Coinmama Review 2022

Coinmama logo

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

Wazza

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:

AaveAAVE
BitcoinBTC
Bitcoin CashBCH
ChainlinkLINK
DogecoinDOGE
EthereumETH
Ethereum ClassicETC
LitecoinLTC
OMG NetworkOMG
UniswapUNI
Yearn FinanceYFI
RippleXRP

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.

Visit Coinmama website

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.

ImageProductFeaturesPrice
Best Overall Exchange
Swyftx

Swyftx

  • Number of crypto assets: 260+
  • Trading fees: 0.6%
  • Acceptable deposit methods: credit card. PayID, POLI, Bank transfer, Debit card, Cryptocurrency.
  • Allows AUD deposits and withdrawals: Yes
9.7
Sign Up FormClaim $10 Bonus
Most Beginner Friendly
CoinSpot

CoinSpot

  • Number of crypto assets: 290+
  • Trading fees: 0.1% on OTC trades and 1% for the instant buy feature
  • Acceptable deposit methods: credit card. PayID, POLI, BPAY, cash deposit, OSKO
  • Allows AUD deposits and withdrawals: Yes
8.7
Sign Up Form
Best Crypto Exchange for Advanced Traders
Binance

Binance

  • Number of crypto assets: 250+
  • Trading fees: 0.1%
  • Acceptable deposit methods: PayID, credit card, debit card, bank transfers, Cryptocurrency, OSKO
  • Allows AUD deposits and withdrawals: Yes
8.2
Sign Up Form
Longest Standing Exchange
Coinjar

Coinjar

  • Number of crypto assets: 20+
  • Trading fees: 0% – 1%
  • Acceptable deposit methods: PayID, debit/ credit card, cash deposits, bank transfer
  • Allows AUD deposits and withdrawals: Yes
8
Sign Up Form
Best For Traders
eToro

eToro

  • Number of crypto assets: 20+
  • Trading fees: Spread only
  • Acceptable deposit methods: Debit card, Paypal
  • Allows AUD deposits and withdrawals: No
7.6
Sign Up Form
Best For Mobile App
Coinbase

Coinbase

  • Number of crypto assets: 40+
  • Trading fees: 0.5% – 3.99%
  • Acceptable deposit methods: Bank transfer, Debit/credit card
  • Allows AUD deposits and withdrawals: Yes
7.2
Sign Up Form
3.6/5 - (40 votes)

Disclaimer: This article is intended to be used and must be used for informational purposes only. It's important to understand that digital assets are risky, you should always do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.