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Coinmama Review – Buying Bitcoin with Coinmama

Exchanges
9

Amazing

Coinmama is an Israeli headquartered cryptocurrency seller offering services to people almost all over the world since 2013. They operate in over 180 countries and 23 US states and although the exchange rate is displayed in USD or EUR, Coinmama accepts all currencies. It’s owned by NBV International, based in Slovakia. Coinmama is registered as a Money Services Bussiness with FinCEN and operates in compliance with the Bank Secrecy Acts. This Coinmama review aims to help you discover more about Coinmama, one of the largest crypto exchanges around.

Purchase

Before being able to purchase cryptocurrencies through Coinmama, users must first register by providing their full name, an email address and country of residence. Once registered, users must then verify their account in order to place an order. Coinmama requires at least a photo of a valid government issued ID as well as a selfie taken with the ID and a piece of paper, that has ‘Coinmama’ and the date written on it.

As of August 2018, Coinmama allows users to purchase funds through a SEPA bank account transfer or with their traditional Visa or Mastercard debit/credit card option.

Credit card purchases are quick and easy, once the chosen wallet address has been typed in then the payment form can be filled out and the order processed.

Coinmama doesn’t store any funds for the user and doesn’t offer coin wallet services Instead a coin wallet of the users choice is entered and purchased coins are transferred directly into the chosen coin wallet. Remember to verify your wallet by clicking on the link in the email sent to you by Coinmama, otherwise, the coins cannot be sent to your wallet.

The coins currently available for purchase on Coinmama are Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Cardano, and they are working towards adding additional cryptocurrencies.

Coinmama charges fees of 5.9% which is included in the quoted price on the website and for credit card transactions there is another 5.00% fee. There are no extra fees for Bank SEPA bank transfers like with credit card transfers but your bank may charge a transaction fee.

Privacy and Security

Personal information and data are fully encrypted and credit card information is not stored by Coinmama on their servers or websites. They are also GDPR (General Data Protection Regulation) compliant and therefore adhere to European data security requirements.

Due to the fact that Coinmama doesn’t offer coin wallet services, users have total control over their funds’ storage and security.

Coinmama does, however, have a life limit, dependent on the level of verification reached. In other words, the more information that you choose to share with Coinmama then the more currency you will be able to buy however it should be noted that the level of verification doesn’t affect the Coinmama daily cap of 5000 USD/EUR or the monthly cap of 20 000 USD/EUR.

Customer Support

Coinmama generally provides responses within 2 hours to questions and queries via their facebook page or email (support@coinmama.com), a live chat with support staff is also available on the webpage. Users have mentioned that the level of customer support is quite good, however, it should be noted that Coinmama doesn’t offer phone support services.

Company Address

Prievozská 4D,

Bratislava 821 09,

Slovakia

Coinmama Review Summary

Coinmama has drawn some criticism due to the fact as users can only buy cryptocurrencies. Many other well-known exchange platforms, allow users to sell as well as buy cryptocurrencies, also the limited number of cryptocurrencies available to buy and the amount of fees charged on purchases have caused complaints. However, the platform’s near worldwide availability, ease of use and high level of security have helped it to become one of the most widely used cryptocurrency buying platforms in the world.

We’re hoping this Coinmama review has provided you with the information you’re looking for, and if you’re interested in signing up, you can do so here.

Disclaimer: Buy For Bitcoin does not provide any warranties towards the accuracy of the statements in the above Coinmama review. Any content on this site should not be relied upon as advice or construed as providing recommendations of any kind. It is your responsibility to perform your own research of the platform. Trading and investing in cryptocurrencies involves considerable risk of loss and is not suitable for every investor.

Good

  • Easy to use
  • Good reputation
  • Good support

Bad

  • Limited number of cryptocurrencies available
  • Users can only buy cryptocurrencies
9

Amazing

Beginner Friendliness - 10
Reputation - 9
Fees - 8
Customer Support - 9
Payment Methods - 10
Available Cryptocurrencies - 8

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