Coinmama is a trading site where people can buy Bitcoins and Ether with USD. Coinmama is a cryptocurrency exchange that was formed in 2013. Coinmama is registered in Slovakia yet is owned by New Bit Ventures Limited that has its headquartered in Israel. It works in 217 nations around the world and is available in 24 US States. It provides clients with a platform to buy Bitcoin and Ethereum utilizing credit and debit cards, or through the Western Union. In any case, Coinmama does not give a platform to exchanging digital forms of money nor does it enable clients to sell cryptocurrency. Rather, all buys of cryptocurrency by clients are exchanged straightforwardly from the organization’s own holdings, making transactions more secure than some of its competitors. Coinmama has emerged as one of the fastest and least demanding approaches to purchase Bitcoin or Ethereum with a Credit or Debit card, something that not all trades offer. Read on for our full audit of Coinmama to discover more.
What payment methods Coinmama accepts?
The Coinmama site accepts payment through:
- Credit card
- Debit card
- Cash transfers(western union)
The site does not allow users to link their bank accounts. You can only pay through USD and EUR, which yet again may be disadvantageous. They also allow you to pay with MasterCard or Visa, which, from our point of view are not so many payment methods from which you can choose.
The Coinmama Exchange DOES NOT offer to sell cryptocurrencies.
What cryptocurrencies does Coinmama offer?
They support only two currencies: Ether and Bitcoin.
They only provide 2 cryptocurrencies which might turn out to be disadvantageous for some investors.
What fees Coinmama charge?
The Coinmama exchange fee is s follows:
- a 5.5% fee for all transactions
- an additional 5% for credit card buy
The fees are reasonable, much similar to what you will see on other websites. The normal Coinmama fee is 5,50% and if you use a debit card the processor charges 5%.
Does Coinmama require verification?
Coinmama requires ID verification. In order to verify your account, you will have to follow the next steps:
- Head to the account page and click on “Verify your Account” on the left side
- Upload a valid government ID along with a selfie containing the requested ID and a piece of paper containing the text “Coinmama”.
Does Coinmama limit their Buying amount?
Coinmama is liked for offering high limits to buyers with credit cards. If you are a verified user, you can buy up to $5,000 a day and at a maximum of $20,000 a month. They also allow a daily limit span of 24 hours while what you can buy monthly depends on your previous month limit. Limitations are also imposed depending on what verification level you are. The higher the level, the more cryptocurrency you can buy. The limitations really are your credit/debit cards’ limitations; therefore, you can spend as much as your credit/debit card allows your per day.
Is Coinmama safe?
Your security is their top priority. They’ve specified that they have dedicated servers used only in protecting your privacy, making each transfer anonymous, therefore ensuring that no one tracks the sum of bitcoin/ether you own.
- Community trust- The community trusts them and we do as they see our privacy as their utmost priority. However, Coinmama exchange has a small community that is satisfied with its services. Although most sites are positive about Coinmama, there are some customers who are very negative towards it. Our own take is that Coinmama is a legit site that offers great service, especially to beginners.
- Security- The website’s encryption uses 256-Bit SSL on all consumer pages. TrustGuard and Comodo provide internet protection.
- Customer support- Coinmama has a robust customer care support. They have a dedicated staff 24hours for emergency services. Their FAQ section is updated through the answers may not be that satisfying. Furthermore, we located a HELP button on their homepage and a link to Facebook for those on social media. We’ve heard pretty bad data about their customer support and after further support, we can definitely confirm it. The customer support offers vague answers; the only good thing is that they usually answer in 48hours, however, not always.
- Handling speed- It takes little to no time to transfer your bitcoins into your wallet or Ether. They’re fast and therefore very popular with their loyal users. Your transactions will be processed immediately once your wallet address and your payment have been confirmed. Although this might take a while, it actually depends on the bank you’re at and depends on how fast they can process the transaction.
Who should use Coinmama?
This website good for beginners as it is very friendly and easy to use, not allowing the trade or selling of cryptocurrencies. It can be used by small investors to buy the cryptocurrencies and trade them somewhere else.
It’s by far the easiest website to use. It’s FAQ answers almost any questions which you might have about their site and transfers and directs you to the wallets they think are best for both Bitcoin and Ether. it’s an amazingly simple website and all beginners get support from the site’s staff.
Coinmama has the following advantages:
- It’s very helpful for beginners
- It’s easy to use
- You can buy both Ether and Bitcoin by using credit and debit cards
- It’s fast
However, we have observed some disadvantages as well:
- does not allow selling
- You only buy Ether and Bitcoin.
Coinmama is one of the best exchanges for beginners and first-timers. Use it and you won’t be sorry.
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