Author: Harry Napier
Coinmama – Crypto Broker Reviews
Coinmama is one of the many cryptocurrency dealers across the Web. Compared to other brands, this one is far less known and reviewed. However, the website seems trustworthy. There is a lot of positive feedback about Coinmama on the Internet, and the functional side of the platform seems effective and simple.
There are two main features:
- You can buy the coins of your choice;
- You can sell them whenever you like
All the rest revolves around these two simple concepts. However, the approach Coinmama takes for the business favors the users, and it is always commendable. Still, it’s imperative to see reviews before jumping into one of such websites, you need to know if there are hidden booby-traps waiting to make you broke.
How does Coinmama work?
Coinmama has a concept similar to how other coin brokers operate, but not quite. The platform in question is very basic. While, say, Crypto has extensive prices monitoring system, and Binance has a thorough markets list, Coinmama only lets you buy and sell.
In a way, this simple system is a blessing because you can monitor every price change on your own, and then buy/sell with a few clicks. This way, the platform focuses its entire system to make exchange as fast and comfortable as possible.
There are several principles that echo this statement:
- Coinmama tries to let you start trading as soon as possible – it doesn’t take much time to set up the account, and there are no initial deposits needed;
- In theory, there are no holdbacks – the coins you bought will become yours almost instantly;
- You can trade however you want, the website doesn’t restrict you to one currency, instead the site features all the popular cryptocurrencies, no favorites
In total, there are 10 currencies you can trade in, including the not-so-well-known Eos, Tezos, Ripple, Cardano and Qtum, but also the titans – Litecoin, Ethereum (+ Classic) and Bitcoin (+ Bitcoin Cash).
But whether or not the website truly upholds these principles, remains to be seen. For that, you’d need to see a few impartial reviews.
Coinmama reviews in 2020
According to the broker reviews aggregator trustpilot.com Coinmama has a rating of 4.2/5 as of September 2020. There are many favorable reviews, 74% of them rate the platform as ‘excellent’, while 84% think that it’s not bad.
The advantages
Trustpilot is filled with the short stories and reviews from Coinmama users, and there are several reoccurring positive things you could benefit from while working with them:
Coinmama has a great support team. The brand calls them ‘Happiness Heroes’ and it seems to be a fitting name. All things considered, the support is very helpful, great at restoring your good mood and really good at bailing you out.
According to several Trustpilot reviews, the ‘Happiness Heroes’ reply fairly fast and then rarely leave you until your problem is solved. They are an experienced team with a spirit, and it is commendable, considering how often you meet the unenthusiastic and lethargic support teams on the Internet, and in this business specifically.
Considering how little Coinmama has to offer, it’s great that the present features are very effective, thus compensating with quality for the lack of quantity.
It’s undoubtedly not a scam. The website may not be very transparent, but reading the reviews leaves no ground for doubt. They would be able to scam people with east, but they don’t. It seems they are quite happy with their up to 5% cut from transactions. Every time some user’s funds go missing, the support helps track down the missing finances and return them to the bank account.
Not to mention that the speed with which the money get refunded is astounding. As guaranteed, there are no holdbacks. If you need your money, you’ll get your money as soon as possible.
The disadvantages
So far, the website seems fairly decent, what with the simplicity, honesty and the helpfulness of the staff. However, there is one looming disadvantage associated with verifying your account.
Often, they deny you verifications for reasons unknown. Creating your account doesn’t take too long. After you’ve done so, the account has to be verified manually by one of the staff members. That means you have to wait. Fortunately, most of the time, it only takes 15 minutes for your account to go through. Sometimes, however, it drags on and on.
The verification process can last up to 24 hours, and then it’s not even clear whether you’ll be granted permission to trade coins or not. And if you are denied permission, they don’t even tell you why.
Most of the platform’s negative reviews are there for this reason only. The verification drags on and on only for the account to be put down in the end. It doesn’t happen as frequently, mind you. It can occur, and it is somewhat of a violation of one of the core values. It doesn’t exactly fit the description of the ‘fast-track verifications’ they promise you.
It’s all for the security, however. The company has a 7 years worth of history, and on the course of it there was only one hacker attack. They didn’t still anything, except the account data. Now Coinmama owners are trying to do their best to avoid such incidents in the future. So, it’s for the safety of the users. Why exactly they deny so many people access is unknown.
Conclusion
All things considered, Coinmama is a decent crypto broker with a simple enough structure. Almost everything they assure you of on the front page is real. They allow you to start (almost) right away and trade in whatever currency you want.
Keep in mind, however, they it’s more of an exchange platform. You sell coins to Coinmama and buy them from it. If you want to trade with other users, it’s not the place you should be in.
