The preferred crypto exchange for first-time users and professionals, Coinmama, began its journey in 2013. Read its review, understand its fees and how safe the exchange to buy crypto currencies.
It supports and serves more than 200 countries worldwide.
Coinmama is a global cryptocurrency exchange founded in the year 2013. It is owned and operated by New Bit Ventures Ltd, with its headquarters located in Israel. Coinmama is not an exchange marketplace but an exchange broker that only offers the buying and selling of cryptocurrencies. It accepts credit cards, SEPA, and Swift bank transfers. Coinmama does not allow the trading of cryptocurrencies. Initially, it was selling only Bitcoin(BTC) and Ethereum(ETH) but has now expanded to offer Ethereum Classic (ETC), Bitcoin Cash (BCH), Litecoin(LTC), Cardano, QTUM, and Ripple (XRP). The Coinmama website is easy to use and provides excellent customer support. It is the preferred platform for buying cryptocurrencies by users across the world. Coinmama has served more than 500,000 customers spread over more than 188 countries vouching for its popularity.
Coinmama offers limited payment options:
Coinmama provides its services to users from over 200 countries around the world except for the following areas:
Restricted countries or territories
Restricted U.S. States
Restricted U.S. territories
Since there is no central bank controlling cryptocurrencies, it's important to understand that each provider chooses its own rate. However, to help keep things clear, services like TradeBlock XBX list an average (or market) rate based on the known providers. Coinmama's market rate is based on the XBX + 2%. In addition, there is a commission fee of up to 3.90% on buy transactions and up to 0.9% on sell transactions. For credit/debit card transactions, we add a 5% momentum fee. For transactions made by SEPA bank transfer, there is no additional fee. For transactions made by SWIFT bank transfer, there is a minimum fee of 20 GBP on orders below 1000 USD and no additional fee on orders above 1000 USD.
“No exchange is perfect, yet my Coinmama review is on the positive side. Although some might be cheaper when it comes to transaction fees, they might not offer the option to use your debit or credit card. So, for those of you looking to purchase Bitcoin or Ethereum for the first time, Coinmama is a great place to start.”- www.bitdegree.org
“If you need a simple, intuitive platform with good customer service to buy crypto, then Coinmama may be the perfect fit. They have a good safety record and have been around for seven years, which is a long time in the cryptocurrency ecosystem.” - www.buybitcoinworldwide.com
“Coinmama provides quality service for those who want to buy Bitcoins instantly using their credit card without compromising user privacy. The only downfall is its high fees. The exchange provides quick customer service and no-hassle during the registration or verification process.” - www.bitcoinprice.com
Coinmama is not an exchange in the real sense but has carved a niche since its launch. The website is yet to experience any security breach and has captured a significant market share in the crypto world. It is registered with FINCEN, US, as a money service business. One of the primary reasons for its safety is that it does not hold the user’s money. The cryptocurrency procured from Coinmama is immediately moved to wallets, where it remains safe from hackers and thefts. Coinmama does not have a dedicated wallet like Coinbase; instead, users need to provide the wallet address to which the cryptocurrencies are to be transferred. Users can choose from various third party wallets available, and after verifying the wallet address through a confirmation email, currencies are delivered to the wallet. This makes it less susceptible to online hacks and thefts.
Coinmama operates in Israel.
You can buy cryptocurrencies at Coinmama with a debit or credit card. They also accept SWIPE & Swift bank account transfers.
Due to its easy and user-friendly interface, even first time users can register, log in, and buy cryptocurrencies in as little time as 30 minutes.
Coinmama is very safe because they never hold your cryptocurrency. Once Bitcoin or Ethereum is purchased, it is sent directly to the user’s wallet, which makes it less susceptible to theft or being hacked.
No, Coinmama does not provide you with a wallet like Coinbase. The purchased cryptocurrency may be secured in wallets like Trezor or Electrum.
Coinmama maintains the same standards and regulations as any other financial service. One will need to prove their identity while registering and signing up with the platform. The verification might take some time, but there are specified limits that require thorough verification.
Coinmama is available in the following US states: Arizona, California, Colorado, Florida, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Michigan, Missouri, Montana, Nevada, New Jersey, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, and Wisconsin.
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