author image
Austin Jacob • July 3rd, 2020

Coinmama Exchange Review (2020)

We may receive affiliate commission when you click certain products. Read our important disclosure to learn more.

Buy Cryptocurrency with Coinmama

Coinmama Review

So you’re interested in signing up for Coinmama as your cryptocurrency brokerage of choice.

But before you pull the trigger, you want a bit of background on the service, and how they stack up against the competition.

That’s where Bitpremier comes in.

Below, we’re going to break down everything Coinmama has to offer, allowing you to make an educated decision on which brokerage to sign up for.

Let’s dive right in!

Comparison

coinmama
Fees Established Countries
5.9% 2013 Nearly All
bitpanda
Fees Established Countries
~4% 2014 Europe

Overview

Coinmama is a Slovakian-based cryptocurrency exchange that deals with fiat to cryptocurrency transactions. While originally focusing on debit and credit card transactions they’ve recently expanded to bank options such as SEPA and SWIFT.

Their service is open to customers across the world, allowing for consumers to buy cryptocurrencies through their simple to use payment portal. When it comes to fees, they are around the middle of the back at 5.5%.

Since its creation, Coinmama has attracted over one million customers, who hail from over 188 countries from around the world and has cemented itself as a great way to get cryptocurrencies for fiat currency.

Coinmama Payment Methods

As we stated above, Coinmama initially only accepted credit and debit card transactions. They’ve done a great job of adding additional payment methods.

At press time, Coinmama allows for the following:

  • Debit Card (Worldwide)
  • Credit Card (Worldwide)
  • SEPA (Europe)
  • SWIFT (Worldwide)
  • Faster Payments (UK)

Coinmama Fees

Buying cryptocurrencies on Coinmama is instant and easy to do. Coinmama takes a 5.5% cut on transactions made. However, the payment processor which Coinmama uses also takes a fee on top of the first fee, adding up to a total of a 10% fee.

Although this fee resembles cryptocurrency ATMs, many customers still use this service as a way to reliably obtain the crypto assets they want.

Coinmama Limits

Coinmama’s purchasing limits can be broken down into tiers from 1-4.

You’ll find them pictured below.

Level 1

Level 2

Level 3

Level 4

For level 4, you’ll want to contact Coinmama support to figure out a more custom solution for your needs.

Supported Countries

Coinmama is supported in pretty much every country out there besides the following:

  • Cuba
  • Crimea
  • Iran
  • Israel
  • Lebanon
  • North Korea
  • Palestinian Territories
  • South Sudan
  • Sudan
  • Syria

As you can see, that’s a pretty small list-making Coinmama one of the top brokerages and exchanges in terms of the number of countries they support.

Cryptocurrency Selection

Coinmama currently offers ten cryptocurrencies, which are all in the top 20 in terms of market capitalization. They are as follows:

  • Bitcoin
  • Litecoin
  • Ethereum
  • Ripple
  • Bitcoin Cash
  • Cardano
  • Qtum
  • Ripple
  • Tezoz
  • Ethereum Classic

Coinmama has added several coins in the past few months and plans to add more throughout the year.

Coinmama Team

Sagi

Coinmama has a strong team of 11 core members and 23 other team members, coming to a total of 34. Coinmama’s team has proven themselves to be quite competent, creating an easy to use an exchange which has attracted many customers from all over the world. Their CEO is Sagi Bakshi.

 

Customer Support

Coinmama’s “Happiness Heros” or customer support team, is often lauded for being extremely helpful and easy to reach. Their team is active 24/7 and is open to help out with anything you may need.

You can reach Coinmama’s customer support team through their Twitter, Facebook page, or support portal that offers a lot of insight on common support questions that customers have asked in the past.

If you cannot find an exact answer to the question you are asking, you can make an individual thread that will allow for the support team to help you out as soon as they can. Also feel free to send a message to their social media handles, as they are often active on those accounts.

KYC And Account Verification

Due to the fact that Coinmama deals with fiat currencies through credit and debit cards, they are required to obtain the correct identification from customers of the site. When you first make an order on the site, you will be prompted to get your account verified.

Go to the ‘your account’ page and go to the verification section of the page. You will be required to submit a scan or photo of a valid government-issued ID, along with a selfie that has the ID and a piece of paper that says “Coinmama” and the date of submission.

Once you submit the verification, it should take no more than 24 hours for the team at Coinmama to verify that all your documents are valid. Once verification is complete, you should be able to buy cryptocurrencies on the service freely.

  • Accepted Government ID
  • An International Non-U.S. passport (Double page)
  • A National ID Card (Both Sides)
  • Driver’s license (Both Sides)

When submitting verification, make sure the photos are acceptable submission quality, to ensure verification comes as quickly as possible. Characteristics of acceptable images.

  • The document must be fully visible and legible
  • High-quality images with color
  • Valid documents that have visible and correct expiry dates
  • Submissions cannot be larger than 8 Megabytes

How to Buy Bitcoin on Coinmama

Before we can purchase cryptocurrency on Coinmama, we must first create an account! To start, you will be prompted for some simple information.

buy bitcoin on coinmama

After making your account, you will be prompted to enter some more information in order to verify your identity.

This can be annoying but is mandatory for Coinmama to serve its customers. You only have to do this part once.

buy cryptocurrency on coinmama

Click next when you are finished! There may be a verification process where you have to send in some photo to prove your identity.

If not, you are ready to purchase Bitcoin on Coinmama using your credit or debit card!

Click Bitcoin on the navigation bar to start purchasing.

You’ll be taken to Coinmama’s packages screen, where you can choose a preselected amount or your own price.

Buy Bitcoin on Coinmama

Choose an option, and click Buy Now! You’ll be taken to the next screen. Enter the wallet address you want to send your Bitcoin to. As you can see the order expires to ensure accurate pricing.

Next, enter your card information. Click Pay Now when you are finished and your Bitcoin will be delivered shortly!

Congrats, you have successfully purchased Bitcoin on Coinmama!

Frequently Asked Questions

Does Coinmama have a mobile app?

At the moment, Coinmama doesn’t have a mobile app. Their website is completely functional on a web browser if you decide to purchase cryptocurrency that way.

What are Coinmama’s Limits?

Coinmama has three levels that allow different levels of purchasing. The first tier has a limit of $15,000, the second has a limit of $50,000, and the final one allows over $1,000,000 to be purchased monthly. The monthly limit is a moving sum of the previous 30 days.

Can I sell cryptocurrency on Coinmama?

You cannot currently sell your cryptocurrencies for fiat on Coinmama. However, the team is working on implementing this option in the future.

Are my credit and debit card information stored on Coinmama servers?

No. All sensitive information is routed through the payment provider, ensuring the safety of financially sensitive numbers.
Coinmama uses Simplex as its native payment portal. Simplex is a reliable and trustworthy service that is used by a large variety of large cryptocurrency companies, like Xapo and Changelly. Simplex has become a respected service in the cryptocurrency and financial industry, ensuring that consumers can make online transactions with ease and no worries.

How are Data and Cryptocurrencies Secured Through Coinmama?

All personal data and documents are encrypted while passing through the Coinmama service, and are not stored anywhere on the exchange’s servers after transaction or verification goes through.

Unlike classical exchanges, Coinmama does not store any of the coins you purchase on their own wallets. However, Coinmama routes the coins through exchanges to send them to any wallet which you may desire.

Coinmama has become GDPR compliant and customers should be able to see how their data is being used by the service. If you are interested in seeing how your data is used, visit Coinmama’s updated privacy policy, which should have been sent to you through email.

Why Is KYC Mandatory?

Before placing your first order on the Coinmama service, Coinmama is required to obtain some information about you to stay compliant with the law. The KYC verification is important to make sure that your account is secure and non-fraudulent. Coinmama decision to implement KYC/AML rules is in line with other fiat to crypto exchanges, who also have KYC rules in place.

Unlike other fiat to crypto exchanges, Coinmama’s team will go through the verification process much faster than any other exchange, often within one hour after ID submission.

Does Coinmama Facilitate Transactions Between Buyers and Sellers?

No. All transactions are made through Coinmama’s system alone, almost eliminating the risk of buyer or seller fraud. As stated above, Coinmama does not have custodial wallets. After purchasing from Coinmama, cryptocurrencies are sent to an entered wallet address.

What Currencies Does Coinmama Accept?

Coinmama accepts all currencies from around the world. However, the pricing of cryptocurrencies will be displayed in either U.S. dollars or Euros. Coinmama plans to add more display currencies soon.

How Long Until I Recieve Purchased Cryptocurrencies?

Once Coinmama detects that your payment and cryptocurrency wallet address is confirmed, they will send the cryptocurrency you ordered directly to your wallet.

Is Coinmama Available In All U.S. States?

At press time, Coinmama is available in all but 4 US states, these states are:

  • Hawaii
  • New Mexico
  • Oregon
  • Vermont

In addition to these US States, the exchange is restricted in the following US territories:

  • American Samoa
  • Guam
  • Northern Marianna Islands
  • Puerto Rico
  • Virgin Islands

Is Coinmama Trustworthy?

Coinmama is an exchange you can put your trust (and money) in. They have a great customer support team who will assist you if you require any assistance, of any kind. As well, they have existed for over one year now with a positive track record, with thousands of satisfied customers.

What are Coinmama’s Packages?

Coinmama sells cryptocurrency in a different way than other exchanges. Coinmama lets the user choose from different packages, and also lets them create their own.

All data that is run through the service is encrypted, making it almost impossible for hackers to get ahold of sensitive information Uploading your verification documents is easy and simple. As well, once your documents are submitted, the Coinmama team should review them within the next hour.

Conclusions

 

shape shape shape shape shape shape shape