CoinMama Review (2022) Review
CoinMama has nearly a decade of experience founded in 2013 it’s a crypto financial service offering investing for traders across the world. It offers the ability to purchase some of the most popular cryptocurrencies and sell Bitcoin for cash. Although the fees may be a bit high, it’s well known for its variety of payment options, including the ability to purchase cryptocurrencies with Visa or Mastercard credit cards.
As I have mentioned earlier, they are a crypto financial service offering investing for traders across the world. The exchange offers instant order delivery, multiple payment options, and high spending limits too. It provides cryptocurrency calculators for fiat-to-crypto conversions, and its loyalty program gives you access to reduced fees when you make a minimum number of transactions. You can buy:
- Bitcoin cash
When you want to sell, choose the amount. Enter your bank details and send your coins. As simple as that.
As cryptocurrency has become a more significant factor in global investment, some countries have taken different approaches to regulating the asset class. CoinMama is operated by Cmama LTD which is a regulated Money Services Business registered with FinCEN and FINTRAC.
However, in some other reviews I have read the following: “CoinMama never holds customer cryptocurrency funds, nor stores your payment information, so your cryptocurrency and personal financial information aren’t available on the site to be hacked. Still, the company announced in 2019 that 450,000 email addresses and hashed passwords were hacked in a data breach, which may give some new users pause.”
Using a demo trading account means that you don’t need to worry about losing money, you can learn and gain skills before you go live with trading. It’s a good educational tool for beginners. Going through other reviews and their own website, I didn’t find the option to open a demo account. There is a simple way to open an account though.
Broker fees can vary and change, there may be additional fees that are not mentioned in this review. With CoinMama, there are no fees for crypto deposits or withdrawals, to sum up, they are up to 3.83% for buy transactions and up to 1.87% on sell transactions.
Additional 5% momentum fee for credit/debit card transactions. The loyalty program gives you access to reduced fees when you make a minimum number of transactions. And there is an account minimum. The fees are well explained on their website.
As I have mentioned earlier, it’s simple to register. In the top right corner of their website you have the “Sign Up” button. A short form comes up.
They ask for your email address, a password, country of residence and if you`re interested in their newsletter. Then you fill in your personal information.
Unfortunately, further on they ask for information about your address, telephone number and they ask for validation. This is where I have stopped. I am a beginner and before I start to exchange cryptocurrencies, I want to earn and see how things work.
The first step is to create an account. Once you are in the account, choose to buy Bitcoin, Ethereum and more. Then select the cryptocurrency you’d like to buy and the currency you’d like to pay with. You may then choose from a package CoinMama offers or enter a specific amount you’d like to buy. You click the “Buy Now” button and if you have a crypto wallet set up, fill in the crypto wallet address.
To make things even simpler, you can buy cryptocurrency with credit card, debit card, or directly from your bank account. Once the whole transaction is confirmed, the coins get transferred to your wallet. Simple as that.
Visually it’s clean, simple and intuitive. It has an uncluttered layout that is very easy on the eye.
I like the “winter touch” to the website. Overall it looks nice, simple, nothing flashing or extremely colorful. No extra marketing blabber. It has a simple transaction flow that is attractive to those new to cryptocurrency trading, like me.
At the top of the website page there is the main menu pane. You`ll find a Buy, Sell section as well as their blog and buttons to log in or register for an account. You’ll find a button with a Euro currency picture; here you may change the currency to:
On the main page you have a coin converter as the first thing you`ll see. Further down you’ll have the “Why us” points and FAQ.
There is a live chat ready for you to ask for anything.
Going through their blog, you`ll find articles like “10 reasons why to buy…”, “how to…” and other interesting articles. Here you have a section called “Crypto Education”. Here you learn everything you need to know about crypto from our Cryptocurrency Basics, Crypto Knowledge, Crypto Safety and Crypto Life.
If you`re looking at contacting them, you can use the live chat, or a contact form. There is a telephone number, no email address but you`ll see the postal address there too.
At the bottom of the page you get offered these social networks they should be active on:
- Linked In
But once you are in the “educational” part of their page, a FB account will appear too.
Once clicking on the icons, you`ll find out it’s not their social networks account but a CoinMama tweet or FB post. So, no activity, no way of learning or being in some sort of a community, which is a shame. Most of us want to share views, ask co-exchangers and see what’s new.
Advantages and disadvantages of CoinMama
They have an easy interface and simple transaction flow; the website is simple and nice but there is no activity on social networks. You may give them a call, leave a message or ask their live chat bot as a way of contact. It offers access to 10 cryptocurrencies, there are no fees for crypto deposits or withdrawals, and they have a good range of payment options. Another downfall is, they have no seminars and the only way of educating beginners is a Blog. No videos and no demo account.
- Good range of payment options
- Live chat
- No fees on deposits and withdrawals
- No social networks
- Educational support level is low
- Fees are high
- No demo
Pros / Cons