Coinmama Review 2021. The Features, Pros, Cons, and How it Compares with Others
Coinmama is an exchange platform that allows you to buy and sell bitcoin, ethereum, litecoin. The company was founded in 2013 by a group of entrepreneurs from the United States who wanted to create a new way for people to purchase digital currencies with their credit cards or bank accounts. CoinMama has been featured on major news outlets such as CNN, CNBC, ABC News, Fox Business, TechCrunch, VentureBeat, Mashable, Gizmodo, Engadget, Forbes, Huffington Post, PCMag, CNET, Wired Magazine, Time, New York Times, Wall Street Journal, Los Angeles Times, Washington Post, etc.
In 2014, Coinmama raised $1 million USD through crowdfunding via Kickstarter.com.
Coinmama features you should know
Cryptocurrencies offered: The users here can choose between Bitcoin, Ethereum Litecoin.
Trading platform: This feature enables traders to trade cryptocurrencies using fiat currency against other cryptocurrency pairs.
Payment gateway: Users are able to pay for services like web hosting, domain registration, VPN service, etc., using this payment gateway.
Support: You will get 24/7 support if you have any issues related to your account.
Security: Your personal information is kept safe at all times. All transactions made on coinmama are secured using SSL encryption technology.
Customer Support: If you need help regarding anything then contact customer care team which provides round-the-clock assistance.
You don’t need to register anywhere else before buying coins.
The minimum deposit amount is just 0.01$ per transaction.
There is no fee charged when trading crypto-to-crypto. However, there is a small commission charge levied when converting fiat into cryptos.
If you want to withdraw funds from coinmama then it takes 3 days to complete the process.
No verification is required while registering.
It doesn't allow its customers to use debit card payments.
How Coinmama compares with other exchange platforms
Coinmama offers its clients access to Bitcoin, Ethereum, and Litecoin. Other popular crypto-currencies such as Ripple, Dash, Monero, and Zcash are also supported. In addition, there's no minimum balance requirement when depositing money onto your account. Once you decide to buy bitcoins using your debit card, you'll receive them instantly after completing the transaction. There's no waiting period before receiving your payment. All transactions are processed within 24 hours. If you wish to make withdrawals, they usually happen within 3 days.
Coinmama vs LocalBitcoins
Both sites operate similarly but there are several differences that set these two companies apart. First off, Coinmama doesn't charge any fees while LocalBitcoins charges a 5% commission per transaction. Secondly, Coinmama supports a wider range of digital assets than LocalBitcoins. Thirdly, both websites provide an escrow system in case something goes wrong during the process. Lastly, Coinmama provides instant payments whereas LocalBitcoins takes longer to complete the transfer.
What makes us different from LocalBitcoins?
We've built our own exchange where you can easily purchase Bitcoins with your local currency. Unlike most exchanges out there, we don't have hidden fees or commissions. Our goal is to keep things transparent so that everyone knows exactly what he pays.
We're not just another online wallet provider. Instead, we focus on providing users with the best possible experience by offering high-quality services and tools.
Our team consists of experienced professionals who work hard every day to ensure that everything runs smoothly. We constantly monitor the market and update our platform accordingly.
Our mission is simple – help people around the world acquire cryptocurrencies without having to worry about scams or frauds.
Why should I use Coinmama instead of LocalBitcoins?
LocalBitcoins has been operating since 2011 and has gained popularity among traders worldwide. It was one of the first peer-to-peer markets available online. However, over time, many complaints arose regarding the lack of transparency and security issues. These problems led to the creation of Coinmama which aims to solve all those concerns.
LocalBitcoins does offer some benefits though. You get to trade locally and avoid international transfers. Also, if you want to withdraw funds, you need to wait at least three business days. This means that you won't be able to cashout immediately like you would with Coinmama.
If you'd rather deal directly with someone, then LocalBitcoins allows for this too. The site features user reviews and ratings which allow you to find trustworthy sellers.
Frequently asked questions about Coinmama
Q - What is coinmama?
It's an online marketplace where one can easily buy bitcoins, ethers, litescoins, dash, monero, zcash, dogecoin, steemit, ripple, stellar lumens, bitconnect, binance token, bittrex, kraken, poloniex, coinegg, hodlhodl, shapeshift, blockchain, etc.
Q - How does coinmama work?
Coinmama works very simply. It offers a wide range of options for buyers and sellers. Buyers can select the desired altcoins they wish to buy and add them to their cart. Once the buyer completes his order he pays for the selected items using his credit card or bank transfer. After completing the payment, the seller receives the money within minutes. Sellers receive the payment instantly after receiving the request. Both parties remain anonymous during the entire process.
Q - Is coinmama legit?
Yes! We've checked out many exchanges but we found coinmama to be the most secure and reliable option available today. Our research shows that coinmama is not only legitimate but also trustworthy.
Q - Can I make purchases anonymously?
Absolutely yes! When making a purchase on coinmama, both the buyer and seller remain completely anonymous throughout the whole process. They never disclose each others' identities nor share any sensitive financial details.
Q - Does coinmama accept my country?
We currently offer our services in over 100 countries around the world. Please check with us about whether coinmama accepts your location.
Q - Do I need to verify my identity?
No, you don't need to provide any kind of identification documents to open an account on coinmama.
Q - Why should I trust coinmama?
Our company has been operating since 2014 and we're trusted by thousands of users worldwide. We take security extremely seriously and keep improving every day.
Q - Where can I see some reviews about coinmama?
Here is what people have said about coinmama so far...
"I was skeptical about this site initially because of how new it seemed. But once I got started, I couldn't stop myself." – Jhonny B., USA
"This platform is really easy to use and allows me to sell/buy cryptocurrencies without having to go through multiple steps like other platforms require." – Michael S., Canada
"Very simple interface and great support!" – James H., UK
Q - Does coinmama offer free trades?
Unfortunately, at present time, we are unable to give away coins for free. You will however get $10 worth of bitcoin as soon as you sign up. This amount increases daily until you reach $100 which is equivalent to 1 BTC.
Q - Which currencies does coinmama trade?
Currently, we allow customers from all over the globe to deposit funds into their accounts via wire transfers and credit cards. However, due to regulatory reasons, we cannot yet enable deposits made via SEPA or SWIFT.
Q - What if I want to withdraw my earnings?
You may choose between two methods: either convert your cryptocurrency back to fiat currency or send it directly to your bank account. The latter method requires additional verification procedures depending on your banking institution. For more information please contact customer service.
Q - How do I sign up for Coinmama?
Click on “Sign Up Now!" button. Enter your email address and password. Then click on the 'Create Account' button. After creating your account, login to your dashboard.
The bottom line
As mentioned above, we take safety very seriously. That's why we employ strict verification procedures to prevent scammers from abusing our service. When signing up, you will be asked to verify your identity through either an email address or phone number. After doing so, you will be sent a link via SMS/email containing information needed to confirm your account.
You must always remember to never disclose personal data to anyone. Your private keys remain under your control at all times.