CoinMama Review

coinmama-logo-wikicrypto-300x146 CoinMama Review by WikiCrypto

Review Summary

CoinMama is a leading bitcoin and cryptocurrency exchange that will let you buy and sell cryptocurrencies in the blink of an eye. Their platform is extremely fast and reliable while easy to use for newcomers. CoinMama definitely makes Bitcoins and Ethereum available to anyone using Euros (EUR) or U.S. Dollars (USD).

CoinMama

coinmama-logo-wikicrypto-s-150x150 CoinMama Review by WikiCrypto
9.38

Safety

10/10

    Speed

    9/10

      Cryptocurrencies

      9/10

        Withdrawal Methods

        10/10

          Customer Support

          9/10

            Pros

            • Available in the U.S. and most countries
            • No ID Verification up to $150
            • Super fast and intuitive Exchange Platform

            Cons

            • Only offering Bitcoin and Ethereum at the moment
            • No phone support but a customer service team available 24/7 by email
            • No CFD Trading

            Quick Facts about CoinMama

            Exchange CoinMama
            Website Address www.coinmama.com
            Created in 2013
            Location Slovak Republic
            Customer Service 24/7 – Email, Online Chat
            Languages 6 Languages available
            Technology CoinMama Platform
            Minimum Deposit $0
            Maximum Withdrawal Unlimited
            Maximum Trade $20,000 per month
            Bonus Up to 10% in bonus
            Profit 88%
            Free Demo Account No
            Regulated green-bullet CoinMama Review by WikiCrypto
            Withdrawal Methods Visa, Mastercard, Amex, Wire Transfer, Western Union
            Deposit Methods Visa, Mastercard, Amex, Wire Transfer, Western Union
            ID Verification green-bullet CoinMama Review by WikiCrypto – only above $150
            Coins Available Bitcoin (BTC), Ethereum (ETH)
            CFD Trading No
            U.S. Clients Yes
            WikiCrypto Score 9.3/10


            Full Review

            CoinMama is one of the greatest Bitcoin exchange platform where you can purchase Bitcoins. The company is based in the Virgin Islands and has a great social media presence on Facebook and Twitter. It’s one of the oldest platforms providing such a service so it’s completely reliable and trustworthy.

            It also has one of the largest reaches in the industry, as the website can be accessed globally. The website  is quite modern and very practical, allowing for easy use of the platform. The company also accepts Western Union payments. These might be important to people who would like to remain anonymous whilst buying bitcoin, since most sites don’t offer that.

            The company doesn’t offer any telephonic customer service but offer it through mail. It does have good customer service as they usually reply to your mails within 24 hours, which can easily help you to solve all your queries and questions.

            CoinMama has a transaction fee of around 5% compared to the industry average of 3.5%, but this isn’t a great difference for small amounts that you would generally buy. The company also doesn’t require you to upload your identification until you decide to buy more than $150 worth of Bitcoins, which helps to protect your identity.

             

             

            Features

            The CoinMama website is modern and practical, the user interface is interactive and easy to use. Some of the notable features of CoinMama are their payment options and high privacy standards. CoinMama accepts Western Union and credit cards as payments therefore anybody can practically buy bitcoins on CoinMama.

            The interface makes signing up much faster and there is no verification process which requires ID, therefore an account can be created immediately. The website has an HTTPS certificate, therefore all of your credit card information is safe, since it is not saved on CoinMama’s servers.

            The CoinMama website doesn’t currently have an option to sell your bitcoins, but according to a press release, they are working on creating it. This will allow users to buy and sell their bitcoins over the internet, and would make the platform a complete bitcoin exchange.

            Currently, only bitcoins and Ether are available for sale on CoinMama, so you can’t get Ethereum here, however we are sure they are going to add more currencies soon.

             

            Platform Review

            CoinMama-Homepage-WikiCrypto-1024x673 CoinMama Review by WikiCrypto

            View of the CoinMama Homepage

            The platform is well made, it has a good user interface and looks professional. CoinMama offers many features that aren’t provided by some of the other bitcoin brokers on the market. If anonymity is important to you, CoinMama allows you to buy $150 worth of Bitcoin without registering a valid identification, if you pay through Western Union.

            The most important aspect of CoinMama is that it has one of the highest buying limits in the industry, therefore if you want to buy a few bitcoins at once, you can! Although this might not be relevant to the everyday user, but if someone wants to invest into bitcoins, it’s the platform for you.

            However a downside to buying large amount of bitcoins is that you might incur a service fee if you use your credit card to buy bitcoins on the website. This would affect only the people who would like to buy large quantities of bitcoin, since buying smaller quantities doesn’t have a significant fee. The CoinMama platform has the higher fees because it provides better services such as higher buying limits to its customers and many more!

            Although the customer support on CoinMama has been getting some bad reviews,  the company assures that all complaints will be addressed within 24 hours. Therefore, you can always get into touch with the customer service if you need any assistance. The transaction times are quite quick, usually customers receive their Bitcoins immediately after completion of payment. This is relevant because the price of bitcoins changes so much that you end up buying bitcoin for a different price than you thought, due to the time taken by the payment to be complete.

            CoinMama is and will remain one of the most trustworthy platforms that one can find online to buy Bitcoins.

             

            Deposit and Withdrawal

            CoinMama has a transaction fee of about 8% and  industry averages range between 3.5% to 10%. This marginally higher transaction fees is justified due to the high costs that CoinMama incurs by accepting different methods of payments and maintaining the platform. You can buy Bitcoins on the website using your credit card or Western Union, an option that most companies do not support.

            As soon as your payment through banking or western union is approved, the Bitcoins are attributed to your account immediately. The deposits aren’t limited either, you can buy more than $5000 of bitcoin per day and $20,000 per month. These large purchases aren’t possible on most platforms offering Bitcoin today, therefore an added advantage for users of CoinMama!

             

             

            Security

            CoinMama offers its users to buy bitcoin up to $150 without any ID verification, which means you don’t have to go through a lengthy process in order to buy a basic amount of bitcoins. However above $150, CoinMama has a verification procedure in which it asks for national identification and proof of address.

            This also depends on the jurisdiction of your country, some countries may require only online verification whilst some may require much more.

            Moreover, if you pay with credit cards, you can rest assured at your information will not be leaked. Since CoinMama operates on an HTTPS certificate, none of your information is saved at CoinMama, therefore a leak cannot affect you in any way.

            If you’re really paranoid, you can just send money through Western Union after getting verified by the company. These two measures make sure that your information is safe and secure so that you can buy your bitcoins without worrying about scams.

             

            Comparison with other platforms

            TOP 1
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            WikiCrypto Score 9.6 WikiCrypto Score 90
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            WikiCrypto Score 9.3 WikiCrypto Score 82
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            • BTC, ETH, LTC Available
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              arp_1498575769_3_25_4 CoinMama Review by WikiCrypto
            WikiCrypto Score 8.7 WikiCrypto Score 77

             

            Conclusions and Remarks

            Finally, you can see the different aspects of CoinMama and how it differs from the rest of the companies that sell Bitcoins. Even though it boasts a slightly higher trading fee, we at WikiCrypto think that it’s best to trust such an older company with tons of satisfied customers. The final step in CoinMama’s future is incorporating a sell-bitcoin platform as well so that they can provide an all-inclusive service. CoinMama is and will remain one of the go to platforms for cryptocurrency investors from all over the world. 

            The WikiCrypto Score for CoinMama is: 9.3/10