Pros
Cons
Quick Summary
| Headquarters Location | Vancouver, Canada |
|---|---|
| Fiat Currencies Supported | USD, AUD, CAD, EUR + 42 others (some through third party apps) |
| Total Supported Cryptocurrencies | 41+ |
| Trading Fees | 0.99% - 3.90% |
| Deposit Methods | Bank Transfer, Debit Card, Credit Card, Cryptocurrency, Apple Pay, Google Pay, Skrill, Neteller, Giropay, Astropay, Khipu, WebPay, PSE, SPEI |
| Support | Twitter, Help Center Articles, Support Ticket |
| Mobile App | Has no mobile app. |
Since its inception in 2013, Coinmama has become integral to the cryptocurrency exchange domain. Its goal is to simplify digital currency purchases so that they are as straightforward as any other online transaction.
Serving customers worldwide, the Coinmama team offers access from a vast array of locations – from Asia’s active markets to Scandinavia’s tranquil environments, with only sanctioned nations and some restricted countries and certain US states being exceptions.
The purchase of cryptocurrencies can often be daunting for many individuals. With many trading platforms, each presenting its own complex set of steps and reliability levels, locating an accessible route to acquiring digital assets becomes a challenge in its right. Coinmama emerges as a platform that simplifies this journey significantly.
About Coinmama
Coinmama headquarters is nestled within the bustling metropolis of Vancouver, Canada, where it prides itself on being reliable and accessible for crypto newcomers.
Coinmama is notably applauded for dispatching cryptocurrencies directly into users’ crypto wallets instead of retaining them, and it fosters trust through this security-conscious model.
The platform maintains competitiveness by pricing according to the XBX index plus a reasonable fee structure, thus positioning its financial service offerings attractively within the marketplace.
Coinmama has a number of active social profiles including Facebook, Twitter, Instagram, LinkedIn and Telegram.
Coinmama Supported Cryptocurrencies
Coinmama supports trading on over 41 cryptocurrencies on their platform. This exchange currently supports 20 of the top 30 market cap cryptocurrencies.
Download full list of cryptocurrencies Coinmama supports
Within the extensive cryptocurrency space, Coinmama has carved out a niche by carefully selecting a range of digital currencies to offer. It avoids bombarding users with too many choices, as some other exchanges do, and instead provides a well-rounded assortment of crypto currencies that satisfies both seasoned traders and newcomers eager to embark on their crypto journey.
Despite already offering an admirable selection of coins, Coinmama is open to broadening its offerings even further, suggesting potential additions may join the current suite of digital assets in the time ahead.
Trading Experience
The trading platform is the core of any cryptocurrency exchange, and Coinmama has been intentionally designed for ease of use. It is a beginner-friendly platform that allows users to buy crypto and sell crypto with greater confidence, bypassing the complex procedures often found in other exchanges.
Purchasing Digital Assets on Coinmama
Starting your journey and purchasing cryptocurrencies is easy with Coinmama. Here’s the streamlined procedure.
- Choose the cryptocurrency you wish to buy.
- Select from numerous payment methods, such as using your debit card.
- Enter your wallet address (this is the secure destination where your newly purchased coins reside). Whether you use a credit card, SEPA bank transfer, or other form of payment, Coinmama guarantees an efficient and protected transaction process that can be monitored within the My Account area for added assurance.
As soon as your purchase is validated, Coinmama quickly dispatches the crypto directly into your specified crypto wallet at remarkable speed. Integrating partnerships that include ZenGo wallets and offering versatile payment options such as Google Pay illustrates how committed Coinmama is to ensuring their users are thoroughly prepared right from the outset of their adventure in cryptography transactions.
Loyalty Rewards Program
Consider the possibility of your crypto purchases yielding benefits that go beyond potential financial growth in the market. With Coinmama’s loyalty program, this is a reality, as it provides a structure that offers commission fee discounts and improved customer support response times. The more you interact with their services, starting from the level of Crypto Enthusiast and progressing to that of Crypto Believer, the greater rewards Coinmama extends to you.
This approach harks back to time-honored principles of rewarding consistent patronage. Coinmama’s system appreciates those who demonstrate sustained commitment with commensurate perks, thus encouraging continued participation in their ecosystem for even more extended periods.
Coinmama Fees
Coinmama is known for its transparency regarding transaction fees, which tend to be higher than other cryptocurrency exchanges. Users are offered a range of payment options, but they should note that using credit and debit cards comes with fees and additional surcharges for transactions made via credit card.
Despite these relatively high fees associated with Coinmama’s services, users can use diverse payment methods. Coinmama accepts multiple payment options, such as SEPA transfers and bank cards, which may significantly reduce overall costs. Coinmama stands out by providing this flexibility in various payment method options catering to different user needs and budget considerations.
Also, to offset the impact of high fees, frequent traders might find relief through discounted commission rates available via the loyalty program provided by Coinmama.
| Type | Fee |
|---|---|
| Deposit Fee (Bank Transfer) | 1.5% - 1.89% |
| Deposit Fee (Credit/Debit Card) | 3.24% - 3.34% |
| Trading Fee | 0.99% - 3.90% |
| Withdrawal Fee (Bank Transfer) | Not Listed |
Security - Is Coinmama Safe?
Amidst prevalent cyber threats and the frequent occurrence of data leaks, prioritizing security has become essential. Coinmama acknowledges this reality by bolstering its defenses, forming alliances with reputable security firms.
They demonstrate a proactive stance in safeguarding assets by directly transferring purchased cryptocurrencies to personal wallets owned by users, thus reducing the risk of hacking incidents targeting their crypto exchange.
Coinmama’s history includes overcoming a cybersecurity incident that has led them to improve upon their platform’s protective measures significantly. Two-factor authentication now serves as an additional layer of protection for user accounts on the Coinmama website.
The Importance of a Secure Wallet Address
Coinmama’s security framework is robust, emphasizing user responsibility for maintaining the safety of their wallet address. Since Coinmama dispatches digital assets immediately after purchase, users must ensure their crypto wallet is secure. Protecting your investments hinges on how vigilantly you watch over this essential key.
Therefore, choosing a trustworthy crypto wallet and keeping your wallet address confidential is as vital as deciding to invest in crypto.
Coinmama Customer Support
A robust and responsive customer support framework is essential for any service-driven platform, and Coinmama has established a reliable one. The team at Coinmama stands ready to tackle questions around the clock. They are committed to upholding their distinction for excellent customer support, reflected in their impressive Trustpilot rating. Although some users believe there’s potential for enhancement, most report receiving timely assistance that meets their needs from Coinmama’s strong support system.
Coinmama’s customer care is always ready to help, from resolving inquiries related to transaction fees to efficiently facilitating SEPA bank transfers. Indeed, this vigilant support team ensures that no user is left without assistance.
Coinmama Support Channels
How to Sign Up on Coinmama
- Create Account - Visit the Coinmama website and fill out the create account form. You'll need to include a valid email, set your password and type in other details like your phone number and name.
- Verify Account - Confirm your email, you should get an email asking you to verify your account creation.
- Transferring Funds - Once your account has been verified, you can deposit using the deposit methods listed below, including some options through third party apps.
- Start Trading Crypto - That's it! You should now have everything in place to start trading.
Deposit Methods
Coinmama Alternatives
Binance
Total Supported Cryptocurrencies
411+
Trading Fees
0.0110% - 0.1000%
Fiat Currencies Supported
USD, GBP, CAD, EUR, NZD + 75 others
Kraken
Total Supported Cryptocurrencies
414+
Trading Fees
0.08% - 0.40%
Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR + 1 other
OKX
Total Supported Cryptocurrencies
320+
Trading Fees
-0.005% - 0.10%
Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR, NZD + 85 others
Final Thoughts
Coinmama offers a user-friendly and secure platform for those looking to enter the crypto world. Its straightforward purchasing process, selection of digital assets, and dedication to customer service make it an attractive option for beginners and experienced traders.
While Coinmama fees can be steep, and there is always room for growth and improvement, Coinmama’s commitment to security and its loyalty rewards program adds significant value.
For many, the blend of convenience, security, and support is worth the high fees, earning Coinmama a spot on their crypto journey.
To compare Coinmama against other cryptocurrency exchanges, view our article comparing Coinmama vs. Coinbase.
Coinmama FAQs
Yes, Coinmama operates in Australia and allows Australian users to buy cryptocurrencies using their platform.
Coinmama does not hold cryptocurrencies for users; it simply facilitates the purchase of cryptocurrencies. You would need to have your own cryptocurrency wallet to receive the coins you buy on Coinmama. To withdraw your money, you would sell your cryptocurrency on a different platform that allows you to sell and withdraw fiat currency to your bank account.
To buy bitcoins from Coinmama in Australia, you need to create an account, complete the necessary KYC (Know Your Customer) verification, enter the amount of Bitcoin you want to purchase, provide your wallet address, and pay with your preferred payment method.
Coinmama charges a trading fee of 0.99% - 3.90%.
Coinmama typically accepts various payment methods including credit card, debit card, and bank transfers. The availability of specific payment methods may differ by country.
The verification process on Coinmama can vary in time. Generally, it can take from a few minutes to several hours. However, during times of high demand, the verification process may take longer.
The time it takes to buy Bitcoin on Coinmama depends on the payment method and the network’s speed. Credit and debit card transactions are generally processed quickly, while bank transfers may take longer to complete.
Coinmama User Reviews
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About The Authors
James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency.
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