Coinmama Explained

Posted by Frank Gogol

The need for online trading is increasing daily. It offers many advantages by removing the middleman and allowing the customers to control their assets completely. It is easy to get into trading and if you are looking for an easy, quick, and safe way to buy and sell Bitcoin and other cryptocurrencies, then look no further. Coinmama is known for providing the fastest way to buy and sell Bitcoin.

Let us get into how it works and what features it offers, and all of its pros and cons.

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What Is Coinmama?

Coinmama is a platform where one can easily buy and sell cryptocurrency. Established in 2013, it has grown and flourished into a successful platform allowing nearly over 3 million registered users across 188 countries.

Coinmama initially focused mainly on helping people buy Bitcoin easily. After incredible progress, it now allows people to buy over seven different cryptocurrencies, such as LTC and XRP. With a user and beginner-friendly platform, it has revolutionized buying Bitcoin.

Coinmama is known to be one of the quickest ways to buy and sell Bitcoin. Since it is non-custodial, customers are in control of their assets. There is little to no chance of a fraud or a hack happening. Even if there are security concerns, Coinmama has an exceptional team of members who focus on providing the best services to their customers. They provide email and live chat support.

Coinmama is known for its simple, customer-centric, result-oriented, innovative services. Run by leaders and team members who are highly qualified to make sure the customers get what they’re looking for. It supports fiat currency as well.

How Does Coinmama Work?

Coinmama is pretty simple and is easy to use. All you need is an account. Once your account gets verified, you can set up a wallet, and then you can start buying and selling cryptocurrencies.

It includes four major steps:

  • Select your choice of cryptocurrency which you’d like to buy.
  • Enter the details of the wallet you’ve set up.
  • Coinmama provides a lot of payment options. Select your convenient payment method.
  • Carefully enter and confirm your wallet address to complete the process.

Coinmama is a non-custodial cryptocurrency broker. They don’t have your crypto assets or any detail concerned about that. Even if Coinmama gets hacked, chances of you losing your crypto are slim because it is always stored in your personal wallet. Usually, when you’re exchanging crypto, you are required to deposit fiat currency into your original account, and only then you’re allowed to buy crypto.

Finally, the funds are transferred to your wallet. Coinmama is much simpler. Coinmama accepts payment when you’re buying it and sends the coin immediately to your wallet. Thus, when you sell your cryptocurrency, the funds from the sale are directed to your bank account from your external wallet.

Key Features and Services of Coinmama

Coinmama is not a sophisticated platform. It is pretty simple and easy to get things done. It has its limitations, but it fulfills its promise to help customers buy and sell cryptocurrency instantly. It is one of the quickest ways to buy Bitcoin and other popular cryptocurrencies.

Key features and services include:

  • Provides various payment options for customers to pick from. Coinmama has the best payment services. It accepts both credit and debit cards. Some options include visa credit cards, GooglePay, and Apple Pay, which are also acceptable.
  • Helps customers by providing the quickest way to buy and sell cryptocurrency.
  • Offers limited but highly demanded cryptocurrencies.
  • Allows customers to be fully in control of their assets. The main goal of Coinmama is to remove the middleman and help customers gain full access and control over their assets.
  • Provides high spending limits compared to other platforms.
  • Provides instant delivery and fast-track verification.

Pros and Cons of Coinmama

Like any other crypto trading platform, Coinmama has its advantages and drawbacks. Coinmama is unique in providing so many payment options that make it convenient for the customers to get started. It also has a simple interface for beginners to use and navigate without any difficulty. It is just as easy as shopping online. To better understand how it simplifies trading online, let us know its advantages and drawbacks.

Pros of Coinmama

  • Coinmama has a basic platform that makes it easy for beginners to use and get started. It requires no experience.
  • One of the critical factors that set Coinmama apart from other competitors is its various payment methods. For a minimum order amount of $30 on the first order, customers can pay using their GooglePay, ApplePay, or any bank card. It also accepts Fedwire, SEPA instant, SEPA, SWIFT,  Skrill, and open banking.
  • Provides instant delivery. If you’re using bank cards, GooglePay, ApplePay, Skrill, it gets delivered within an hour.
  • Allows users to buy Bitcoin and Ethereum, Dogecoin, Tezos, and other popular cryptocurrencies.
  • Depending on the verification levels, Coinmama provides high transaction limits. It gives monthly buying and selling limits of $15000, $50000, and $100000 in level 1, level 2, and level 3, respectively, over 50 orders. It even has a VIP verification for high limits of transactions.
  • Allows you to get verified quickly. It just takes 15-30 minutes.
  • Implements a loyalty program where Coinmama offers lower costs for buying and selling.
  • Provides tools such as Bitcoin and Ethereum calculators.

Cons of Coinmama

Though it has excellent features and advantages which make it easier to trade cryptocurrencies online, Coinmama has a couple of drawbacks.  One of the major drawbacks is that it doesn’t have a crypto wallet. Even though not having a crypto wallet minimizes the risk of your assets being stolen in a hack, you will, however, still require to buy a crypto wallet from another vendor before you get started on the platform. Coinmama is partnered with ZenGo, which is an online crypto wallet.

Though the chances for your assets to get hacked online are slim, as Coinmama doesn’t store details about the transactions on the site. But, in the year 2019, the company reported security concerns where over 400k accounts and hashed passwords were hacked. There is a lot of room for improving security and ensuring protection to its customers. 

Besides the drawbacks mentioned above, the mobile platform and availability can also be improved. The Android mobile platform needs a revamp. Also, Coinmama is not available in places like New York and Hawaii.

Final Thoughts 

Coinmama is the right choice for anyone beginning their journey in trading crypto and is based in Europe or the U.K., particularly those interested in trading Bitcoin and Ethereum. It is not suitable for those who use it as a source of regular income. It is designed specially for customers who can afford to pay in exchange for convenient and straightforward services. There are much cheaper alternatives in the market for beginners.

However, Coinmama is really unique and offers so many exciting features. It is definitely worth paying that extra amount to ensure a fun experience trading cryptocurrency online.


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