Coinmama

Written By
Deniz Saat
Reviewed By
Jonathan Hamel

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.

Overview

User-friendly interface.

Highly secure.

It supports and serves more than 200 countries worldwide.

Overall Rating
  • Features
  • Ease of Use
  • Payment Options
  • Fees
  • Security

Jump to Section

Who Are They?FeaturesCurrencies SupportedPayment MethodsSupported CountriesFees and Buying LimitsCustomer Reviews
Is 
Coinmama
 Safe? 
ProsConsFAQ

Who are they?

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.

Features

  • Coinmama is one of the fastest and easiest ways to buy cryptocurrency.
  • The company has a simple and user-friendly interface that makes buying easy, even for beginners.
  • It provides information about the top cryptocurrencies, making it easier for first-time users to invest in them.
  • The website offers a complete step-by-step guide on how to register, login, and buy cryptocurrencies.
  • Coinmama functions like an entry point into the world of cryptocurrencies. Onboarding and purchasing time is estimated to be 30 minutes for first-time users.
  • Coinmama is a cryptocurrency broker-exchange that sells cryptocurrencies directly to customers while a regular exchange will have users trade coins for one another. Most of the exchanges prefer digital tokens like Ether, etc. as a deposit for cryptocurrencies like Bitcoin.
  • Coinmama allows users to purchase the digital tokens in the same manner one would buy groceries, using their debit/credit card. This process has simplified buying cryptocurrencies for users. Most crypto-trader purchases are currencies from Coinmama that are then traded on various other exchanges and platforms.

Cryptocurrencies

Cryptocurrencies

  1. Bitcoin (BTC)
  2. Bitcoin Cash (BCH)
  3. Ethereum (ETH)
  4. Ethereum Classic (ETC)
  5. Cardano (ADA)
  6. Litecoin (LTC)
  7. Tezos (XTZ)
  8. Ripple (XRP)
  9. Dogecoin (DOGE)
  10. Chainlink (LINK)
  11. Uniswap (UNI)



Fiat Currencies

  • USD
  • EUR
  • GBP
  • CAD
  • AUD
  • JPY
  • Coinmama accepts all currencies but if a customer pays with a currency that is not listed above, their bank may charge an exchange fee.


Payment Methods

Coinmama offers limited payment options:

  • Visa or Mastercard credit/debit card payments.
  • SWIPE and SWIFT bank transfers.

Supported Countries

Coinmama provides its services to users from over 200 countries around the world except for the following areas:

Restricted countries or territories

  • Cuba
  • Crimea
  • Iran
  • Israel
  • Lebanon
  • North Korea
  • Palestinian Territories
  • South Sudan
  • Sudan
  • Syria
  • Somaila

Restricted U.S. States

  • Hawaii
  • New York

Restricted U.S. territories

  • American Samoa
  • Guam
  • Northern Mariana Islands
  • Puerto Rico
  • United States Minor Outlying Islands
  • Virgin Islands

Fees and Buying Limits

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.

Customer Reviews

“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

Is 

Coinmama

 safe? 

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.

Pros of 

Coinmama

  • It is quick and easy to use
  • It has very high buying and selling limits
  • It is considered to have high liquidity
  • It is accepted in over 200 countries and has an impressive user base
  • It has a strong customer support team

Cons of 

Coinmama

  • It allows only the buying and selling of cryptocurrencies, not trading.
  • It charges very high fees compared to most other exchanges.
  • Apart from the fees levied, they charge an extra 5% for debit and credit card transactions.
  • Very few cryptocurrency options are available.

FAQ

1. Where is Coinmama headquarters?

Coinmama operates in Israel.

2. How can I buy cryptocurrencies at Coinmama?

You can buy cryptocurrencies at Coinmama with a debit or credit card. They also accept SWIPE & Swift bank account transfers.

3. How long does it take to buy cryptocurrencies at Coinmama?

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.

4. How safe is Coinmama?

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.

5. Does Coinmama have a wallet?

No, Coinmama does not provide you with a wallet like Coinbase. The purchased cryptocurrency may be secured in wallets like Trezor or Electrum.

6. Does Coinmama require identification and verification?

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.

7. ‍Can Coinmama be used in the USA?

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.

WRITTEN BY
Deniz Saat
Deniz Saat is an IT services specialist and technical writer.
REVIEWED BY
Jonathan Hamel
CEO and Founder of Académie Bitcoin

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