COINMAMA – EXCHANGE REVIEW & USER GUIDE
A highly trusted exchange for cryptocurrency users of all knowledge levels. One of the quickest ways to get from fiat to cryptocurrency with no hassles, along with great customer service
FEATURES
- Instant purchase options
- Easy to use interface
- Real-time customer service
- Affiliate program
FUNDING METHODS
- Cash (Moneygram, Western Union, etc.)
- Credit/Debit Card
COINMAMA EXCHANGE REVIEW
Pros
- Fast time to coin
- Good customer support service
- Easy-to-use platform
Cons
- Only credit/debit card deposit
- No wallet service
- Can’t sell cryptocurrency on the exchange
EASE OF USE
Signup and purchase on Coinmama is simple and straightforward, with the user interface providing one of the easiest ways to purchase cryptocurrency that users of any knowledge level would be comfortable with.
There is a verification process, but it is much easier and less time consuming than other exchanges.
The only confusion lies in who can use the exchange, with it being available in most countries, but only in about half of the United States, which isn’t clear upfront.
COINS TRADED
With Bitcoin and Ethereum being the only coins traded, Coinmama does not by any means provide a diverse array of cryptocurrency for traders.
These two coins will be helpful to newer investors who might get confused with the diversity of crypto trading options, but will be disappointing to most cryptocurrency investors.
TRUST FACTOR
With no coins being held on exchange there isn’t much that can go wrong when making a purchase on Coinmama.
Coins are instantly transferred to a third-party wallet as specified, and cannot be transferred back to the exchange in any way.
Additionally, credit card information is not saved on the site, as users only enter in credit or debit card details at the time of purchase.
For these reasons, there have not been any security breaches on Coinmama, and there’s no reason to think there will be a breach anytime in the future.
PRIVACY
As per the exchange’s privacy policy, personal information and web browsing data will be collected, used, and even provided to third-party advertisers.
Coinmama also reserves the right to obtain credit information about users before allowing them to purchase on the exchange.
All this is possible because personal information and government-issued ID are required to make any purchase on the exchange.
Essentially, as much private information about users is collected and used as the exchange desires, leaving little to no privacy for users on the exchange.
FUNDING & WITHDRAWAL
The exchange currently only supports credit/debit card purchases and cash funding options such as Western Union and Moneygram.
Cash deposit options are dependent on the country of residence and are not allowed for all users. Coinmama is a purchase-only platform, and doesn’t allow for withdrawals of any kind.
Funding Methods:
- Cash (Moneygram, Western Union, etc.)
- Credit/Debit Card
Withdrawal Methods:
- No withdrawal available
FEES
A purchase fee of 5.5% in conjunction with a 5% processing fee for all credit and debit card purchases (which are currently the only ways to purchase on the exchange), makes for a 10% off-the-bat fee structure — a deterrent for investors of any level.
Coinmama doesn’t have any other hidden wallet or withdrawal fees as it only provides a basic purchasing service.
However, depending on the payment method used, an extra fee may be applied by certain banks that deem transactions on the exchange necessary for a cash advance.
CUSTOMER SERVICE
Upon logging in to the exchange for the first time a Coinmama Zendesk help bot appears to assist with any questions.
If contacting during business hours it’s likely a human will take over the Zendesk support if needed.
This makes for a nice touch that leads to a positive customer service experience.
Other customer service options include submitting a formal request, contacting Coinmama on Facebook, or sending the company a direct email.
Overall, support seems to be attentive to customer questions and they do their best to answer in a timely fashion.
SPEED TO COIN
Coinmama provides a fast way to get from fiat to cryptocurrency that beats most of the industry.
The only small roadblock is the verification process, which does require personal information and government-issued ID, but once past that process getting cryptocurrency in hand can happen almost immediately.
Signup - 5 minutes
ID Verification - 1-5 business days
Deposit - Instant
Trade - Instant
Withdrawal - N/A
VOLUME
Liquidity is not an issue on Coinmama, as there is no real exchange volume to worry about.
Trading prices are set in real-time, and there’s no order book needed to match buyers and sellers since all transactions are purchased directly through the exchange itself.
Higher limit purchases, up to $1 million, can even be made with sign-off from the exchange.
FEATURES & BENEFITS
Instant purchases are the most beneficial aspect of the exchange.
An easy-to-use interface and quick purchasing options are great for new investors.
An affiliate program allows users to earn Bitcoin for referring their friends through a custom link or banner ad.
Multiple levels of customer service provide an added support layer if any problems should arise.
The lack of any mobile application, charting functionality, or API integration, makes Coinmama a barebones exchange when compared to its industry competitors.
TOTAL SCORE
Coinmama is a basic onboarding service to allow for easy Bitcoin and Ether purchases with an easy to use platform and good customer service.
Having to use an outside wallet is a hassle, but also leaves less room for the risk of security breaches and stolen coins, giving users a great platform to get in and get out quickly.
Without the ability to sell cryptocurrency or trade more coins than just Bitcoin or Ether, using Coinmama will only provide the most basic service, but it does so extremely well.
COINMAMA – USER GUIDE
Find out how to use the Coinmama exchange to buy bitcoin and other cryptocurrencies. This user guide walks you through with easy to follow steps
1. Sign up
The registration process begins directly on the Coinmama homepage and only requires setting up an account with email and name information.
If you reside in the United States you will be prompted to select your state of residence, which is important as Coinmama is only available in select US states at this time.
Immediately after registering, a verification email will be sent to the address on record. Click the link in the verification email to complete your registration.
2. Verification
In order to make any purchases on the exchange, you must first verify personal information such as name, date of birth, phone number, and address information.
Following the input of personal information, a government-issued ID must be uploaded, along with a selfie holding the ID and today’s date. This is required for any purchase on the exchange.
If you would like to make purchases larger than $10,000, additional levels of verification are required that include two forms of government issued identification and a utility bill to confirm address information.
Once all personal information and images are uploaded you’ll have to wait for approval from the exchange before making a purchase. This can take as little as an hour, or up to several days depending on demand and any complications with your application.
3. Authentication
Coinmama does not offer Two-Factor authentication (2FA) for users of the exchange.
4. Payment Method
Credit/Debit card, or cash payment information is not stored on the exchange, and therefore does not need to be entered until the time of purchase. This is a safer option for users who are leery of giving up their credit card information to a web-based provider.
5. Purchase Cryptocurrency
Use the preset purchase options on the Coinmama homepage, or, type in the exact amount of fiat currency you would like to spend or cryptocurrency to receive.
The information will update according to the amount specified. Once you’re happy with the prices and amounts displayed, click the Buy button at the bottom of the screen.
You’ll be asked what payment method you would like to use. Depending on the country you reside these options will change as purchase via MoneyGram and Western Union are not available to all users, however, purchasing via VISA or MasterCard will always be accepted. Choose the payment method of your choice, if applicable.
You can confirm the purchase information on the right-hand side of the screen which gives the purchase amount, price, order ID, and time that you have left to complete your purchase before it expires.
Next, insert the bitcoin or ether (depending on what coin you’re buying) address you would like to have your coins sent to. Remember, Coinmama doesn’t have an internal wallet application, so all cryptocurrency must be sent to a third-party wallet.
You’ll be asked to confirm the wallet information you just entered before proceeding to the transaction payment information through an email that provides all of the purchase and wallet information. Confirm the information is correct before clicking the link to proceed.
Once you have confirmed the purchase information and wallet to send your cryptocurrency, you’re prompted to complete the payment information, which will depend on the payment method chosen. The bottom of the page will display the total amount charged as well as the fees applicable to the transaction.
After the purchase has been made you’ll receive a confirmation that your order has been received and your payment request has been approved.
If for some reason you don’t receive order confirmation, or you want to check on the status of your order, you can always do so on the Orders page of your account.
Here you will see all of your previous orders, the purchase amount and price, along with the updated orders status.
6. Trade/Market View
Instead of an exchange or trading view, Coinmama displays simple purchasing options on its homepage. This makes for a simple and straightforward way to purchase bitcoin or ether without having to fill out a complex order form.
Preset purchase options are available, or, you can select the exact amount of fiat money you would like to spend on your purchase.
8. Withdraw
At this time Coinmama does not offer any withdrawal service. You’ll have to use another exchange or service to withdraw your bitcoin or ether to fiat currency.
Bonus Tip - Wallet Storage
Since Coinmama doesn’t provide an internal wallet service to store cryptocurrency, you’ll have to use an outside wallet to store any bitcoin or ether purchased through the exchange.
This can be a good thing because it forces you to store your coins on a wallet, which can be a much safer way to store them than on an exchange that’s a big target for hacks.
Get a wallet address before taking steps to purchase the cryptocurrency of your choice, as you will need the wallet information in-hand during the purchasing process.
Coinmama offers links to third-party providers to create a bitcoin wallet or ether wallet, depending on the desired cryptocurrency purchase.
CoinMama
Pros
- Fast time to coin
- Good customer support service
- Easy-to-use platform
Cons
- Only credit/debit card deposit
- No wallet service
- Can’t sell cryptocurrency on the exchange
About Author
Users should be aware that if they click on a cryptocurrency link and sign up for a product or service, we will be paid a referral fee. This in no way affects our recommendations, which products we choose to review or our advice which is the sole opinion of the authors.
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