Coinmama Review: Scam Or Legit? | Recover Lost Funds

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Is Coinmama a scam? How to recover funds from Coinmama? Find the answers to all these questions and more in this guide.

Summary

Coinmama has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to Union Trade Pro. We’ve received over 4 complaints against Coinmama.

Users are worried about Coinmama, a cryptocurrency exchange, because it seems a lot like Union Trade Pro and has been linked to risks. There are complaints, no rules, and possible payment problems that show how iffy it is. Some people like how easy it is to use, but the fact that there isn’t a guardian or license puts a lot of people at risk. People should be careful, and they should check the sites’ regulatory status before using them. Watch out for fake reviews, and if you think a deal isn’t right, you might want to file a chargeback.

Get Your Money Back From These Scammers!

1

Key Takeaways

Coinmama has lost investors thousands of dollars
Coinmama website owner is anonymous
Vague terms of service
2

Is Coinmama Regulated? Do They Have a License?

Coinmama is a well-known cryptocurrency exchange platform. It offers users the ability to purchase various cryptocurrencies including Bitcoin, Ethereum, and others. The platform is known for its user-friendly interface and quick transaction process.

Coinmama


The lack of regulation or the presence of poor regulation is a huge red flag. It means Coinmama is a scam and most likely, an illegal operation.

Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.

That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.

In the case of Coinmama, victims have nowhere to go due to the absence of a watchdog or license.

You should ask yourself the following questions when you come across a new investment firm or opportunity:

  • Does the investment provider maintain transparency about its CEO?
  • Do they have a license from a renowned regulatory authority?
  • If the need arises, can I reach out to an authority to report this company as a scam?

3

Trading Conditions and Deposit/Withdrawal Methods at Coinmama

Coinmama accepts various payment methods, including credit and debit cards, bank transfers, and more, making it convenient for users worldwide.

Coinmama


However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.

They might give you multiple reasons including:

  • A technical error
  • A glitch in their system
  • Banking issues
  • A “hacking attack”

And many others.

But in 9/10 cases, the scammers actually stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.

If you want to get your money back from a scammer, you’d need to file a chargeback.

4

Coinmama Customer Service: Do They Handle Complaints Well?

The customer service responsiveness of Coinmama varies. Some users report satisfactory experiences with prompt resolutions, while others have faced challenges in getting timely support.

When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.

In the beginning, scammers tend to remain very accessible.

This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.

However, they do all this just to win your trust.

Scammers understand that in order to convince someone to give them a large sum, they will need to seem like a friend.

Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.

All of a sudden, their numbers would either stop responding or become unavailable.

Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.

However, in the end, the customer support won’t resolve your issues and become increasingly unavailable.

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5

Coinmama Reviews: What Do Others Say?

Customer opinions on Coinmama are mixed. Some appreciate its ease of use and speed, while others have concerns about fees and customer service.

It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.

Scammers like Coinmama tend to purchase fake reviews for their online profiles to make themselves seem more credible.

TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.

That’s why you shouldn’t trust Coinmama reviews easily.

It’s easy to identify fake reviews as well. You should look out for 5-star reviews that are posted by temporary accounts (profiles which only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.

In the case of Coinmama, chances are, you wouldn’t find many legitimate reviews.

Another prominent way scammers like Coinmama enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.

This way, when you’ll look up “Coinmama reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising Coinmama.

Coinmama reviews coverage


You should always look out for consumer complaints. In the case of Coinmama, the most common complaints I found were about:

  • Poor customer support
  • Delays in payments
  • High fees and charges
  • Lack of transparency regarding their leadership team
  • Aggressive sales staff

Do you have a similar complaint about Coinmama? You can share your complaint in the comment section or submit an anonymous tip.

6

Is Coinmama Legit Or Scam?

Coinmama is generally considered a legitimate cryptocurrency exchange. However, like any online platform, it is important for users to be cautious and well-informed when making transactions.

Coinmama is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.

The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind Coinmama can run away with your money without any prior notice. You should be extremely cautious when dealing with an unregulated service provider.

The absence of a watchdog also means you cannot report to them to anyone.

Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.

Can You Trust Coinmama?

All the evidence suggests that Coinmama is a scam. If you have lost money to them, there is still a chance you can get it back.

To recover your funds, you’d need to file a chargeback.

7

Frequently Asked Questions

Is Coinmama a scam?

According to the online reviews of this company, it’s highly probable that Coinmama is a scam. You should exercise caution when dealing with them.

Can I withdraw money from Coinmama?

Yes, you can withdraw your funds from Coinmama by getting in touch with one our experts. Get your money back immediately.

Where is Coinmama Located?

There is no information available on the location of Coinmama.

How do I get my money back from Coinmama?

To get your money back from Coinmama, you can file a chargeback. Learn more here.
8

How The Coinmama Online Scam Works

Launch a website/app with a generic name

A website or app with a generic name allows scammers to hide behind common Google search results. Marketing such names is easier as well.

Pay influencers & social media pages to promote the scheme

By getting influencers and social media pages to promote their brand, scammers make their shady company seem more legit than it actually is.

Send thousands of emails and make cold calls to potential victims

It’s common for scammers to buy the contact details of people and spam them through email, phone calls, social media messages and other means.

Make victims feel safe through “small wins”

Such small wins usually include a few payments transferred into the victim’s account. This makes them seem more legitimate.

Convince victims into investing large sums of money

Due to the small wins, the victim is now convinced that the company is legit. Now, the scammers try to manipulate the victim into giving them larger sums.

Disable withdrawals & take down the website/app

Once the scammers have recieved a signicant sum, they either stop responding or cite a technical error to freeze their victims’ funds.

Repeat the cycle

After making the money, the scam will shut down and the people running it will launch another and repeat the cycle.

Get Your Money Back Free consultation
If you’ve lost money with Coinmama, we can help you get your funds back. Schedule a free consultation with our team of experts and we will have a look.
An expert will get in touch with you within 48 hours.
Coinmama Review: Scam Or Legit? | Recover Lost Funds
Coinmama Review: Scam Or Legit? | Recover Lost Funds

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