In this Coinmama review, we share with you what this online platform has to offer. We’ll show you the pros, cons, features, security, and overall functionality.
Buying and selling cryptocurrency can be a difficult process. It can be tricky knowing which platforms to trust. Also, the process itself is often convoluted. Coinmama looks to simplify this process by providing an easy method for purchasing cryptocurrencies and selling Bitcoin.
In this review…
- Coinmama Overview
- Coinmama Pros and Cons
- Coinmama Accounts
- Payment Methods
- Coinmama Review Summary
Coinmama is a simple trading platform that facilitates the purchase of 10 different cryptocurrencies, and the sale of Bitcoin for fiat currencies. You can pay using GBP, USD, EUR, CAD, and AUD, and you can pay using a variety of payment methods including bank cards, and Apple Pay.
For simple trading, Coinmama is a decent option. It allows those who have no experience with cryptocurrency to gain access to the market. The buying and selling tools are incredibly easy to use and accompanied by an in-depth step-by-step guide. It is important to note that you do need a third-party cryptocurrency wallet to use this service, however.
Also, Coinmama has a range of drawbacks such as high commission fees, support for only 10 cryptocurrencies, and minimum order amounts.
- Purchase 10 different cryptocurrencies using fiat currency
- Sell Bitcoin for fiat currency
- Simple online dashboard
- Support for multiple international currencies
Coinmama Pros & Cons
Coinmama Review – Who is it best for?
To give you a clear picture of what Coinmama has to offer, we have created this detailed Coinmama review. We look at the basic website, how trading works on this platform, and also the security. We also break down the different account levels, the associated fees, and payment methods etc.
A great feature of Coinmama is the simplicity of the online dashboard. Their website is uncomplicated and you can easily access the buy and sell functions. On the homepage, you can see the buy and sell widgets in the top right-hand corner. Alternatively, you can use the menus at the top.
Both the buy and sell screens are easy to use. For example, the buy page shows a series of preset offers on cryptocurrencies, or a tab to select your desired amount. The instructions to use the platform are also clearly explained beneath these price boxes.
If you have never used a trading platform before, Coinmama makes the process simple. You shouldn’t have any issue purchasing cryptocurrencies, or selling Bitcoin.
In terms of availability, Coinmama currently supports the following cryptocurrencies:
- Bitcoin Cash
This is not a large list of currencies by any means. However, it is a decent starting point, and it supports the major players of Bitcoin and Ethereum. For selling, you can currently only sell Bitcoin for fiat currency using Coinmama. International fiat currencies accepted include GBP, USD, EUR, CAD, and AUD.
Coinmama Accounts Explained
Coinmama has four different account levels. It also has a loyalty program that has three tiers. The account levels affect your maximum order amount, and how many orders you can make per day. The loyalty program provides discounts on fees.
|Account Level||Daily Bankcard Buy Limit||Daily Wire Transfer Buy/Sell Limit||Max Order Quantity|
It is important to note that the commission percentage displayed above is an ADDITION to the exchange rate set by Coinmama. This means that you are essentially paying twice. First, you are losing out due to Coinmama selling cryptocurrencies at an average market price. Secondly, you have to pay an expensive commission fee on top of this.
You gain access to the loyalty tiers via your 90-day rolling spend, you can see tier requirements below:
- Curious: No requirements – entry level
- Enthusiast: cumulative purchase amount fo 5,000 USD over a rolling 90-day period
- Believer: Cumulative purchase amount of 18,000 USD over a rolling 90-day period
The believer level also has the caveat that you gain entry if you have a lifetime spend of 50,000 USD or more.
Coinmama Payment Methods
One of the strong points of the Coinmama exchange is that it supports a variety of payment methods. Some platforms like Changelly only have limited payment methods. This can be restrictive depending on what methods you have available, and your geographical location.
Currently, Changelly supports the following payment methods:
- Fedwire ($500 minimum order amount)
- SEPA Instant ($30 minimum order amount)
- SEPA ($30 minimum order amount)
- SWIFT ($250 minimum order amount)
- SWIT Fast UK ($250 minimum order amount)
- Open Banking UK ($30 minimum order amount)
- Bank Card ($30 minimum order amount)
- Apple Pay ($30 minimum order amount)
- Google Pay ($30 minimum order amount)
- Skrill ($30 minimum order amount)
As you can see, there is a decent selection of payment methods. However, we do not like the minimum order amounts. This is restrictive and it is rare to have platforms impose minimum amounts like this. Moreover, the $30 minimum order amount for most payment methods only applies to your FIRST order. Subsequent orders have a $100 minimum order amount.
It is also important to note that processing and delivery times are not instant. With most cryptocurrency exchanges, you get your crypto or sale as soon as it is processed on the blockchain. This is not the case with Coinmama. For most payment methods, the max processing time is one hour. However, Fedwire purchases can take up to 2 business days, and SWIFT payment can take up to 5 business days. This is not great at all.
One of the main benefits of using Coinmama is account security. The registration process requires numerous steps, and you must also verify your account. This greatly reduces the chance of account fraud and gives customers peace of mind.
To boost security, you can also enable two-factor authentication using authenticators like Authy or Google Authenticator. This is practically a standard for online accounts today and we would advise everyone to enable the use of 2FA. It can be annoying to set up initially, however, the security it provides is invaluable. It should be noted that 2FA is not mandatory on Coinmama – you have to manually enable it and if you want to use this platform we would recommend it.
The customer support is OK for Coinmama. It’s nothing special and certainly isn’t one of the best support teams available. This is because there is no telephone support. However, you can submit a support request via their contact page on the website. The support request seems to be the main contact method, and you can attach files which is useful. For example, you may want to attach screenshots of any issues you are experiencing.
Also, there is a live chat feature. The live chat uses an AI assistant called Emma. As with most live chats today, you first have to go through a process of answering questions to try and get the support you need. After this, you can eventually get connected with a customer support rep.
Coinmama Review Summary
Coinmama is a mixed bag. We don’t think it’s one of the better crypto trading platforms available incomparison to Changelly or perhaps Binance. It does have benefits though which are important to mention. Firstly, the platform is easy to use. For those who have no experience buying cryptocurrencies, Coinmama could serve as a great starting place. Also, it does accept a decent range of payment methods.
However, Coinmama also has many drawbacks which reduce its overall viability. Firstly, the commission fees are relatively high – and these are in addition to the average market price set by Coinmama. This essentially means you are not getting amazing value for your investment.
Secondly, the utility is further hampered via strict minimum order amounts. You can initially make smaller minimum orders of $30. However, after your first purchase, you then have a minimum $100 spend limit. Some people simply won’t like this restrictiveness.
Thirdly, Coinmama simply doesn’t support a large number of cryptocurrencies. While it does support major currencies like Bitcoin and Ethereum, it only supports 10 in total. Moreover, you can only use Coinmama to sell Bitcoin.
As a result, Coinmama is really limited compared to most other crypto trading platforms. Platforms like Coinbase and Binance offer far more trading options, lower fees, and greater accessibility to the crypto market. For simple one-off purchases, Coinmama could be useful. However, for regular trading and investments, there are better platforms available.
If this Coinmama review helped you, please recommend DigitalSupermarket.
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