Digital currencies are getting popular and people are flocking to them for investment and trading. Since everything is following the trend, all currencies are likely to turn digital. This observation has crowded the exchanges and there are numerous platforms offering to buy cryptocurrencies like Bitcoin, Ripple, Ethereum and several other coins and tokens.
Before buying an expensive coin, you need to check the credibility of these outlets and make a well informed decision. To help you in the pursuit of finding a trustworthy “crypto shop”, I am sharing Coinmama review for you to make a well-informed trading decision.
Read the article to know if Coinmama is safe, secure and legitimate for you.
Is Coinmama Safe and Legitimate?
Probably the first concern before buying a cryptocurrency is the legitimacy of the outlet we are buying from. There are various dishonest and fraudulent companies selling fake coins but the good news is that Coinmama is safe and legitimate. Coinmama is registered with FinCEN under the registration # 514907880 and you can also verify the registration online.
Is Coinmama Safe?
Their website uses Trust Guard and Comodo which makes it a safe site but it has not offered a two-factor authentication system yet. It is recommended to use a strong password for using the services.
Trading information
Currently, it only sells Bitcoin and Ethereum but they are soon introducing other coins to their platform. They accept all the fiat currencies, but the option on their website is only for USD and EUR. They will soon add more traditional currencies to their outlet.
It operates in about 217 countries and 23 US states, to check full details and buy, click here
It has the highest transaction fees of 5.50% on each transaction with additional 5% fee on your credit or debit card transaction. They accept VISA/Master Card, Credit Cards, Debit Cards and also American Express and Paypal. Trading limit is also higher as compared with the competitors below.
Coinmama Compared
Let us have a look at some of the prominent features offered by Coinmama and other alternative exchanges.
| Exchange | Review | Fees | Security | Support | Purchase |
|---|---|---|---|---|---|
| Coinbase Review | 3.75% | Great | Email+ Coinbase “Community” | Buy | |
| Binance Review | 0.1% | Great | Buy | ||
| LocalBitcoins Review | 1.0% | Good | Quick responses to online support tickets | Buy | |
| Paxful Review | 0% from buyer, 1% from seller | Good | Forum,live chat and email. | Buy | |
| BitPanda Review | 1.0% to 4.0% | Good | Buy | ||
| CEX.IO Review | 0.5% to 2.0% | Great | Buy | ||
| Coinmama Review | 6.0% | Good | Buy | ||
| Bitbond Review | 1.0% to 2.5% | Good | Buy |
How to buy cryptocurrencies using Coinmama?
Buying is fairly easy at coinmama. First of all you have to register yourself on their website by putting some basic information into an online form. The second step will ask you for verification where you have to add your residential address, proof of government and some simple information to get completed. Thirdly, you will be on the page where you could easily buy by clicking Buy Bitcoin/Etherum by entering your amount, wallet address and payment details.
Conclusion: Is Coinmama a Good Choice?
To conclude the debate, I would say that Coinmama could be a very good choice or a worst one depending on the type of your trade. If you want to purchase Bitcoin and Ethereum, then it is the best platform to buy from.
You will be having two advantages, the first is that you will have an ease of transaction and second that the coins will be directly transferred to your wallet rather than on the website. These advantages make up for the higher transaction fee.
There are some drawbacks as well like they only offer two types of digital currencies on their website. Traders who want to purchase other tokens should make an alternate choice.
This Coinmama Review helps you decide when and why to choose this platform for purchasing Bitcoin and Ethereum.
To know about the safest wallets please click here