Have you ever been told that purchasing cryptocurrency is time consuming and unsafe? Coin mama trading platform is one digital marketplace that?s looking to change that stereotype.
Coinmama is an exchange network that has attracted more than half a million cryptocurrency traders around the world. It was founded by IIan Schuster in Apirl of 2013, the company is based in Israel and is best known for leading the market in its ability to provide its users with the freedom to purchase digital currencies through debit and credit cards.
It accepts this method of payment from over 217 nations around the world which affirms its significant advantage over their competition.
Coinmama provides all of its services via mobile browser and has not committed to the investment of a corporate API/App platform. This however is not a limitation of the company because all transactions are conducted directly between you the trader.
Before 2014, buying Bitcoin was done primarily through Western Union. During these days crypto traders would have to wait for a wire transfer to receive their money. Today as soon as the money is deposited payment is cleared and the trader is free to withdraw their digital currency.
This speed and efficiency caused a paradoxical shift in the marketplace providing more users with the ability to freely purchase crypto currency without the fear of loss. The reason for this is because before the 2014 ?transaction shift? traders were subject to fluctuating prices while waiting for their wire to clear.
Coin mama is known for cutting the ?red tape? for buying Bitcoins - making it easy for new traders to get involved into the market. It is easy to use and has created a solution that has caused many more new traders to feel comfortable buying BTC.
Let?s dig into our review and take a closer look at this trading exchange, the fees involved, and how to use the site. Finally, we're going to answer if Coinmama is the best cryptocurrency exchange today. Let's get started!
This platform was created to provide a digital marketplace with a secure platform to quickly purchase Bitcoin and Ether via debit, credit card or money gram.
The exchange network is unique because it is a digital currency site that does not provide the option to buy back the purchased crypto.
The exchange network is designed solely for you to have a secure platform to buy and hold your digital currencies for an extended period of time. People are drawn to this particular marketplace because it is safe, and for its ease and speed to purchase large quantities of crypto coins.
The services available on Coin mama are fairly simple and easy to understand. Buy Bitcoin. Buy Ether. When you select the tab to make a purchase the prices are locked in for a period of ten minutes. This provides you with the ability to maximize the profitability on all of your trades.
Simply login to create an account and start purchasing your crypto of choice if the price for you is right. The exchange network also comes with an affiliate program that pays you in Bitcoins.
The platform provides you with 15% of Coinmama?s commission on all referral purchases made including future purchases for the lifetime of the trader.
These earning are paid out monthly and have zero limitations. These commissions are paid out after three successful orders are placed through your referred trader. The process is simple after you register. You are provided with a Coinmama branded affiliate link to your name that you can share with potential trading partners.
The exchange platform also comes with marketing banners to attract your affiliate network. If you are truly interested in learning more about the Altcoin marketplace and the status of your investment then we advise you to visit the news tab on the Coinmama?s website.
The company does a great job of creating articles discussing the constant fluctuations and variations of the cryptocurrency market. Now let?s take a closer review of the platform?s security features.
Since its inception in 2013 the company has yet to experience any major security breaches. Coinmama does not hold any cryptos on its traders behalf this makes it much less susceptible to cyber theft and other attacks. Customer support is fairly responsive, they generally reply in 24 hours or less. Membership costs are simple free and easy.
Although Coinmama has a strong amount of support (600,000 visitors per month) and respect from the cryptocurrency community its size pales in comparison to larger companies like Coinbase (34 million) and Poleniex (44 million).
Coin mama charges its members 5.5% transaction fees, some argue that this is quite high but others also reference the speed and efficiency of their system to justify the price.
Next in our reviews we will cover the advantages and disadvantages of this particular exchange so you are equipped with all of the relevant knowledge that you need when selecting your ideal exchange network.
Security: Due to the fact that all transactions are conducted directly between the trader and Coinmama?s own holdings the transactions are more secure than its competitor peer-to peer exchange platforms.
Coinmama does not hold its traders hard earned cryptocurrencies it defers the threat of hackers by encouraging its user base to set up a personal wallet.
Anonymity: The platform provides users with the ability to purchase up to $150 in cryptocurrency without the need to verify identity. This element of privacy attracts many of Coinmama?s new users.
Transaction efficiency: Once a deposit is made via credit or debit card the delivery of the purchased cryptos occurs in minutes. This provides users with the ability to capitalize on the fluctuating price movements that occur in the market which change at a moments notice.
Offers High buying limits: The exchange network offers high purchasing limits compared to its competition especially for credit card transactions. Verified accounts have the ability to invest up to $20,000 per month and up to $5,000 in a single day.
The amount a user is able to purchase is dependent solely upon its level of verification. There are three levels of verification available through Coinmama which range from buying limits of $10,000 to $1,000,000.
Buy Only: Because the platform only provides traders with the ability to buy digital currency if a trader wants their digital currency coins they have to create an account with one of their competitors which diminishes the demand to buy from the exchange platform in the first place.
Limited currencies: The site currently only provides traders with the ability to buy Bitcoin and Ether. This is a major limitation when some of its competitors offers over 70 different currencies on their exchange networks.
Transactional Coinmama Fees: Because Coinmama relies solely on cash purchases (credit/debit) their fees are higher than most.
Credit Card Privacy: There have been some negative reviews regarding the security of traders credit cards causing them to be voided. Coinmama claims to not keep their traders information on file but there have been some instances here mass fraudulent purchases have been made on such cards due to their participation with the exchange network.
Delayed Customer Verification Process: When uploading government identification there have been complaints made that the process can take weeks, as states earlier the platform is very particular with how the information is uploaded.
When choosing an exchange network there are plenty of variables that can deter you from making the proper decision. Next we will cover a complete overview of everything Coinmama.
The digital marketplace is currently available in 217 countries worldwide and 24 states within the USA.
The Supported states in the USA are as follows
Unfortunately users who live in Hawaii or USA outlying islands similar to Hawaii cannot use this platform. If you have questions or concerns about this platform not serving your state in the USA, you should contact their customer support.
When making larger purchases on the platform you are subject to issuing a government for of identification.
This would include either a passport, national ID card or drivers license. In addition to this you must verify your date of birth and address to ensure that it aligns with your credit/debit card information.
The platform is fairly strict with the quality of the images submitted through its verification process. To avoid delays it is important to ensure that:
There currently aren?t any restrictions on the amounts you plan to purchase. There is a slider feature located at the bottom of the home page when you opt in to purchase either Bitcoin or Ether.
There is no wallet service currently available with Coinmama. The exchange platform directs its traders to general Bitcoin blockchain website and Ether to their own portals.
Because Coinmama is a credit.debit card exchange network there can be a gap or delay between when the payment is process and when the Altcoin transaction is approved. If the payment for whatever reason is declined the charge will be voided within 48 hours.
This is a fintech company that is integrated with Coinmama created for the purpose to deter fraudulent activity and chargeback liability to exchange network platforms and online merchants. The company leverages AI algorithms for the purpose of managing high risk transactions.
As you know the prices of cryptocurrency are constantly on the rise and fall like a rollercoaster. Thankfully unlike most exchange network platforms Coinmama provides its users with a unique feature that locks in the price of a currency regardless of how long it takes for a payment transfer to clear.
Getting started and buying digital currencies on Coinmama is simple and easy. Next we will cover the step by step guide to provide you with a concise outline to start making informed purchases.
Step 1: Go to Coinmama.com and click register.
Step 2: Enter email, first name, middle name, create a password select a country and privacy settings.
Step 3: Click Verify your account. This includes uploading a driver license, a passport, Id and the level of membership (1-3).The number of files you upload determine your level of membership and buying power $150-$1,000,000. Once you are verified you are free to purchase.
Step 4: Next step is to press buy BTC. Once you reach this page you are free to alter the size of the purchase you?d like to make through the slider feature. Once you select the desired amount you will be directed to your method of payment.
Step 5: Choose your method of payment. You will be directed to a page to remind you of your daily limit and your membership level. On this page it is important to properly input your Bitcoin or Ether wallet address so that the purchase is sent to the proper location. After you correctly input this information you must press the button to complete payment.
Step 6: Next you will be directed to a page to manually input your credit card payment info which includes your name, card number, expiration date and security code. After entering this information you will be proved with an email to confirm that the person completing the payment is indeed you.
Step 7: After you have completed entering the credit card information press the button ?Pay Now.? Once this is done you will be directed to a Thank You page and you will be free to see the purchased cryptos deposited into your wallet. There is a button available to return to Coinmama where you can view the status of the transaction. This includes an identification number for the order, the amount of Altcoin you purchased for the fiat price you paid as well as the current status of the transaction.
Coinmama is an exchange network that is responsible for delivering a new wave of cryptocurrency investors.
It offers a secure and easy way to quickly purchase Bitcion and Ether through a credit or debit card. This provides you with speed and ease when making a purchase while also ensuring that you can maximize your profits on your trades.
If you are looking for a platform to efficiently purchase Bitcoin and Ether we highly recommend that you create an account on Coinmama.com and give it a try. Wishing you continued success. Happy trading!