Quick inner navigation:
Coinmama is one of the most reputable cryptocurrency exchanges in the world. Based in Israel, the exchange now lists 5 different cryptocurrencies which can be purchased using credit card payments. Read on for our Coinmama exchange review.
What is Coinmama?
Coinmama.com 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
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?
Coinmama was initially opened as a bitcoin buying site. After Ethereum’s success in 2016, the exchange added it on their exchange site. Traders from 188 countries in the world have been purchasing the two cryptocurrencies easily with a credit card.
Recently, Coinmama added three more cryptocurrencies: Litecoin, Bitcoin cash, and Cardano.
Litecoin >> an extremely popular coin launched in 2011 by Charlie Lee. Litecoins mirrors Bitcoin’s payment protocol albeit it’s faster. Litecoin is four times faster than Bitcoin and offers extra features like lower transaction fees.
Bitcoin Cash >> relatively new coin launched in August 2017 as a Bitcoin fork. It was launched to help increase bitcoin transactions as well. Bitcoin cash also offers lower transaction fees, better scalability, and ease of use. Unlike most forks, Bitcoin cash has grown at an extremely fast rate; at one time hitting $3,000 in value. At the time of writing, Bitcoin cash is valued at $1,544.
Cardano >> a platform in which the Ada coin functions. Cardano is a fully centralized coin, founded and funded by output Hong Kong. Cardano was also built to be regulatory friendly and reward its users who help verify Ada transactions.
What fees Coinmama charge?
The Coinmama exchange fees are as follows: Coinmama fee is a flat 5.5%. Credit card and debit card transaction processors usually charge an extra 5% for every transaction you make. Most banks also charge a small fee to facilitate the trade and converting of currencies. In total, you can pay up to 15% in fees in addition to the number of bitcoins you want to purchase. The Coinmama fee is reasonable, much similar to what you will see on other websites.
To buy any cryptocurrency on Coinmama, your account must be verified. You can access the ‘Verify my Account’ tab after creating an account. Upload a government-issued ID on both sides, a selfie of you holding the ID and a piece of paper with the word ‘Coinmama and today’s date in it. The simple verification process allows you to purchase up to $10,000 worth of bitcoins with a credit or debit card.
If you don’t have a national ID for any reason, a double page non-US passport is allowed. Alternatively, provide a high-quality photo of your driver’s license. Coinmama recommends that you upload high-quality documents, with all expiry dates visible.
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. Coinmama’s users can improve their buying limits by providing further verification details. When buying coins for the first time, you are required to provide a government-issued ID. This verification level allows you to purchase up to $10,000 worth of coins in a month. If you provide a utility bill or a selfie of you holding your national ID, your maximum buying limit is raised to $50,000. Level 3 verification allows you to buy up to $1,000,000 worth of cryptocurrencies.
On Coinmama, you can only buy cryptocurrencies. You can’t sell or trade cryptocurrencies with others. Coinmama further limits the number of coins you purchase at a given time. For instance, you can only buy 0.1 of a bitcoin or higher.
How to use Coinmama?
Step 1: Create an Account
Visit Coinmama and click sign up to create a new account. You will be prompted to provide an email address, a password, your name and your country of residence. Log in to your email address and click on a link sent by Coinmama to activate your account. Log in to your new account.
Step 2: Verify your Account
Coinmama takes you through to the verification process after logging into your new account. The first step is to enter personal identification details like your full name, date of birth and gender. Provide your physical address and your national ID information. Upload a selfie holding the information asked and you will be qualified to buy as much as $5,000 worth of coins on the same day.
Step 3: Make a Trade
Once verified, click on a cryptocurrency you want to buy. Cardano, Bitcoin Cash, and Litecoin are located on the tab indicated ‘New coins.’ Coinmama allows you to set the number of coins you want to buy manually. For all customers, this amount ranges from $100 worth of bitcoins up to $5,000 worth of bitcoins in a day.
Choose your payment method, Visa or MasterCard and fill the payment form provided. Complete the payment by providing the correct details about your digital wallet. Coinmama sends you coins as soon as they confirm receipt of the payment. Keep in mind that providing the wrong bitcoin wallet will result in the total loss of your coins.
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.
The community trusts them and we do as they see our privacy as their utmost priority. However, Coinmama exchange has a 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.
The website’s encryption uses 256-Bit SSL on all consumer pages. TrustGuard and Comodo provide internet protection.
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.
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-rated cryptocurrency exchanges in the world. Its ease of use, ability to serve users from around the world and excellent customer support makes it an outstanding trading website. Creating an account and verifying it on the exchange is pain-free. Anyone, including someone who has never purchased bitcoin before, could verify their details and purchase bitcoins on the same day.
Noting that Coinmama also sends cryptocurrencies immediately after receiving the payment, the exchange is great for someone looking for a fast way to purchase coins. Coinmama is also a great site for high rollers who want to purchase up to $1 million worth of coins. Overall, Coinmama is an exchange worth the high ratings it sometimes attracts, it is one of the best exchanges for beginners and first-timers. Use it and you won’t be sorry.
Thank you very much for your time, check out our site for more comprehensive guides!