Coinmama Review Is it Legit?

Coinmama is unique among cryptocurrency exchanges in that it provides users a place to buy Bitcoin and Ethereum using credit cards, debit cards and cash (through Western Union). Not all cryptocurrency platforms support credit cards or the use of a debit card but Coinmama does. Many exchanges do not offer credit card purchases of cryptocurrencies. This is especially true for credit card users, people new to the crypto space and people who aren’t looking for an exchange to actively trade cryptocurrencies. However, it is worth remembering that no matter which cryptocurrency exchange you use, if you want to pay with your debit or credit card then there will always be extra costs.

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Until all is said and done some users could be paying a 20% premium by purchasing coins at Coinmama. A total of 10.5% in fees for purchasing Bitcoin and Ethereum seems excessive, and that doesn’t even account for potential bank imposed fees. Consider that if you buy Bitcoin from Coinmama and later decide to sell you’ll need to sign up at another exchange to do so, although Coinmama does claim that selling on its platform is coming. Without the ability to trade coins and sell coins the utility of the platform is quite limited. The quickest responses naturally occur during the exchanges stated business hours of Sunday to Thursday, from 11 pm to 7 am Pacific Time.

• Even though Coinmama doesn’t have a big name like Binance or Coinbase, it is nonetheless a legit cryptocurrency buying platform.
• Not all cryptocurrency platforms support credit cards or the use of a debit card but Coinmama does.
• No previous knowledge of trading is required to purchase cryptocurrency from Coinmama.
• In terms of customer support, Coinmama offers support via email, just like most other cryptocurrency exchanges, and has an extensive helpbase to answer most common questions.

In order to verify your identity you’re required to complete a verification form that includes your full name, date of birth, gender, and physical address (no PO boxes). Once you’ve registered and logged in you can coinmama exchange review go ahead and buy some Bitcoin, but first you’ll need to provide some identity verification. All told it should take seconds to complete the registration process for a Coinmama account.

Coinmama charges some of the highest transaction fees in the industry for its services. In an increasingly regulated industry, Coinmama has managed to keep its registration and verification process relatively quick and simple. People new to the crypto space will be able to use Coinmama’s services with comfort and ease as a result of the intuitive interface and extensive supply of relevant guides and FAQs. For Western Union (cash) purchases, the limit is capped at 5,000 USD/EUR. Regardless of your verification status you are still subject to the daily limit of 5,000 USD/EUR and the monthly limit of 20,000 USD/EUR. Then enter the wallet address you want the Bitcoin sent to, and fill out the form on the Proceed to checkout page.

Supported Countries / States

Any purchases need to be sent to the users own cryptocurrency wallet offsite. Coinmama offers users a quick and efficient means for buying top cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), using both VISA and Mastercard. Coinmama is known for its ease-of-use and accessibility and puts extra effort into providing users with the information and support that they need to make clear and informed decisions when buying cryptocurrencies.

Customer service for Coinmama consists mainly of a support email address. A hardware wallet like a Ledger or Trezor is always a great choice. When you buy Ethereum or any other crypto on Coinmama, using any one of their various payment methods, you have to supply a crypto address. Early in 2019 an attacker was able to make off with about 450,000 email addresses and passwords from the exchange, some of which eventually turned up on the dark web. It’s also worth noting that Coinmama does have a minimum purchase requirement of $50 per order.

• You can see a complete list of supported countries here to find out if Coinmama works in your country.
• First off, since Coinmama is meant mostly for Europeans the platform can be accessed by anyone in Europe, except for residents of Crimea.
• Contrast that with Coinbase and its 34 million monthly visitors and Poloniex and its 44 million monthly visitors and you get an idea of how niche the Coinmama exchange is.
• So a trader goes to the Coinmama website and enters the purchase order, but the actual clearing of the trade is handed by a third party.
• What’s cool about the Coinmama loyalty program is that everyone is automatically enrolled and you don’t have to purchase anything to get involved.

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The fees at Coinmama are one of the big negatives to buying from this exchange. Once your payment on the site is completed the transaction is processed by your credit or debit card company. If you don’t already have a wallet for cryptocurrencies, you may want to have a look at our guide to creating a wallet. One you’ve verified your account you’re able to buy up to $5,000 daily in cryptocurrencies, $20,000 monthly and $10,000 lifetime totally. Unlike other exchanges, all of the sales of Bitcoin and Ethereum made by Coinmama are fulfilled by its own stock of coins.

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They allow their traders and investors to buy Bitcoin or any other currency with a credit card or debit card at any time. Like almost every other cryptocurrency exchange, there are regulations about who can access the platform. When it comes to cryptocurrency exchanges there are several different types.

Selling on Coinmama

Then there are the buying platforms, also known as onboarding platforms, which is where Coinmama comes in. Although it isn’t as feature rich as some other exchanges, the Coinmama exchange can be an excellent choice for those who are simply looking to buy and are also looking for security in their transactions. The lack of an exchange wallet highlights the fact that the founders of Coinmama are strong advocates of keeping control of your private keys at all times, and not trusting them to a centralized exchange. One very positive factor is that it forces users to learn to setup their own digital wallet and to make it secure.

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You can see a complete list of supported countries here to find out if Coinmama works in your country. This exchange was created in 2013, and is registered in Slovakia, although the parent company is New Bit Ventures, which has its headquarters in Israel. We rarely run ads, but sometimes earn a small commission when you purchase a product or service via a link on our site. If you want to buy your crypto now without a lot of fuss and hassle and are willing to pay a premium for the speed and convenience that Coinmama offers, then Coinmama is one of the best options on the market. After reviewing all the essential information about Coinmama, it is pretty clear that it is a great choice for a very specific type of user, and an ok choice for many other people. Obviously, Coinmama’s zero fees are the best in the industry, but many competitors also do not charge for this service.

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The total amount of cryptocurrency one may purchases over their lifetime with Coinmama is determined by the level of verification they undertake. The purchase limits at Coinmama are quite generous, especially in light of credit card transactions. In addition to that transaction fee, you’ll be charged an additional 5% when using a credit or debit card for your purchase. This means users are unable to purchase Bitcoin or Eethereum to be sent to someone else’s wallet.

Note that your credit/debit card address must match the address on your Coinmama account. Coinmama does not store your credit/debit card details on their servers, but simply passes the information along to the credit card company to process the payment. One benefit of Coinmama is that there is no need for you to register your credit or debit card with Coinmama to make a purchase.

While it is possible to sell on Coinmama the platform is not designed for sales outside of Europe. Currencies supported by Coinmama include GBP, CAD, EUR, USD and AUD. One of the great things about Coinmama though is that they support a bunch of different currencies which makes them a good choice for European traders.

We publish guides, reviews and news on tech, cryptocurrency, Bitcoin, blockchain & privacy. Coinmama’s features are focused on their singular service of providing a convenient platform for people to buy some of the most popular cryptocurrencies. If Coinmama sounds like it might be the right cryptocurrency exchange for your needs, then please read on to find out more essential details.

Coinmama has three different verification levels, each of which sets a different limit on the amount of crypto that you can buy. While users of all experience levels will be drawn to Coinmama’s simplicity, Coinmama puts added effort into supplying newer users with a range of knowledge and support that goes far beyond the industry standard. In this 2019 review, we look at Coinmama’s features, fees, pros & cons, and more. Coinmama is a broker that claims to be the ‘fastest’ and ‘easiest’ way to buy cryptocurrencies. To do this simply click Buy Bitcoins and choose Visa, Mastercard. Now this ID will be reviewed and when you are approved you can move on to buying Bitcoin or Ether.