Coinmama is one of the leading cryptocurrency exchanges that simplifies the purchase of major crypto currencies including Bitcoin, Ethereum, Litecoin and much more, through the convenience of debit and credit cards.
What’s Different about Coinmama?
What sets Coinmama apart is its ease of use and efficiency, especially when it comes to buying cryptocurrencies using a credit or debit card. Beyond Bitcoin and Ethereum, Coinmama has now incorporated support for other growing currencies such as Cardano, Ethereum Classic, Bitcoin Cash, Litecoin, QTUM, and Ripple XRP; offering more diversity and options than many of its competitors. Its increased focus on customer service and experience has led to faster transactions with quick verification. The high level of support and simplified procedures make Coinmama the ideal platform for beginners to get started with cryptocurrency trading.
How to Sign Up on Coinmama
Coinmama is currently only available as a website without any mobile app support. To get started with Coinmama and verify your account you can follow the steps below:
1. Visit Coinmama.com and click on Register.
2. On the registration page you will be prompted to enter your email, first name, middle name, password, country of origin and other privacy settings.
3. Coinmama requires you to verify your identity with a driver’s license, passport or ID and the level of membership you request. The uploaded documents must be:
• Completely visible.
• In the form of high quality color images with a resolution of 300 dpi or more.
• Valid documents with clearly visible expiry date.
• Maximum 8MB file size.
Coinmama will process your verification documents in a few hours or more depending on the day and time. However, the initial verification occurs under 10 minutes and once that is complete, users can start purchasing their desired crypto currency.
How to Buy on Coinmama and the Supported Payment Methods
• Choose your Cryptocurrency. Coinmama supports a wide variety of crypto currencies including bitcoin, ethereum, Litecoin and much more. Once you have logged into your Coinmama account, choose the type of cryptocurrency you wish to buy.
• Decide your Amount. You can choose an amount from Coinmama’s packages or even enter your own specific amount. Once entered, clock “Buy now” to proceed to payment methods.
• Enter your Wallet. Coinmama then prompts you to enter your wallet address from supported third-party wallets. Make sure you enter the correct address for proper transaction.
• Choose Payment Method. Next, you have to choose a payment method. You can pay from credit card, debit card or even directly from the bank account. Follow Coinmamas prompts to enter payment details or conduct a bank transfer.
• Wallet Confirmation and Receiving Coins. Verify your wallet address with a wallet confirmation link. Once your wallet is verified and your payment approved, you will immediately receive the coins in your wallet. For further order tracking and status information you can view the My Account section.
Coinmama Trading Fees & Charges
As compared to competitors, Coinmama has a high transaction fee of 5.9% per transaction. Apart from this, here are two main types of fees that Coinmama users may have to pay:
Credit Card processing Fees
After choosing method of payment, a 5% fee is added to the total if you choose credit or debit card transactions.
Bank Transfer Fee
Bank accounts may charge customers with a fee for bank transfer if they consider is as a cash transaction.
How Secure is Coinmama?
Coinmama is a slow but steadily growing and secure crypto currency exchange that has not faced any security breaches yet. Coinmama does not hold any crypto currency and encourages users to create wallets instead of storing their currency on the exchange. This makes Coinmama less prone to attacks from hackers who target cryptocurrency exchanges. The platform also claims that no credit or debit card information is stored on the exchange server, making it much more secure.
Conclusion:
| Pros of Coinmama | Cons of Coinmama |
|---|---|
| • Transactions are more secure because they are conducted directly between the trader and Coinmama’s holdings. | • Does not provide a wallet and users are only capable of buying digital currency. |
| • Coinmama does not hold cryptocurrencies in the form of a wallet, protecting their users from hackers and security breaches. | • The unavailability of a mobile app is inconvenient for users who want to check their balance or buy cryptocurrency on the go. |
| • Users can buy $150 worth of cryptocurrency without verifying their identity, providing increased anonymity. | • Due to its reliance on only credit and debit card purchases the fee of 5.9% is much higher than most exchanges. |
| • The platform is highly efficient with transactions occurring in minutes. This allows users to take advantage of the fluctuating price of cryptocurrencies. |