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Cryptocurrency for Beginners

Coinmama Review : Is it a legit site? *2024

2 min read
I JUST SIMPLY wanted to buy Bitcoin and Ethereum with a credit card without having to learn and decipher all that complicated language.

Coinmama Review

Coinmama is a beginner friendly cryptocurrency exchange which is overall easy to easy for first time cryptocurrency buyers. Despite some concerns about fees, Coinmama has proven itself safe and reliable.

Buying Bitcoin and Ethereum was easier compared to other exchanges since at the time(2017), I didn’t know much about trading.

Coinmama Review : Is it a legit site? *2024

Overall Score 4.2

Ease of use/Navigation
Security
Check Out Process
Customer Support
Choice of cryptos

CoinMama Overview

 
Coinmama is a cryptocurrency broker which has been in business since 2013.
 
Coinmama offers spot market price , which means that the cryptocurrency will be sold to you at current market prices.
 
This is great for beginners who don’t understand trading charts and other more complicated financial tools.
 
 
After 2024, Coinmama was taken over by Wellfield Technologies. Inc based in
Vancouver,  Canada.
 
Coinmama was previously a subsidiary of NewBitVentures.
 
Before 2024, Coinmama was registered in Slovakia but based in Ra’anana, Israel.
 
The transactions were also processed in Israel.
 
 

Reasons to use

Reasons to avoid

Compare to other Crypto Exchanges

Coinmama Review : Is it a legit site? *2024

Coinmama

(This review)

Coinmama compared to coinbase

Coinbase

Binance compared to Coinmama

Binance (Lite)

Ease of use

Security

Check out process

Minimum Purchase 

$50

$2

$15

Number of coins

15

242

404

Number of users

3.5 Million

N/A

186 million

Mobile App

No

Yes

Yes

My Experience and Analysis

When I bought Bitcoin for the first time in early 2017 (March), I was totally overwhelmed by all the information.

The tech was also very primitive with only non-beginner friendly tutorials by tech geeks.

I didn’t understand how Bitcoin trading worked. I did not understand what spot, pairs or markets meant.**

I JUST SIMPLY wanted to buy Bitcoin and Ethereum with a credit card without having to learn and decipher all that complicated language.

I had tried a couple but no one was accepting credit cards and you had to deposit money through Wire Transfer (..primitive times ;D )

I wasn’t worried about the fees because Bitcoin and Ethereum were skyrocketing.

Was I fomoing?

Probably..

Did I get my crypto and made profit?

Yes, and that is what mattered to me as a beginner investor.

2024 Note: Looking back, I’m pretty sure that the youtubers didn’t understand them quite well either 😀


Coinmama Review : Is it a legit site? *2024

Likes

Coinmama is a great option for first time crypto buyers and beginner crypto investors.

Despite the coin selection being fewer than Coinbase and Binance, the crypto coins which are listed are lower risk for newer investors.

In other words, while Binance and Coinbase do list the most trending cryptos first, such as Shiba Inu and Pepe, these cryptos can easily get delisted with little warning as soon as as they stop trending. This means you might not be able to cash them out unless you transfer them to another exchange.

Coinmama on the hand, has a small listing of cryptocurrencies, but as the cryptocurrencies listed are proven projects and therefore low risk.


Coinmama Review : Is it a legit site? *2024

The reasons I find Coinmama more secure than Binance and Coinbase are:

  1. Coinbase locked me out of my account and I could never sign back in.
  2. Binance has become the favorite target for government bans because it has gotten so big.
  3. The cryptocurrencies listed are established projects and less likely to get delisted overnight.

Therefore, the reason I prefer Coinmama is because I can sleep at night knowing my account won’t shut down over night because of corporate lobbyists attempting to create their own local crypto exchange.

I’m also a big advocate for testing a small amount if you are first time buyer of any website,  and Coinmama allows you to do that.


Coinmama Review : Is it a legit site? *2024

Dislikes

I personally do not have any dislikes nor complaints from Coinmama.

I stopped using Coinmama simply because I had grown out of it as I started getting better at crypto trading.

I would recommend that they spend a bit more time educating buyers that cryptocurrency transactions can take anywhere from 10minutes to a few hours to transfer to an external cryptocurrency wallet if theWhat is a Bitcoin Bull? ⛔The 3 MOST CRITICAL indicators the blockchain network is slow that day.

You will get this problem on all cryptocurrency exchanges  during a bull run.

However, networks are faster during the bear markets which are longer in crypto compared to regular investments.


Coinmama Review : Is it a legit site? *2024

Should you use Coinmama?

If you are buying cryptocurrency for the first time, I would highly recommend Coinmama because of the beginner friendly layout.

I would also recommend Coinmama for beginners who don’t know how to distinguish legit cryptocurrencies versus scams.

If you are non-techy and terrified of tech, Coinmama is a great option.

I would not recommend Coinmama for advanced traders and investors. Basically anyone with a higher risk appetite.


Coinmama Review : Is it a legit site? *2024

What other options you should consider?

  1. Cex.io : if you need more payment options
  2. Indacoin& Changejelly if you are only interested in simplicity.

If you found this review useful, then you might like to check out this article: 

I have a Bitcoin Wallet, NOW What?

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