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Coinmama Exchange Review
4.4 (33 votes)

Coinmama Exchange Review

Coinmama overview

Founded in 2013, Coinmama has since been the first preference for buyers who are looking for a speedy way to buy cryptocurrencies with debit or credit cards. This company was the first to enable payment through credit cards and debit cards. Surprisingly enough, this facility was widely accepted, appreciated and a key reason behind its present growth. Coinmama currently serves 226 countries in total and most of the United States. Quite unlike other popular exchanges such as GDAX and Kraken, this platform is for buy-only activities. Consumers who want to buy cryptocurrencies such as Bitcoin and Ethereum to store in their preferred wallets, choose Coinmama. Their prices are defined by the current market value, with the platform’s 6.5% fee included in the total pricing. Consumers making payments with credit cards and debit cards have to pay an extra 5.65% service fee. According to their FAQs, consumers are allowed to sell digital money on this platform.

How to use Coinmama to buy cryptocurrencies?

Start by registering and verifying your email ID

On the homepage of Coinmama, you will see a registration form. Enter your email address, followed by password creation, your full name, residence and country you belong to. Once this is done, an email will be sent to you from Coinmama, to verify your email address. 

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Submit required credentials such as your IDs

Go to ‘My account’ and hit the ‘verify your account’ tab. You will then be asked to provide your proof of residence and a contact number, such as your active mobile number. There will also be a requirement for a government issued ID, such as your passport, national ID card, or driver’s license. There is no need to provide them in person, you can provide a scanned copy and upload it online.

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Choose your preferred cryptocurrency pair

Depending on whether your IDs have been approved or not, you will be redirected to the tab ‘Buy Bitcoin/Ethereum.’ Get started by selecting an amount and provide the address of your wallet. Once you have entered your payment details, you will need to wait to have them approved. This may take a while, but once it is done the amount will be sent to the wallet address you have provided.

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Is Coinmama safe to use?

You might have come across numerous reports, claiming that the crypto world is a fraud and a bubble. However, the truth is that curiosity is still there in people, and this is actually boosting the expansion and longevity of the crypto world. Exchanges are one of those hundreds of doubtful elements of the crypto world that have been criticized (and the criticisms have sometimes turned out to be true).

Coinmama, the company, has maintained a clean image in the industry ever since its creation. Dealing with digital transactions for quite a time now, the site ensures safety and security as a priority. This platform is one of the renowned platforms for cryptocurrency purchase, which is further secured by Comodo and Trust Guard. The two specialists have ensured that the platform uses 256-Bit SSL encryption actively on each of the page and they also contain private information.

Exchange Legitimacy

NBV International S.R. O’s product is Coinmama – this is basically known as New Bit ventures Ltd.’s daughter company. New Bit Ventures Ltd operates under the registration of FinCEN – Money Service Business. While the entire world is seeking out the best safety and security assurance, Coinmama is busy making a good example.

Security of your personal account

This cryptocurrency purchase platform might not offer two-factor authentication at the moment, but they are planning to launch it at a later stage. Users are using a password as maximum security measure, which must be a combination of lowercase/uppercase letters and numbers plus symbols and you will need to create a password too for your Coinmama exchange account.

Coinmama’s customer support

Ever since services became digitized, the most important concern has been ‘how good is the customer support service?’ Not only the presence of customer support desk is enough, but it has to be active in giving quick solutions to customers. The Coinmama platform has world’s most sophisticated customer support desk, but what ensures that it would be active enough to give out quick resolutions? Well, users are able to get in touch with their customer support executives at any time at support@coinmama.com. Don’t consider it like other customer support via email. They are pretty much quick and it is evident through their existing/former user reviews. The maximum time they take to revert is not more than 24 hours. Now, if you have a bunch of queries, visit their FAQ page and you will get a quick resolution to all your doubts and grievances.

Countries serviced by Coinmama

Coinmama operates in a total of 226 countries worldwide, including the majority of U.S states. It is believed that Coinmama is one of the most largely accessible cryptocurrency purchase platforms in the world, which allows smooth purchase of digital assets. When it comes to U.S states, only the followings states can access it: California, Arizona, Colorado, Indiana, Illinois, Kentucky, Kansas, Massachusetts, Florida, Nevada, New Jersey, Maryland, Michigan, New Mexico, Missouri, Montana, Pennsylvania, Tennessee, Virginia, Texas, North Carolina, Wisconsin, and Louisiana.

Coinmama’s buying and selling limits 

With this platform, the approach is a bit different, as your purchase limit depends on your verification level. Level 1 requires the verification of 1 valid government ID and it allows the purchase of up to USD10,000. Level 2 requires the verification of a secondary ID, which is to be submitted along with either a selfie holding the ID or utility bill. This allows the purchase of up to USD50,000. However, if you are looking forward to experiencing an unlimited purchase level, you had better contact support@coinmama.com in order to activate this option. This will only require a Level 3 verification process.

The minimal purchase amount is USD60. There are also well monthly and daily purchase limits for every user – the daily limit is capped at USD/EUR5,000; while the monthly limits is capped at USD/EUR20,000. The daily limit is valid for the 24 hours since the last order was placed. 

Wallet usage at Coinmama

In order to buy Bitcoin and Ethereum with a credit card or debit card, this platform doesn’t require the user to register their cards. Rather, the procedure includes user registration. Once completed, the user is immediately directed to the buying page where he can decide the amount he wants to buy.

Now the concern is where to store and how to store the purchased coins as Coinmama does not offer a proprietary wallet. There are many other platforms that do not offer proprietary wallets. In these cases, users must seek a third-party cryptocurrency wallet service. When signing up with a third-party wallet, you will be provided with a unique address, which is the only address to send and receive money from. So, keep it safe according to the instructions.

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Fee allocation

This is the second biggest concern for a beginner, to know if he will be able to meet the service fee or not when trading for the first time. Well, as far as this platform is concerned, they have kept their fees quite affordable. In comparison with its competitors, this platform’s transaction fees are quite reasonable, with a 5.50% fee to be paid per transaction. They include this fee in the rate of the Bitcoin or Ethereum and then display it on their website. This platform charges their users an additional 5% on each debit and credit card use for payment. More so, user might be charged sometimes a cash advance fee by their card issuer or respective bands based upon if the financial institutions consider the transactions as a ‘cash’ transaction or not. According to some reports of late, members must add an additional 10% to their fee while transferring through the platform.

Has this platform been breached?

Although this platform is only engaged with the purchase of digital assets, it is giving tough competition to its big competitors in terms of security and safety. There have been no such reports, claiming that this platform has experienced any sort of security breaching. With more than 600,000 visitors, this platform ensures that their user information is not being shared and no-one else (except for validated members) is accessing any information. This platform is registered with FINcen in the United States of America as a money service business. Although Coinmama is not into holding cryptocurrency on behalf of their users, this is where things become a little less of riskier or prone to any cyberattacks.

As already discussed, customer support is available through email, with  immediate answers and it is certainly satisfactory. As most of the available platforms in the market have mixed reviews, Coinmama has a genuine 99% positive result except for those never-to-be-predicted technical glitches.

Summarizing Coinmama

This platform offers its members a series of advantages including options to buy cryptocurrencies with cash via Western Union, debit card, credit card as well as global accessibility. This platform is a super choice for beginners who don’t want to engage with all the big trading complications. Instead, they just want to buy some and see how it goes with the market volatility (almost everyone knows how volatile the crypto world is). Therefore, very few agree to trade at their first attempt. Most want to just buy the digital money and wait for their value to rise higher, so that they can make some great trades with the help of reputed brokers or exchanges.

Coinmama’s, slogan is ‘it is the easiest and fastest mode to buy cryptocurrency’. For members, wishing to buy Bitcoins or Ethereum as soon as possible Coinmama offers a one-stop solution. Hence, if you are interested in buying cryptocurrencies and in large amounts, you can opt for this platform.

Have a look at the benefits of using Coinmama:

  • Make purchases with debit card and credit card.
  • The platform is highly safe and secure.
  • Experience a fast-track verification.
  • Supports the purchase of the world’s two largest cryptocurrencies – Bitcoin and Ethereum.
  • Worldwide accessibility.
  • Trustworthy customer support service.

In a nutshell, the company enjoys a strong reputation within the domain. With additional features and decent service fees, this definitely makes the list of the world’s top cryptocurrency exchange platforms.

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