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Coinmama Bitcoin Exchange Review

Coinmama Bitcoin Exchange Review

Author
  • Reliability
  • Security
  • Transparency
  • Exchange Fees
  • Customer Support

COINMAMA offers everyone to purchase and sell virtual currencies like Bitcoins online by simply using your Credit card, Debit card or cash so you can easily purchase the coins within minutes by clicking on the button in just one go. It is available in English, French, Italian, Russian, Spanish and German languages. It is supported worldwide but it is not served only for the US residents.

Features and Services offered

Coinmama offers wide variety of features and services and some of them are as follows-

  • Easy, fast and secure way to buy the bitcoins easily.
  • Discount coupons of 5 EUR and 7 USD also available to attract the clients.
  • PayPal was accepted at Coinmama in 2013 but it was no longer a payment method now at Coinmama.
  • Western Union and MoneyGram are the popular accepted payment methods at Coinmama.
  • It also has a decent User Management System.
  • Email notifications available in just one go.
  • Auto expiration of orders within 24 hours and much more.

RELIABILITY

It is basically a company from the Virgin Islands. Their site is strictly security scanned and GoDaddy certified. They simply use a HTTPS so that no data of your credit card got saved on their systems. This means that you can expect no leakage of your account details and login credentials. When you first create an account on Coinmama you have to verify your account at the first instance which makes Coinmama very much reliable.

SECURITY

As stated above Coinmama offers enhanced security features using an HTTP system which makes your transactions safe and that too without leaks. One of the disadvantage is that 2 factor authentication is not a must criterion. In order to make Coinmama safe the company requires you to submit these legal documents so they can provide you with the best services-

  • A valid passport.
  • High quality scan photos.
  • Coloured copy of all other legal documents.

So by looking toward these points we can say that Coinmama is very strict when it comes to security of its clients apart from the fact that 2 factor authentication is not a must in their list.

TRADING PLATFORM

Coinmama has a desktop version available in the market and Android and iOS versions are still not available in the market making its users a bit nervous when compared to the other online bitcoin exchanges.

TRANSACTION FEES

Here the fees depend on the method of payment you choose to send the money to anyone. Basically they charge very high premium on the current bitcoin price. At Coinmama one bitcoin will cost $310 and that is a very whooping 22 percent fees on the Bitcoins.

PROS

  • Fast and easy way to send and receive the bitcoins.
  • Here the prompt handling of ticket submission website is very easy to navigate the live chat with the authentic customers only.

CONS

  • 2-Factor authentication is not a must.
  • Here the scanned Id or your utility bill for verifying the US residents cannot be served on their website.

SUMMARY

In a nutshell we can say that Coinmama has some outstanding features and a user friendly website but it is still necessary to improve some of its details to make this platform even more competitive in front of its competitors.

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