the easiest exchange platforms to purchase currencies and send it to Bitcoin wallet or Ethereum wallet, the company has an ebullient and passionate team to address various queries and the problem of their clients. So, you can expect a top-notch customer service with Coinmama. If you have any queries, you can head to the FAQ page where most of your questions will be answered. If your issue or query is not listed, you can reach out to their support team by emailing them at email@example.com or indulging in a live chat with their representative. You can also open a ticket and list your problem which is not mentioned in their FAQ page. You can also contact them at 1-800-261-6932 or through their business email at firstname.lastname@example.org for business related queries. But, for account related help and issues, you must email them to email@example.com for it to be properly addressed. Coinmama business hours are from 11:00 am to 7:00 am PDT and are available from Sunday to Thursday. As there is no phone support for resolving account related issues, the folks on Reddit and Bitcointalk.org often post some negative contents for the company. Some people on Reddit say that it takes more than 1 day for them to reply to your question. But, most of the people find it rather simple to connect with their friendly and prompt support team Coinmama is known for their devoted support team who usually replies in few hours and tells you the solution or resolve your doubts.
How is Coinmama image in the Reddit Community?
Reddit is a discussion forum and community where users post their problems and their perspective. If you check on the Reddit forum or BitcoinTalk.org, you will find a lot of people accusing the company of being a Scam or showing fraudulent activities. Apart from Reddit, if you check all over the internet, it is difficult or rather impossible to say that Coinmama is a Scam or fraud company. However, there are many users and post on Reddit which clearly signifies that the experience of the people has been great on Coinmama. There are various threads on Reddit where the people agree that Coinmama is one of the best and most secure platforms to Buy Bitcoin and Ethereum and send it to their wallet. Also, the website makes people create a secure digital Bitcoin wallet to store the digital assets in a safe and quick way. However, there are threads on Reddit where people say that there have been problems of transaction errors and some even questions their website integrity. But, most of them are mere calumny and are posted to deteriorate the name of the platform. From this review, it is quite evident that the website is not a scam and is completely safe for your daily transactions. Some transaction errors thread signified on Reddit can be due to human mistakes where the users have not entered the correct Bitcoin wallet address. There are threads on Reddit which say that the exchange rate is high. This can be correct to some extent as it is definitely a problem with Coinmama.
A few add-ons and extra privileges at Coinmama
As you don’t need to do the KYC to get started with the website, it is perhaps a great thing about this exchange platform. Also, the simple UI can even make an extremely novice person trade on the website easily. There are certain other features as well giving it an edge over others. Firstly, Coinmama has an affiliate program which enables you to earn in Bitcoins for every Coinmama Affiliation. So, if you have a friend who wants to join Coinmama, you can make them click on the affiliate link and earn referral bounty for their joining. Also, the payment is done immediately after entering the Bitcoin wallet or Ethereum wallet. In addition to this, the company does not store any Credit card details on their servers.
How to log in and start trading on Coinmama?
If you are sure of making an account and enjoying the hassle-free service at Coinmama, you can follow the step by step process for registration and verification in the platform. As there is no mobile app, you have to do the registration process on the website. Apart from its international accessibility, it also allows the users to purchase 150 USD or EUR worth of currencies by doing just the registration and without providing any personal identity. First of all, to start the process, you have to go to the www.coinmama.com and complete the registration process. For registration, you have to click on the register tab which is placed in the upper right corner. To sign up, you have to provide your name, Email Address, Country of residence and choose a password for the account. As there is no 2-Factor Authentication, make sure that the password is too strong. As soon as you signup and complete the registration, you will receive a verification link on the provided Email Id. Click on the verification link and login to your account. After login, you have to verify your account for higher purchasing limits. For verification, you have to provide additional documents and put more efforts to level up one-by-one. For level 1, submit any of the government issued document. To increase the buying limit after login further, you need to level up to level 2. Here, you have to upload a photo of yourself holding that photo identity and upload one more document like a Utility bill, Passport, Driver’s License, National ID, etc. For increasing your limit even further, you have to contact their support team and fill out a form.
How to buy Bitcoin or Ethereum at Coinmama?
One of the best things about Coinmama is that it doesn’t make it mandatory for the user to verify their account to buy Bitcoin or Ethereum with Debit cards or Credit cards. So, after you are done with the registration work, you can progress with buying Bitcoin or Ether worth up to 150 USD or EUR. This is indeed a great thing about the website as it takes care of anonymity to a certain extent. But, if you want to purchase coins of more than 150 USD or EUR, you have to verify your account by providing additional identity proof. In this review, we have included the step by step procedure of making Bitcoin or Ether purchase within just a few clicks. First of all, you have to decide which cryptocurrency you want to purchase. As on Coinmama, you can check out the live rate for both Bitcoin and Ether, you can make the most germane choice according to your need and plans. Both Bitcoin and Ethereum are the two most successful and popular Cryptocurrencies in the world. Let us consider that you are about to make an investment in Bitcoin. So, for Bitcoin, you will have to create a Bitcoin wallet at some other exchange if you don’t have any. This is because Coinmama does not have any wallet and centralized network to store the funds and the purchased Coins. After that you have created a wallet, you have to select the amount of cryptocurrency which you want to purchase. Note, that the price listed will not be the same for the specified amount of Bitcoin because of various fees. This means that, if you going to pay 1000 USD at the time of checkout, you are going to get the Bitcoin worth of around 920 USD. Also, you are supposed to click on the confirmation email link provided by Coinmama to confirm the wallet address after payment. The validation of this feature makes it unable for the users to buy cryptocurrency on behalf of someone else. At Coinmama, you can buy Bitcoin starting 0.1 BTC to your transaction limit. Here are the steps to follow after successful registration and login.
- If you want to buy Bitcoin, click on the Bitcoin tab at the top right corner. There you will the option to pay either in USD or EUR. You can proceed with either of them if your fiat currencies are different from USD or EUR.
- At the Bitcoin Page, you have to specify the amount by clicking on the packages listed at the center or by sliding the bar to set the amount. You can even write the amount or the price in the tab at the bottom of the page.
- Once, you have selected the amount and the price by looking at the live rate, you have to click on the Buy Bitcoin button at the bottom.
- After cross verifying everything, you have to choose Visa, MasterCard for the payment if you want to buy with your bank card.
- Enter the address of the Bitcoin wallet where you want to send the coins. Make sure that the wallet address is correct; otherwise, it can lead to a transaction error.
- After confirming your recipient wallet, you will receive a confirmation link to the linked Email address. Click on the confirmation link to verify your wallet and to move ahead to the Coinmama checkout page.
- Now, you have to fill some details and click on Pay now to complete your transaction securely and instantly. The coins will reflect on your Bitcoin wallet within a few minutes.
This is it. The entire process is so simple that it can be completed in a couple of minutes. But, make sure that the amount and the address are correct to avoid any hassle.
Who are the biggest competitors of Coinmama?
Coinmama is rapidly succeeding in the Crypto space and is invading the minds of investors to choose Coinmama for buying Bitcoin and Ethereum. It is compared with the biggest exchange giant in the world, Coinbase. There are many other Coinmama competitors as well like Cryptonit, Kraken, Cex.io, BitPanda, etc. But, Coinbase is the biggest threat to the development of Coinmama. Both Coinmama and Coinbase have their own Pros and cons. Although both are a successful and promising exchange platform for doing regular transactions, Coinbase is definitely more popular than Coinmama. This is because of many features that a trader finds on the website unlike Coinmama, where there is nothing else to do other than purchasing Bitcoin and Ethereum. Still, Coinmama is penetrating into the mind of the traders much due to its sleek, straightforward interface and instant transaction. Here are the points of comparison between Coinbase and Coinmama to elucidate different facts and help you come to a decision.
Coinmama vs. Coinbase
Coinbase is one of the most popular and renowned cryptocurrency exchange platforms with its company based in California, USA. Coinbase allows its users to buy different Cryptocurrencies, keep in the secure wallet and then sell it whenever you want. Coinmama has the biggest pitfall of not having this feature and is merely a website to buy Bitcoin and Ethereum. Both of the exchange platforms are quite similar in registration process and verification where the user can transact and buy cryptocurrency of some value without verifying. Coinbase has a top-notch security system to keep the funds safe in a digital wallet. As there is no wallet kind of thing in Coinmama, there are not much of stringent security adoptions. But still, Coinmama has never been hacked and has the high-security protocol. Even, Coinmama claims that it never stores any Credit card information to maintain the privacy which Coinbase does. When it comes to reputation, both have a great and positive name in the industry and everyone considers them to be a useful and significant option for trading in Bitcoin. Coinmama is definitely one of easiest platform to work on, attracting novice traders to use it for instant transaction. Within a few clicks, you can complete the entire transaction. Also, the platform is soon launching its mobile app and many new features. The upcoming incorporation for selling cryptocurrency at Coinmama will be a revolutionary change and will attract many thousands of traders on their platform. As Coinbase has already included this feature years ago, it is definitely a winner in this comparison. Coinbase is also lenient in the fee structure where the charges are lower than Coinmama. It charges 3.99% for credit card transaction instead of 5% in the case of Coinmama. But, Coinmama is improving efficiently and steadily towards adding new advanced features and we can even see a secure digital wallet and other Cryptocurrencies added as well in future.
Which one to choose?
Coinbase is undoubtedly better in terms of privileges, options, and fees. But, Coinmama has the easiest interface making it a great choice for beginners. If you want a series of options and a wallet to buy and sell different Cryptocurrencies whenever you want, go for Coinbase. Coinmama has focused entirely on Bitcoin and Ether and made the process of buying them, seamless and extremely fast. Also, many upcoming amenities will add up to the comfort of the users and will attract professional traders as well. So, with the coming features, Coinmama is going to get a rapid boost. If you want to step into the world of Bitcoin and purchase Bitcoin or Ethereum effortlessly, you should give Coinmama a try.
Pros and cons of using Coinmama
Coinmama is one of the best-known exchanges for facilitating and augmenting easy purchase of Bitcoin and Ethereum. Here are the advantages of using this platform.
- Acceptance of credit card and debit card from almost all the countries in their local fiat currencies
- Live pricing of Bitcoin and Ether in USD or EUR
- Flexibility in buying Bitcoin or Ether in different fractions and amount
- Intuitive and easiest interface for newcomers
- Only platform with option to buy with Western Union as Cash transaction method
- Strong customer support and multi-lingual website
- Complete secure platform with no middleman or wallet
- High purchasing limits for Bitcoin and Ether
- Can buy coins worth of $150 without any verification
Although Coinmama has all these benefits and features for augmenting the purchasing experience, it still has a lot of drawbacks.
- No sophisticated trading tools or features like Charts or advanced graphs. It is solely a place to buy Bitcoin or Ether in a simple manner.
- Higher transaction fees with Bank cards. Up to 11% of fees per transaction.
- Lack of payment options like Bank Wire transfer, SEPA transfer or Skrill, PayPal or American Express
- No privilege for selling Cryptocurrencies
- Only Bitcoin and Ether are supported
- No Smartphone application or API to create third-party tools for developers
Coinmama is a quality service provider with a strong reputation in the crypto market. It is probably the easiest platform to buy Bitcoin or Ethereum with a credit or Debit card. With a number of advantages and reliable support team, you can trust them for your regular trades. Coinmama is certainly not the best platform when it comes to features and fees, but it is definitely a blend of trustworthiness and simplicity. As you can transact with your local fiat currency, it is a great and flexible option for purchasing digital currency. Coinmama makes sure that you don’t need a tutorial or any prior information or experience to trade in the most popular Cryptocurrencies. In their four years of journey in evolving as a significant name in the crypto space, they have put all their efforts to minimize the hassle and satisfy their customer. Since its inception in 2013, there have been various questions on its website integrity, but Coinmama has always stood up and proved it wrong. With the upcoming addition of selling Cryptocurrencies and wallet, it will surely be a big threat to the major exchange platforms in the world. It is not the best exchange platform with all those additional features which its competitors provide, but it is definitely worth giving Coinmama a shot.