Coinmama is this a scam? Review and Customers Reviews

Cryptocurrency exchange Coinmama is considered to be one of the most reliable services in the field of working with digital coins and its established positive reputation is not in doubt among experienced traders. The first transactions with its help users were able to make almost six years ago, using bank cards to buy the most popular electronic currencies. Not so long ago customers managed to convince the developers to expand the list and now transactions on the site are conducted for the seven most popular tokens of the crypto market.

And yet, is Coinmama a bucket shop and a scam or an exchange that you can trust your capital, which will allow you to withdraw funds safely to bank cards? The answers to these questions can be found in the reference of exchange Coinmama.

A special aspect of the site Coinmama is to provide services for the purchase of electronic coins. The company is proud to be the first to offer the possibility to pay for the electronic coins by credit or debit card. The resource operates not on the principle of mediation between investors, but through the sale of cryptocurrencies from its own reserves. To sell the coins purchased here, you have to find another resource. The current rating of the crypto-exchange of FraudBroker project will help you to do it.

It is unacceptable to store coins on the platform and they are immediately sent to the client’s crypto-wallet address. The customers will be able quickly to understand a simple English interface, and in case of difficulties to ask their questions in the online form for feedback «Help». The site coinmama.com has an accurate and unobtrusive interface. All information is presented in English. To register on Coinmama, you need to find a section labeled Register and click on it. Next you will see a form, where you need to enter your email, full name, country of residence and create your own password. Administration will send you a confirmation email. There is a risk that it could land into «Spam» folder, so it is desirable to check this folder immediately after registration.

After confirming the email you need to log back into your personal account (My account) and proceed to the next step by clicking on the tab Verify your account. You will have to specify your country of residence and contact phone number again. Here you will need scanned copies of documents, it is better to prepare them in advance. The exchange offers three-stage verification to increase the level of security guarantees.

For regular users there is an active program Affiliate. With its help they can earn 15% of the exchange profits that received by the service from a new client attracted through a referral link. There is no upper threshold for such earnings, and you can receive accrued bonuses once a month. Registration in the program takes place in the appropriate section. You will need to enter a valid email address, create a password and specify the coordinates of the crypto-wallet (find out here all about how to quickly make money on the cryptocurrency). Upon completion of the procedure, the exchange will create a personal link that you need to distribute among users.

Coinmama earns its income from several types of the commission fees. The first of them is 6.15% and is included in the price of cryptocurrency that a buyer can see on the main page. You will need to pay 5.65%-fee for the payment of the transaction via any type of bank card, which is displayed on the screen immediately after you select the payment method. The client needs to be ready for another fee on the part of the issuing Bank. Therefore, before making transactions, it is necessary to get information about all types of fees, including on the side of the bank. The bank will also take its commission fees for its conversion into dollars or euros, it you purchase the coins, using a bank card with another currency.

The limits are set on transactions. The following limits apply to the verified users. Within a month a client is obliged to purchase cryptocurrencies for not less than 10 thousand dollars and not more than 1 million USD. Users have to spend 60 dollars for one transaction. There is a daily limit of 5 thousand dollars. It is difficult to predict in advance how much it will cost for a user to buy it, as the exchange adjusts prices depending on the market situation. The system automatically adapts to the optimal rate of asset prices and offers several options for the purchase of so-called packages at a limited cost. To purchase any other number of coins there are restrictions on the lower and upper limits, they are identical to the cheapest and most expensive packages. The most popular packages in the amount of: 199, 999, 1999, 4999 dollars. The number of purchased bitcoins is recalculated at the rate fixed at time of the transaction. If the cryptocurrency is paid in euro, there calculation is performed automatically. The action of the daily limit starts from the date of placement of the last bids for the deal.

If a user has any difficulties in the work, before to contact the support service, it is recommended to look in FAQ section and find a brief client`s guide. More detailed information about the site features can be found on the page «Help». If you could not find answers to your question, you should contact a support service directly. The easiest way is to write your questions in online form «Help». The second option is to click the button Need Help on the main page of the exchange and write your problem there. To use the second option, you have to know English well. The resource managers usually respond fast, but depending on the complexity of your situation, a response time may increase. Another way is to write an email via the site. A service employee usually responds within 24 hours and offers a way to solve the problem immediately.

Depositing and withdrawal

On the exchange coinmama.com, only two types of cryptocurrencies were offered originally and a user could only purchase them, but now seven popular coins are available (read the whole truth about the cryptocurrency here). The platform works easily with transfers from Visa/MasterCard bank cards, or with receipt of funds through Western Union and MoneyGram. Processing of card data takes place on a third-party resource. After you start working with the service, you will be given a choice between the currencies available in the list. To make a choice, you need to click on the name of one of them. Although the exchange rate of cryptocurrencies is given in dollars and euros, you can even pay for the purchase with any other foreign currency. In this case your foreign currency will be automatically converted into American or European money that are available for calculation.

There is a service of automatically tracking the amounts of purchases among customers on the exchange site. If any of the options offered here are not suitable for you, you need to scroll to the last column and specify your own amountat the bottom of the page. You can start a transaction after a thorough check using the button «Buy». If earlier transactions were made repeatedly by different Bank cards, now the exchange will specify which of them to withdraw funds from. To send purchased crypto-coins, you will have to specify an e-wallet address. The currency will be credited to it immediately after confirmation of the operation. The transaction usually takes no more than 20 minutes, in rare cases an exchange takes about 4 hours.

Complaints about Coinmama

Crypto exchange Coinmama has a great and successful experience and today it is more often praised than scolded. This is an exceptional resource to buy cryptocurrency assets. It is possible to use its services only after verification and many users consider it a serious plus of the site. The experienced traders, working with different exchanges, noted the functionality and reliability among the advantages of the resource. Although you can easily find a service where you do not need to register for transactions and get complete anonymity, but the supporters of safe work with cryptocurrencies prefer to trade with Coinmama.

The users can use credit and debit cards to make quick payment transactions and withdraw funds to an electronic wallet. The use of fiat currencies facilitates the purchase of bitcoin in all countries of the world where the platform operates. Pages with customers’ personal data are securely encrypted to ensure data security. The technical support is available around the clock. The users noted also a good reputation of the service in their positive references.

Among the disadvantages are usually indicated: a long and multi-stage verification process, inability to sell crypto currency and its limited choice. However, recently there were rumors that the exchange listened to the complaints of customers and was preparing to launch another function – a sale of electronic coins, but the developers have just expanded the list of traded assets. Another reason of users` complaints is high fees charged by the system. The site does not have a trading mode and charts of instruments, which is confusing for traders who are accustomed to the usual exchange. Some customers believe that security here should be improved, although they cannot complain about any problems with the protection of personal information.

Regulation of Coinmama cryptocurrency exchange

Coinmama has been operating since 2013. The arguments were conducted about the location of its corporate headquarters for several years on the Internet. Someone claimed that the registration of the service took place in Israel, and someone argued that it was partly in Britain and Slovakia. In the course of time it became clear that there were no wrong opinions in this discussion, as the exchange is registered in Slovakia.

The site remains the property of NBV International s.r.o. is a subsidiary of New Bit Ventures Ltd, registered in Israel as a Money Service Business with FinCEN license (No. 310084489239). Certificate of registration was issued the stock exchange under the number No. 514907880. In Israel has recently been introduced a ban on the activities of all financial organizations that do not have offices in the state. The innovation appeared in the expectation of increasing tax revenues to the treasury of the country. Due to the prohibition the Forex brokers and cryptocurrency exchanges that violate this condition are unable to serve the local population. Coinmama is not included in his list, as it has the necessary documentation.

The platform works in 226 countries of the world and in the most states of the USA and it complies strictly with the legislation of registration country. All users are expected to act within the framework of international law: to comply with the laws, to show tolerance and respect for other market participants. The main security measure is a complicated login password because the exchange uses proven technology Trust Guard and Comodo. These services use 256-bit SSL-encryption to protect personal information. To guarantee the safety of funds, the crypto exchange conducts trade, attracting its own finances, but does not store them on the site. Immediately, in the process of transactions, the received funds are transferred to the address specified by the client. Scammers do not have an opportunity to get round to the investors’ funds because the finances are placed outside the exchange.

The developers have tried to reduce the risk of scams on the part of customers and added three-level registration verification to a simple registration. After completing the registration you need to go through it in the section «Verify your account». The first stage is the easiest one. It is necessary to specify personal data, including date of birth, contact phone number, home address and some other information listed in the identity document. This document can be a driver’s license, national or foreign passport. The exchange will require proof of the accuracy of the provided information, i.e. to upload a scan of the documents and a photo with one of them, as well as a client`s photo, holding a sheet of paper with the name of the site written on it.

Successful verification allows you to purchase crypto-coins in the amount of 10 thousand dollars. If required, you can increase the limit to 50 thousand dollars and go through the second stage of verification, where you need to download a document confirming the address of residence. Most often it is an invoice for utilities. At the third level the limit is raised to a million dollars, but only corporate clients who have confirmed their status and sent an appropriate application to the administration via email, will be able to operate with such amounts.

• Read «User agreement of Coinmama» on the exchange website

Is Coinmama a scam?

Cryptocurrency exchange Coinmama offers its user a lot of advantages: profitable purchase of the most popular digital coins, fast transactions, convenience and increased security of the site. Initially, only two tokens were traded here, but now their number has increased. Selling electronic coins on the site is not yet possible, but the developers are doing everything possible to ensure that this option appears on the resource. Financial transactions are carried out according to clearly established rules: limits for beginners, a choice of one of the four proposed packages to speed up the process of buying coins or ability to choose your own option.

Customers praise convenience of functionality, fast transactions, possession of the exchange license. The issue of security is of paramount importance here. Positive feedback from regular users confirms reliability and stability of Coinmama. Verification takes place in three stages and each of them opens up new opportunities for the client. For traders from all over the world website coinmama.com is convenient, but since it is presented only in English version, it will not be easy to work here for those users who do not have knowledge of the language. At the same time, the online feedback form «Help» is available in different languages and this is its undoubted advantage. Although the site has limitations (minimum coins and options), it still has a positive reputation among other similar resources.

And yet, should we call one of the oldest cryptocurrency resources of the market Coinmama a bucket shop or a scam? We believe that it is not necessary, because the service has a serious regulation and is popular in more than 200 countries, has been operating successfully for the sixth year and has not a cause of complaints. Most likely, it can be called a platform that offers customers not a wide range of options, but a guarantee of obtaining coins at the optimal rate.

Conclusion

Crypto exchange Coinmama has quite a lot of experience, offers its client possibility of guaranteed purchase of cryptocurrencies at a favorable rate (read the forecast of cryptocurrencies for 2018 here). The site is more designed for beginners than for professional traders, suitable for investors who are not in a hurry to sell the purchased coins. There is a rather limited functionality, designed only for the purchase of cryptocurrencies. The developers promise to expand the list of electronic coins soon, to provide an opportunity not only to buy, but to sell them too. The site protects information entered by users during registration and performing of transactions. It should be noted that there is 24-hour support service.

We will not rate the exchange Coinmama as a bucket shop and a scam. However, we prefer to wait for real feedback from the customers of this site to make final summary about it. In that case, if there are any disadvantages in the operation of the resource, its rating on our project will be changed and new users of the exchange will be warned about possible difficulties of the service.