Coinmama it is the highly specialized exchange which allows you only to buy cryptocurrency. The platform belongs to the Israeli company New Bit Ventures Ltd, which was founded by Nimrod Gruber and Ilan Schuster in 2013. Their main office is in Israel too.
The platform is one of the largest services; it allows the one-way exchange of real money into cryptocurrency. Coinmama offers you to buy 2 most popular currencies:
The service is available almost in any country. It deserved such popularity, because of becoming one of the first exchanges which allow you to make a quick exchange of fiat money into cryptocurrency.
Is Coinmama legit?
Beginners of this service should not worry about its legality. The platform is registered and provides its certificate on the website to anyone who wants to see it.
Then you need to confirm your email. Now you are ready to buy a cryptocurrency.
Without Coinmama verification, you can make a purchase for a sum up to $500. To increase this limit, you need to pass several levels of it.
To get the first level you need to enter your personal data (address of residence and ID). Now your limit is 10,000 dollars.
For the second level, you need to download the documents confirming the first point, and the limit will be increased to 50,000 dollars.
To obtain the third level of verification, you need to contact the administration individually, but this time you can expand your limit up to 1 million dollars.
Most of the Coinmama reviews provide a maximum limit of $100,000, but this is wrong information.
Is Coinmama safe?
The exchange acts only as an intermediary. There are any internal purses for storing currency. This is the reason for the lack of possibility of two-factor authentication or the ability to configure access through API keys on it, but they are really not necessary. The exchange uses Trust Guard and Comodo technologies for the protection, as well as 256-bit SSL encryption for information that contains personal data. So those who are interested in the questions of “Is Coinmama safe?” or “Is Coinmama legit?” shouldn’t worry about their safety. There is definitely no Coinmama scam.
As for the Coinmama fees, it is above the average, about 6.5%. But for this amount every user can be sure that as soon as the exchange receives the money, the cryptocurrency will instantly be deposited to his purse. In case of an unsuccessful transaction, the platform promises to return the entire sum within 48 hours.
Coinmama support is provided by e-mail, and the employee must respond within 24 hours.
Now let’s sum up the Coinmama review 2018. Let’s divide the pros and cons and see if there is Coinmama fraud.
For a person who isn’t interested in altcoins, the only minus is the commission, but because of purchasing speed and the possibility of using credit cards, this Coinmama review recommends to use it.