Coinmama Review 2023

In this 2023 Coinmama exchange review, I will examine what Coinmama is, its history, the team, the pros and cons of the platform, and more.

Institutional investors and retail traders alike need access to high-quality exchanges. If you’ve come across Coinmama, you’re on the right track. 

Have you wondered what Coinmama supported countries are? What are Coinmama transaction fees? Is Coinmama legit, or is there some sort of Coinmama scam? I’ll answer these questions and more in this Coinmama exchange review!

Should you consider Coinmama as your exchange? Are the fees reasonable for both retail and professional investors? 

Should you create an account today?

Let’s dive in!
 

 

1. Key Takeaways 

I understand you may not have enough time to read my full Coinmama exchange review, so here is an actionable summary to help you.
 

Pros of Coinmama

 

Cons of Coinmama

  
 

2. Background

   

 
 

3. Reputation and Security 9.0/10

Coinmama License

Coinmama is incorporated in Ireland under the name Cmama LTD and strictly adheres to the standard Know Your Customer (KYC), Anti-Money Laundering (AML), and Combating the Financing of Terrorism (CTF) procedures which entails their collection of identification documents from their users. 

This implies that they have obtained the relevant crypto exchange licenses for the jurisdictions in which they operate.
 

Security Features

The standard SSL certificate is on their website, and they offer 2FA (two-factor authentication) for individual account access. The SSL certificate signifies that it is safe to input your sensitive information like credit card numbers. 
 

Complaints Received

Coinmama has over 438 reviews on Trustpilot, a reputable third-party source for platform reviews. Of these 438 reviews, nearly 75% give it a 5/5 rating deeming the platform excellent. 

The portion of bad reviews I found were either severely lacking in comprehension, or they were succinctly responded to by members of Coinmama’s support team.

Bad reviews on platforms like this are often due to people who misunderstood the onboarding process or experienced losing trades. Trading is an emotional endeavor and it is easy for people to point fingers for their own mistakes. 
 

Team

The team behind Coinmama is top notch and they have an entire page devoted to the employees of the platform.
 

Coinmama’s team has placed emphasis on customer support throughout the platform, which will be touched on later in this review. 
 
 

4. Prohibited Countries

Before I move forward with the essence of my Coinmama review, make sure you don’t use this platform if you reside in the following countries or territories. 

Coinmama is very clear about its compliance expectations and can pause or close an account as they see fit. 
 

Residents of New York or Hawaii, US, are prohibited from using Coinmama, and any country included in the US embargo. Crimea (of Ukraine / Russia) is also prohibited.

Furthermore, Coinmama has these additional restrictions: If your name appears on the US Treasury Department’s Specially Designated Nationals List or the US Commerce Department’s Denied Persons List. 

Any country not on this list is one of the 190 Coinmama supported countries.
 
 

5. Exchange Features 7.0/10

Coinmama only includes the most essential trading components to their exchange. 

The Coinmama crypto list enables the market buying and the market selling of ten leading cryptocurrencies which can be done with five of the world's major fiat currencies. 

It is simple, effective, and essential. 

All in all, Coinmama has helped facilitate the transaction of over $100 million in cryptocurrency across 190 countries. 

Coinmama is an interesting exchange in the sense that it never holds your funds or stores your payment information. They simply serve as the counterparty to your trade and enable you to use a third-party wallet provider that will receive your purchased cryptocurrency. 
 

Instant Buy and Instant Sell

A notable feature of Coinmama’s exchange is its instant buy options. When you click on the Buy tab and select which cryptocurrency you’re interested in, you’ll see the following screen. 
 

The website updates every minute to give you an accurate quote of exactly how much of your  chosen cryptocurrency costs. You can purchase or sell any amount with a single click. 

If you purchase cryptocurrency with the instant buy feature, it will take about ten minutes for the Bitcoin to transfer to your wallet. 
 

The only order types available are market orders that are done through their Instant Buy and Instant Sell features. 
 
 

6. User Experience 

Coinmama’s website is simple and informative. They have a number of helpful sections and all the pages load promptly. 
 

Platform Functionality

The trading features are very well done on Coinmama’s exchange. 

They have simplified it to the point that you won’t have to ask questions about where anything is and you also won’t feel bored. When you are waiting to place your trade, the webpage will refresh with new quotes every minute.
 

Design and Appearance

Coinmama has incorporated a fairly minimalist design which makes sense because their platform is fairly minimalist. Unlike other exchanges, you won’t have access to hundreds of cryptocurrencies to trade - you’ll have access to ten very liquid ones. 

The level of liquidity for each of the ten assets on Coinmama means you will never have an issue buying or selling your cryptocurrency quickly. 
 

Registration Process

The signup process is very simple. 

Once you have filled out the necessary documents and submitted your identification documentation, you’ll be ready to join over three million happy Coinmama customers. 
 
 

7. Coinmama Fees 6.0/10

Coinmama fees are higher than some of its competitors, but it is a prevailing rate in the crypto ATM industry. Coinmama is essentially an online crypto ATM that enables you to deposit crypto into a third-party wallet rather than deposit cash to you. 

The fees for buying and selling are as follows. 

A 5.9% service fee added to the TradeBlock XBX Index. 

If you choose to use a credit card, there will be a 5% fee added atop the 5.9%, so it is recommended that you purchase cryptocurrency on Coinmama with a bank account. 

There are no Coinmama deposit fees or Coinmama withdrawal fees. 
 
 

8. Payments 8.0/10

There are multiple payment options for you to use at Coinmama. 

You can buy cryptocurrency with a Visa or Mastercard, a bank transfer, Apple Pay, or Google Pay. 
 

Deposit and Withdrawal Methods

The deposits and withdraws on Coinmama are different than traditional deposits and withdraws. Coinmama never holds onto your funds or your payment information while you use the platform, so your deposit would essentially be a purchase, and your withdrawal would essentially be a sale. 
 

Limits 

You can sell up to $15,000 per day using a bank transfer. So the Coinmama withdrawal limit is $15,000 per day. 

You can spend up to $30,000 per day when using your bank account.

The Coinmama minimum deposit is $30, and the minimum withdrawal is $100.
 
 

9. Customer Service 10.0/10

One of Coinmama’s most significant value propositions is its customer service department. Of the various third-party review platforms I looked into, Coinmama had responsive answers to every detrimental review, of which there were few, on each platform. 

The vast majority were positive reviews that praised Coinmama for quick and efficient services along with a robust customer support response to each inquiry. 
 

 

10. Noteworthy Features 7.0/10

Non-exchange-related features often help an exchange stand out. Coinmama offers a blog and an academy for new users to learn about and keep up with cryptocurrency. 
 

Blog

Coinmama instituted a blog feature full of useful material regarding trading and the crypto markets at large. You can keep up with Bitcoin News, Coinmama updates, and various other crypto-related education pages right within the blog. 
 

Academy

Located within Coinmama’s blog, the Coinmama academy includes many articles written for relatively new entrants in the crypto industry. 

The primary topics discussed include Crypto Basics, Crypto How-To, Crypto Knowledge, Crypto Safety, and Crypto Life.  
 

 

Coinmama Review: Final Thoughts

I hope you enjoyed this review of Coinmama. 

Coinmama’s unique business model and straightforward platform give the exchange a strong foundation for its good reputation. 

The platform’s simplicity may not be for everyone, but it is definitely a good starting place if you have never purchased cryptocurrency before.