Coinmama Review

Coinmama Review

Coinmama is an Israel-based cryptocurrency exchange that deals with fiat to cryptocurrency transactions, focusing on debit and credit cards. Their service is open to customers across the world, allowing for consumers to buy cryptocurrencies through their simple to use payment portal.

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

Coinmama payment methods

Coinmama is one of the most popular and secure ways of obtaining cryptocurrencies directly through a credit card or debit card on a non-traditional exchange, which deal with trading pairs and over extensive verification processes.

Coinmama accepts any Visa or MasterCard debit or credit cards, allowing for users not to deal with the hassle of wire transfers with normal exchanges. Coinmama doesn’t store users funds on their exchange and sends directly to a users wallet.

Coinmama Cryptocurrencies Selection

Coinmama offers eight 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
  • Ethereum Classic

While this may not seem like a wide selection at first, it’s extremely impressive for a fiat exchange. Most fiat exchanges such as Coinbase only offer 3-4 currencies with debit and credit cards. Coinmama has added several coins in the past few months and plans to add more throughout the year.

It is important to note, that their latest addition Ripple is not currently available to US customers. This is most likely due to the US governments unclear stance on if it is an unregistered security or not.

Coinmama Fee Structure

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.

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.

Coinmama packages

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.

Customer Support at Coinmama

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 which 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 which 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.

Coinmama Signup

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 make a purchase on Coinmama

Buying cryptocurrencies is as easy as setting an account using your email and password. Once your account is email verified, you will need to submit KYC as mentioned earlier before making your first purchase.

Once ID verification is complete, go to the purchase page and submit an order by inputting what cryptocurrency you would like to receive, and how much.

After noting these details, you will be prompted to enter in your wallet address, which will vary depending on which cryptocurrency you are purchasing.

After this is complete, you will be required to fill out your credit or debit card details. You should receive your cryptocurrency minutes after you finish these steps. It is important to note that there is a minimum purchase of 60 USD worth of cryptocurrencies.

Coinmama Team

Coinmama has a strong team of 7 core members and 25 other team members, coming to a total of 32. Coinmama’s team has proven themselves to be quite competent, creating an easy to use exchange which has attracted many customers from all over the world.

CEO – Asaph Schulman

Coinmama CEO

The CEO of Coinmama has lots of experience in the business and technology industry, obtaining a dual degree in computer science and business in 2001.

Since the acquisition of this degree, Asaph has worked with brokerage company EToro, as head of the Oceanic division. As well, Asaph has worked with countless marketing firms, expressing his strong business ideas and models.

CFO – Guy Ben Yossef

Coinmama CFO

The Chief Financial Officer of the exchange, Mr.Yossef, is unarguably one of the most experienced members of the Coinmama team. Since obtaining his Masters in Accounting and finance and his CPA (Chartered Professional Accountant) license, he has worked with EToro as CFO. As well, he has worked with accounting giant, KPMG, as a senior auditor.

It is clear that Guy will do his best to assist Coinmama through his extensive experience and knowledge in the field of economics and finance.

Frequently Asked Questions

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.

CoinmamaVerificationLimits

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?

As a matter of fact, Coinmama is unable to operate in all U.S. states, most likely due to legal restrictions placed upon cryptocurrency exchanges. Coinmama is currently operating in the following 23 U.S. states:

  • Arizona
  • California
  • Colorado
  • Florida
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Michigan
  • Missouri
  • Montana
  • Nevada
  • New Jersey
  • North Carolina
  • Pennsylvania
  • South Carolina
  • Tennessee
  • Texas
  • Virginia
  • Wisconsin

The Coinmama team will be most likely expanding this range of states as time progresses.

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.

Conclusion

Coinmama is an easy to use site, which is aided by a simple interface allowing for all users to easily get their hands on cryptocurrencies. There really isn’t anything too complicated about using the site. Just set up an account, get verified within an hour and submit a buy order through their clearly laid out system. It’s as simple as entering your address and the number of cryptocurrencies you want to buy.

Considering that cryptocurrency ATMs take similar fees for instant transactions, it becomes apparent that the 10% fee which Coinmama takes is actually justified.

If you need some more guidance on how to buy cryptocurrency on Coinmama, check out this video.

Coinmama is backed by a strong team of passionate and experienced individuals, which have propelled the exchange to new heights, receiving millions of dollars worth of trading volume through a wide range of customers.

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