Coinmama Review 2019 – Is it still Safe? This is What We Know

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Read our long form review here:

Coinmama Review: Complete Beginners Guide

Coinmama is an an instant crypto / fiat gateway that was founded in Israel in 2013. They give you the ability to buy crypto with your credit card instantly.

Their services are available in 300 countries and 23 US states.

They are not a centralized exchange and will not hold your keys. They will send the coins directly to your wallet.

Coinmama was recently the victim of a pretty large hack. This saw the attackers getting access to the personal information of hundreds of thousands of users.

Given that they do not store credit card information, the hackers were only able to get access to email addresses as well as hashed passwords.

Although Coinmama is instant, the fees that they charge are really quite exorbitant. They charge 10% on card purchases which is much more than we have seen on any other exchange.

Coinmama allows you to purchase Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ethereum classic and Qtum.

If you want to buy these coins then you will have to get verified first. They claim to have a fast track verification that could get you verified in under an hour (will depend on backlogs).

In terms of customer service, Coinmama has a 24-hour live chat function as well as all the standard online and email contact options. Unfortunately, there is no telephone number for you to call.

The Coinmama platform seems to be quite user friendly and intuitive and is well developed to optimize direct coin purchases.

All you need to do is select the coin in question, give over your offline wallet address and, hey presto, they send your coins to your wallet.

The platform is not really developed for trading coins so I would suggest another platform if that is your intention.

So in conclusion, if you can take the high fees on the exchange in order to get your coins as quickly and easily as possible then Coinmama may be for you. You will have to decide whether you trust them with your ID in the wake of the hack.

Disclaimer:
This is for informational purposes only. Coin Bureau does not provide investment advice, nor is it an offer or solicitation of any kind to buy or sell any investment products. Rates and terms set on third-party websites are subject to change without notice.

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