Coinmama Review

Welcome to this Coinmama review, where we will discuss one of the prominent players in the crypto market. Coinmama is a cryptocurrency exchange that was founded in 2013. It is registered in Slovakia and owned by New Bit Ventures, a firm headquartered in Israel. Coinmama is operating in 188 countries and 24 states in the US.

Coinmama is not actually a trading platform and does not allow users to sell cryptocurrencies. Instead, users can only buy Bitcoin, Ethereum, Ripple and other cryptos purchased from New Bit Ventures holdings, thus making transactions more secure.

Coinmama is also popular among Ethereum investors as it allows them to buy cryptocurrency with debit or credit cards which is something that not many crypto exchanges are offering. Read our comprehensive Coinmama review to learn how to invest in Bitcoin and Ethereum through the platform.

Coinmama Review

Coinmama

★ High spending limits
★ Many payment options
★ Fast-track verification
★ Buy Bitcoin with Debit Card

Risk Warning
The trading of Bitcoins, alternative cryptocurrencies has potential rewards, and it also has potential risks involved. Trading may not be suitable for all people. Anyone wishing to invest should seek his or her own independent financial or professional advice.

Initially, Coinmama was only offering an opportunity to buy Bitcoin and Ethereum. However, several other cryptocurrencies have been added to the platform recently. As a result, the full list of cryptos available on Coinmama is as follows:

This Coinmama review will take you through the step-by-step guide to opening an account and buying cryptos using this platform.

Coinmama Review – How to Buy Cryptos 

Coinmama makes it easy to buy cryptocurrencies and doesn’t require users to register their card details. Once you registered your account, you chose how much Bitcoin or Ethereum you want to buy, then enter your wallet address and filling out card details at the checkout page.

Coinmama does not store card details, giving you extra peace of mind as you don’t have to worry about your card details being stolen. Once the card and wallet details are confirmed, the transaction completes immediately.

The minimum order is $60, or equivalent to Euros.

Coinmama Review

This Coinmama review won’t be complete without mentioning that Coinmama does not provide an online wallet to store your digital assets. Instead, investors will need to have (or create) a wallet with another provider and submit wallet details to Coinmama. While this might look like an inconvenience to some crypto investors, we see it as an additional layer of security as investors are not exposed to the exchange being hacked.

Coinmama Review

Coinmama Trading Fees & Limits

Comparing to other cryptocurrency exchanges, Coinmama fees are relatively high, reaching 5% per transaction. There is also an additional fee of 5% if you would like to buy cryptos with a debit or credit card. These fees are already included in the exchange rate that you see on the Coinmama website.

Coinmama’s buying limits are quite high compared to the competitors, especially when buying with credit cards. Verified users can buy up to $5,000 worth of cryptocurrencies per day or $20,000 per month.

Another feature of Coinmama is that the more documents you provide during the verification, the more cryptocurrency you can buy. Coinmama offers 3 Levels with different purchase limits, which are as follows:

  • Level 1: Investors can purchase up to $10,000 with this level. One only needs to provide a copy of a valid government-issued ID.
  • Level 2: Investors can purchase up to $50,000 worth of crypto. To get such limits, users need to provide two copies of valid government IDs or a copy of the utility bill.
  • Level 3: the Highest limit allows users to buy up to $1 million in cryptos. In addition to the documents required in Levels 1 & 2, investors will need to complete an application form and submit it to Coinmama.

Coinmama Review – How to Open an Account

Right now, investors can only buy cryptos via the Coinmama website with no mobile app available. There is also no API as of yet. While broad international availability is one of the main features of Coinmama, it also offers investors an opportunity to buy £/€ 150 worth of cryptocurrency without identity verification.

Coinmama Review

Coinmama

★ High spending limits
★ Many payment options
★ Fast-track verification
★ Buy Bitcoin with Debit Card

Risk Warning
The trading of Bitcoins, alternative cryptocurrencies has potential rewards, and it also has potential risks involved. Trading may not be suitable for all people. Anyone wishing to invest should seek his or her own independent financial or professional advice.

However, standard ID verification would be required if you are serious about investing in cryptos and would like to purchase more. You will need to provide personal details such as full name, address, date of birth, credit or debit card number and other information. You will also need to submit a copy of IDs such as a passport, national ID or a driving license. 

The initial verification takes less than 10 minutes, with full verification completed within 48 hours. After initial verification, you will be able to buy Bitcoin, Ethereum and other cryptocurrencies straight away.

Coinmama Review – Customer Support & Security

While Coinmama is a relatively small exchange in the crypto world ecosystem, it slowly builds its market share and expands its product offering. In addition, there were no security breaches as of May 2018, probably because Coinmama doesn’t store any cards information and does not have its online wallets (which means there is almost nothing to steal!).

Coinmama is registered with FinCEN in the United States as a money service business and is not regulated by the SEC.

Coinmama Review

Coinmama offers email support as well as a detailed FAW section on its website. The response time is usually pretty good, with most queries answered within 24 hours. The business hours are Sunday to Thursday from 11 pm to 7 am Pacific time.

Coinmama Review –  Pros & Cons

? Pros

  • worldwide accessibility in more than 188 countries
  • ability to purchase with cash via Western Union
  • credit and debit card purchase with instant access
  • high daily buying limits
  • a requirement for an external digital wallet (additional security)

? Cons

  • Limited to Buy orders only
  • No SEPA payments
  • No mobile app
  • Relatively high fees

Coinmama Review – Our Verdict

Overall, Coinmama has a good reputation as a safe, honest, and reliable exchange in the crypto world. After completing this Coinmama review, we admit that this exchange won’t suit everyone, especially active cryptocurrency traders. Investors cannot sell their digital assets, which may look like a constant to many.

That said, for long-term cryptocurrency investors who prefer to buy and hold, Coinmama offers a solid trading platform. In addition, Coinmama effectively forces users to open a third-party digital wallet to store their coins adds a level of security.

Overall, the account opening and verification process are straightforward. The opportunity to buy cryptocurrency with a debit/credit card or cash (via Western Union) makes Coinmama an attractive proposition for many beginners Bitcoin and Ethereum investors.

The platform interface is also very user-friendly and easy to use. On the other hand, the fees might seem a little too high. Still, unless you are a professional trader using an advanced trading platform, they would be similar on other trading platforms as well (especially when buying with a credit or debit card).

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Risk Warning
The trading of Bitcoins, alternative cryptocurrencies has potential rewards, and it also has potential risks involved. Trading may not be suitable for all people. Anyone wishing to invest should seek his or her own independent financial or professional advice.

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Coinmama

EARN Crypto

★ High spending limits
★ Many payment options
★ Fast-track verification
★ Buy Bitcoin with Debit Card