Coinmama is a leading cryptocurrency brokerage company that allows you to purchase cryptocurrencies with your credit or debit card. In this Coinmama Cryptocurrency Exchange Review, i will review the company and all its services.
What is Coinmama?
Coinmama is a cryptocurrency exchange formed in 2013. Coinmama is owned by New Bit Ventures Limited that is headquarted in Israel, but the company is registered in Slovakia. It operates in 188 countries worldwide and has grown to serve over 1 million customers. Coinmama provides user’s with a platform to purchase Ethereum and Bitcoin using Debit or Credit card, however this crypto exchange does not provide a platform for trading or selling cryptocurrencies. Instead, all cryptocurrency purchases are transferred directly from the companies own holdings, making transactions much more secure than some of its competitors.
How to Purchase
Users create an order by:
- Choosing how much they want to buy.
- Entering their wallet address.
- Filling out their card details on their checkout page.
After completing this procedure, the user’s transaction will be processed by the credit card processor, which will only take a few seconds before being transferable into the customer’s wallet of choice. Once the wallet address and payment are confirmed, the cryptocurrency is immediately sent to the user. Users will need to create an appropriate wallet to which the exchange can send their cryptocurrency once purchased because the platform does not provide an online wallet for user’s to store their cryptocurrency.
‘Click here‘ to start exchanging
Coinmama supplies a brokerage service for cryptocurrencies. This means that the company sells you the coins directly, unlike other trading platforms where you buy coins form other people.
Which Virtual Currencies Are Available To Purchase?
Coinmama currently sells Bitcoin, Ethereum, Otum, Litecoin, Ripple, Cardano, Bitcoin Cash and Ethereum Classic. The exchange is working on adding additional cryptocurrencies.
Coinmama has got buying limits. The minimum amount of Bitcoin you can buy is $60. Verified users can purchase up to $30,000 per month and up to $5,000 per day. Additional currencies are to be added soon but it currently displays pricing in USD and Euro.
In order to make any purchases you will have to complete an identity verification form. The more documentation a user provides, the more currency they are entitled to purchase. Please note that the daily and monthly charges are applicable regardless of the level of verification user’s have reached.
- Level 1- This level requires user’s to provide 1 valid government issued ID and a selfie of yourself holding that ID.
- Level 2- Users will need to submit a secondary ID and will also need to upload a utility bill.
- Level 3- Requires filling a short form.
This crypto exchange platform accepts Debit or Credit card, MasterCard, Visa and has recently started accepting SEPA payments as well.
Coinmama fees are quite high with a 5.50% fee paid to Coinmama per transaction. For credit/debit card transactions, the payment processor charges a 5% fee. If you pay with bank wire, there is a 0.00% processing fee.
Coinmama supports a wide range of countries. The only countries that Coinmama is not operational in is Sanctioned countries. It also depends on your country of residence, you may not be able to use all the functions of the site. It is the user’s responsibility to follow the rules and laws of their country.
Coinmama’s customer support is available via E-mail, you may raise a support ticket or contact them on Facebook, with most queries consistently replied within 24 hours. The best way to contact the ‘support team’ is through live chat, but this is only available during business hours, which i have listed below.
- Sunday-Thursday 9:00-18:00 GMT+3
Verification is a process everyone must go through before buying cryptocurrency anywhere. After submitting your verification details, Coinmama will quickly go through the details to make sure everything looks good. This process usually takes about an hour. This helps to fight fraud, keep your account safe and more. Coinmama is in fact registered with FINCEN a governmental department in the U.S, this shows that any fraudulent activities will be investigated accordingly. Coinmama is committed to the highest privacy standards and security.
Pros and Cons
- Service available in many countries
- Fast and responsive customer service
- High limits for buying BTC and Ethereum with credit or debit cards
- High levels of security
- High Credit/Debit card fees
- No mobile app
- Can only buy BTC and ETH
Coinmama is a reputable company that excels at proving a simple and easy to use platform for buying Ethereum and Bitcoin. In this Coinmama Cryptocurrency Exchange Review i have outlined the pros and cons of this brokerage company and although other exchanges might be cheaper when it comes to transaction fees, they may not offer the use of Credit or Debit card. For those of you looking to purchase Ethereum or Bitcoin for the first time, Coinmama is a great place to start. ‘Click Here‘ to start exchanging now.
If you have any questions, please leave a comment below.