Coinmama Currency
The advent of cryptocurrency has brought about many online exchanges for trading as there are no physical banks or platforms to buy and sell these cryptos. Of the exchanges available and recognized is Coinmama.
Coinmama is a crypto brokerage company that allows you to buy and sell your cryptocurrencies very fast and much more straightforward. The brokerage company was established in 2013, and according to the FAQs on the website, it reveals the broker was established in Ireland. For over seven years of establishment, it has risen to be one of the leading cryptocurrency exchanges that allow in purchasing different coins with credit cards and also by bank wire even with apple pay.
The rising of cryptos in price and volumes, especially bitcoin, has drawn more people’s attention to the world of cryptocurrency. To accommodate that number is the reason Coinmama is established to help. And this particular exchange will be reviewed in this article about its safety and its pros and cons.
Can anyone use Coinmama?
Coinmama is a legit service that is registered and operated from Dublin, Ireland according to the FAQs on the company’s website. It is acceptable and in operation in many countries, including Afghanistan, Albania, Austria, Australia, Croatia, and all through other European countries, including the United States of America. Anyone who is an investor or a trader of cryptocurrency from any country whatsoever can use this exchange platform except the underlisted countries.
Those restricted countries include Crimea, Cuba, Lebanon, Iran, Syria, Sudan, North Korea, South Sudan, Palestinian Territories. Taking about restrictions, some of the American States cannot use the Coinmama Exchange Platform, and they include Hawaii, Oregon, Florida, New Mexico, Vermont. The territories include Guam, Puerto Rico, Virgin Islands, American Samoa, Northern Mariana Islands, United States Minor Outlying Islands.
Currently, there is nothing like a restriction of this platform in Canada, which means traders and investors from the country can freely use the platform based on the terms and conditions of operations of the exchange.
Security Features of Coinmama
There are so many exchange sites out there, and as such, the interest of any reasonable investor and trader is to know how to secure the site he will use is. With Coinmama, some features made the site so safe to use for everyone, and they include:
- The transparency of management
- It doesn’t withhold anyone’s coin for any reason.
- It has excellent and satisfying customer support.
- It is well registered with the FinCEN.
- Availability of the two-factor authentication (2FA)
- It also supports the Anti-Money Laundering and Knows Your Customer.
These fantastic features prove that the Coinmama exchange platform is very safe to use as much as it is legit. Beyond all these, Coinmama doesn’t keep any of your information, especially your credit or debit card information, on its server. Most people find creating an offsite wallet to use the exchange a bit extreme and aggravating, but it is a strong point for the exchange in ensuring safety in reducing the risk of coin theft. If there is any weak point for the exchange, it is centralized, which means it has more vulnerability than other decentralized coin exchange platforms.
Using Coinmama – Tips, Buying Fees, Deposit Methods
When you want to buy Ether, Bitcoin, or any other coin on the exchange, there are already made packages on the website that you can take advantage of. You can also manually select what amount of coin you want to buy depending on your budget and purse. The cryptocurrencies available for purchase on this exchange currently include:
- Ethereum (ETH)
- Bitcoin (BTC)
- Litecoin (LTC)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Qtum (QTUM)
- Cardano (ADA)
- Ethereum Classic (ETC)
- Tezos (XTZ)
- EOS
The means of deposit on this exchange is through debit or credit card, and it accepts both Mastercard and Visa cards. Furthermore, to be eligible to buy coins and to pass certain limits, you must have a complete account. Accounts open on Coinmama (almost like any other exchange) have limits depending on the type and depth of verification the user has carried out on the platform. An unverified account cannot be used to buy any coin at all but is not so on the verified ones. To break through the limits, intense verification will be required, including submission of the full address, Government ID scans, and any other essential details to further prove your identity. The extent you can share your details is the extent you can break the limits placed on buying coins.
Talking about fees, Coinmama is known as an expensive exchange, but those who love convenience and security will love to pay that much to use the exchange. For every crypto purchased on Coinmama, the platform’s fee is 5.5%, and 5% is the fee for simplex (the integrated payment gateway). As stated in the security features, the exchange doesn’t withhold anyone’s coins, so it is released to your wallet as soon as the purchase payment is validated, which also means that there is nothing like withdrawal fees in getting your coins to your personal wallet.
Pros and Cons of Coinmama
Pros
- The platform is very straightforward and easy to use for those that are new to the world of crypto buying and investing.
- The exchange’s verification system is very swift, and with all the required details provided, it gives the user a limit that is up to $100,000 in buying cryptocurrencies.
- Buying bitcoin and some altcoins are very swift and straightforward on the exchange.
- The purchased coins are not stored on the exchange servers, so they reduced the risk of coin theft as the coins are sent straight to the provided offsite wallet when the payment is validated.
- There is a ready-to-help customer support team on the exchange.
Cons
- The cost of transacting on this exchange is considered outrageous as it is higher than most other exchanges, especially the popular ones.
- It is currently supporting only 40 states in the whole of the United States.
- It has limited payment options.
- The exchange website doesn’t have trading tools like graphs, charts, etc.
- For large and huge purchases, the verification most often takes longer.
- It currently supports eight coins, and it is considered limited.
Final Words – is Coinmama Safe and Legit?
After this detailed review, the answer is YES. Having considered the security implications of using Coinmama, it is concluded that the exchange is very reputable and renowned. As much as the transaction fees are high, it looks inevitable considering the prompt and swift service, the exchange worth the incurred cost. But above all, the exchange is recommendable.