Is Coinmama Legit To Trade Cryptocurrency? Exploring Its Features, Security, And Fees

Buying and selling cryptocurrency on online platforms is familiar to traders, especially on Coinmama. When exchanging, the most important questions are: Is Coinmama legit, and is Coinmama safe for Bitcoin transactions? To find answers to these questions, engage with this review to discover what it has to offer and begin your first-ever payment. 

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About Coinmama

Incepted with a vision of the global crypto market where everyone can participate, Coinmama strives to make token swapping simple, safe, and fun for everyone.

Coinmama

This online platform believes that crypto is the future of money, as they offer trading with various Bitcoins: Ethereum, Dogecoin, Uniswap or other well-known coins, your investment is promised to be easy, fast and prosperous. With high spending limits from $15,000 worth of eMoney per day and up to $50,000 per month, there are limitless opportunities to join this massive market. 

Take your first step at Coinmama to not miss out on this valuable chance to take part in the crypto market. At Coinmama, you're not just buying and selling; you're pioneering the future of finance.

How can you tell if Coinmama is legit?

Knowing the legitimacy of a digital currency trading platform is crucial since this type of money cannot be controlled, managed and liquidated in a regular way. So, start building your trust in Coinmama with these 9 aspects. 

Where is Coinmama located?

To support worldwide brokers, Coinmama is located in different places.

Coinmama's parent company is Wellfield Technologies Inc. (WFLD), based in Israel. However, the platform is operated by Cmama Ltd., which is established and registered in Ireland. This strategic choice of location aligns Coinmama with Ireland's progressive business environment and regulatory framework, fostering trust and confidence among its users.

With a dedicated customer service team available 24/7 in Europe, Asia, and America, regardless of your time zone or location, Coinmama ensures that expert assistants are always within reach, fostering a sense of security and reliability for traders and investors alike.

Does Coinmama adhere to regulatory requirements?

If you are afraid that Coinmama scams its users, then you should take a look at this business’ adherence to the regulatory requirements. 

• Industry-Specific Regulations: As a cyber currency exchange platform, Coinmama implements strict KYC and AML procedures. The KYC (Know Your Customer) requires cryptocurrency businesses to verify the identity of their customers before allowing them to access certain services or engage in transactions; and the AML (anti-money laundering) is designed to prevent, detect, and report money laundering activities within the cryptocurrency industry and the broader financial sector. 
• Licensing and Permits: Operated by an Ireland company, Coinmama complies with the local regulations where it is located. For example, Coinmama is registered as a Money Services Business (MSB) with FinCEN in the USA, and with FINTRAC in Canada. These are government agencies responsible for regulating and overseeing financial transactions. 
• Customer Protections: Coinmama safeguards customer data, funds, and rights. This process includes measures to prevent fraud, protect privacy, guarantee fair treatment, and resolve disputes, enforced with encryption, SSL (Secure Sockets Layer), and cold storage.

Coinmama features

What can you get at Coinmama? With 5 amazing features, it is surely that this online exchange of eMoney will not let you down. 

Coinmama features

• Buy and Sell cryptocurrency: Coinmama allows users to buy and sell 18 types of virtual currencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), DOGE, and so on and store them on the Coinmama wallet. Users can make purchases using fiat currencies like USD, EUR, or other supported local currencies.
• Fast-track verification: Customers' accounts can be created and verified within hours. They require some basic information and a valid ID document.
• Loyalty program: There are 3 loyalty levels: Crypto Curious, Crypto Enthusiast and Crypto Believer. The Crypto Curious will not be discounted, but the others will earn a Coinmama discount code of 12.5% to 25% on trading fees and higher spending limits.
• Referral program: Users of Coinmama are allowed to earn rewards by referring new customers. They pay a 15% commission fee to the referrers.
• Affiliate program: Coinmama affiliate program is available for individuals and website owners, in which they will be paid from 15% to 30% commission fees. The participants can be paid in fiat currency (USD or EUR) or crypto (BTC or NIS). 

Coinmama security

Coinmama places a strong emphasis on 3 security measures to protect its user’s personal information from cyber threats. 

• GDPR Compliance: GDPR is a European Union regulation that sets strict standards for the protection of personal data. Being GDPR compliant signifies that Coinmama takes data privacy seriously and adheres to stringent data protection standards.
• Encryption: Encryption is the process of converting data into a code to stop unauthorized access. By encrypting user data, Coinmama ensures that sensitive information remains confidential and secure during transmission and storage.
• No Storage of Funding Information: Coinmama goes a step further by emphasizing that they do not store funding information at all, including credit card details. This practice aligns with the principle of minimizing data retention and reducing the exposure of user information to potential security threats.

Coinmama fees

If you want to know how much Coinmama charges for its services, here are the fees in detail. You can also take advantage of the Coinmama discount coupon for the greatest deals to use on your purchases:

Depending on how much of the spending is within 90 days on the platform, Coinmama's commission fees range from 0.99% to 3.90%. They also charge a markup of 2% on digital money prices, which is based on the TradeBlock XBX index.

Credit and debit card buyers may also be subject to an extra 5% express fee, which is added to the order amount after selecting the payment method.

Two other charged fees depend on the currency, the transaction, and the amount spent. First, the payment processing fee, which is a combined charge by the credit card issuer, automated clearing house network, interchange, electronic check provider, or other banking institution to process a payment. Secondly, the network fee is a fee that the miners charge for confirming transactions on the blockchain, determined per transaction.

Coinmama payment methods and currencies

To deliver a smooth buying and selling process, Coinmama offers 2 main methods to make payments as well as support to some regions. 

Fiat currencies, such as USD, EUR, GBP, CAD, JPY, or AUD, are accepted at Coinmama. Credit, debit cards, Apple Pay, Google Pay, and ACH transfers are also eligible at this online trading platform. 

Coinmama also backs up some alternative payment methods for specific regions, such as Giropay for Germany, Astropay for Europe, Asia, and Africa, PIX for Brazil, Khipu for Latin America, WebPay for Chile, PSE for Colombia, and SPEI for Mexico.

Coinmama customer service

In case the users need a hand with any questions, Coinmama brings 3 ways to reach out to their support:

• Email: Coinmama’s customer service team email to answer media requests at support@coinmama.com.
• Contact us page: Customers can access Coinmama's contact page and fill out the form with name, email, subject, message and attach files (if needed).
• AI chatbot: Coinmama’s virtual assistant, Emma, is available 24/7, available to answer some common questions and guide customers through the verification process.

Coinmama refund policy

Coinmama does not offer refunds for completed orders. Once the transaction to purchase or sell tokens on the platform is done, it is final and irreversible.

If a purchase order is canceled, Coinmama refunds the amount minus any costs or expenses incurred, including without limitation any bank charges, currency exchange charges, and payment processing fees. On the other hand, for canceled sell orders, this platform will return such cryptocurrency to you minus any costs or expenses incurred with regards to such return, including without limitation any network fees and payment processing fees.

Coinmama reviews

To have a clearer view of Coinmama, let’s take a look at the Coinmama reviews from its community of traders. 

Coinmama reviews

Customers appreciate Coinmama’s user-friendly platform with an offering of diverse crypto coins and payment methods. The verification process is evaluated as fast and easy, and its customer support team is complimented for being responsive and helpful.

However, some users said that Coinmama asks too many financial questions, which was explained to be the reason for protecting the user’s information. They also recommend this user contact through email for any inquiries related. Some accounts can not be certified and the owners were mad, but it was their fault for not providing enough identification documents, said Coinmama’s customer service team member. So, if you have any questions, it is best to reach out to Coinmama. 

Coinmama coupon

Are you ready to join the cryptocurrency market? Create your first-ever account here and apply these Coinmama coupon codes to get the best deal on your transactions:

[exclusive_coupon|limit=3]

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Conclusion: is Coinmama legit?

In the world of the ever-evolving digital landscape where digital assets are on trend, the buying and selling process of Bitcoins is necessary to adapt. Therefore, with the combination of regulatory compliance, security measures, user-friendly features, and positive user feedback, Coinmama has successfully set its name in this virtual industry, instilling confidence in users seeking a secure and user-centric environment. In conclusion, with all the mentioned factors, Coinmama is a legitimate and reliable platform for trading cryptocurrencies.

FAQs:

Is Coinmama safe?

Yes, Coinmama is a safe platform to exchange cryptocurrencies. The platform has published its paper regarding business legitimacy, including Industry-Specific Regulations, Licenses, Customer Protections, and GDPR Compliance.

Does Coinmama have a wallet?

Yes, Coinmama wallet is an app that allows traders to buy and store cryptocurrencies. However, it does not provide a wallet service on its web platform, and customers need to provide their wallet address when buying or selling crypto. For that reason, Coinmama is a non-custodial broker that does not hold cryptocurrency on behalf of the users.