Coinmama Review: The beginner-friendly platform
The number of crypto trading platforms is ever-growing as the market continues to expand. But, often, it gets confusing to choose which one is right for you, especially if you are a beginner. So, to assist you in that, we are doing a Coinmama review, which is an excellent option for crypto newbies.
Coinmama is a Dublin-based cryptocurrency exchange operating in the industry for almost a decade. It was set up in 2013 to offer financial services in the simplest ways.
Its mission is to be the world's friendliest exchange that offers the best customer support.
Benefits of using the platform
In this Coinmama review, we look at the platform's best features that make it a good choice for traders.
- Single window trading One of the factors that makes it an ideal choice is that it does not complicate things for the traders. Unlike many other brokerages, it does not allow trades between buyers and sellers, which can confuse a novice trader. So instead, on this platform, all the transactions are between you and the exchange.
The platform has an inventory of all the cryptocurrencies it offers. However, it does not provide a digital asset wallet. So, if you purchase crypto from this exchange, you must have a separate wallet like MetaMask.
- Interactive interface The Coinmama app features an easy-to-use and highly interactive platform, which allows you to manage your crypto trades from your phone. With this seamless app, you can quickly get started with crypto trading. All you need to do is install and sign up with the app, instantly verify your ID, and you will be all set to trade!
Besides, you can access it from almost anywhere worldwide as it is available in 188 countries. However, it only supports Android, so if you are an iOS user, you won't be able to access it.
- Swift verification process The time-consuming verification procedure is a problem for many exchanges. Fortunately, this is not the case with Coinmama. This platform offers an instant verification process. You can swiftly sign up and start selling or purchasing crypto. The entire procedure takes only 15 to 30 minutes.
- Coinmama payment methods The Coinmama review also shows that it offers various payment methods. One of the best things about it is that you can make crypto deals from your credit or debit cards. It supports the following payment methods:
· Apple Pay
· Google Pay
· SEPA and SWIFT Bank transfers
- Security and authorisation The exchange is based in Ireland and authorised by the country's regulatory body. It also ensures the complete safety of your crypto funds. It maintains two procedures to ensure security. It does not save user data when transactions are made through credit or debit cards. Secondly, it has a 2FA (two-factor authentication) procedure for logins. This restricts unauthorised entities from accessing your account.
What is noteworthy, it only operates as an exchange. So it does not keep your funds. It only requires your crypto wallet address when you are buying cryptocurrencies. That's why your crypto's security depends on your third-party wallet.
Check out which is the best wallet to store crypto.
- Supported cryptos and fiat currencies As of now, this cryptocurrency exchange gives you access to over 15 different tokens. These include most of all popular tokens in the market. You will find Bitcoin, Ethereum, wrapped Bitcoin, Bitcoin Cash, Dogecoin, and others. Though it supports limited options, its inventory may expand in the future. And you can also request a particular cryptocurrency from its customer support.
On the other hand, the fiat currencies it supports for transactions are five. These include the US dollar (USD), British Pound (GBP), Canadian dollar (CAD), Australian dollar (AUD), and Euro (EUR). You can also find crypto to fiat or fiat to crypto conversions through the Coinmama crypto calculator.
The trading fees of the Coinmama exchange are on the higher side. It charges commissions on each sale and purchase transaction. In comparison to most exchanges, the trading fees are much higher. On selling transactions, the platform's commission will be 0.9%. Meanwhile, you will also have to pay 3.81% if you purchase from the platform.
However, it offers discounts through its loyalty program. It has three levels that require different amounts to be spent for 90 days. At the curious level, you would not get any discounts. But at the Enthusiast and Believer levels, you will get a waiver of 12.5% and 25%, respectively.
Coinmama registration: How do I get started?
The Coinmama registration is a reasonably straightforward procedure. You can quickly get a verified account on the platform by following these four easy steps:
- Firstly, go to coinmama.com and set up your account. You can also create an account through the app. It only requires your email, a strong password, and the country of your residence.
- Secondly, you must provide personal details like full name, phone number, date of birth, city name, etc.
- Next up, upload a document that confirms your government-issued ID. This can be your ID card, driving licence, residence permit, or passport. US citizens can also use their non-driver's ID. Take the front and back pictures of the card and upload them.
- Finally, take a piece of paper and write 'Coinmama' and the registration date. Then, holding the piece of paper and your ID document, take a picture of yourself and upload it.
Once you've completed these steps, the website will send an application to the exchange team. Your application will be approved after they verify your details.
Coinmama Review: Final take
Coinmama is a basic, user-friendly platform ideal for novice crypto investors. It allows secure and swift crypto trading to help manage day-to-day trades while being a relatively expensive option. You can also find various alternatives that offer more options at low prices.
Though Coinmama does not support a wide range of cryptocurrencies and fiat currencies, it gives most of the popular options. All in all, it is a good option if you are looking to manage small portfolios.
Author: Wasay Ali
Wasay Ali is a versatile professional writer with global experience and a background in mechanical engineering and social science. He is adept at crafting news and informational content for the crypto space and has experience writing for other niches. He is a professional SEO content writer who has worked with several digital marketing agencies and clients in the US, UK, Pakistan, and Europe. He is a dedicated volunteer and enjoys reading, writing, poetry, and going to the gym. He is an INFJ-A personality type dedicated to positively impacting the world. Wasay has a passion for writing as it allows him to express his creativity, share his knowledge, and connect with people worldwide.