Coinmama Review 2022
Coinmama is a cryptocurrency exchange founded in 2013, with a purpose to make it fast and easy to buy digital currency using fiat.
They are a reputable Bitcoin and cryptocurrency broker that also offers support in 188 countries. The company has provided fast and reliable services to over 3 million customers internationally with over a decade in business.
However, if you’re considering opening an account at Coinmama, read our comprehensive review below first as there are some things you need to know especially when it comes to fees…
Ease Of Use
Coinmama is a little different to other exchanges but they are pretty easy to use and they’ve made it relatively easy to navigate around their dashboard.
Unlike other exchanges, you can only buy crypto with fiat so there is no crypto-to-crypto trading and you will need to store your crypto that you purchase on your own digital wallet which can be a little advanced for some.
Security
In 2019, Coinmama did announce that there was a security breach where around 450,000 emails and hashed passwords had been hacked.
Since the breach they have taken measures to ensure their platform is safe. One thing about Coinmama is, they do not hold customers cryptocurrencies or payment information so that means your crypto and payment methods can’t be hacked.
Fees
Coinmama’s fees are higher than other exchanges which is one of their main let downs.
You’ll be paying 5.9% in fees for buying crypto and 2.9% for selling it. On top of those fees you may also need to pay a 5% credit card processing fee.
Compared to exchanges this is very high. For example, Swyftx which is our number one recommended exchange only charges 0.6% with 0% deposit and withdrawal fees.
Supported Cryptocurrencies
This is where Coinmama also falls short compared to other exchanges. They only support 12 cryptocurrencies at the time of writing this review.
This is very limited, especially when compared to other exchanges like Swyftx, CoinSpot and Coinbase which have more than 300+ supported cryptocurrencies available.
Deposit & Withdrawals
Coinmama’s payment methods include: credit card, debit card, bank transfers, wire transfer, Google and Apple pay, Skrill and SWIFT deposits.
Do be aware they do have minimum limits and charge up to 5% fee for some of these payment methods.
You can find out more about their payment methods here – Coinmama payments.
Support
Customer support is easy to reach and are friendly and approachable.
You can reach Coinmama’s customer support by clicking the Help button in the right bottom corner, via email on their contact page or try their social media accounts such as Facebook, Twitter and Instagram.
They also have a lot of helpful articles and tutorials on their website if you need help using the platform.
Editors Review
It’s Warren here and today I’ll be sharing my personal opinion and views in this Coinmama review.
If you’re thinking about buying crypto through Coinmama then this review will surely help.
First, let us take a look at what I think Coinmama can improve with their platform and overall service…
Coinmama Cons & What They Can Improve:
First on the list…
High Fees:
I think everyone who uses Coinmama would agree that their fees are not the best when it comes to trading on their platform.
Their fees, compared to other exchanges are super high. If you compare them with Swyftx which is the top recommended exchange they only charge 0.6% where Coinmama have fees up to 5.9%.
Then you have fees of up to 5% on payment methods such as credit cards, Apple Pay and Google Pay. This can eat into your profits and if you like to save money on fees it’s going to be hard to do so with Coinmama.
Lack of Supported Cryptocurrencies:
Coinmama only support the most popular cryptocurrencies which is limited to 12.
This is ok if you are only looking at trading the following:
| Aave | AAVE |
| Bitcoin | BTC |
| Bitcoin Cash | BCH |
| Chainlink | LINK |
| Dogecoin | DOGE |
| Ethereum | ETH |
| Ethereum Classic | ETC |
| Litecoin | LTC |
| OMG Network | OMG |
| Uniswap | UNI |
| Yearn Finance | YFI |
| Ripple | XRP |
This is another reason why I recommend using an alternative exchange like Swyftx or CoinSpot.
Coinmama App
Another disadvantage of using Coinmama is their App.
If you’re an Apple user, unfortunately you don’t get access to an app as this is only Android supported.
The Coinmama app is available on Google Play and the reviews are not so great with a score of only 2.9 stars out of 5.
Reading other peoples reviews it looks like the app is very buggy and is not complete so if you’re wanting to trade it’s best doing it via their desktop website.
Coinmama Pros & What They Are Doing Right…
A few things that Coinmama are doing right would include…
Payment Options:
They do have a good amount of payment options available. The only problem is they do add crazy fees on top of their already high fees.
Friendly Support:
They do have good support and are easy to get a hold of if you ever need them or have problems. You can reach their support via chat, email and even via their social media accounts. It is recommended to use their chat if you want fast support.
Is Coinmama Safe?
Coinmama is safe, now. They have had a breach where 450,000+ users were affected.
A report via CNN.com in February 2019 posted a statement from the Coinmama teach who let their users know the intrusion is limited to about 450,000 email addresses and hashed passwords of users who registered until August 5th, 2017.
Since then they have put strict security measures in place. More details here.
Best Coinmama Alternatives?
If you’re after a better alternative to Coinmama then you can check out the recommended exchanges below.
| Image | Product | Features | Price |
|---|---|---|---|
|
Best Overall Exchange
 | Swyftx
|
9.7
| Sign Up FormClaim $10 Bonus |
|
Most Beginner Friendly
 | CoinSpot
|
8.7
| Sign Up Form |
|
Best Crypto Exchange for Advanced Traders
 | Binance
|
8.2
| Sign Up Form |
|
Longest Standing Exchange
 | Coinjar
|
8
| Sign Up Form |
|
Best For Traders
 | eToro
|
7.6
| Sign Up Form |
|
Best For Mobile App
 | Coinbase
|
7.2
| Sign Up Form |