CoinMama is one of the easiest and quickest ways to purchase Ethereum and Bitcoin if you want to use a credit or a debit card. The platform has now expanded to include Cardano, Litecoin, Ethereum Classic, Bitcoin Cash, and Ripple XRP. This digital financial service company has been in business since 2013 and has gained quite a reputation because of its safe access to digital cryptocurrencies.
This quick guide will touch upon the pros and cons of CoinMama while detailing its background, fee, funding options, and other features.
Why Should Beginners Choose CoinMama?
Easy and intuitive interface
Safe & Secure cryptocurrency exchange
Accepted in over 200 countries
Impressive limits and liquidity
What’s not to like?
Brief Background of CoinMama
CoinMama was founded in 2013 and registered in Slovakia. The platform is owned by New Bit Ventures Limited, headquartered in Israel. CoinMama is available in 24 US states and operates in 200 countries.
What are the Fees on CoinMama?
CoinMama has really high transaction fees when compared to other industry majors. Each transaction garners a fee of 5.5% on the overall amount. The fee is part of the cryptocurrency rate and is not shown separately on the CoinMama website.
How to Deposit and Withdraw Funds?
CoinMama accepts card payments from almost every country. However, there are not many choices offered when it comes to SEPA payments or wire transfers.
It is quite limited in its funding options. There was a time when the exchange accepted deposits made through Western Union. However, that feature was removed when they started accepting debit and card payments. There is no e-wallet support which is a disappointment since everyone doesn’t really have a debit or credit card that they are comfortable using for crypto purchases.
Withdrawals can only be made in cryptocurrency. For instance, if you purchase Bitcoin or Ethereum, you could send them to your own crypto wallet through respective addresses.
An additional fee of 5% is charged on every debit and credit card purchase, which seems a bit unfair. The fee is added once you would choose the funding option. In addition, a Cash Advance fee may also be charged by your bank or card issuer. This depends on whether your institution views the purchase as a “cash” transaction or not.
High buying limits are offered by CoinMama, especially where credit card transactions are concerned. You can purchase up to $5,000 per day if you are a verified user. The maximum limit is $30,000 per month.
Is CoinMama Versatile in Terms of Trading?
The platform only offers Buy Orders. Other competitors allow users to trade coins and margin trade. This puts CoinMama’s exchange abilities at a very basic level. In addition, you cannot buy back your currency from CoinMama. Thus, if at any time you wish to sell your crypto assets, you would have to look for another exchange.
Following currencies are accepted on CoinMama
You can purchase these cryptocurrencies:
How User-Friendly is CoinMama?
The exchange is aimed at keeping things fast, simple, and easy for beginners that are looking to delve into the crypto space. You can easily understand the intricacies of purchasing crypto assets from the CoinMama website. This makes it an easy tool for newbies.
There is a fantastic informative page that allows new users to explore their endeavors. The CoinMama website comes complete with an extensive FAQ page, a simple step by step “how-to” guide, and a news outlet. You can easily brush up on the latest developments and recent news on Bitcoin and other cryptos here.
CoinMama Customer Service
Customer support on the CoinMama exchange is available through email. There is also an extensive list of informative FAQ pages. Online reviews of customer service are mixed as with most other crypto exchanges.
However, there doesn’t appear to be any major problems where a response is concerned. You can get most queries replied instantly or within 24 hours. Be prepared to wait longer over public holidays and over the weekends. The stated business hours are Sunday to Thursday, from 11 pm to 7 am Pacific Time.
The Bottom Line
Ultimately, CoinMama as an exchange has a superb reputation within the crypto sphere. This could be a great Launchpad if you only want to purchase crypto. However, you would soon need to migrate to one of the other competitors when you wish to sell. It can also be a great platform to make your entry-level exchange, which is your first crypto purchase since it accepts card payments.