It can be difficult to choose a cryptocurrency exchange, as there are hundreds of different options. Among the most popular is Coinmama, millions of people use it. During the Coinmama review, we will review this cryptocurrency exchange for you.
What is Coinmama?
Founded in 2013, Coinmama is a cryptocurrency broker/exchange based in Israel. The website of this exchange states that you can receive digital money from anywhere in the world in a fast, safe, and fun way. It serves all countries except countries such as North Korea.
Is Coinmama Safe?
Sadly, most cryptocurrency exchanges aren’t regulated by government agencies. If you are wondering if Coinmama is safe, we have good news. Coinmama has been approved in the USA with CIN. So this exchange is pretty safe. Any suspicious activity on their site is being properly investigated.
The Advantages of Coinmama
- Daily Payment Method
One of the most annoying things about buying and selling cryptocurrency is that many exchanges do not use fiat money. Instead, they ask you to deposit another cryptocurrency (like Ethereum). As a matter of fact, it is not possible for you to do such a thing when you do not have any cryptos! Coinmama provides an advantage in this regard.
Using Coinmama, you can buy cryptocurrencies directly on the site via debit or credit card.
- Get Your Coins Instantly To Your Personal Wallet
When you enter your credit card information and make a purchase from Coinmama, your coins will be sent to your private wallet as payment is made. It is a much safer option as third-party wallets can be hacked.
- User-Friendly Platform
Most cryptocurrency exchanges can be intimidating when they first start. Sometimes you come across a lot of graphs, tables, and statistics that make things even more complicated. Besides, you have many different options such as orders or buy or sell orders. This is one of the positive points for using Coinmama.
The purchasing process at Coinmama is very simple. All you have to do is to open and verify your account, enter your card information and specify how many coins you want to buy. No prior knowledge is required to purchase crypto from Coinmama.
- Helpful Customer Service
If you encounter a problem with your account while using Coinmama and require support from its team, there are several different support options you can choose from. The best way is to communicate via live chat. This is only possible during the working hours listed below. We can call it a huge plus for Coinmama review.
Sunday-Thursday
09: 00-18: 00 GMT + 3
If you need to contact outside of these hours, you can send an email, create a support ticket or even contact via Facebook!
The Disadvantages of Coinmama
- Credit Card Fees
As we mentioned before, one of the great features is that you can easily buy cryptocurrencies using debit or credit cards. However, the fees are quite high.
By using your card, you pay an extra 5% fee above the Coinmama fee. No matter which cryptocurrency exchange you use, there are additional fees if you use a debit or credit card.
- Coinmama Fees
On top of the fees to be charged when using a credit card, you pay an average of 5.5% each time you make a transaction. This depends on the number of coins you want to buy, and the site does not warn you about it.
If you regularly purchase a large amount of cryptocurrency, it can be really expensive. No matter where you buy crypto money, if you use real money (you have to use it the first time), there will always be additional fees.
- There are Only 10 Coins to Choose from
It only offers you 10 coins, including Bitcoin (BTC) and Ethereum (ETH). It is quite low compared to other exchanges such as Coinbase, which has more than 100 coin types.
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Although no stock exchange is excellent, Coinmama is one of the exchanges that progress positively. Although some exchanges are cheap in terms of transaction fees, they may not offer the opportunity to purchase with debit or credit cards. So it is a great start if you’re going to buy Bitcoin, Ethereum, or any other cryptocurrency for the first time.
SEE ALSO: Kraken Review
