A comprehensive review of Coinmama
Security, trading fees, tradable assets and more
Established in Israel in 2013, Coinmama is a cryptocurrency brokerage that allows users to buy cryptocurrencies using their credit or debit card and have their funds sent to a wallet address of their choice. At present, Coinmama caters to more than a million users and can be accessed in up to 180 countries around the world.
Pros & Cons
Account Options & Regulation
|Forex Majors Spread|
|Min. Trade Size||44.60|
|Free Demo Account||Yes|
|Day Trading Account||Yes|
|Payment Options||Bank Transfer, Credit/Debit Card|
|Crypto Coins||BTC, ETH, XRP, BCH, LTC, ETC|
What can I do on Coinmama?
You can buy eight different cryptocurrencies using a credit or debit card, including Bitcoin, Ethereum, and Litecoin. The company is planning to introduce new features that will soon allow you to buy other altcoins as well. However, Coinmama does not allow you to interact with other platform users, sell your own cryptocurrencies to Coinmama, or, store cryptocurrency on the platform.
What cryptocurrencies are supported?
- Bitcoin (BTC)
- BitcoinCash (BCH)
- Cardano (ADA)
- Ethereum (ETH)
- Ethereum classic (ETC)
- Litecoin (LTC)
- Qtum (QTUM)
- Ripple/XRP (XRP)
There are currently only two applicable payment methods to buy currency with on Coinmama, and they are:
Available for European Union and United Kingdom residents only, users can make purchases with a SEPA bank transfer. This could take up to two business days to deposit, but will have considerably fewer fees than depositing with a credit or debit card. Although there is no processing fee, Coinmama will charge a flat service fee of 5%.
Users can alternatively purchase cryptocurrency with credit or debit cards, allowing transactions to go through instantaneously. However, fees could rise up to 11%.
What devices can I use Coinmama on?
Coinmama is accessible through any web browser. This means you can access Coinmama through these devices:
- Desktop computers
How easy is it to use Coinmama?
Coinmama is simple to use, even for beginners. Although the platform doesn’t have a dedicated mobile app, the web browser’s interface is very intuitive and easy to navigate. All prices and coins are clearly visible, allowing you to buy coins quickly and easily.
As soon as users provide the minimum amount of account verification, they can head over to any of the ‘buy’ pages on the sidebar, which will allow users to buy cryptocurrencies in exchange for USD or EUR (an exchange rate will apply if buying in another currency).
Coinmama operates in over 180 countries, including the UK and the USA. Here is a list of them:
- Aland Islands
- Antigua and Barbuda
- The Bahamas
- Bonaire, Sint Eustatius and Saba
- Bosnia and Herzegovina
- Brunei Darussalam
- Burkina Faso
- Cape Verde
- Cayman Islands
- Central African Republic
- Congo, the Democratic Republic of the
- Cook Islands
- Costa Rica
- Cote D’Ivoire
- Czech Republic
- Dominican Republic
- El Salvador
- Equatorial Guinea
- Falkland Islands (Malvinas)
- Faroe Islands
- French Guiana
- French Polynesia
- Holy See (Vatican City State)
- Hong Kong
- Isle of Man
- Korea, Republic of
- Lao People’s Democratic Republic
- Libyan Arab Jamahiriya
- Macedonia, the Former Yugoslav Republic of
- Marshall Islands
- Micronesia, Federated States of
- Moldova, Republic of
- Netherlands Antilles
- New Caledonia
- New Zealand
- Norfolk Island
- Papua New Guinea
- Russian Federation
- Saint Barthelemy
- Saint Helena
- Saint Kitts and Nevis
- Saint Lucia
- Saint Martin
- Saint Pierre and Miquelon
- Saint Vincent and the Grenadines
- San Marino
- Sao Tome and Principe
- Saudi Arabia
- Sierra Leone
- Sint Maarten
- Solomon Islands
- South Africa
- Sri Lanka
- Svalbard and Jan Mayen
- Taiwan, Province of China
- Tanzania, United Republic of
- Trinidad and Tobago
- Turks and Caicos Islands
- United Arab Emirates
- United Kingdom
- Viet Nam
- Virgin Islands, British
- Wallis and Futuna
- Western Sahara
Verifying your account is compulsory on Coinmama. There are also several levels of verification, with higher levels of verification allowing you to buy more cryptocurrency. Here are the details for what is required for each level of account verification:
- Level 1. This level of verification requires that you submit a valid government issued national ID, a non-US passport photo, or a valid driver’s license, in order to show proof of identity (POI). You will also be required to submit a selfie photo of you and the same document, and an accompanying note that specifies ‘Coinmama’ and the date when the picture was taken. Users with level 1 verification can buy up to $15,000 worth of cryptocurrency.
- Level 2. You can qualify for this level by adding a second document that shows POI, as well as a document that shows proof of residence (POR). This includes a utility bill, bank statement, or a council tax bill dated within the last 6 months. Level 2 verification allows users to buy up to $50,000 worth of cryptocurrency.
- Level 3. Here you will be required to fill out a short form and contact Coinmama support team for more details. This level of verification entitles users to buy up to $1,000,000 worth of cryptocurrency.
Coinmama offers a responsive customer support team, which operates within the company’s business hours Sunday-Thursday. Users can expect replies to queries within a single business day. Although there is currently no phone-based support, you can contact the customer support team through Coinmama’s facebook page, email address ([email protected]), or by submitting a ticket request. Alternatively, if you have a simple query, you might be able to find your answer on their website’s FAQ section.
There have been numerous attempts to scam people by providing fake phone numbers for Coinmama customer support. Coinmama does not offer support over the phone so do not trust any of these numbers.
Coinmama allows users to buy large amounts of various cryptocurrencies using fiat currency in an expedient and safe manner using a credit or debit card. The interface is very user-friendly, and customers can stary buying cryptocurrency as soon as they verify their account. The exchange operates exclusively as a buying service for cryptocurrencies, you cannot sell any cryptos to Coinmama.
Is Coinmama a secure brokerage?
Yes. Coinmama is a secure brokerage that does not hold cryptocurrencies for its users. Instead, it sends cryptocurrency immediately to the user’s chosen wallet address. This gives users the opportunity to safeguard their own cryptocurrency. Furthermore, all personal data and documentation from a user, including credit and debit card details are encrypted, with no details being stored on Coinmama’s servers.
Are there fees?
Yes, there are certain fees involved. Their offered prices on cryptocurrencies come with an additional 5.9% premium (mark up fee) on the current market rate. This fee is included in the prices displayed on the Coinmama website.
Furthermore, the platform also charges an additional 5.00% card handling fee for credit and debit card payments. You may also be charged an additional exchange fee depending on the denominated currency of your credit or debit card.
What are the withdrawal and deposit limits?
Coinmama offers fixed daily and monthly buying limits for users. The daily limit is $5,000, and the monthly limit is $30,000. However, users are capped in regards to how many cryptocurrencies they can buy on their account as a whole, depending on what level of verification they have provided. These caps are:
- Level 1. $15,000
- Level 2. $50,000
- Level 3. $1,000,000
Details regarding how to achieve a specific account verification level are outlined in the account verification section above.
Summary of Coinmama’s brokerage
Coinmama is a reputable, transparent, and easy-to-use brokerage that allows for you to buy cryptocurrencies instantly. Bought funds are also sent to a wallet address of your choice, which gives you additional security as the coins are not held on Coinmama (as they usually are when buying crypto on an exchange). This is traded off with their slightly high fees in comparison to other brokers, such as Coinbase.
Locked Crypto Rate
Coinmama offers a locked crypto rate service that solves the problem of price volatility. This means that with every purchase, you will receive the exact amount of Bitcoin you’ve ordered even if the market price fluctuates between the time of placing your order and the time of receiving the coins in your wallet. This mitigates the risk of buying volatile cryptocurrencies.
Coinmama is a solid, reputable choice for anyone looking for a reliable way to buy cryptocurrencies (such as Bitcoin and Ethereum) with a SEPA bank transfer, credit card, or debit card. Although the high fees on the platform can be a deal breaker for some users, Coinmama is one of the few cryptocurrency brokerages that offers complete transparency to their users regarding fees.
In comparison to other leading fiat-to-crypto brokerages, Coinmama offers a wide range of cryptocurrencies, including Ripple/XRP and Cardano. Lastly, by requiring users to choose the wallet address for the cryptocurrencies that they have bought, Coinmama allows you to ensure the security of any cryptocurrency you buy.
How to set up an account
Decided to register a Coinmama account? Great, here’s how it’s done:
- First, sign up for an account with your email and password. (Make sure the password is strong enough).
- You will then receive an activation link via email. Click on it to confirm your registration, after which you will be redirected to your personalised account page.
- The next step will be to verify your identity. Click on the ‘Verify account’ button on the left sidebar, and submit your national ID, valid driver’s license, or international passport photo. After your document/s are reviewed, your account will be verified.
- After verification, you can start using Coinmama to start buying cryptocurrencies with your credit or debit card!