Coinmama Review : Things to know before investment

In the year 2020, we have surely learned one thing and that is the importance of investment. With the rising inflation rate, our normal currencies’ purchasing power is also decreasing. And then the problem of the economic recession is snatching away the livelihood of people. So, with all these problems people have started searching for any other source of income. And they found a way in cryptocurrencies, it has given a great return in the past. Their sentiment is confirmed by the investments from big market players like Elon Musk. His company Tesla has also allowed its customers to buy their products with bitcoin. All these things resulted in a bull run in the crypto market.
But the problem still remains the same for many new users and that is they want to invest in cryptocurrencies but they are confused about where to start trading. There are 100 crypto exchanges today and the confusion keeps increasing.

Let’s ease your confusion a little. I will review one exchange called Coinmama, which will help you know all about that.

Overview

Coinmama is one of the emerging crypto exchanges in the industry. It was founded in the year 2013, in Israel. Then, Coinmama registered in Dublin, Ireland under the name New Bit Ventures Ltd. Today it serves over 188 countries in the world. And they are famous for their quick transactions. It is an established brokerage firm that offers trading services for leading cryptocurrencies. This platform allows their clients to buy and trade any type of cryptocurrencies using multiple modes of exchange like Apple Pay, credit card, bank transfers, or wire transfers like SWIFT, Fedwire, SEPA, and Sofort, and many more.
If you have a Coinmama account it will be easier for you to buy bitcoin or other leading cryptocurrencies, and it is the perfect platform for first-time bitcoin buyers.

Also Read : Coinbase review

Services

The exchange provides brokerage services to buy bitcoin and other leading cryptocurrencies. Coinmama users can directly purchase cryptocurrencies from the exchange as it sells bitcoin directly to the users, unlike other exchanges that allow users to buy coins from other people.
This exchange also allows clients to buy and sell their bitcoin even if they were purchased from a different exchange other than the Coinmama cryptocurrency exchange. And this saves a lot of time for the clients as they don’t have to look for buyers to sell bitcoin. The Coinmama cryptocurrency exchange is also making a constant effort to reduce the brokerage fees as much as possible.

Advantages

1. Instant buying of cryptocurrencies- The exchange allows many different modes of payment that makes it really easy and fast t buy any cryptocurrency.

2. Selling of cryptocurrencies- Coinmama also allows you to sell your cryptocurrency there even if it was purchased from any other exchange.

3. High spending limit- Users of this exchange can buy cryptocurrencies up to $30000 at a time. The minimum amount of bitcoin that you need to buy is equal to $60.

4. Security- There are 3 levels of Coinmama verification procedures that the users need to go through for making any kind of purchase. In the Level 1 verification process, users need to produce 1 valid government-issued ID, like a voter card, or a driver’s license, a selfie of the trader holding that ID card, and a note with Coinmama and the specific date written on it.
Then In the Level 2 verification process, the traders need to upload a secondary ID and a valid utility bill.
At last, In the Level 3 verification process, traders are required to fill the form at the Coinmama exchange’s website.

5. User-friendly interface- This exchange is best for newcomers. Its user interface is very simple and easy to use. You will find each and every detail on the website only. The registration process is also very simple. You would be needed your name, phone number and an ID card.

6. Payment methods- At this platform, people can choose any crypto pair of their choice from the long list of cryptocurrencies that the exchange supports. And the supported cryptocurrencies include Bitcoin, Ethereum, Bitcoin Cash, Cardano, Ripple, Litecoin, EOS, Tezos, and Qtum, Ethereum Classic.
Apart from this they also support many payment methods as well.

7. World coverage- The exchange has around 188 countries coverage. That is a large number of countries.

8. Customer support- It has 24-7 customer support services. For any kind of issues faced by the people, they are always there to help them.

Also Read : Binance Review

Disadvantages

1. Credit card fees- It is an advantage that you can use credit cards to buy cryptocurrencies but it is an expensive option. You have to pay an extra 5% charge in addition to the normal charges.

2. Trading fees- This is the biggest disadvantage of this exchange. It has higher trading fees as compared to other crypto exchanges. The average fee of 5.5% to 5.9% for every transaction made on the Coinmama platform. But as I mentioned earlier that the team of Coinmam has been constantly trying to lower their fees.

3. Limited cryptocurrencies- There is only a limited number of coins are available at this exchange. They support only 10 cryptocurrencies that are quite less as compared to other crypto exchanges.

Process of buying cryptocurrency on Coinmama

• Choose the cryptocurrency

First of all, you need to select a cryptocurrency that you want to buy from their list of cryptocurrencies supported. You will find this list on their homepage.

• Choose an amount

After you have selected your coins, you can choose any of the cryptocurrency packages from the exchange’s website. You can do it manually as well, you have to enter the specific purchase amount that you would like to spend for buying bitcoin. Then click on the “buy now” option.

• Wallet

Now, you have to set up your digital wallet. If you are using a third-party wallet then you have to give the wallet’s address there.

• Payment

Then you will be directed to a page for payment and you need to select a payment option from there. You can choose any of the supported payment options.

• Cryptocurrency received

At last, you will get a wallet confirmation link that will be sent to your registered email address. Click on the link and confirm your wallet address after which you will be sent your purchased cryptocurrency to that wallet address.

We can conclude that Coinmama is a great cryptocurrency exchange but it has some serious demerits as well. So, it is suggested that select an exchange according to your analysis.