Is Coinmama a Good Crypto Exchange for Beginners?
It is important for novice cryptocurrency traders to choose the right crypto exchange. Not all companies can be used when you are just starting your path in trading, which is why the success in cryptocurrency trading depends on making the right choice. Beginners often wonder whether Coinmama is a good crypto exchange to start trading with. In this article you will learn whether Coinmama is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker Coinmama
The Coinmama exchange is a platform for buying and selling cryptocurrencies and coins. Bitcoin (₿), Ethereum (Ξ), BitcoinCash, Ripple, Cardano, and other popular altcoins are traded on the exchange. Fiats are available in US, Canadian and Australian dollars, British pounds, and euros. Funds can be deposited and withdrawn through any channel, including credit and debit cards, bank accounts, and electronic payment services. Exchange clients receive a free multi-currency wallet at their disposal. Trading is carried out through the TradingView trading terminal in the browser and the mobile application. The advantages of the exchange are a low entry threshold, a high-speed platform, and instant transactions. There is a standard referral program, and there is no investment. Commissions for trading operations are average for the market, and they decrease with an increase in trading volume.
| 💰 Account currency: | Cryptocurrencies, USD, EUR, GBP, CAD, AUD |
| 🚀 Minimum deposit: | 1$ |
| ⚖️ Leverage: | 1:1 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptocurrencies, USD, EUR, GBP, CAD, AUD |
| 💹 Margin Call / Stop Out: | No |
Coinmama Pros and Cons
👍 Advantages of trading with Coinmama:
•All the most popular cryptocurrencies and coins are traded on the platform;
•There are transactions with five fiat currencies including USD and EUR;
•Optimized TradingView terminal for comfortable trading;
•The exchange is characterized by high-speed transactions;
•Simple registration and accelerated data verification process;
•The exchange has official registration and operates under a license;
•Loyalty program allows you to significantly reduce the trading commission;
•Referral program with payments of 30% of referral commissions;
•Mobile trading apps for iOS and Android.
👎 Disadvantages of Coinmama:
•No investment solutions;
•No demo accounts;
•No call center.
What is a Good Crypto Exchange for Beginners?
In order to choose the right broker for a beginner, you need to consider several aspects.
Here are the main ones:
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Education. It is important for novice crypto traders to learn how to trade. An exchange can offer educational courses, video tutorials, articles, webinars, etc. The more learning opportunities there are the better.
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Availability of a demo account. You will need this account to practice. It provides an opportunity for a beginner to trade risk free and try out trading strategies.
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Availability of a simple method to buy cryptocurrencies. An exchange service or a P2P exchange would be an advantage for an exchange.
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Low fees. The level of income of the trader depends on the level of the fees. Therefore, it is important to choose a company that charges minimum fees. Crypto exchanges mostly use the Maker and Taker fee model. It is important that you study them.
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Instruments for passive investing. In addition to active trading, passive income is also important for beginners. Pay attention to availability of copy trading or staking.
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Trading platform. It is important for a novice trader to choose the simplest trading platform that will be easy-to-use for trading.
In addition to these factors, you also need to consider how customer support operates, as it will also be important. Bonuses for beginners are also a nice perk.
Trading Conditions for Coinmama Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. Coinmama offers traders the following conditions.
| 💻 Trading platform: | TradingView (in browser) |
| 📊 Accounts: | Standard |
| 💰 Account currency: | Cryptocurrencies, USD, EUR, GBP, CAD, AUD |
| 💵 Replenishment / Withdrawal: | Bank cards and accounts, e-wallets and crypto-wallets |
| 🚀 Minimum deposit: | 1$ |
| ⚖️ Leverage: | 1:1 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | from 0 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptocurrencies, USD, EUR, GBP, CAD, AUD |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | N/A |
| ⭐ Trading features: | Regularly expanding pool of cryptocurrencies, five fiats available for trading, many popular deposit and withdrawal options, profitable referral program, trading commissions can be reduced through the loyalty program and rebates from the Traders Union, no investment |
| 🎁 Contests and bonuses: | Yes, bonuses from the Traders Unionare |
Commissions and Fees
The size of commissions and fees is also an important factor of choice. Traders Union analysts have prepared a short review of Coinmama commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal fees.
At first glance, the crypto exchange has rather high commissions on trade transactions. But in fact, they are average in the market, and often even more advantageous than those of most platforms. This is because the fees that the exchange charges for each trade already include the trading fee.
The standard seller commission is 3.9%, and the standard buyer commission is 3.81%. With the increase in trading volumes and the receipt of the second level in the loyalty program, the fees are reduced to 3.41% and 3.34%, respectively. To achieve this, the trading volume of the exchange client for the last 90 days must be at least 5,000 USD.
With a trading volume of 50,000 USD within 3 months, the exchange client receives the third level in the loyalty program. The seller’s commission at the third level is 2.93%, and the buyer’s commission is 2.86%. There are no other fees or conditions. Additionally, the commissions can be reduced only by bonuses in the form of rebates from the Traders Union.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | up to 3.9% per order | Yes |
Investment programs of Coinmama
It is important for novice traders not only to trade actively, but also earn passive income. Passive investing can help you earn extra profit, and also compensate for the losses you may incur as a result of active trading. Coinmama offers the following passive income options.
Investment Programs, Available Markets, and Products of the Crypto Exchange
This cryptocurrency exchange does not offer investment solutions to private clients. Platform users can only earn on the active purchase and sale of cryptocurrencies and coins. Of the options for passive income, only a referral (affiliate) program has been implemented. For this reason, the exchange cannot be recommended for cooperation with private investors (corporate investment is available on individual terms).
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of thedeal and all the steps from signing up to withdrawal of profits.
Coinmama’s referral program
This crypto exchange uses a standard referral program. Any registered and verified user can become a member. To do this, find a referral link in your user account and place it on third-party resources, on forums, on personal blogs, and on comments on information sites, you can have correspondence in instant messengers. The exchange does not set limits.
Each user who registers with the exchange using such a link becomes a referral (partner) of its owner. The link’s owner will receive 30% of each referral’s trading commission. Payouts can be made in BTC, USD, EUR or NIS at the option of the link’s owner.
The program is unlimited, that is, the referral retains its status all the time that he trades on the platform and brings stable income to the owner of the link which he used to register. An exchange client can have an unlimited number of referrals. Detailed information on referrals and payouts is available in the user account.
Conclusion. Is Coinmama good for beginners?
The Coinmama cryptocurrency exchange will be an excellent choice for beginners. The exchange offers a convenient trading platform, which a beginner can learn to work with rather quickly. There is an excellent education center with a large number of materials for novice traders. Also, traders can earn passive income on good conditions. Therefore, Coinmama could be considered as a good cryptocurrency exchange for a start.
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FAQ
What do I need to know about the fees charged by cryptocurrency exchanges?
The majority of cryptocurrency exchanges use the Maker/Taker fee model. As a rule, they use a multi-level system for traders that depends on the trading volume. The higher the trader’s trading volume, the lower the fees.
How do I choose a reliable cryptocurrency exchange?
Crypto exchanges mostly operate without licenses, as the majority of countries haven’t adopted legislation to regulate them. In order to choose a reliable exchange, you need to find out about its reputation and read the reviews about user experiences with it.
How many cryptocurrencies could a crypto exchange offer?
The number of cryptocurrencies on the listing of a cryptocurrency exchange may be very different. Some platforms offer less than 10, while others – several hundreds. It is important that you check the choice of cryptocurrency before registering on the exchange.
What are the risks of investing in cryptocurrencies?
Investing in cryptocurrencies carry high risks due to their high volatility. It could cause substantial losses, which is why it is important to observe the rules of risk management.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.