Strong points
The crypto market’s growth has led to an uptick in the number of exchanges. While giants like Binance, Coinbase, and Crypto.com are widely recognized, some lesser-known platforms stand out for their user-friendliness. Coinmama is one such exchange. Here are its key features:
Want to know more? This Coinmama review from Tokize has all the answers you need!
Coinmama
Coinmama
Coinmama is an Israeli crypto exchange and one of the top platforms in the market currently. While less popular than other crypto exchanges, Coinmama is equally good. It offers its customers “fast,” “safe,” and “fun” financial services, with particular attention to beginners.
Also, the exchange aims to be a platform where people can have control and direct access to their funds without the need for intermediaries and hidden fees. With major strides in the crypto ecosystem, Coinmama strives to deliver exceptional service to its users.
These are its values:
Below, we take a look at its history and who the key players in the team are.
The Coinmama management team comprises;
Coinmama was created in 2013 and has been in operation for ten years. Although it lacks the notoriety of other crypto exchanges, it has steadily built momentum over the years. In 2021, it recorded a sales volume equivalent to $130 million, and currently, the company has more than 3.5 million users in 188 countries.
Although it is an Israeli company, its headquarters is now based in Ireland at 42 Pearse Street, Dublin, D02 YX88. Furthermore, the exchange has undergone restructuring, as it was acquired by a Canadian company called Wellfield Technologies on March 24, 2022, for $3 million cash plus nearly 23 million shares for a total sum of $34.7 million.
«We have been following Coinmama’s pioneering journey as a leading blockchain company for some time and are convinced that their nearly ten years of success in the industry and their proven expertise in regulation and operation will bring substantial value to Wellfield » Levy Cohen PDG de Wellfield Technologies.
Now that we are aware of the backstory of the exchange let’s take a more in-depth look into what Coinmama is all about.
Coinmama
Coinmama
Compared to other exchanges, such as Binance or Coinbase, with unlimited features, the Coinmama exchange is quite constricted. Here, special attention is given to crypto trading. Therefore, it does not offer crypto loans, staking solutions, or crypto wallets.
The Coinmama exchange is limited to just ten cryptos. They are well-established, not necessarily fancy, artificial intelligence (AI) coins or meme coins like Render, Dogecoin, or Shiba Inu. The cryptos it offers belong in the top 50 coins globally per market capitalization. They are;
For Coinmama, the watchword is simplicity. To that end, it focuses majorly on crypto trading. The cryptos on its roster, while only a few, are the tested and trusted. Thus, the exchange is excellent for beginner traders.
Coinmama strives to equip its users with the requisite knowledge and practical experience they need via an academy. This enables them to learn about the basics of the crypto market. On the academy tab, you can find articles that lecture on topics like:
It also has a glossary on the following topics:
To assist beginners even further, Coinmama provides crypto calculators. These calculators allow you to convert between crypto and fiat currency. The three available calculators are BTC, ETH, and a random crypto. For the fiat, an extensive option is allowed.
Every top business understands the benefit of ‘rewarding’ customers, and Coinmama isn’t different. It rewards its most regular users through any of these three options on the Coinmama loyalty program:
Not just for newbies alone, Coinmama also offers an exclusive service for crypto professionals. The service is a crypto portfolio worth up to $100 million that is available for investment.
Crypto trading on Coinmama is straightforward like most exchanges. However, you must first register and connect to a crypto wallet. Below is a breakdown of the processes;
The preliminary step is to open a Coinmama account. To do this, you are expected to fill in the following details;
However, there are different account levels on the platform of which buy and sell limits are each stipulated. They are;
Level 1:
Credit card purchase limit:
Limit of purchase by bank transfer
Level 2:
Credit card purchase limit:
Limit of purchase by bank transfer
Level 3:
Credit card purchase limit:
Limit of purchase by bank transfer
For larger amounts, a level 4 exists. However, its limits are not specified and can only be provided on request.
Coinmama
Coinmama
Once you input your necessary information, a confirmation link will be sent to your email address. This way, Coinmama can ascertain that you provided the precise email address. Once you click on it, you will be asked to provide a means to verify your identity, for example, a valid ID. Also, you will be expected to take a selfie by showing a paper containing ” Coinmama ” and the date. The valid IDs include,
On a side note, the copy of your documents must be high quality — with a minimum resolution of 1,000 pixels. The weight of each file must also not be more than 8 MB.
A crypto wallet – the equivalent of a bank account – is a medium for storing your crypto. Its address (similar to an IBAN) consists of a long string of numbers and letters. However, Coinmama has no wallet, so it cannot store your coins.
So, before you begin trading, you must create a crypto wallet. On the exchange, a tab explains the fundamentals of a crypto wallet. It further differentiates between the two significant types of crypto wallets: hot and cold. Hot wallets are mobile applications or internet extensions that store your coins online and are susceptible to cyber-attacks. The recommended ones are:
Cold wallets, on the other hand, resemble a USB key. They do not store your coins online and so are more secure. The recommended ones are:
A major advantage of the Coinmama exchange is that you can directly purchase crypto using fiat currency. You do not have to deposit funds and burden yourself with selecting the precise trading pair. All you have to do is exchange your fiat for the crypto of your choice. However, unlike in other platforms, on Coinmama, you can’t exchange one crypto for another.
You can utilize these methods to make payments;
These are the steps to buy crypto on the exchange;
Once the payment has been made and the wallet address has been authenticated, you will receive the coins directly. The delivery period depends on what payment method you used. The funds will be available within an hour if you use a credit card, Apple Pay, or Google Pay. Conversely, with a bank transfer, the processing time can be 24 hours (SEPA) or several days (SWIFT).
Coinmama fees depend on your loyalty level – Curious, Enthusiastic, and Believer. This is how they are categorized:
Purchase of Crypto :
Sale of Crypto :
Coinmama exchange prioritizes user security. The platform offers two-factor authentication (2FA), where, upon login, a code is sent to your smartphone. This is also required when inputting your wallet address, helping to keep malicious actors at bay.
Coinmama doesn’t store your cryptocurrencies since it doesn’t have its own wallet. Additionally, personal details like card or account numbers aren’t saved on the platform.
However, no platform is immune to threats. In 2019, Coinmama was among 24 sites affected by a significant cyberattack. On February 15, hackers exploited a vulnerability, accessing 450,000 user emails and passwords according to reports Coinmama. Fortunately, users with 2FA activated faced no major risks, and no cryptocurrency was stolen. After this incident, Coinmama revamped its security measures for better protection
A regulated exchange exudes credibility and confidence to the public, as it shows it is verified by recognized organizations. What about Coinmama?
Coinmama is operated by Cmama LTD, a regulated financial company registered with FinCEN and FINTRAC. It adheres to anti-money laundering processes and utilizes KYC or “Know Your Customer” regulations, allowing the exchange to request personal information from its customers, thus forestalling malicious intruders.
Coinmama
Coinmama
