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Coinmama Review and Comparison Guide
By: Ofir Beigel | Last updated: 11/12/19
Coinmama is a leading cryptocurrency brokerage company that allows you to buy several types of cryptocurrencies with your credit card. In this review I’ll cover the company, its services and also compare it to other leading brokers.
Coinmama Review Summary
Coinmama’s brokerage service allows you to buy Bitcoin and other cryptocurrencies easily with your credit card, SWIFT or SEPA transfer. The company is focusing on customer experience and customer service so that transactions are super quick (user verification takes around 30 minutes).
For beginners, this is an excellent option for buying your first Bitcoin. More advanced users can use alternative trading platforms to save on transaction fees.
For a detailed review about Coinmama keep reading this post. Here’s what I’ll cover:
1. Who Is Coinmama?
Coinmama was established in 2020 in Israel and has since grown to serve over 2m customers in over 188 countries with over 30 employees. Today the company is registered in Slovakia while still owned and headquartered by New Bit Ventures in Israel.
2. Coinmama Services
Coinmama supplies a brokerage service for Bitcoin and other cryptocurrencies. This means that the company sells you the coins directly as opposed to a trading platform where you buy the coins from other people.
The pros of a brokerage service are mainly that the process is simple and fast since you don’t need to look for a buyer on your own. On the other hand, brokerage services are usually more expensive. In Coinmama’s case, the company has made ongoing efforts to reduce their fees as much as possible. At the end of this post you can see how Coinmama compares to other exchanges.
3. Currencies and Payment Methods
At the moment Coinmama supports buying only of the following coins:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Qtum (QTUM)
- Ethereum Classic (ETC)
Coinmama accepts credit or debit cards that is issued by Visa or Mastercard. The company has is now also accepting payments by bank transfer (SEPA and SWIFT) with 0% processing fees. Prices are denominated in EUR, USD, GBP, AUD or CAD.
The prices you see on Coinmama’s website already include the company’s brokerage service fee of 5.9%. The base price is calculated from TradeBlock’s XBX index.
On top of the stated price, you will need to add a 5% credit card processing fee. This means that Coinmama’s price will be 10.9% above the market rate.
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5. Buying Limits
The minimum amount of Bitcoins you can buy is 60 USD or the equivalent in EUR/GBP/AUD/CAD. The buying limits depend on your account level. The daily buying limit is set to 5000 USD and the monthly limit to 15,000 USD for Level 1.
In order to make any type of purchase you’ll need to complete some form of identity verification. There are 3 levels of verification, and with each level, the account spending limits increase.
Level 1 – Requires 1 valid government issued ID, a selfie of yourself holding that ID and a note with “Coinmama” and today’s date written on it.
Level 2 – You need to submit a secondary ID. Apart from two of the above IDs, you will also need to upload a utility bill.
Level 3 – Requires filling a short form.
6. Supported Countries
Coinmama offers its services worldwide with the exception of sanctioned countries and several US states.
Afghanistan, Aland Islands, Albania, Algeria, Andorra, Angola, Anguilla, Antigua and Barbuda, Argentina, Armenia, Aruba, Australia, Austria, Azerbaijan, The Bahamas, Bahrain, Barbados, Belarus, Belgium, Belize, Benin, Bermuda, Bhutan, Bonaire, Sint Eustatius and Saba, Bosnia and Herzegovina, Botswana, Brazil, Brunei Darussalam, Bulgaria, Burkina Faso, Burundi, Cambodia, Cameroon, Canada, Cape Verde, Cayman Islands, Central African Republic, Chad, Chile, Colombia, Comoros, Congo, Congo, the Democratic Republic of the, Cook Islands, Costa Rica, Cote D’Ivoire, Croatia, Curacao, Cyprus, Czech Republic, Denmark, Djibouti, Dominica, Dominican Republic, Egypt, El Salvador, Equatorial Guinea, Eritrea, Estonia, Ethiopia, Falkland Islands (Malvinas), Faroe Islands, Fiji, Finland, France, French Guiana, French Polynesia, Gabon, Gambia, Georgia, Germany, Ghana, Gibraltar, Greece, Greenland, Grenada, Guadeloupe, Guatemala, Guernsey, Guinea, Guinea-Bissau, Guyana, Haiti, Holy See (Vatican City State), Honduras, Hong Kong, Hungary, Iceland, India, Indonesia, Iraq, Ireland, Isle of Man, Israel, Italy, Jamaica, Japan, Jersey, Jordan, Kazakhstan, Kenya, Kiribati, Korea, Republic of, Kuwait, Lao People’s Democratic Republic, Latvia, Lesotho, Liberia, Libyan Arab Jamahiriya, Liechtenstein, Lithuania, Luxembourg, Macao, Macedonia, the Former Yugoslav Republic of, Madagascar, Malawi, Malaysia, Maldives, Mali, Malta, Marshall Islands, Martinique, Mauritania, Mauritius, Mexico, Micronesia, Federated States of, Moldova, Republic of, Monaco, Mongolia, Montenegro, Montserrat, Morocco, Mozambique, Myanmar, Namibia, Nauru, Nepal, Netherlands, Netherlands Antilles, New Caledonia, New Zealand, Nicaragua, Niger, Niue, Norfolk Island, Norway, Oman, Pakistan, Palau, Panama, Papua New Guinea, Paraguay, Peru, Philippines, Pitcairn, Poland, Portugal, Qatar, Reunion, Romania, Russian Federation, Rwanda, Saint Barthelemy, Saint Helena, Saint Kitts and Nevis, Saint Lucia, Saint Martin, Saint Pierre and Miquelon, Saint Vincent and the Grenadines, Samoa, San Marino, Sao Tome and Principe, Saudi Arabia, Senegal, Serbia, Seychelles, Sierra Leone, Singapore, Sint Maarten, Slovakia, Slovenia, Solomon Islands, South Africa, Spain, Sri Lanka, Suriname, Svalbard and Jan Mayen, Swaziland, Sweden, Switzerland, Taiwan, Province of China, Tajikistan, Tanzania, United Republic of, Thailand, Togo, Tokelau, Tonga, Trinidad and Tobago, Tunisia, Turkey, Turkmenistan, Turks and Caicos Islands, Tuvalu, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States*, Uruguay, Uzbekistan, Vanatu, Venezuela, Viet Nam, Virgin Islands, British, Wallis and Futuna, Western Sahara, Yemen, Zambia.
What States Does Coinmama work in?
Coinmama works in the following states:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Delaware, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nevada, Nevada, New Hampshire, New Jersey, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Virginia, Washington, West Virginia, Wisconsin, Wyoming.
7. Customer Support and User Reviews
Coinmama has a complete help center and also a dedicated support channel via email. Support requests are usually answered within 24 hours.
I also took a look at various customer reviews users posted online. Having reviewed over 20 exchanges by now, I know that when people leave reviews online it’s almost always negative reviews because they are pissed off about something. That’s why I make it a habit to actually read through the reviews and see what people are complaining about.
The majority of Coinmama’s negative reviews complained about one thing – the identity verification process. Users claim that Coinmama requests a ton of information and in some cases rejects applications without giving proper explanation why.
From my own experience I can say that verification with Coinmama was relatively easy, and yes, they require a lot of information. However this is just standard Know Your Customer (KYC) and Anti Money Laundering (AML) policies most legit exchanges must adhere to.
On the bright side, Coinmama receives a score of “Great” from TrustPilot. Most positive reviews praise the customer support of the site. In the past, Coinmama support representatives used to reply to angry commentators on the comment section of this page. It saddens me to see they have recently stopped doing so. Let’s hope they’ll be back soon…
8. Coinmama vs. other exchanges
Here’s a short comparison of Coinmama’s brokerage service compared to other popular services around.
Coinmama – review and feedback on the crypto exchange. Buy BTC with card easily!
The rapid growth in the popularity of web resources, which began to actively specialize in transactions with crypto-currencies in 2020, has grown hundreds of times, which is quite natural phenomenon. We all know perfectly well that demand creates supply, this known axiom is familiar not only to professionals, students of economic universities, but also to ordinary residents of our country who have never been engaged in commerce. As a reliable trading platform, which has recently attracted interest from many digital money lovers, is considered Coinmama. Even the fact that the project was launched in 2020, although during this period no one could even assume that very soon for one (!) MTC will give 15-20 thousand US dollars, is a convincing proof of decency, reliability and ability to analyze the most diverse factors, to make accurate financial forecasts based on this information, testify to the outstanding abilities of the administrators of the presented trading platform.
Basic principles of Coinmama’s functioning
Quite a long time the main electronic coins of the exchange were the most popular digital money: BTC and Ethereum, but gradually the “assortment” of products expanded and, to date, the exchange offers its users a wide range of various tools:
The point developed for the program, that this site is focused on making exchange transactions within the resource, suggests that the site is not interested in spending money and time of its clients, as well as its own resources for solving possible minor problems (for example, investing money in high-yield projects). Professional programmers have made for Coinmama an application that allows you to work with mobile devices (while providing high speed data processing).
Verification and security
To register at the site, the user must pass the verification and provide copies of their documents. In the process of registration, be prepared to answer many questions confirming the legitimacy of the origin of the capital of its customers. Additionally, the resource administration may ask you to provide other information or data.
In the event of any disruptions in the program or occurrence of unusual situations, be sure to tell your problems to qualified specialists who work 24 hours a day, 24 hours a day.
Regulator of the Exchange
Unfortunately, not so long ago the Israeli state institution refused to issue a license to the represented company, arguing that such organizations and other financial and credit institutions can not be controlled without an official “registration” in Israel. But the company, observing international financial legislation, and the national laws of the countries where they work, never tried to deceive or violate the terms of contracts, remembering the possible criminal prosecution of criminal associations.
How to work with Coinmama
One of the main drawbacks of the presented resource is the lack of a Russian-language version of the site, but anyone with experience in such trading platforms will quickly understand its functionality. If you have never worked on such online resources, but you have a fairly good command of the basic English language to understand this procedure, then be sure to register the login on Coinmama, check how the platform / exchanger performs its immediate tasks and arrangements. Be sure to pay attention to any flaws, flaws or inconsistencies in the activities of the exchange.
Deposit / withdrawal of money from the crypto-exchange area
В The most popular ways to deposit funds are the dollar, and the euro, and among the crypto currency, BTC and Ethereum are very popular. You do not need to be a professional analyst to guess about the future prospects of the currency exchange under consideration. It is enough for them to observe this pace of development and it is well to understand that for the success of the demo version they do not always reflect their “development limit”.
The main currencies of the account are the US dollar and the euro.
Pros and cons of the crypto exchange
Studying Coinmama reviews (well-known analysts), we can distinguish the following positive moments of the exchange crypto-currency:
в—Џ High level of preparation of novice clients of the trading platform.
в—Џ The resource works with bank cards (convenient, fast, effective method of combating money laundering).
в—Џ The administration of the resource monitors the security of its clients’ funds, accumulating reserves for various force majeure circumstances on separate sources.
в—Џ Despite the small amount posted on the training information website, each newcomer can always contact the company’s specialists who will certainly help him to solve the problems that have arisen.
Despite a lot of advantages, many experts on operations with crypto-currencies, focus on the following things:
в—Џ Administration resource takes for their services high commission (that is, to withdraw a small amount to your account is unprofitable).
в—Џ No one is in a hurry to get rid of small coins that, against the background of the value of crypto currency, will be very popular (as the management explains, there is a deficit, especially during the growth of the rate of popular digital currencies).
в—Џ Given the previous point, it can be said that the absence of such coins is a real loss of profit for a promising crypto exchange market.
The presented platform on all parameters has excellent chances for the decision of all listed problems and an exit on leading positions in the international cryptocurrency markets, and in the long term – and on the world financial market, naturally, at essential increase in offered trading tools.
Table of Contents
Welcome to our Coinmama exchange review. It is concerned with how to buy bitcoins via Coinmama, presenting you with exchange’s features, functions, fees, pros, and cons. We also provide detailed step-by-step guides on how to purchase, sell and withdraw funds/coins from the platform.
Summary: How to Get Bitcoin via Coinmama
- Register an account at Coinmama exchange.
- Click on “Buy Bitcoin” button to order coins.
- Choose the method of buying (either Western Union cash purchase or credit/debit cards).
- Grant your card details (if you have chosen CC/DC) and receive your coins instantly in the BTC wallet.
Payment Methods at Coinmama
If you want to buy bitcoins only with a credit or debit card, then use Coinmama.
Guide: How to Use Coinmama
First of all you need to go through a simple registration process on this exchange.
Frequently Asked Questions
There are many questions that may interest the amateurs of the exchange, among which.
Purchase BTC Without Verification
To buy bitcoins without verification is very simple, you only need to remember.
Guide: Withdrawal Bitcoins at Coinmama
Unfortunately in the Coinmama exchange account it is not possible to store bitcoins.
We believe that you should check many exchanges before proceeding with the purchase.
When considering places where you can buy your bitcoins for the first time, it is always a good idea to research them in order to identify whether these marketplaces do suit your needs. A bad choice can lead towards you losing money and time, both which are of equal importance when it comes to bitcoin trade.
Thus, we have chosen one of the biggest BTC providers in the industry to review its services for you – Coinmama.
What Is Coinmama?
Coinmama is a bitcoin exchange, dedicated to providing fast and reliable service for its customers. Based in Israel, platform’s services are globally available through credit and debit card purchase options. The accepted digital currencies at Coinmama are bitcoin and Ethereum while other currencies might become available in the future.
Although support is based in Israel, the exchange is registered in Bratislava, Slovakia and is owned by NBV International s.r.o. You can purchase and sell BTCs using the Coinmama’s platform while the site achieved connection with several types of bitcoin wallets.
Accepted Payment Methods
Currently, Coinmama accepts only credit or debit card payments from virtually anywhere in the world. There are no restrictions regarding the banks or card manufacturers that have issued the card.
In addition, you are also allowed to purchase coins with the help of Western Union as well, using either online credit/debit card method or cash deposit at any of the WU offices around the globe.
When it comes to privacy, Coinmama has different layers of verification for its clients, depending on their needs. The good news is that you can purchase bitcoins anonymously, that is to say with no verification of your identity, up to the value of $150 daily. Once the limit has been reached, you would need to provide proof of your address and scanned ID to continue buying BTC.
There are overall three separate levels of verification depending on the purchase limit you wish to achieve, ranging from $10,000 to unlimited buying rights.
Being an online exchange, the private keys (username and password) are generated and stored online, at Coinmama servers. Thus, it is not the most secure way to buy your coins when compared to other platforms. Although you do have other security features (two-factor authentication with phone number and 3D credit card purchases), it is not above the competitors as most of the standard protection tools are available.
The credit/debit card purchases would cost you 5% fee above the exchange rate of 6.15% that is charged by Coinmama n the average BTC value in the industry.
Purchasing bitcoins through Western Union offices would not incur any additional costs from Coinmama expect the exchange rate itself but be prepared to pay additional 10% for WU services.
Customer Support on Coinmama
Coinmama’s customer support has various channels of communication for you to use should you encounter an issue regarding your account. You can contact them via email or through live chat option. You can also use ticket system and post your inquiries there as well.
The support is known for reliability but also for their slow response, taking up to two days for a representative to contact you regarding your issue.
Is Coinmama Available in My Country?
As long as you possess either a credit/debit card or have a WU office near you, you are eligible to purchase bitcoins from Coinmama. The purchase limits depend on the verification level only while accepted fiat currency is USD. Thus, no matter if you come from the USA, India or Australia, you are eligible to trade bitcoins on the platform at any time.
Caution: What If I Am Not from the USA?
Coinmama accepts only documents expressed in English for verification processes. It is quite common for support to refuse the document coming from non-English region simply because they cannot understand what is written there. It would thus be wise to translate the document by a licensed translator and send it together with a scan of your original document.
Coinmama is a regulated bitcoin and Ethereum exchange, owned and licensed by NBV International s.r.o in Bratislava, Slovakia. It is considered to be one of the biggest and oldest marketplaces in the industry, while investors’ backgrounds originate from the UK, Israel and Romania.
The company has been registered as a financial company in Slovakia on January 27, 2020, and is lead by Executive Manager Andri Andreou, who lives in Cyprus. Although slightly confusing, since its opening in 2020, there have not been large incidents with the website and thus safe to work with.
Guide to Use Coinmama
After registration, login to your account to purchase coins and click on either “Buy Bitcoin” or “Buy Ether” options or fill out the form at the bottom of the dashboard page.
In next step, choose the method of purchase (either credit/debit cards or Western Union cash purchase).
Follow the procedure and provide your card details (in case you have chosen CC/DC as a method) and you will receive your coins instantly in the wallet you have provided the address for.
You can start the verification process by clicking “Verify your account” at the left side of your dashboard page. When providing your documents, make sure the scanned documents are not blurry and all four corners of the document are visible.
Should you wish to pursue Coinmama more seriously and concentrate your funds in this exchange, you should be aware what verification demands are. The verification levels and their requirements are:
- level 1 (one document proving your identity – for purchases up to $10,000);
- level 2 (driver license, scanned ID and proof of address – for purchases up to $50,000);
- level 3 (short form and above documents, requires direct contact with support representatives – for purchases up to $1,000,000).
Open Account at Coinmama
To open your own account at Coinmama is completely free and straightforward process. Simply click “Register” button at the top-right corner of the page and provide the username, password and some personal details.
You will receive an email verification link that you should simply click to end the registration. Now, you’ll find a dashboard containing all necessary details and tools for you to start trading coins.
How Long Should I Wait for My Bitcoins?
Purchasing bitcoins at Coinmama is one of the fastest ways to get BTC as the credit card purchases are carried out instantly while coins transferred directly to your personal wallet address. The verification time can be the reason why you might wait for your coins, as verification can take up several days to finish (support representatives reviewing your documents).
What Reddit Users Say About Coinmama?
Being in business for few years, most of the users agree that the exchange is a legal marketplace where traders can safely get coins. The issues that most people report having are a long time for successful verification and very high fees. The exchange rate is also under fire, as 6.5% is deemed as large compared to the competition.
Does Coinmama Have Coupons?
Coinmama does have a coupon code programs available for its clients through promotions and promo deals. The coupons would allow you to get discounts on the exchange rate as well as lower fees, expressed either as a percentage or as a specified fiat currency discount ($5 or €7).
Buying BTC Without Verification
The purchase process without verification is the same as when buying larger bitcoin amount since it is limited by the value of coins only ($150). Simply go to the “Buy Bitcoin” page and specify the value you wish to purchase equivalent to $150 and proceed forward as with any other purchase value.
Is Coinmama Scam?
Is Coinmama legit exchange? Since Coinmama is a regulated financial company, backed by investors coming from different regions of the world, it is deemed as a safe place to purchase bitcoins from. The exchange has been present since 2020 and is considered as one of the oldest players in the market.
Up to this point, there hasn’t been any suspicious moves from the broker while hacking attempts have not been reported in the past, especially since you receive bitcoins immediately to an external wallet.
Does Coinmama Have Limits?
The purchase limitations at Coinmama depend on the level of verification you have achieved and on the value you have spent buying bitcoins. The zero level would allow you to buy BTC for the value of $150. Level 1 has a limit of $5,000 with one identity document needed to be eligible for the program. Level 2 would require you to pass the $5,000 purchase mark as well to provide proof of address and scanned driver’s license.
The last level is reserved for corporations as the purchase limit of $1 million is quite large for regular traders.
Can You Sell Bitcoins on Coinmama?
Currently, you would not be able to sell bitcoins on Coinmama though that might change in the future since BTC market is still in the stage of development and expansion.
Does Coinmama Have a Bitcoin Wallet?
Coinmama does not offer stashing services for either bitcoins nor for fiat currencies. The trade is carried out instantly, as you pay for bitcoins who are then in turn sent to your private BTC address.
Guide to Withdraw Bitcoins
Since there is no option of keeping bitcoins in your Coinmama account, the transfer is done while the purchase is finalized. At the buying stage, while you are providing your card details, you would be asked to fill out your wallet address details as well.
As soon as the transaction is done, bitcoins would be sent to your wallet. The transfer process can take up to a day.
Does Coinmama Have a Mobile App?
The platform is available in browser version only, thus mobile apps are not available at the moment. Keep an eye on news from Coinmama, as this might change in the future.
Being one of the major players in the market, the major benefits from trading at Coinmama are:
possibility to get bitcoins instantly through credit/debit cards; cash option available through Western Union offices; traders can purchase BTC without verification up to bitcoin’s value of $150; service available in almost all countries around the world.
Comparison with BTC Exchangers
In this section, we shall provide you a comparative analysis with other exchanges that you can use to purchase bitcoins. The selected platforms are Coinbase (regular exchange) and LocalBitcoins (peer-to-peer marketplace).
Coinmama vs Coinbase
Whereas Coinmama offers services globally, Coinbase is available in 32 countries, even though it is considered to be one of the largest bitcoin exchanges. Apart from credit cards, Coinbase also accepts payments from PayPal and bank accounts. The fees are lower at Coinbase, as you need to pay 3.99% for the BTC. Verification is a must at Coinbase as it is a regulated financial business.
At Coinbase, you can sell bitcoins as wallet services are available. In addition to BTC and ETH, you are also able to purchase and sell litecoin as well.
Is LocalBitcoins Better Than Coinmama?
Although both have made bitcoin trade its core business, these two platforms differ in many ways. When considering payment methods, LocalBitcoins comes on top as it offers a lot of purchase options. The fees are also lower, only 1% of the transaction value is charged while verification depends on individual traders.
The only aspect that Coinmama has upper hand it (and not small one at that) is security, as LocalBitcoins has reported scams and theft in the past while Coinmama is a secure environment to purchase your coins.
Other Coinmama Alternatives
Apart from Coinmama, there are vast numbers of other BTC exchanges that you should check out. Each of them offers bitcoins under their own unique terms, as fees, regional availability, purchase methods and verification requirements vary greatly among them.
Read CEX.IO Review
Another interesting exchange when it comes to large BTC quantity purchases is CEX.io as its services are globally available, just like VirWox’s. The exchange also accepts credit/debit card purchases but PayPal is not available as a deposit option as of yet.
CEX.io is one of the most popular bitcoin exchanges, thus we have created a detailed review of the broker so you could decide easier on which broker to work with.
See More About LocalBitcoins
LocalBitcoins is a peer-to-peer (P2P) marketplace, where traders can purchase and sell bitcoins between each other at any time. With the possibility to buy BTCs without any sort of verification, we have created a review of LocalBitcoins that analyzes the platform’s fees, limits, service availability and other important aspects of the site.
Coinbase BTC Exchange: Learn Info
Coinbase is one of the largest exchangers in the bitcoin market, currently supporting 32 countries around the globe with the largest coverage located in Europe. The accepted payment methods vary across the countries, with SEPA transfer dedicated for European traders, PayPal for American investors while for everyone credit/debit cards & bank transfers are available.
Be sure to check our review about the Coinbase as we have provided a detailed analysis of its functions, pros, cons, limitations and fees, alongside with step-by-step guides on purchasing and withdrawing bitcoins from Coinbase.
Should you have any questions concerning purchase bitcoins at Coinmama exchange that hasn’t been covered by this article, rather to contact us at BitcoinBestBuy.
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