|Support Types||Email, Contact form on website|
|Trading Platform||Coinmama own software|
|Minimum 1st Deposit||$60|
|Minimum Account Size||$1|
|Minimum Trade Amount||$1|
|Maximum Trade Amount||$15,000|
|Payout||within 48 hours|
|Free Demo Account|
|Regulation||FINCEN in the U.S|
|Fee Info||up to 5.5%|
|Deposit Methods||SEPA bank wire transwires, Credit card, debit card|
|Withdrawal Methods||SEPA bank wire transwire|
|Number of Assets||7|
|Types of Assets||Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, Qtum, Ethereum Classic|
|Trading Currency||Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, Qtum, Ethereum Classic, USD, EUR, GBP, CAD and AUD|
|Account Currency||USD, EUR, GBP, CAD or AUD|
|US Traders Allowed|
Coinmama review December 2019
To choose which cryptocurrency exchange to use can be difficult as there are dozens of cryptocurrency exchanges available on the internet. However, Coinmama is just like Binance and Bitfinex one of the most popular ones. Why is Coinmama so popular? In this Coinmama review you will find out.
In this Coinmama review we are going to outline all the pros and cons of this cryptocurrency exchange and we will explain to you how you can buy bitcoin and/or altcoins using Coinmama.
What is Coinmama?
Coinmama is a cryptocurrency broker located in Israel that is founded in 2013. From their website you can buy cryptocurrencies from anywhere in the world apart from a few restrictions like North Korea. Also, only 23 U.S. states can use their crypto services. These states are the following:
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 and Wisconsin.
Please note that there are some differences between ”exchange brokers” like Coinmama and ”exchange marketplaces” like Binance. Cryptocurrency brokers hold cryptocurrency reserves which you can buy with fiat money, whereas on a cryptocurrency marketplace you can buy and sell different cryptocurrencies for others.
Ever since Coinmama existed, more than 1,800,000 people over 200 countries have bought cryptocurrencies from their website. This shows that Coinmama is reliable and how big the crypto industry is getting.
One of the things with cryptocurrency exchanges is that most of them don’t allow you to buy or sell cryptocurrency with or for fiat money. Some anonymous crypto exchanges only allow you to buy cryptocurrencies with Ethereum, but how do you do that if you don’t have any Ethereum in the first place? This is luckily not the case with Coinmama and Bitfinex, by the way, where you can buy crypto’s with fiat and trade them directly.
At Coinmama you can use your debit or credit card to buy cryptocurrency directly with fiat money from their website. This is the same as buying any other product on the internet. But this time, you are ordering cryptocurrencies.
Most major banks issue debit and credit cards from Visa or Mastercard, so you will be most likely able to buy crypto’s from Coinmama. If your bank doesn’t issue those, but Meastro cards, Discover or American Express, you can order a prepaid debit card from Revolut or Neteller.
When you use a cryptocurrency exchange broker like Bitfinex your coins are stored instantly in your Bitfinex trading wallet, which isn’t the safest way of storing cryptocurrencies. This means that you will have to send them later on to your personal wallet, which is way safer.
A good thing about Coinmama is that when you buy cryptocurrencies at Coinmama, your coins can be sent directly to any wallet you wish. This can even be paper or hardware wallets.
The thing with most cryptocurrency exchanges and brokers is that they always look very intimidating from the start. Loads of charts, graphs, statistics, seemingly difficult to use trading screens etc. Luckily, Coinmama is very easy to understand and just looks like any other website where you buy something. Just open a Coinmama account, verify it, enter your details and choose how many coins to buy. No trading or investment knowledge is required whatsoever.
If you ever run in to any problems with your Coinmama account and need assistance from their support team, you can contact them in several ways. The best way to contact them is by live chat. The live chat is available Sunday to Thursday 9:00 – 18:00 GMT+3.
Alternatively, you can send them an email, file a support ticket or contact them on Facebook. If you have a general question or issue, the solution or answer might already been written in their extensive FAQ page.
Not many cryptocurrency exchanges are regulated or licensed by any regulatory body. However, Coinmama is registered with FINCEN in the United States. This is a sign that this exchange is in fact, very reputable and reliable and if they do anything illegal or scam anybody, they will be investigated accordingly.
FINCEN is a short name for Financial Crimes Enforcement Network, which is responsible for investigating financial crimes as fraud, money laundering and tax evasion.
Ever since March 2018, Coinmama hasn’t been hacked or attacked and they keep all credit card records on a separate server. You can rest assure your credit card details are safe.
No cryptocurrency exchange or broker is perfect, and the same counts for Coinmama. Coinmama is unique in a way that it allows you to buy and sell cryptocurrencies and send them to any wallet, but you cannot trade them with Coinmama. Cryptocurrency brokers like Bitfinex allow you to buy and sell cryptocurrencies back and forth to fiat money. The bottom line here is that if you want to trade your coins for different ones, you will have to use an external cryptocurrency exchange or broker.
One of the best features of Coinmama, of course, is that you can buy or sell cryptocurrencies with them using credit and debit cards, but, the fees are quite high. To use a credit card, you have to pay an extra 5% to the current Coinmama rate. However, it doesn’t matter which cryptocurrency exchange you use, if you want to pay by card, there are always fees involved.
On top of the credit and debit card fees, you pay an average of about 5.5% on every transaction. The exact fee depends on the amount and which coins you buy. These fees change from time to time. The fees can add up over time, but fiat-to-crypto transactions always come with some fees, and you need to do it once anyway, unless someone donates you some bitcoin.
Learn how to earn free bitcoin every hour in this article:
You can buy Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, Cardano, Qtum and Ethereum Classic with fiat money on Coinmama. This is a smaller product offering compared to Bitfinex, where you can buy over 80 different cryptocurrencies with fiat money.
Coinmama Review: Verfication Process
In the beginning, you could buy up to $150 in cryptocurrencies without any ID upload. Now, crypto regulations got a little bit stricter and you cannot buy any coins without verifying your account first.
To verify your account, you just fill out your personal details and upload some form of ID. You also need to take a selfie with yourself holding the ID, to prove that you are really you.
You then have to wait about about 30 minutes and then you receive a confirmation email that your account has been verified. Once your fully verified, you can buy up to $15,000 in cryptocurrencies without providing any more information about yourself.
Creating a Coinmama Account and Buying Cryptocurrencies
Now that you know all the pros and cons of buying cryptocurrencies using Coinmama, we will now outline how to buy cryptocurrencies at Coinmama.
Step 1. First of all, visit the Coinmama website by clicking here.
Step 2. Fill in your email address in the big box in the middle of the homepage.
Step 3. Fill in your full name, choose a password and enter your country of residence.
Step 4. Confirm you verification email by clicking the link in your email inbox.
Step 5. Decide which coin(s) you want to buy.
Step 6. Choose whether you want to pay in USD, EUR, GBP, CAD or AUD.
Step 7. Decide how much you want to invest.
Step 8. Now the verification process starts. Click on ”Click here” to get verified.
Step 9. Re-confirm your full name and enter your date of birth, phone number and address. Make sure this information matches the information on the debit or credit card you’re going to use to buy cryptocurrencies with.
Step 10. Scroll down and enter your ID details. This can be a driver’s license, a passport or national ID card.
Step 11. You will be asked to upload a selfie of you holding your ID and an image of you holding a piece of paper with ”Coinmama” written on it with the deposit’s date.
Step 12. After hitting the ”Submit” button it takes a few minutes up to an hour to become verified. Please note that the most common reason for being declined is blurry pictures. Make sure you use a good camera or phone with one.
Step 13. Once verified, you will receive an email saying that your account is able to buy up to $15,000 in cryptocurrency.
Step 14. Repeat steps 5 to 8 to buy your cryptocurrency. After this you have to input your wallet address and finalize the transaction.
- Buy crypto with fiat from just $60
- Debit and credit card deposits accepted
- Available in over 200 countries
There is no review.