Today, in our Coinmama review we are taking a close look at a crypto exchange we think will have plenty of appeal. Coinmama has been around for almost a decade and has gathered three million loyal users across the world.
In our review we’ll be answering that all-important question “Is Coinmama safe?”. We’ll also let you know what assets Coinmama has available, check out the fees you might encounter and find out how well Coinmama supports its users. We’ll finish off by giving you our honest opinion of whether Coinmama is worthy of your attention.
Coinmama: Pros & Cons
- Exceptional customer support
- Top level security
- Full transparency throughout
Coinmama has an annual trading volume totalling $130 million, which suggests plenty of liquidity for the crypto assets available on this exchange. This exchange offers a simple, straightforward way to buy and sell selected cryptocurrencies. There is no complicated trading platform to master and its minimalistic approach makes it a great option for many types of users.
Throughout the website, everything is easy to locate and there is always an explanation for any terminology that a new user might not understand. Navigating the site presents no issues either, thanks to the extensive and relevant menu options along the top of each page.
Our Coinmama review asked the question “Is Coinmama legit?” And we were amply rewarded by finding that every page gives you a secure connection from your browser to the site with verified SSL encryption.
You also get the added benefit of 256-bit AES encryption on every occasion that you access your Coinmama account or the trading area of the site. As Coinmama does not offer the facility to store users’ crypto assets on the exchange, there is far less danger of the exchange being hacked as well.
Nevertheless, we do recommend that you invest in one of the best crypto hardware wallets you can find, which not only keeps your crypto secure, it will make interacting with Coinmama an even easier task.
How to Trade – simplicity itself
Opening an account
There’s nothing to challenge you on the Coinmama site and that includes opening an account with this crypto exchange. Provided you have the right documents to hand, you can be buying or selling crypto literally within minutes.
Start by clicking the blue ‘Sign Up’ button at the top right of the page. Doing so will automatically generate a one-off 256-bit SSL encrypted connection with Coinmama. At this point, it is now entirely safe to complete the webform that has loaded.
Next, create your account by inputting your personal information. This will include your full name, address (including country), phone number and email address. All of the fields must contain valid information, or you will not be able to proceed.
The final task at this stage requires you to create a unique password, which you must confirm will only be used for your Coinmama account. Once your webform information has been accepted, you’ll be sent an email containing further instructions and a verification link that will return you to the site.
Verifying your account
Your new account is now open, but you will not be able to use any of the Coinmama trading facilities until you have completed verification. For this part, you’ll need a valid government-issued photo ID document.
As Coinmama services many different countries, the exact ID requirements will vary. However, the main thing to remeber is that the form of ID you select must be valid and must show a clear image of your face. If you are unsure about which documents are accepted for your country, you’ll find there is a very helpful fact sheet on the Coinmama website.
Lastly, you will need to take a selfie holding the ID document you used in the previous step. Once both images have been uploaded, Coinmama will confirm receipt and explain that you may have to wait up to five working days to have your verification confirmed, but in reality, it is often completed within just a few hours.
You can purchase crypto using credit cards, debit cards, bank transfers, Apple Pay, Google Pay and specified cryptocurrencies. At the time we compiled our Coinmama review, there were no ewallet options available, so this is not one of the crypto exchanges that accept PayPal, Neteller or Skrill.
Due to the fact that Coinmama is active in a vast number of countries across the world, there are different minimum or maximum deposit and withdrawal limits applied. Detailing them all is beyond the scope of this Coinmama review, but the information is very clearly defined on Coinmama’s website.
In addition, the minimum buy or sell transaction permitted by Coinmama is $30 across the board, but maximum limits are defined using various factors including your account tier, location and the crypto asset you are buying.
In the unlikely event that you have a problem, or a question that you can’t answer with the extensive information available on the Coinmama website, you won’t be left in the dark. Our Coinmama review has found that you can contact the site in no less than four different ways: live chat, webform, phone number and email.
We found Coinmama to be one of the best crypto exchanges in this regard. Customer support staff are on hand 24/7 and responses are very fast and friendly no matter which method you choose. Coinmama also keeps its finger very much on the pulse where potential scams have been highlighted by the media, or across social networks. It makes a point of letting its users know about potential threats and tells them how to stay safe.
Coinmama is available to users in 188 countries and 48 US states. In terms of licensing, our review found that Coinmama is regulated in all the jurisdictions it operates in. In some instances, this is under the umbrella licensing of its parent company, New Bit Ventures Limited, which is headquartered in Slovakia.
Because Slovakia is an active participant in Europe’s Single Supervisory Mechanism (SSM), Coinmama is under the jurisdiction of many notable regulators across Europe. In the United States, Coinmama comes under the scrutiny of the US Securities and Exchange Commission (SEC) in addition to state-level regulation in the 48 US states where it is currently operational.
Reputation and Customer Feedback – here comes the wow factor
Our crypto exchange review process always includes taking a look at feedback on various crypto forums and user review sites like Trustpilot. Sometimes we find a high level of negativity, which occasionally may be justified, but often is not.
Regardless of the rating of the reviews left by users, we also like to see at least some level of interaction from the site concerned. However, when completing this process for our Coinmama review, we were totally blown away by what we found.
Not only has Coinmama achieved an overall four-star rating on Trustpilot (the average being two stars for even the best cryptocurrency exchanges) we were astonished to see that Coinmama has taken the trouble to respond to every review left, both negative and positive. We will also add here that 69% of all reviews posted were positive!
But there’s more, every single response was individualised to the comment that had been left, beautifully worded and appropriate. We genuinely wish we could rate every exchange so highly in this category.
Despite the fact that you will pay above-average fees to use the Coinmama crypto exchange, we believe that the underlying support structure and the attention this site gives to security are good enough reasons to overlook the cost factor. It seems that users would agree, given that the majority of Coinmama’s three million users have stuck by the site for a long time and it has gained a fantastic reputation.
We think it is one of the safest and most friendly crypto exchanges a beginner could hope for and even a more experienced crypto enthusiast would surely value the back-up here? We certainly think that Coinmama is worthy of more than a second glance.