Coinmama is one of the leaders among cryptocurrency brokerage companies widely appreciated and with a huge pool of crypto enthusiasts. This trading platform allows you to buy and sell your crypto coins via a wide range of payment options. You can choose whether you want to pay with credit cards, or by wire transfer (SWIFT, SEPA, Fedwire, FasterPayments, and Sofort), or through Apple Pay. This article is a Coinmama review where I will highlight the main features of this cryptocurrency exchange platform, the services it provides, and answer why it is considered the best among competitors.
Coinmama Review: In Short
Coinmama is a currency exchange platform that allows users to buy various cryptocurrencies with ease by use of any convenient payment method, like credit or debit cards, bank transfers (such as SEPA bank transfer). Coinmama makes the trading experience easy and pleasant for users, with verification taking up to half an hour. That is why the transaction time is so short.
Coinmama to be the best option to find your way around the crypto world. Most newbie users start with buying and selling Bitcoin on this service. Advanced users, though, may turn their glances towards another trading platform with lower transaction fees.
I should mention this small peculiar detail that states the company’s credibility: Coinmama became partners with Apple Pay.
This Coinmama review will cover the following aspects:
- Coinmama: what is it?
- Coinmama Services
- Payment methods
- Coinmama Fees
- Coinmama Buying limit
- Supported countries
- Customer support
- Coinamama vs. other cryptocurrency exchanges
- Coinmama: Extra information
- Bottom line
Coinmama: what is it?
2013 was the year when Coinmama was established in Israel, Tel Aviv. Over the years, the company has grown and now serves over 2 million customers who reside in 188 countries worldwide. Around 30 employees work for Coinmama that is registered in Slovakia today. However, the headquarters and the owner (New Bit Ventures LTD) are still located in Israel.
Coinmama Services
Coinmama was originally made to act as a broker for users who want to buy or sell Bitcoin as well as some other cryptocurrencies. When a cryptocurrency exchange says it is a brokerage service, you buy the coins directly from the company itself and not other people, as it happens on trading platforms. There are significant benefits to this process, such as simplicity of the process and its speed since you do not have to search for the person who is willing to buy your Bitcoin or other cryptocurrencies by yourself. However, you will have to pay a certain fee for such services. Coinmama tried to lower these fees as much as the company could do; look at the end of this Coinmama review for price comparison.
Payment methods
Nowadays, Coinmama is one the biggest cryptocurrency exchange that allows you to buy and sell 10 different cryptocurrencies that include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Qtum (QTUM)
- Ethereum Classic (ETC)
- EOS (EOS)
- Tezos (XTZ)
All the prices go in fiat currency to exchange your EUR, USD, GBP, AUD, CAD, or JPY for coins. What is especially pleasant about Coinmama is that it supports various payment methods:
- credit card
- debit card
- bank transfers (SEPA bank transfer and SWIFT bank transfer)
- wire transfer
- Apple Pay
For bank transfers, you do not have to pay any money for processing the inquiry. And no commission fee is always a pleasure to have when you are dealing with cryptocurrencies on a crypto exchange service.
Coinmama Fees
Coinmama fees for brokerage service are already included in the price range you can find on the company’s website. The fees are 5.9% for users who wish to use this service. However, the base price is calculated from TradeBlock’s XBX index. Most of the time,e if you do not need a brokerage service, you have to add a 5% credit card processing fee to get a total price for the transfer. On average, you will pay 10.9% more than on other exchange platforms if you take a look at their reviews. As you can see, the fees are quite high for Coinmama, but you pay for excellent customer support and the reputation of the company.
Coinmama Buying limit
Coinmama is no exclusion to any other banks, so there is a minimum amount of cryptocurrency of your choice you would like to buy or sell. Suppose you want to buy and sell Bitcoin. The minimum amount of Bitcoins you can buy is 60 USD or any other fiat currency equivalent. But you cannot trade as many Bitcoin as you wish any day. There are the so-called buying limits. In the case of Coinmama, your buying limits are dependent on the account level you have. For beginners on Level 1, you can buy up to 5000 USD each day, whereas your monthly buying limit will be up to 15,000 USD.
On Coinmama, you have to verify your account no matter where you use the platform, in a mobile app or a desktop version. The verification process opens up new spending limits for you, meaning you can buy more coins. Coinmama has 3 levels of ID verification, with Level 3 being the highest in the ranks:
Level 1 – For this level, not only do you have to provide your valid government-issued ID, but also you have to take a selfie holding that ID and a piece of paper with “Coinmama” and today’s date written on it.
Level 2 – Here, you will need to provide a secondary ID, for example, your driver’s license. An additional requirement is uploading a utility bill. So, at this stage, Coinmama has your 2 ID cards and a utility bill.
Level 3 – For this level, apart from providing your ID, you have to fill in a short form with your account details and wallet address. Level 3 opens high spending limits for you.
The verification process on Coinmama is simple and fast, which allows you to spice up your trading experience.
Supported countries
Coinmama is the platform with users worldwide with a shortlist of exceptions, including several US states and a few countries.
Feel free to use Coinmama if you are a user of crypto wallets in the following countries:
Afghanistan, Aland Islands, Albania, Algeria, Andorra, Angola, Anguilla, Antigua and Barbuda, Argentina, Armenia, Aruba, Australia, Austria, Azerbaijan, The Bahamas, Bahrain, Barbados, Belarus, Belgium, Belize, Benin, Bermuda, Bhutan, Bonaire, Sint Eustatius and Saba, Bosnia and Herzegovina, Botswana, Brazil, Brunei Darussalam, Bulgaria, Burkina Faso, Burundi, Cambodia, Cameroon, Canada, Cape Verde, Cayman Islands, Central African Republic, Chad, Chile, Colombia, Comoros, Congo, Congo, the Democratic Republic of the, Cook Islands, Costa Rica, Cote D’Ivoire, Croatia, Curacao, Cyprus, Czech Republic, Denmark, Djibouti, Dominica, Dominican Republic, Egypt, El Salvador, Equatorial Guinea, Eritrea, Estonia, Ethiopia, Falkland Islands (Malvinas), Faroe Islands, Fiji, Finland, France, French Guiana, French Polynesia, Gabon, Gambia, Georgia, Germany, Ghana, Gibraltar, Greece, Greenland, Grenada, Guadeloupe, Guatemala, Guernsey, Guinea, Guinea-Bissau, Guyana, Haiti, Holy See (Vatican City State), Honduras, Hong Kong, Hungary, Iceland, India, Indonesia, Iraq, Ireland, Isle of Man, Israel, Italy, Jamaica, Japan, Jersey, Jordan, Kazakhstan, Kenya, Kiribati, Korea, Republic of, Kuwait, Lao People’s Democratic Republic, Latvia, Lesotho, Liberia, Libyan Arab Jamahiriya, Liechtenstein, Lithuania, Luxembourg, Macao, Macedonia, the Former Yugoslav Republic of, Madagascar, Malawi, Malaysia, Maldives, Mali, Malta, Marshall Islands, Martinique, Mauritania, Mauritius, Mexico, Micronesia, Federated States of, Moldova, Republic of, Monaco, Mongolia, Montenegro, Montserrat, Morocco, Mozambique, Myanmar, Namibia, Nauru, Nepal, Netherlands, Netherlands Antilles, New Caledonia, New Zealand, Nicaragua, Niger, Niue, Norfolk Island, Norway, Oman, Pakistan, Palau, Panama, Papua New Guinea, Paraguay, Peru, Philippines, Pitcairn, Poland, Portugal, Qatar, Reunion, Romania, Russian Federation, Rwanda, Saint Barthelemy, Saint Helena, Saint Kitts and Nevis, Saint Lucia, Saint Martin, Saint Pierre and Miquelon, Saint Vincent and the Grenadines, Samoa, San Marino, Sao Tome and Principe, Saudi Arabia, Senegal, Serbia, Seychelles, Sierra Leone, Singapore, Sint Maarten, Slovakia, Slovenia, Solomon Islands, South Africa, Spain, Sri Lanka, Suriname, Svalbard and Jan Mayen, Swaziland, Sweden, Switzerland, Taiwan, Province of China, Tajikistan, Tanzania, United Republic of, Thailand, Togo, Tokelau, Tonga, Trinidad and Tobago, Tunisia, Turkey, Turkmenistan, Turks and Caicos Islands, Tuvalu, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States*, Uruguay, Uzbekistan, Vanatu, Venezuela, Viet Nam, Virgin Islands, British, Wallis and Futuna, Western Sahara, Yemen, Zambia.
What States Does Coinmama work in?
In the US, Coinmama is supported in the following states:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Delaware, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nevada, Nevada, New Hampshire, New Jersey, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Virginia, Washington, West Virginia, Wisconsin, Wyoming.
Customer support
Coinmama is well known by its customer support team, which is ready to solve your issue 24/7 via a call and an e-mail. This exchange service based in Israel’s capital, Tel Aviv, offers huge support for its users and account holders, making it one of the best crypto exchange providers.
When I was writing this Coinmama review, I had to look at what users said about the exchange online. While reviewing more than 20 exchanges, I made it a habit to search for the people’s opinion on the topic I am writing about at the moment. I got used to the fact that most of these reviews are negative since people spill their emotions over the comment section, stating objectives. And since people always have something to complain about and the vast majority of other reviews show only the good sides, here I will tell you what pisses Coinmama customers the most.
For biggest pain for the customers turned out to be an ID verification process. The main complaint is that Coinmama asks for a plethora of information that seems to be excessive and violating personal boundaries for some users. There are also cases when Coinmama rejected applications without giving a proper explanation why.
However, I must state that all the information Coinmama asks you to provide is according to the standard Know Your Customer (KYC) and Anti Money Laundering (AML) policies. Legit exchanges adhere to them to make your experience with cryptocurrencies easier. For me, the verify my account was light and easy.
Trustpilot, a Review web service, gives Coinmama a score of “Great,” where the best service of the exchange is its support team. I personally had a few issues with the service and had to contact the support, and my experience was great. Fast and informative answer that saved me the trouble.
Coinamama vs. other cryptocurrency exchanges
Before I will dive into comparing Coinmama to other brokerage services, here is an important disclaimer regarding the fees used in this section of the Coinmama review. I stated here the fees that are applicable only if you pay with a credit card. These fees include the broker fee only. Most credit transactions will also have a credit clearing fee of between 3%-5%
Coinmama vs. Coinbase
Coinbase is the infamous exchange that has horrible support and low fees for credit card purchases (3.99%). Sure, if you want to save money on fees, Coinbase is the right option. However, when troubles arise, it will be impossible to reach them. Think twice whether you want to risk your investments, time, and nerve cells.
Coinmama vs. Changelly
Changelly was considered to be the most expensive exchange, especially if you wanted to buy Bitcoin via a credit card. But time flies, and now they worked their way to offer better fees. With Changelly, you will have to pay 5% for the payment processor fee and an additional 5% fee on top of it. This is 0.9% cheaper than Coinmama’s total fee (10.9%). Also, it seems that the exchange rate Changelly uses is cheaper than Coinmama’s, so overall you can save up to 3% by using their service.
Coinmama vs. Bitstamp
I would call Bitstamp a twin brother of Coinmama, with the only difference, is that you will have a 0.5% lower fee for Bitstamp. Bitstamp has been around for almost ten years and earned itself quite a good reputation. This exchange also works almost all over the world, with a few exceptions. So, if you are looking for Coinmama’s alternatives, Bitstamp might be your choice.
Coinmama vs. Binance
Previously Binance was the only service that allowed you to buy Bitcoin in cash. Now, the exchange works together with Simplex, which made it possible to buy cryptocurrency with a credit card. The exchange rate of Binance is practically similar to Coinmama’s. Some would argue that Binance has an easier KYC process, but I’ve actually experienced it the other way around.
Coinmama: Extra information
I want to add a few additional words to this review, and that did not quite fit well into other sections. That is why I have an additional section here where I try answering the frequently searched questions concerning the verification, payment methods, buying Bitcoin on Coinmama.
Let me start with the verification. Some users wonder how long it takes to verify your account on Coinmama. According to statistics, the process does not take longer than an hour unless you did not provide all the necessary data (like an ID, passport, driver’s license). For some countries, Coinmama has different IR requirements. Be sure to check it first before you start your journey with Coinmama.
The second hot topic is what payment methods Coinmama accepts. Coinmama allows you to buy cryptocurrency with credit or debit cards (note that only Visa and Mastercard are accepted), your bank account, by wire, and bank transfers (SEPA, SOFORT transfers).
And the third topic concerns Bitcoin and the buying process of Bitcoin. There is a simple way to get your Bitcoin coins on Coinmama, and it goes like this:
- Sign up to the site
- Submit identity verification documents
- Click on “Buy” and choose the cryptocurrency you want to buy
- Decide on the amount you want to purchase and click “buy now.”
- Submit payment information
- Get your coins instantly
As soon as the money goes from your account to Coinmama, you will get your coins directly and right away. Time is an essence with cryptocurrencies since they fluctuate a lot in price, and a single-day delay may mean a high loss in money. What is also good about Coinmama and buying Bitcoin on this exchange is that the price for Bitcoin becomes “frozen” (it will not fluctuate) as soon as you submit your order.
Bottom line
Coinmama is the company based in Israel’s capital, Tel Aviv, and owned by New Bit Ventures. It has high service standards and excellent customer support. The only thing that can be changed about the company is the fees that it charges, especially when you pay with a credit card. However, if you wish to have fast transactions with a trustworthy broker, Coinmama is the right option for this.
You can save up on fees by choosing to pay via your bank account (SEPA, SOFORT bank transfer). In total, you can save up to 5%. Coinmama also has a loyalty program that has lower fees.
As with my other cryptocurrency reviews, in this Coinmama review, based on my own experience, I have to state that this exchange is a solid one despite having relatively high fees. It allows you to buy and sell any cryptocurrency you like in lots of countries all over the world via a bank transfer, with a credit card and debit card.
FAQ:
Is Coinmama safe and legit?
Most reviews (and mine) state that Coinmama is one of the safest and legit cryptocurrency exchanges all over the world since it uses special standards and allows you to use various payment methods (credit card, debit card, bank transfer).
How long does Coinmama take to process?
The process of getting the coins into your wallet is almost instant, while the ID verification takes time, usually from half an hour to an hour. The time depends on the countries and personnel available to check your data.
What are Coinmama trading fees?
Coinmama trading fees vary depending on the type of payment option you choose. If you pay with a credit card, the fee is significantly higher in comparison with the option when you choose a bank transfer to get your coins. But it can be lowered with entering the loyalty program.
Is Coinmama a Bitcoin crypto wallet?
To be honest, this is a pervasive question. However, Coinmama cannot be considered as one of the Bitcoin crypto wallets. It is an exchange platform where you should not keep your coins to avoid theft.
