- Global Coverage
- Good support
- External Digital Wallet
|Free Demo Account|
|Deposit Methods||Credit, Debit Card, Western Union|
|Trading Currency||BTC , ETH , LTC , BCH , ADA , QTUM , ETC|
|US Traders Allowed|
- Buy with Credit Card
- Safe and Secure
- Fast Track Verification
- Only buy orders
- No mobile app
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. Users are only able to buy Bitcoin, Ethereum and other cryptos which are purchased from New Bit Ventures holdings thus making transactions more secure. Coinmama is also popular among Ethereum investors as it allows to buy cryptocurrency with debit or credit cards which is something that not many crypto exchanges are offering. Read our full Coinmama review to find out how to invest in Bitcoin and Ethereum through the platform.
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Initially, Coinmama was only offering an opportunity to invest in Bitcoin and Ethereum, however recently a number of other cryptocurrencies were added to the platform. The full list of cryptos available on Coinmama is as follows:
- Bitcoin Cash
- Ethereum Classic
In this Coinmama review, we will take you through the step by step guide to opening 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 of Bitcoin or Ethereum you want to buy, then enter your wallet address and filling out card details at the check out page. Coinmama does not store card details which can give 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 in Euros.
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.
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Coinmama Review – 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 debit or credit card. These fees are already included in the exchange rate that you see on 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 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 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 level of limit allowing users to buy up to $1 million in cryptos. In addition to the documents required in Level 1 & 2, investors will also need to complete an application form and submit it to Coinmama.
Coinmama Review – Opening Account
Right now, investors can only buy cryptos via 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.
However, if you are serious about investing in cryptos and would like to purchase more, the standard ID verification would be required. 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 passport, national ID or a driving license.
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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 is slowly building its market share and expand the product offering. There were no security breaches as of May 2018 which 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 offers email support as well as 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
- 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)
- Limited to Buy orders only
- No SEPA payments
- No mobile app
- Relatively high fees
Coinmama Review – Conclusion
Overall, Coinmama has a good reputation in the crypto world as a safe, honest and reliable exchange. After completing this Coinmama review we have to admit that this exchange won’t be suitable for everyone, especially active cryptocurrency traders. Investors are not able to sell their digital assets and this 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. The fact that Coinmama effectively forces users to open a third-party digital wallet to store their coins, adds an additional level of security.
Overall, the account opening and verification process is straightforward and opportunity to buy cryptocurrency with a debit/credit card or cash (via Western Union) makes Coinmama an attractive proposition for many beginner Bitcoin and Ethereum investors. The platform interface is also very user-friendly and easy to use. The fees might seem a little too high but 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 credit or debit card).
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