Coinmama is a service where you can purchase various types of crypto currency with a credit card or bank card. You do not and cannot keep a balance at Coinmama. You make a purchase at Coinmama and provide your crypto currency wallet address and upon successful completion of the order you receive the agreed purchase amount of crypto currency into your respective wallet from Coinmama.
Another service proved by Coinmama is an affiliate program. The program states that affiliates earn their commissions in bitcoin by helping Coinmama gain new satisfied customers. In other words, you market Coinmama’s services via your affiliate ID and for any signups or referrals of which you provide via you ID you will earn commissions. As stated on Coinmama’s affiliate page, affiliates “earn 15% of Coinmama’s commission” (sic)(perhaps Coinmama’s fees?) on all your referrals’ purchases including all of their future purchases forever.
On the sign-up page it states vaguely that earnings are paid monthly “(paid towards the end of each month)”. This is the first warning sign. Why is this so vague? Why not paid out on the 20th of each month or paid on the first day of the month? Continuing the page states that the program has no limitations, the more customers you refer, the more bitcoin you earn.
Further there is an ambiguous limitation which states “payouts will be paid only after 3 successful orders made by at least 3 different users”. Can 3 successful orders be made by more than 3 users? Further, is this a requirement every month or only the first time you receive commissions? Your guess is …well, your guess.
At this point you might be detecting a bit of animosity in this writing. Upon giving Coinmama the benefit of the doubt, it has become apparent that individuals should not participate in this program. Further it should be stated that this article is based on anecdotal evidence experienced by the author. Additionally, several Coinmama affiliates have been contacted and interviewed and the same experiences have been documented by all of them. If you search Google for Coinmama affiliate reviews, still further evidence supporting the salient points of this article are confirmed. Contrasting that statement, there are positive reviews, however, they tend to be based on information as a matte- of-fact as opposed to experienced based information.
Coinmama’s Main Service
It should also be noted in all fairness to Coinmama that the author’s experiences with Coinmama’s main service have been positive only. Restated, purchasing crypto currency from Coinmama with a credit card has been a positive experience with zero serious problems experienced. Again, upon searching Google one quickly finds several nightmarish stories of negative experiences with Coinmama. These experiences are not consistent with the experiences of the author of this article.
Yes, there were a few problems, namely, enforced purchasing limits either from a daily, weekly, monthly or account level perspective. These limits tend to be an industry standard and exist industry wide. Additionally, several times orders could not be completed for some unapparent reason. In considering these situations retrospectively, one might be led to believe that the enforcement of limits had something to do with them. Since then a very transparent schedule of limits has been implemented and are highly visible on Coinmama’s service. Finally, before moving on to the affiliate inefficiencies, Coinmama offers three levels of accounts and to continue to higher levels, one needs to provide specific personal information, that if you do not live in an English-speaking nation, is impossible to qualify thus rending the use of their service useless once you purchase $10,000 US which takes a very short time.
Why you should not participate in Coinmama’s Affiliate Program
There are two main reasons that you should not participate in Coinmama’s affiliate program;
- They themselves do not take their program seriously by not abiding by their own rules through policy or incompetency;
- Participating in affiliate programs are time-consuming and expensive, you need to ensure that any affiliate program you participate in is profitable, reliable and has some form of shelf-life.
Coinmama is Negligent to their Affiliates and Affiliate Program
Affiliate programs are big business and are an important aspect of any successful company’s business plans regarding the company reaching its future goals about expansion and profits. Company’s need to provide unambiguous affiliate programs that offer real opportunities that motivate affiliates by providing not only support, but consistent income without making the affiliate feel they are being taken advantage of.
As mentioned earlier, the main affiliate page has a vague statement regarding its payment schedule/policy Upon logging into your affiliate account, there is a help icon in the bottom right of the page.
In Coinmama’s support section of their website they state:
Affiliate payout
Your commission will be paid out roughly every two weeks. You can check your commission balance by clicking on the Affiliate button on the top right corner, and logging in.
Coinmama does not pay commissions every two weeks. Coinmama does not pay commissions monthly. Coinmama pays commissions whenever Coinmama feels like paying commissions and to be honest that is not very often. Currently we are in the month of June 2018. The second payment of commissions has just been paid for this year. This should have been the 11th payment according to their own policy. Coinmama has a support team that is somewhat active. They do not deal with this problem. They do not address this problem. If you bring this problem to their attention, that you have not been paid for months, they drag their feet and feebly reply that your payments will be scheduled for the next payment cycle. They treat their own affiliates with contempt through incompetency, policy or worse, both.
Affiliates are sub-contracted employees. You must pay your employees. Affiliates are self-employed and need to pay for their expenses from their own pockets. Companies need to support their affiliates. If affiliates cannot rely on being consistently paid for their efforts, then the company that is violating them is doomed to lose the affiliates respect and confidence. How can a company expect an affiliate to finance a marketing budget for a company that disdains them and holds them in contempt? Coinmama does not support its affiliates. Coinmama does not pay its affiliates their hard-earned commissions in a timely manner. Coinmama does not deserve the affiliates they have.
Coinmama is not the only affiliate program on the market. Almost all exchanges and services have affiliate programs today. Additionally, most of these programs are taken seriously by their companies unlike Coinmama’s attitude towards its affiliates. Furthermore, payments are usually in real-time with no limitations. Why would you waste your time, money and efforts with the likes of a disrespectful company like Coinmama?
How long will Coinmama’s affiliate Program Exist?
Not even considering how Coinmama treats its affiliates, one needs to consider is Coinmama’s affiliate program going to remain profitable? Further, is Coinmama even going to exist in 6 months?
Once upon a time it was not that easy to get fiat currency into exchanges. Services like Coinmama provided a valuable service. However, times are changing, quickly. Bittrex and Finance have promised fiat balances soon. What will happen when fiat balances or facilities to purchase crypto currency with credit cards, bank cards or banks become standard for exchanges? Services like Coinmama will slowly shrivel up and die, quietly and unnoticed.
Affiliates are serious people who establish financial budgets and goals regarding how many referrals they intend to sign up for any given program. There are a lot of factors that influence how much time and money an affiliate will earmark. Even if your marketing campaign is successful and your commissions begin to grow, what is the point if the company is not going to pay you in a timely and consistent manner? And even if they do pay you in a timely manner, what is the point of exerting all that effort and money for a program that will not even exist in a year? What kind of a reasonable person will even bother with an affiliate program like that?
Today, there are many affiliate programs that are extremely profitable. It appears that affiliate programs have finally come-to-age and are delivering what they promised several years ago when the future was filled with passive income. Couple that with a service where $100 is spent on $100 that turns into $120 and then spent again in perpetuity with fees and commissions assigned to each cycle and what you end up with is today's crypto currency affiliate programs. How Coinmama could have dropped the ball on this is amazing and indicative of the management of the company.
With so many winning affiliate programs available today, its quite apparent why you should not participate in Coinmama’s affiliate program.
UPDATE: As of July 1, Coinmama did not pay commissions for June.
This is typical of a dying company, which Coinmama is.
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