Today we will take a look at Coinmama for you. What is Coinmama? Will it be something for you or are there better alternatives out there? These are some of the main questions this short review will focus on. Ok, here we go!
Owner: Nimrod Gruber (CEO)
Price: FREE to join
Who is it for: People looking to buy Bitcoins or Ethereum
Overall rating: (4.5 / 5)
What is Coinmama about?
Coinmama is an online platform that you can use to buy Bitcoins and Ethereum. It has been around since 2013 and is one of the leading “buy platforms” in the cryptocurrency industry.
How does it work?
The main “thing” with Coinmama is the simplicity of using it, it is kind of their “slogan” and the main reason for its many users. If you can use PayPal, for example, then you will have no problem using Coinmama.
To buy yourself some Cryptocurrency you just perform 3 simple steps:
1: Choose your method of payment
2: Follow the instructions (depending on what payment method you choose)
3: Complete the payment and confirm your crypto wallet address
Products and services
The services being offered right now are the buying of the 2 cryptocurrencies:
Worth to mention: On their website, they say that they will add more cryptocurrencies soo and also the option to sell on the site. You can not store your investment with Coinmama as it doesn´t offer a Wallet service, if you don´t have a wallet you can simply create one, for example at the most well-known and trusted Blockchain (opens in new window)
What about the fees?
Coinmama is among the best options when it comes to low fees, at least among the most well-known and trusted Cryptocurrency dealers.
Since there is no central bank controlling the bitcoin rate, each website has its own bitcoin rate. 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
Is Coinmama a scam?
So, is Coinmama a scam? No, of course not, it is a legit and trusted platform. It is simply a platform where you either buy or sell Bitcoin or Ethereum. It got real owners and great reviews and ratings from its real users online. It has also been around since 2013, it would never have survived that long if it wasn´t.
The online reviews and ratings
When looking at the other online reviews and ratings you can see that Coinmama get a pretty average score from its real users. A common theme, with both Coinmama but also with any other cryptocurrency dealer, is that around December 2017 they have received the most complaints.
It is not hard to figure out why as it was exactly around that time when Bitcoin raised so much in value in a short period of time that pretty much everyone and their mothers wanted to buy some… This lead to overload on ALL of the websites both buying or selling cryptos as they simply weren´t prepared for the high amount of load on their sites, the support was slow, the transactions took time, and so on.
The well-known review and rating site Trustpilot is a good example where you can see that most of the “angry” users were “not so happy” around that time period. But you can clearly see that they are super happy clients on other dates that are not around the period when basically the whole world wanted to buy, probably because of FOMO (fear of missing out).
Below is the latest example that can be found on the Trustpilot website:
If you want to read all of the Trustpilot websites reviews click here (opens in new window)
Is Coinmama for you?
One thing that is always good to do to get a better overall view if a particular company fits your needs is to compare its pros against its cons. Below I