In this article, we will review Coinmama, a crypto exchange for buying and selling Bitcoin and other cryptocurrencies.
Table of contents
- What is Coinmama?
- Coinmama Review: Summary (TL;DR)
- How to get started with Coinmama?
- Coinmama Verification Process
- Coinmama Fees
- Coinmama Review: Supported Cryptocurrencies
- Coinmama Review: Payment Methods
- Coinmama Review: Buying Limits
- Coinmama Review: Privacy and security
- Coinmama Review: Customer Support
- Coinmama Review: Pros and Cons
- Coinmama Review: Conclusion
- Frequently Asked Questions
What is Coinmama?
Coinmama is an Israel-based online cryptocurrency exchange platform to buy and sell cryptocurrencies. This exchange platform has been around since 2013. It was created to build the most straightforward and easy crypto exchange platform. Since 2013, it has now about 2.2 million active users across 197 countries.
Many users are using it because of its fast-track verification process, many payment methods, and availability in so many countries. Another critical, shocking revelation is that United States residents can also use it.
Although the services are limited, unlike many crypto exchanges, it is available in the U.S.
Coinmama falls under those who first supported the purchase of Bitcoin with credit and debit cards. Even though Coinmama does not have trading options like margin trading, users find it appealing and prefer it. One of the reasons users prefer it is because they continuously add cryptocurrencies and alternate payment methods.
Coinmama Review: Summary (TL;DR)
- The signup and verification process is simple, and it takes only a limited time to complete it.
- Coinmama offers the most popular and people favorite cryptocurrencies within the crypto market.
- It delivers customer support in multi-languages to cover its footprints globally.
- Coinmama is available in 197 countries all over the globe, including U.S. citizens. It serves 43 U.S. states.
- Compared to the rest of the exchange platforms, Coinmama has the highest daily limit.
- Users have multiple payment methods to deposit and withdraw, including credit and debit cards.
- It delivers cryptos to the user’s crypto wallet instantly.
How to get started with Coinmama?
To open or register an account on Coinmama, follow the below process carefully.
Step 1: Visit the Coinmama Home Page and click on the signup button o the top right corner of the page.
Step 2: A page asking you to fill in your details will appear. Enter your email-id, set a strong password, put your country, and click on the signup button billow the details.
Coinmama Verification Process
Once the user has an account on Coinmama, they will prompt users to complete their profile. This process is Coinmama Verification Process. To finish it, you will need the following documents: Government-issues-id, and mobile phone with working camera. When you fulfill these two criteria, follow the next steps:
Click on the “Complete My Profile” as shown in the image.
Now, they will ask you to enter your full name, sex, and DOB. After filling them, click on the “Next.”
In the next step, enter the country of residence, address, and phone number. Once you complete it, click “Next.”
Now comes the KYC part. Firstly, you have to select your Government ID type and issuing country from the drop-down list. After choosing, enter your I.D. number and expiration date. Click “Next” after completing.
In this step, you have to upload your document. Make sure that
- The corners are visible.
- The image is colored and not blurry.
- The text is readable.
Click on “Looks Good” for further steps.
Next is the selfie time. Click your photo of yourself with the I.D. you uploaded in the previous step. Plus, your image should also contain a paper with COinmama written on it with today’s date.
Make sure that
- Your entire face is visible in the photo.
- The image and text on your I.D. is visible and readable.
- The image has both the I.D. and the paper note.
Click “Looks Good” to complete the last step.
The last step is email verification. Go to your mail inbox, and open the Coinmama verification email. Click on the “Confirm Your Email” to complete the verification process.
Usually, Coinmama verification time is 30 minutes. It is the quickest time in the market.
The Coinmama crypto prices that are visible are based on the TradeBlock XBX service. TradeBlock XBX lists the known provider rates, to which this platform adds up to 2%. It also includes a Coinmama commission fee that is around 3.9%.
The fee for buy an order depends on both the payment method and users’ loyalty. To sum it up, we can say that:
- It charges an additional 5.0% momentum fee on using Credit and Debit cards.
- There’s no extra fee through SEPA bank transfer.
- It also does not charge any additional fee for orders above $1,000 with user transfer with SWIFT bank. Users have to pay 20 GBP if they make an order below 1,000 USD.
The selling also correlates with a user’s loyalty program level. The calculation of rates includes the sum of the XBX index average, 2% (STD dev), and Coinmama sales fee (between 0.1% and 0.9%). Charges based on loyalty program are:
- 2.9% for Curious Level that is Regular Account.
- 2.5% for Crypto Enthusiasts or Level 2 users.
- 2.1% for Crypto Believers or Level 3 users.
Coinmama Review: Supported Cryptocurrencies
This exchange platform also allows users to purchase multi-currency made in USD, GBP, EUR, AUD, JPY, and CAD.
Coinmama Review: Payment Methods
Coinmama is one of those first cryptocurrency exchanges which offered a Credit Card as the payment method to buy Bitcoin. Although there is no PayPal option, the other available methods are:
- SEPA (E.U. banks)
- Faster Payments (U.K. banks)
- Credit card
- Bank transfer
You will need a digital wallet that you can use because the Coinmama wallet is not available and does not hold coins.
Coinmama Review: Buying Limits
Coinmama transaction limits depend on a few factors like regulations, user’s payment method, and verification level. The applicable limits reset after 24-hour or 30-days, depending on the account. Although Coinmama limits the transaction, the limit value is high in contrast with the other platforms. Below are the details of the limitations:
Bitcoin Limit: The minimum buy limit for Bitcoin is 0.1 BTC.
Account Limit: The account limit depends on the user’s account verification level.
- Verification Level 1: The account limit at this level is $15,000. Whereas the daily limit through Credit card and Bank transfer is $5,000 and $12,000, respectively. Also, the monthly limit is $15,000.
- Verification Level 2: At level 2, the user’s account has a limit of $50,000. Whereas the daily limit through Credit card and Bank transfer is $5,000 and $30,000, respectively. The monthly limit is $30,000.
- Verification Level 3: At this level, there is no limit on the account. However, the limit on Credit cards and Bank transfers is $7,500 and $30,000, respectively. The monthly limit for Credit/Debit cards and Bank transfers is $40,000 and $100,000, respectively.
Coinmama Review: Privacy and security
Coinmama protects the customers and their assets with a high level of safety and security. Following are the security measures that it takes:
- KYC Process: The KYC or verification process is done for all user’s accounts to minimize fraud.
- Credit card Details: Coinmama does not hold any users Credit or Debit, or Bank details.
Since Coinmama neither stores customer details nor holds cryptos on the exchange, there is no need for the 2-factor authentication. However, Coinmama does ask its users to enable 2-factor authentication on any wallet app.
Coinmama Review: Customer Support
Coinmama supports customer services in multi-languages. It has a dedicated help center, where you can also use the search option to find the answers to your queries. Another option is to submit a request. Click here to submit any reports.
You can also send an email to [email protected]. They revert to you within 24 hours. Users can also use the Facebook page of Coinmama to submit the query via Facebook messenger. The other social media platforms of Coinmama are Twitter, LinkedIn, and Instagram.
Coinmama Review: Pros and Cons
- It supports and offers a wide range of cryptocurrencies that the users most prefer.
- User’s don’t have to pay any additional fees to withdraw coins from Coinmama.
- The KYC verification process is done within few hours.
- The platform is user-friendly and supports both novice and high investors.
- It offers multiple fiat money to purchase cryptos.
- It delivers coins instantly.
- Coinmama gives high importance to security.
- Outstanding customer support with multi-language support.
- The exchange platform is not available to trade bitcoins and cryptocurrencies.
- It does not support the sale of other cryptocurrencies besides Bitcoin.
- KYC verification is compulsory to buy and sell cryptos.
- High Fee charges.
- Coinmama app is not available.
Coinmama Review: Conclusion
Coinmama platform has been around since 2013, which makes it one of the oldest cryptocurrency exchanges. It has gained millions of users due to its safety, where users can quickly buy and sell cryptocurrencies. Another appealing feature is the fast delivery of coins. So, no need to wait for hours and days to start buying and selling cryptocurrencies.
Even though it accepts Credit and Debit cards, the fee is relatively high compared to other platforms. However, users are free from any additional charges for withdrawing. Coinmama is a simple and secure platform, which continues to grow and is competitive.
Frequently Asked Questions
Is Coinmama safe?
Yes, Coinmama is a safe and reputable company with impressive support. It has more than 2.2 million active users from 197 different countries, including U.S. citizens. This stat speaks volumes that Coinmama is legit and safe to use.
How long does Coinmama take to verify?
It only takes 30 minutes to few hours to verify the user’s documents. This is the fastest and quickest KYC verification that anyone would ever get from any other platform.
How to verify Coinmama?
The verification process of Coinmama includes submitting your documents like a government-issued I.D. With the documents, you will also be asked to upload your picture with your document and a page containing some details.
How to delete a Coinmama account?
The deleting process of Coinmama is simple. Log in to your Coinmama account, Click on “my profile,” then click on “Close account”. This way, you will be able to delete it.