This post will look at Coinmama for you. Is it safe to use?? This Coinmama review will also answer the question if there are better alternatives and if it is something for you or not. Ok, with that being said, let´s look into it!
Owner: Nimrod Gruber (CEO)
Price: Free to sign up
Who is it for: For you who want to buy Bitcoin and/or Ethereum
Overall rating: [4,5]
Coinmama Review – What Is It?
Coinmama is a website where you can buy the cryptocurrencies Bitcoin and Ethereum. It was founded in 2013 by Nimrod Gruber and is today one of the most well-known and trusted platforms to purchase Bitcoins (and Ethereum) on. It is very easy to use the platform and getting started to invest in cryptos, therefore perfectly suitable for beginners in the crypto space.
If you can use PayPal or perform online purchases with a credit card, for example, you will have no problem using Coinmama, it is, together with Coinbase the absolute easiest platform to use for buying Cryptos.
How does it work?
The process of getting started using the services of Coinmama cannot be more simple, first, you simply sign up for a free account by filling out a form. When that is done you will get a message that you have to go to your e-mail and confirm the confirmation e-mail that Coinmama has sent to you. In the mail, you got a confirmation link, simply click on that one and your account will be confirmed.
After that short process, you can access the “members area” or maybe more correct the dashboard of Coinmama, it is a very clean and noncomplicated dashboard. You will have your menu to the left and there you also find the next step “verify your account”
Then you simply go through the verification process to be able to start purchasing, this process includes the standard routines (just like with PayPal or Creditcard buys for example) where you have to prove that you are you by providing them with your ID or driver license, country of residence, etc. When that is done you can start purchasing Bitcoin and Ethereum!
1 service – 2 options (right now)
Right now there is only the service of buying that is available and that is the purchasing of the 2 cryptocurrencies:
- Ethereum (Ether)
On their website, they inform you that they will add more cryptos to their website soon for you to purchase and they will also add the service of selling your cryptos on the platform.
Tip for beginners: As Coinmama doesn´t offer storage possibilities you are going to need a crypto wallet. If you ain´t got a wallet to store your cryptocurrencies then you can create one very fast at the most well-known and classic Blockchain (opens in new window)
Coinmamas fee structure is among the best (lowest) options among the most reputable and trusted Crypto dealers. Below is an exact excerpt from their website on the fee structure:
The price you see on our website is Coinmama’s bitcoin rate and includes our fee of 5.50%. If you want to see the average market rate, we recommend TradeBlock’s XBX Index.
For credit/debit card transactions, the payment processor charges 5.00% additional fee. This fee will be added after choosing your method of payment.
Apart from our fees, your bank may incur their own. If you’re not sure, contact them before placing your order.
-Coinmamas website FAQ
Do you have support?
Even if the site is very self-explanatory you might have a question about something you cannot find the answer to on their site, or if some other complication occurs for example. For this, you got their support team you can contact through the “help tab” in the top menu on the website.
There you can either browse through the most common questions and answers and/or also submit a support ticket that you will get answered through e-mail.
Is Coinmama safe to use?
The question is a good one, as there are pretty much endless of ways to buy bitcoin online, with new options coming up pretty much every day, it is wise to think twice before trusting the first option coming your way. With that being said, yes, Coinmama is safe to use, they have been around since 2013, they got real and verified owners and are among the most well-known and trusted platforms out there for buying cryptos.
Is this for you?
First of all, if you are in search of buying other cryptos than Bitcoin and Ether, then this is not for you. However, if that is what you are interested in purchasing then this might be exactly what you are looking for.
If you are a complete beginner then this is absolutely worth looking into more as it will be very hard to find a more (at least well-known and trusted) easy to use platform out there.
The only one who can compare in “user friendliness” abilities is the also well-known Coinbase, however, right now you might not want to go with that option as their customers have been experiencing some very unpleasant “surprise fees” lately… So a good advice would be to go with Coinmama instead.
If you are looking to buy Cryptos with “paper cash” in other words being extra anonymous then you might want to check out the “craigslist of cryptos” named Local Bitcoins.
The pros and cons of Coinmama
One thing that is always good to do before you decide to go with a particular company is to compare its positive sides against its negative to get a better overall view. Below I have pointed out some clear ones for you to make this less job easier for you:
- Super easy to use
- The fees are among the lowest (among trusted alternatives)
- You can buy with a credit card
- Been online since 2013 and got verified owners and staff
- You can only buy Bitcoin and Ethereum (at least for the moment)
- Doesn´t offer the service to sell cryptos
Conclusion and verdict on Coinmama
Overall rating: (4.5 / 5)
Ok, I think that sums up the overall picture of this company pretty good, this is not only a safe and legit alternative for you but also a very good one. It is super simple to use and therefore a great place for a crypto newbie to start it´s investing journey.
The rating 4,5 out of 5 stars is a very good one and the only thing that takes the rating down a bit is the fact that you can only buy Bitcoin and Ethereum, and also not sell on the site.
Another thing I miss on the website would be a live chat function as that is something I personally appreciate.
All in all, this is a great platform and I have to say that I absolutely recommend it to you if you are in search of buying Bitcoin or Ethereum in a non-complicated way.
Hope you found this short review on Coinmama to be helpful and now you should have a better understanding of what it is about and if it is something for you. If you have used their service please share your experience in the comment section below. Also, if you got any other questions about this review I will be more than happy to answer them below.
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To your success and health!
Founder of: King Cryptos