Cryptocurrency is increasingly moving towards becoming the most traded assets in the global financial markets. Since cryptocurrencies are not available for direct purchase or sale, they are made available to investors, traders, and buyers through various platforms or exchanges that facilitate the sale of cryptocurrencies. With so many cryptocurrency exchanges around, it can get overwhelmingly difficult to choose the best one.
One of the most preferred and popular platforms is Coinmama – but why should you go for Coinmama with the other options around. In this review of this cryptocurrency blog platform, we will try to answer all such questions along with covering in detail certain other aspects that are a part of our review.
Coinmama – the Company & its Origin
By now you know that Coinmama is an exchange that facilitates cryptocurrency exchange In simpler terms it is a broker platform based out of Israel that deals with cryptocurrencies. They came into existence in the year 2013 and they claim to offer a safe, fast and seamless way of buying digital currency worldwide. They cover and have services in almost all the countries with the exception of the ones who have sanctions upon them, i.e North Korea. Currently, there are around 23 states in the United States that can avail their services and you can check the complete list on their website.
Now, often you may get confused when talking about the terms exchange brokers and exchange marketplaces. Coinmama is an exchange broker and they function by holding the cryptocurrencies themselves and exchanging for fiat money. Whereas an exchange marketplace is a platform that matches individual buyers with the sellers. For instance, Binance is one very popular marketplace that works on that model.
Since its inception, Coinmama has sold coins to around 5 million customers and that is just one exchange platform With all platforms put together imagine the pace at which this industry is growing.
Letâs look at some of the Pros and Cons of Coinmama
Pros – the Advantages of Using Coinmama
Coinmama has been able to make a mark and impact in the market not for nothing. There are some advantages that make this platform stand out and a cut above the rest. Let us list the advantages.
Easy Payment Modes
One of the most inconvenient things about cryptocurrency platforms is the fact that many of them do not accept the usual currency of the land. In other words they don’t allow you to use fiat money. Many will ask you to make a deposit using some other kind of cryptocurrency such as Ethereum. And if you donât have any you again will have to go back and buy Ethereum – then you deposit and then you buy the cryptocurrency you want which is a lengthy and frustrating process.
With Coinmama you can simply use your debit or credit card to buy cryptocurrencies directly from their website. A few simple clicks and it is as simple as ordering groceries online. So, buying them online is super easy and seamless.
Instant Transfers to Personal Wallets
Many other cryptocurrency exchange platforms like Coinbase transfer the purchased coins to Coinbase wallets which are usually not the safest places to store coins. Which means that you need to send your coins to your own personal wallets to secure them.
With Coinmama, your coins are transferred directly to your personal wallets as soon as your payment for the cryptocurrency purchase goes through. This is a much safer option for you for obvious reasons as third party wallets provided by the cryptocurrency wallets can be easily hacked and are not secure.
Easy to Use Platform
Cryptocurrency exchange platforms will usually consist of a lot of charts and stats that can make the whole buying process complicated especially for beginners. Coinmama eliminates this unnecessary complication and you can buy cryptocurrency in a few simple steps. All that is needed is an account that you will need to open. The next step is to verify your account that can take up to two hours and once done enter your card details and buy your coins.
Most of the online cryptocurrency exchange platforms are not regulated by any government agencies and that raises a question on their credibility and their origins. Coinmama is one company that is regulated by FINCEN, a financial crimes regulatory body in the US and thus is highly reputed in terms of the highest levels of security protocols they follow in terms of protecting customer data. As a major security step, they store all the debit and credit card information of the customers in a separate server.
If you happen to have an issue with your account, you have some of the best support options to choose from. They are available on live chat as well which is often the best and the fastest way of getting a resolution. You can also send them an email or contact through Facebook. But most often than not, their FAQ page is enough to solve many common issues.
Disadvantages – the Cons of Using Coinmama
While there are those amazing advantages there are certain cons as well that we would quickly list. The disadvantages of Coinmama are as follows:
- Buy Only Platform – No option to Trade
With Coinmama, unlike other exchange platforms you cannot sell or trade coins. This broker platform only allows you to buy coins, which means for trading you will have to use different platforms.
- Exorbitant Fees
Convenience comes with a price and the same is true with Coinmama. You can buy coins directly using credit cards but there is a 5% fee that you will have to pay. On top of that there is another 5.5% of Coinmama fees that you will have to pay on the basis of the transaction size.
- Two Coins Only
With Coinmama you can buy only the two most popular coins that is Bitcoin (BTC) and Ethereum (ETH), whereas there are other platforms that more than 200 coin options. So, in that comparison it is quite poor.
Having seen all the pros and cons of Coinmama as an exchange broker, we can certainly say that this is one of the safest exchange platforms to buy cryptocurrencies from. Barring the high transaction fees, the convenience that it offers along with the exemplary support is a class apart. In our review, Coinmama emerges as a market leader to help you buy the cryptocurrencies (BTC & ETH) that are leading from the front.
Go on to their website and buy your coins today!!