Coinmama Exchange makes it simple, safe, and enjoyable to purchase digital currency from anywhere in the world. This Coinmama review is an up-to-date, detailed analysis of the Coinmama exchange, containing everything you need to know about Coinmama and whether it’s the right exchange for you.
Let’s dive in!
Coinmama’s platform is operated by Cmama Ltd. Coinmama’s headquarters are located in Ireland, where it was also established and registered.
Coinmama was founded in 2013 with the mission of simplifying the way people buy Bitcoin (BTC). Since then, the exchange has served over 3.4 million users in 188 countries.
Today, Coinmama users can purchase Bitcoin and Ethereum using a credit card, debit card, or wire transfer from their bank account. Bitcoin can also be sold in select markets. Coinmama believes that the future of money lies in giving us, the people, control of our own economy.
The exchange is also GDPR compliant, which means your personal information and documentation are entirely encrypted. According to Coinmama, funding details such as credit card numbers aren’t stored on the website or servers, they’re not stored at all.
Coinmama review: What is Coinmama?
Coinmama is an Israeli exchange that was founded in 2013. Coinmama later registered as New Bit Ventures Ltd. in Dublin, Ireland. This exchange enables clients to buy and sell cryptocurrency using a variety of exchange methods such as Apple Pay, Google Pay, credit card, bank transfers, or wire transfers such as SWIFT and SEPA.
Having a Coinmama account makes it easier to purchase financial products such as Bitcoin or other leading cryptocurrencies. With its experience in the cryptocurrency space, Coinmama is the ideal platform for first-time Bitcoin buyers. Experienced buyers, on the other hand, can switch to other platforms at any time.
Coinmama review: Coinmama Pros and Cons
- Ease of use: Coinmama offers a simple, straightforward platform for users looking to buy and sell cryptocurrencies. The platform doesn’t have a pool of products making it quite easy for users looking to just buy and sell crypto to navigate.
- Several Payment Methods: Coinmama gives you the convenience of making payments by making different modes of payment options available for users. With this, you can make your payment and begin trading crypto in no time.
- Coinmama Academy: This is your complete resource for cryptocurrency and blockchain-related information. This knowledge base contains educational resources like what is Blockchain, what is Bitcoin, proof of stake, and so on.
- Great user adoption: Coinmama since its inception in 2013 has amassed a pool of users amounting to over 3.4 million people in over 190 countries worldwide.
- Coinmama loyalty program: The Coinmama Loyalty Program is an automated program that helps you save on your fees. That is, the more you buy or sell with Coinmama, the more you save.
- Limited options: Coinmama since its inception in 2013 have stuck to just facilitating buying and trading of cryptocurrencies between users.
- A limited selection of cryptocurrencies: Compared to other exchanges, Coinmama only supports 18 cryptocurrencies which can be a huge turnoff for those of you looking for an exchange with a variety of cryptos.
- High fees: The most serious flaw with Coinmama is its high price. It charges 2.3% more than the market rate and has up to 3.9% commission on purchases and 0.9% commission on sales.
Coinmama review: How does Coinmama work
Coinmama is a simple exchange where you can buy and sell various cryptocurrencies, including Bitcoin. It accepts credit and debit cards, Apple Pay, Google Pay, and ACH transfers, among other payment methods.
To use Coinmama, you must first create an account and verify your identity. You can advance through various account levels, and your level determines your buy and sell limits.
It also has a non-custodial wallet, which you can use to store, send, and receive crypto.
Coinmama review: How to use Coinmama
To use Coinmama, you’ll have to first sign up and undergo a quick KYC verification process to unlock limitations on your account and thus keep your account safe. Then you can proceed to buy and sell cryptocurrencies.
LEARN MORE: KYC and Cryptocurrency Exchanges; Is KYC Secure?
Signing up on Coinmama is essential to utilizing its suite of products and services. In this Coinmama review, you will understand how to register and verify your Coinmama account.
Visit Coinmama. On their landing page, click on “Sign up” at the top right corner of the page. On the next page, fill in your correct information in the required fields and make sure to tick the box to receive discounts, promotions, and security updates by email from Coinmama, then click on “Create account.”
Note: Use 8–40 characters, lower and upper case, numbers, and symbols for your password, and make sure there are no spaces, btw.
On the next page, you’ll need to fill in your personal information.
Note: Please make sure the information matches your ID.
Still, on the personal information page, select your country, state, residential address, city, zip code, and phone number, and lastly, tick the box and click on “Next.”
For the next few steps, you’ll need:
Your government-issued ID, pen, and paper
Confirm your email by clicking the link sent to you.
Your mobile phone with a working camera
Click on “Let’s Go” to commence.
To complete the account creation, you must now verify your email address.
Sometimes undergoing KYC can be somewhat tiring, but it doesn’t beat the fact that it’s quite essential to maintaining both the safety of your account and the exchange you’re interacting with. You can complete Coinmama KYC in just a few steps.
Now, for verifying your ID, you’ll need to select your correct details and an ID type based on your country of residence. Copy and input the ID number of the required file, check the last box if your document doesn’t expire, then click on “Next.”
For this next step to get done, make sure you follow the on-screen instructions.
Take a clear picture of the front and back with your mobile phone camera, ensuring all four corners are visible, then upload them to your account.
Lastly, write “Coinmama” and today’s date on a piece of paper. Take a picture of yourself holding the paper and the ID you’ve just uploaded. Make sure your face, ID, and paper note are all visible. Then upload the photo to your account by clicking “Send for Approval.”
Note: Once your documents have been successfully uploaded, a member of the Coinmama verification team will review them, and if everything looks OK, you’ll be verified and approved to buy Bitcoin online with Coinmama. This process takes at least fifteen minutes.
How to Buy Bitcoin on Coinmama
Buying on Coinmama can be carried out in just a few steps.
Log into your account to buy any cryptocurrency of your choice, like Bitcoin or Ethereum. Then select the cryptocurrency you’d like to buy and the currency you’d like to pay with.
Choose one of Coinmama’s cryptocurrency packages, enter a specific amount you’d like to buy, then click “buy now.”
Enter your wallet address from the third-party wallet provider of your choice. If you don’t have a cryptocurrency wallet, learn more about how to set one up here.
Now you’ll be required to select a payment method. Follow the instructions to enter your payment details or to initiate a bank transfer from your account.
Confirm your wallet address and receive your coins. Then head over to your email to look for a wallet confirmation link, then click on it if the wallet address is correct.
Note: Once your payment has been approved and your wallet address has been confirmed, Coinmama will immediately deliver the coins to your wallet. You can track the status of your orders at all times under “My Account.”
How to Send Bitcoin on Coinmama
Coinmama offers users the ability to sell bitcoins via bank transfer. All you need is a Coinmama account and a bank account to send money in a matter of minutes.
Log in to your Coinmama account
On the selling interface, select sell and the amount
Then input the address you’d like to send the coins to. Then the money should reflect in the account.
Coinmama Supported Coins
Coinmama supports 18 cryptocurrencies for users to buy, sell, and trade with. This Coinmama review displays Coinmama’s small list of supported cryptocurrencies, which includes:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Dogecoin (DOGE)
- Uniswap (UNI)
- Aave (AAVE)
- Chainlink (LINK)
- Ethereum Classic (ETC)
- Bitcoin Cash (BCH)
- Compound (COMP)
- EOSIO (EOS)
- Litecoin (LTC)
- OMG Network (OMG)
- Wrapped Bitcoin (WBTC)
- Loopring (LRC)
- Numeraire (NMR)
- USD Coin (USDC)
- Tether (USDT)
Coinmama Supported Fiat Currencies
Coinmama also supports an array of some of the more popular fiat currencies alongside its cryptocurrencies. This Coinmama review displays the fiat currencies supported on Coinmama, which include:
- United States Dollar (USD)
- Euro (EUR)
- Canadian Dollar (CAD)
- Australian Dollar (AUD)
- Pound sterling (GBP)
Coinmama Loyalty Program
Coinmama offers discounts on commissions through its loyalty program. That is, the more you buy or sell with Coinmama, the more you save. Coinmama Loyalty has three levels of savings, which include Crypto Curious, Crypto Enthusiast, and Crypto Believer. Spending requirements exist for both the Crypto Curious and Crypto Enthusiast levels. In addition to commission discounts, they also get you faster support.
|Loyalty level||Discount on fees||Required spend||Faster support|
|Crypto Enthusiast||12.5%||5,000 USD (over 90 days)||✓|
|Crypto Believer*||25%||18,000 USD (over 90 days) or 50,000 USD (over lifetime)||✓|
Your fees at Coinmama are calculated based on factors such as order size, loyalty level, and market conditions. What are Coinmama’s fees? So, let us find out.
Depending on your loyalty level, Coinmama commission fees range from 0.99% to 3.90%. Coinmama also includes a spread that offsets the volatility inherent in a currency that is not controlled by a central bank and thus does not have a market rate, in accordance with industry standards.
For certain payment methods that lock in the rate for an extended period of time, an additional “express fee” is charged. Credit/debit card payments, Google Pay, Apple Pay, Skrill, and NETELLER are among the payment methods available. Coinmama’s trading fees are relatively high when compared to other cryptocurrency exchanges.
According to our notice, after surveying Coinmama’s website, we found out that the Coinmama app on Play Store and iPhone does not exist. That is, the exchange doesn’t have a mobile application yet.
Coinmama Payment methods
Coinmama’s variety of payment methods will help users avoid all the bottlenecks or inconveniences of having to go through a vendor to purchase crypto and the likes of them. With the payment methods integrated, you can buy and sell crypto in no time.
Below is a list of the available payment options:
- SEPA (EUR)
- Open Banking (GBP)
- SWIFT (GBP & USD)
- Google Pay
- Apple Pay
- Visa & Mastercard
Coinmama Supported Countries
Coinmama offers its services across 188 countries, with the exception of a number of restricted territories. The below table shows an array of Coinmama-restricted countries:
|Restricted countries or territories||Restricted U.S. states||Restricted U.S. territories|
|Iran||Northern Mariana Islands|
|Myanmar||United States Minor Outlying Islands|
|North Korea||Virgin Islands|
Coinmama review: Coinmama Wallet
The Coinmama Wallet app gives you the ability to buy and sell Bitcoin, Ethereum, and other cryptocurrencies. It is a self-custody wallet that gives you full control of your crypto. The Coinmama wallet app gives you control of your private keys and complete ownership of your crypto.
It has a market tab that keeps you up to date on the performance of your assets and the crypto market. Key information about the top crypto assets is at your fingertips with constantly updated intuitive price graphs for all of the most important cryptocurrencies.
Coinmama Wallet Features
Hold crypto safely
Create a Bitcoin or Ethereum wallet to securely store, send, and receive. You remain in control of your keys.
Buying cryptocurrency has never been easier. With Coinmama, you can buy Bitcoin and Ethereum and get your coins sent to your wallet instantly. You can complete your account setup and start purchasing in minutes.
Multiple payment methods
Buy and sell crypto with multiple payment methods, including credit card, debit card, Apple Pay, Google Pay, and bank transfer. Send the Bitcoin or Ethereum that you purchase to any available crypto wallets, or store it securely in the Coinmama wallet.
Flexible Spending limits
Buy crypto with ease and at your pace! Don’t let anything hold you back from accumulating cryptocurrencies, start with $50 or buy up to $5 million at a time.
Backup your keys
Avoid losing your funds if you misplace your recovery phrase or lose your device. With the self-custody Coinmama wallet, you can back up your private keys to your device and never worry about losing your funds.
Coinmama Customer Service
Excellent customer service is an integral factor in the success of any financial institution. Navigating this world of DeFi can be somewhat ambiguous, as this is still a new space. So good customer support can go a long way toward helping users navigate this world of DeFi and thus grow its influx of users.
Coinmama has a pool of resources like detailed guides, FAQs, and a help center, with answers to questions, all amassed to give users the best experience possible.
Coinmama also has a 4.1 ⭐ rating across 640 reviews on Trustpilot, and if you’re looking to contact their customer service directly, Coinmama’s contact number is +1 (650) 600-9939. Below is a review of Coinmama customer service by a user.
Coinmama review: Is Coinmama legit?
Let’s find out how secure Coinmama is in this Coinmama review.
Coinmama is solely a cryptocurrency exchange and does not store user funds on its platform. To initiate a fund transfer, users must have a crypto wallet. This security feature mitigates some of the risks that users face when storing funds on a platform.
Coinmama also instructs users on how to create a secure password and username, and customer information such as credit card numbers or bank account information is not stored on the platform.
Aside from these features, Coinmama users must verify their identity by providing a driver’s license, passport, or another valid government-issued ID. Customers are also encouraged, but not required, to enable two-factor authentication.
It’s worth noting that Coinmama was one of several companies targeted in 2019 during a large-scale hack, resulting in a security breach that exposed user emails and passwords to the hackers.
Coinmama review: Bottom line
Coinmama is a simple, user-friendly platform that allows customers to purchase a limited number of cryptocurrencies. However, it charges relatively high transaction fees and does not offer all of the features and products that competitors may offer. Despite this, Coinmama receives generally positive feedback from users, and its simplicity may make it an appealing option for new crypto investors.