Coinmama Review (2023)
Coinmama started its operations in 2013 in Israel. It has grown its customer base from zero to more than 2 million customers from more than 188 countries around the world. Coinmama is registered as a company in Slovakia, but the headquarter is still located in Israel. This broker is considered one of the biggest cryptocurrency available on the internet. In this Coinmama review we will investigate this broker, find out if it is safe to trade on Coinmama and share your final score. At the end of the review you will find the space to leave your own experience with a rating of your choice.
Create a free Coinmama account
| Up to 10 cryptocurrencies available
High fees (max. 3.90%)
No built-in wallets
Used by millions of customers
If you are interested in a Coinmama alternative to save some money in trading fees, we suggest you to visit Bitvavo exchange. At this exchange you pay a maximum fee of 0.25% for a every transaction and at Coinmama you pay up to 3.9% for every transaction. This means that Bitvavo is 15 times cheaper than Coinmama.
At Bitvavo you can also pay using the best payments methods available such as: iDEAL (free), Bank Transfer (free) Bancontact (free), MyBank (1.5%), EPS Überweisung (1.75%), SOFORT (2.25%) and Giropay (1.75%).
Bitvavo is a well reputed cryptocurrency exchange in Europe offering easy payment methods and more than 58 built-in wallets for various coins. Click on the following link to activate your first deal and trade the first €1.000 free of cost at Bitvavo.
Trade € 1.000 for free at the Bitvavo Exchange
What is Coinmama?
Coinmama claims on its platform that it is one of the fastest and safest cryptocurrency brokers available on the internet. If you look at the statistics, you will find more than two million people have bought digital currency from the Coinmama platform. This tells volume about the boom in the cryptocurrency market. The website has over more than half a million visits each month and most of the visitors are from the United States.
There is a minor difference between an exchange and an exchange broker. An exchange marketplace matches buyers and sellers while a broker exchange keeps the cryptocurrencies in its reserves and sell them directly to buyers. You can buy cryptocurrency from a broker using fiat currency or other cryptocurrencies. The advantage of using a broker is that you can pay there with easy payment methods, that the system is easy to understand and that the support is top-notch.
Coinmama accepts most of the major payment methods to buy and sell cryptocurrencies on its platform. The website accepts debit cards and credit cards issued by Mastercard and Visa. It also accepts payments done through bank transfer using the major fiat currencies like Euro, US dollars, Great British pounds, Australian dollars, and Canadian dollars.
The platform is registered as a Money services business with FinCEN. This allows the exchange to accept clients from more or less 40 states from all over America. All the transactions are processed by New Bit Ventures and carried by NBV international company.
Advantages of Coinmama
Why should you choose for Coinmama?
- Buy 10 cryptocurrencies instantly and receive your crypto within minutes
- More than 2,1 million customers across 188 countries
- Buy with credit card, debit card or bank transfer
- Customer support helps you in minutes if you are facing any problem
- The company is ranked in the top five cryptocurrency exchanges, with the total number trades exceeding 33 million US dollars on a single day
How to create a Coinmama account?
You can create an account on the platform in seconds no matter where you are located. To create your trading account on Coinmama, you will need to do the following:
- Visit the signup page at Coinmama
- Fill in your first and last name the same mentioned on your government-issued identity card
- In the email field, fill the active email address that you can access instantly
- Choose the country you are currently living in
- Click the Submit button
Once you complete all the steps mentioned above, you will receive a confirmation email.
Create a free Coinmama account
How to verify your account?
Once you created the account on the platform. You will get the email from Coinmama with a link to verify your account. Before you can buy and sell any cryptocurrency on Coinmama you are required to verify your account. This is due to the KYC regulation. To verify the account, you will need to do the following:
- Click the link in the email, the link will take you to a secure web form. Fill in your personal information, like your date of birth, residential address and an active phone number.
- Take a picture of your government-issued identity card. It can be your national identity card or a driving license. Make sure all the text on the card is clear and readable. Upload both sides of your identity card.
- Write Coinmama on a piece of paper, hold the uploaded identity cards and take a selfie. Make sure all the text and your face are clearly visible in the picture. Finally, upload the picture in the designated field on the website and click the Send for approval button.
Once all your information and documents are sent to Coinmama. A member of the verification team of Coinmama will verify your information and documents. If all the information is accurate, you will be approved to buy and sell cryptocurrencies on the platform.
How does Coinmama work?
Coinmama is a broker platform that acts as a middleman between an exchange and a customer. This implies that you buy cryptocurrency directly from the trading website, instead of buying and selling your digital currencies to other traders available on the website. This can be positive since you don’t have to wait for the buyer to fill your order. It’s also a lot easier to work with a broker than an exchange when you’re a beginner.
So after you verified your account you can start trading at this platform. Please follow these steps:
- Make sure you are logged in and verified
- You can choose from 10 cryptocurrencies to buy. Click on Buy Bitcoin to buy BTC.
- You can choose for a package or you can enter the amount you want underneath it
- Choose the amount and click on Buy BTC (make sure your Bitcoin wallet is ready, you have 30 minutes to specify all the information)
- Enter your Bitcoin wallet address and click on Go to Payment
- Enter your credit card details and click on Pay Now
- Confirm your order (email)
The coins will be sent within 30 minutes to your specified wallet. This process can be longer when the Bitcoin network has to process a lot of transactions.
Coinmama fees and limits
Convenience comes with a price. Buying and selling cryptos from brokerage firms can be expensive. The fees at Coinmama are very high. They use a variable rate based on the markets and add 2% on top of it. The maximum commission fee 3.90% for buy transactions. For sell transactions you have to pay a variable + 2% + 0.1%~0.9%.
In comparison, Coinbase and Bitpanda charges a fee of 1.49% for every transaction. Coinmama also charges an extra 5% for credit or debit card transactions.
There’s a cheaper Coinmama alternative called Bitvavo. This exchange is listed in the top 30 exchanges of CoinMarketCap and only charges a fee of 0.25% per transaction. When you trade more, you will get a bigger discount.
Trade € 1.000 for free at the Bitvavo Exchange
There is a limit for the minimum amount to buy for cryptocurrencies at a time. The buyer needs to buy at least 60 US dollars or the equivalent amount in Euro, Pound sterling, Canadian dollars, or Australian dollars of crypto from the website.
Buyer limits levels are proportional to the verification level of your account. There are three verification levels for a trading account to buy and sell digital currencies.
Level 1 verification allows you to buy 5,000 US dollars of cryptocurrencies in a single day and 15,000 US dollars of crypto in a month. The buying limits increase with the increasing verification level of your account.
Coinmama verification levels
The summary of verification levels of your account on Coinmama is given below:
- Level one – You need a valid government-issued ID card, it could be your national identity card or driving license. Also, you need to take a selfie of yourself holding one of the said ID cards and the date of the current day you take the selfie and with a note “Coinmama”.
- Level two – To get verified up to level two, a secondary ID is required to be submitted. Along with that, you need to upload a paid utility bill. Level 2 verification allows you to buy 5,000 US dollars of cryptocurrencies in a single day and 30,000 US dollars of crypto in a month.
- Level three – To get verified for level three, along with all the requirements of previous levels you will need to fill and sign an additional short form. Level 3 verification allows you to buy 7,500 US dollars of cryptocurrencies in a single day and 40,000 US dollars of crypto in a month.
All the prices on the platform are inclusive of brokerage fees. Credit card or debit card companies charge extra fee (5%) to the customers for processing the payments. Single Euro Payments Area (SEPA) bank or wire transfer enables you to transfer money to Coinmama without paying the additional processing fee.
Is Coinmama safe?
A simple answer to the is Coinmama safe to trade question is Yes. If you search on the internet you will not find many cryptocurrency exchanges regulated by any government institute. To make it is safe and reliable Coinmama has registered its platform with government department FINCEN in the United States. This proves the reliability of the platform. It sends the message to its users that their money on Coinmama is safe and secure. If someone tries to play with the system, then all the activities will be investigated professionally.
A big advantage of the Coinmama is that it is a non-custodial exchange. That’s means when a user buys any cryptocurrency, it is sent directly to its owner’s wallet. The platform does not hold any bought cryptocurrency on it.
Coinmama suggests, keep your coins in your own secure wallets to reduce the probability of losing your cryptocurrency due to any hack or spamming activity to a great extent. Coinmama is considered safe and legit platform by millions of people around the world and you can also trust on its services and security measures.
Create a free Coinmama account
Did you trade crypto at Coinmama and would you like to share your review? You can do so by using the evaluation form below.
New Bit Ventures Ltd
Bratislava 821 09
All Coinmama reviews:
When it comes to cryptocurrency mostly Bitcoin at the moment, there are always two sides; as some people will want the price to fall to its lower dip for them to buy cheap, while others will hold and wait till it sky rocket for them to sell off, but i really see all this so pointless if it can’t yield great result or grow a very strong portfolio. It’s clear now that the halving is not what we all imagined and expected initially but the good thing for me was that i did not put all my faith in it as i so much believe in day trading and was able to grow a very strong portfolio. However this i have been doing since the last bear market and daily signals which has proven to be very effective, accurate and profitable.
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Coinmama Frequently Asked Questions
What are the fees at Coinmama?
The fees charged by this exchange are between 2% and 3.90% for buy orders. This is a relatively high fee.
Which payment methods does Coinmama support?
You can pay here with a debit or credit card (+5% fee) and by bank transfer.
Does Coinmama offer a built-in wallet?
No, it is a non-custodial broker and you have to create your own wallet.
How can I contact the support?
You can contact the 24/7 support by sending them an email: [email protected]