Coinmama Review (December 2022) - Pros, Cons, Features, & Pricing - Comparewise
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Coinmama Review (December 2022) – Pros, Cons, Features, & Pricing

Coinmama is a cryptocurrency exchange that was established in the country of Israel in 2013. After some time had passed, Coinmama became officially established as New Bit Ventures Ltd. in Dublin, Ireland.

This exchange gives its customers the ability to purchase and sell coins from a wide variety of cryptocurrencies using a wide variety of different forms of exchange, such as Apple Pay, Google Pay, credit cards, bank transfers, or wire transfers such as SWIFT and SEPA. The exchange serves consumers in more than 190 countries throughout the globe, has more than 2.2 million registered users, and offers a streamlined verification procedure.

The firm operates in the United States as well; however, its services are only available in those states within the United States in which it has been granted regulatory license to provide cryptocurrency-related services. In our Coinmama review, we’ll go over all of the details about this exchange.

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Last Updated: Nov 22, 2022

Coinmama

  • Buy crypto with a credit or debit card
  • Fees from 5.5% to 5.9%
  • Made for newcomers

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Coinmama does not provide trading alternatives such as margin trading; nonetheless, consumers find the platform to be quite tempting due to its high level of security and simplicity of use, particularly when it comes to purchasing Bitcoin using a credit card. This Coinmama review will provide you with all the information you want about the exchange, including a discussion of how it fares in comparison to other companies in the same sector.

Services Offered by Coinmama

Let’s get into our Coinmama review by starting with the service they provide. Coinmama offers brokerage services for the purchase of Bitcoin and a variety of other prominent cryptocurrencies. At Coinmama, consumers are able to directly acquire crypto currencies from the exchange itself, since Coinmama sells Bitcoin directly to clients, in contrast to other exchanges that enable users to buy coins from other individuals.

Other exchanges allow users to buy coins from other people. Coinmama gives its customers the opportunity to buy and sell Bitcoin even if the cryptocurrency was originally acquired via an exchange other than the Coinmama exchange.

Because of this, the customers don’t need to seek for buyers in order to sell their Bitcoin, which frees up a significant amount of their time. Additionally, the Coinmama exchange is exerting significant effort to cut the brokerage costs to the greatest extent that is practically achievable.

Coinmama Exchange Offers the Following Advantages

To start off our Coinmama review, we’ll highlight some great parts of their user experience.

Buy Bitcoin Instantly

Coinmama’s support for a wide variety of payment methods results in streamlined and expedited transaction processing. Customers are able to obtain their coins far more quickly when they pay using bank transfers, credit cards, or wire transfers rather than cash.

Sell Bitcoin Instantly

Coinmama gives her customers the ability to sell Bitcoin even if the cryptocurrency was acquired via the usage of a separate trading platform.

High Spending Caps

Traders are able to purchase Bitcoin anytime they like, up to the value of 30,000 US Dollars at a time. On Coinmama, the lowest amount of Bitcoin that may be purchased is equal to sixty United States Dollars or its equivalent in Euros, Australian Dollars, Canadian Dollars, British Pounds, or Japanese Yen.

The maximum amount a customer may purchase in a single day is 5,000 USD, and the maximum amount a customer can purchase in a single month is 15,000. These restrictions, however, vary depending on the kind of account the customer has.

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Coinmama Account Verification

When making any form of purchase, customers are required to pass one of three Coinmama verification steps before being allowed to complete the transaction. After each step of verification, the maximum number of messages that may be sent increases.

Traders are required to present one legitimate official ID, such as a voter card or a driver’s license, take a selfie of themselves holding the ID card, and attach a note to it with “Coinmama” and the particular date written on it. This is the first level of the verification procedure.

  • Traders are required to provide a secondary form of identification and a current utility bill as part of the Level 2 verification procedure.
  • Traders are needed to fill out the form located on the Coinmama exchange’s website in order to proceed to the Level 3 verification procedure.

Coinmama Safety Features

Coinmama offers its users a secure cryptocurrency trading community in which they may buy and sell Bitcoin. Coinmama does not keep any of the payment information that a customer provides, such as their account details or wallet addresses.

This prevents any compromise of the customer’s cash or financial information from occurring. Customers may utilize the wallet addresses provided by a third-party broker to exercise complete control over their Bitcoin holdings.

Coinmama Updated Trading View-Comparewise

Coinmama Trading Platform

Coinmama’s trading platform is self-explanatory in contrast to the majority of other cryptocurrency exchanges. By entering onto the Coinmama website, users are able to quickly get an understanding of the operational operations of the exchange.

On that page, one may get any and all information, and the procedure for signing up is likewise extremely easy to understand. Traders are required to visit the Coinmama website, where they must register by supplying fundamental information such as their complete name, address, phone number, and a working email address.

After then, it is necessary for them to protect their login credentials by using a robust password. Every time you sign in to the broker’s website, it is imperative that you not forget the password; if necessary, write it down, put it away in a secure location, and under no circumstances should you ever reveal it to anyone person.

Following this, there will be three phases of Coinmama to validate your account (Level 1, Level 2, and Level 3), and at each stage, the trader will be required to submit particular ID proofs in order for Coinmama to verify his data as mentioned previously.

After that, the crypto enthusiast has to choose the cryptocurrency that he wants to buy by clicking on the “Buy” button and selecting the appropriate cryptocurrency. The next thing for the trader to do is to determine how much money he is willing to pay in order to get his favorite coins.

The trader’s wallet will be credited with the newly acquired coins as soon as the customer hits the “Buy Now” option and provides the necessary payment information.

The Pros of Coinmama

People search for a variety of benefits, but one of the most popular is one that supports a number of different currencies and methods of payment. People who use Coinmama have the ability to choose any crypto pair they want from the extensive selection of cryptocurrencies that are supported by the exchange.

The following cryptocurrencies are examples of tradable digital assets: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Cardano, Litecoin, Tezos, Ripple, and Dogecoin. Users of Coinmama not only benefit from the availability of a number of different currencies, but also from the availability of a number of different payment options.

Coinmama is able to process purchases made using Visa and Mastercard credit and debit cards. Additionally, the organization has begun to take donations via bank transfers (both SEPA and SWIFT), waiving all processing costs in the process.

Coinmama now enables payments made via Apple Pay and Google Pay thanks to a recent collaboration between the company and each of those payment gateways. The prices may be expressed in Euros, US Dollars, British Pounds, Canadian Dollars, or Japanese Yen.

Coinmama’s brokerage services are available in over 188 countries throughout the globe, with the exception of a few nations that have been sanctioned and certain states in the United States.

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Coinmama Customer Service

Coinmama places a strong emphasis on providing superior customer support services and customer experiences to its clientele in order to facilitate the swift completion of financial transactions.

The brand-new Bit Ventures platform is equipped with a comprehensive customer care center that has a specialized help channel that can be contacted through email. Within a maximum of twenty-four hours, the Coinmama customer care staff will do their utmost to respond to any questions or concerns raised by customers.

The Cons of Coinmama

According to the findings of our investigation, the fees required to use Coinmama are the service’s primary drawback. Traders often choose to quit Coinmama and join other exchanges where the fees are cheaper since Coinmama’s fees are greater than those of other exchanges.

The price that is shown on the Coinmama website is inclusive of the 5.9 percent brokerage fee that is charged by the firm. The XBX index used by TradeBlock is used in the calculation of the base price. The mentioned price includes an additional fee of 5 percent for credit card processing; hence, Coinmama’s pricing is 5.9 percent more than the going rate for the market.

The Cost of Using Credit Cards on Coinmama

The option to use credit and debit cards to purchase cryptocurrencies on the Coinmama exchange is a godsend for traders; nevertheless, the fees associated with using these payment methods are rather high. If any of these cards are used, the customer is responsible for paying an additional fee that is five percent more than the rate that the Coinmama exchange imposes.

This additional fee must be paid regardless of the cryptocurrency exchange that was used for the purchase of cryptos; additional expenses always arise whenever traders employ fiat money as their funding source (debit card or credit card).

Coinmama Fees

On top of the costs that are assessed for using a credit or debit card on the Coinmama exchange, there is an additional fee that ranges anywhere from 5.5 percent to 5.9 percent that is assessed for each and every transaction that is processed via the Coinmama platform.

The precise charge, as well as the bare minimum required, is determined by the quantity of cryptocurrencies that a trader plans to acquire. These ever-increasing costs may prove to be too costly for frequent customers who have their sights set on acquiring a greater quantity of cryptocurrencies.

Coinmama is often not intended for regular buyers; rather, it is geared at newcomers. On the other hand, it is also absolutely true that large trading costs will be involved regardless of whatever exchange you choose to purchase your cryptocurrencies from if you are doing so with fiat currency, and Coinmama is not an exception to this rule.

On the other hand, it should be brought to your attention that the Coinmama exchange does not charge any fees associated with withdrawals.

Coinmama Review Online - Comparewise

A Restricted Number of Coins to Pick From

Coinmama provides its customers with a restricted selection of cryptocurrencies from which to pick. Traders are only able to purchase a maximum of nine cryptocurrencies at once, however this number does include the two most prominent cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH).

This is a drawback of Coinmama in comparison to other cryptocurrency exchanges such as Coinbase, which is regarded as one of the leading Bitcoin exchanges and provides its customers with access to more than one hundred other cryptocurrencies.

If Coinmama wants to lead as the finest cryptocurrency exchange in the United States of America, it seems like the least dominating alternative for traders is Coinmama.

Why Choose Coinmama?

Coinmama is a cryptocurrency investment platform that was established in 2013 and is headquartered in Slovakia. NBV International, a subsidiary of New Bit Ventures Ltd., is the current owner of the exchange, which has its headquarters in Israel at the moment.

It was one of the first cryptocurrency exchanges to offer purchasing Bitcoin using a credit card, making it one of the most convenient ways to do so. Coinmama expanded its user base in 2019 by supporting two more cryptocurrencies: Tezos and Eos.

These cryptocurrencies are becoming increasingly popular throughout the world. Coinmama said in 2019 that it will now be able to enable the sale of bitcoin. Customers of Coinmama located in any of the over 30 countries in Europe that participate in the Single Euro Payments Area (SEPA) will have the possibility to sell their Bitcoin investments and have the proceeds sent directly into their bank accounts in Euros thanks to this functionality.

Coinmama Security

Coinmama is a recognized corporation with its headquarters in Israel, and the firm places a strong emphasis on security. The exchange is subject to regulation in the United States as well, receiving authorization from the United States regulator, the Financial Crimes Enforcement Network, to operate as a money business service (FinCEN).

The significance of this regulatory oversight lies in the fact that FinCEN is a division of the United States Department of the Treasury and has the responsibility to investigate Coinmama’s financial dealings in order to combat issues such as the laundering of illicit funds, the financing of terrorist organizations, and fraud.

Users will most likely be informed if Coinmama is reported for any of these or any other offences. Additionally, there are well-known individuals working for the organization, which contributes to the overall trustworthiness of an enterprise that has been running successfully since 2013.

Coinmama has shown again and again throughout the course of its existence that it is dedicated to ensuring that its users continue to enjoy high levels of safety. The protection of the customers’ personal information is ensured by both the security measures and the appropriate privacy regulations.

Coinmama Review - Dashboard - Comparewise

Who is Coinmama right for?

First-time bitcoin purchasers are the ideal customers for the Coinmama platform. If you have taken the time to read this comprehensive evaluation of the Coinmama exchange, it is safe to assume that you are familiar with the features and benefits offered by the platform.

It is a bitcoin brokerage service firm that provides customers with money services business that is safe in every respect. It gives customers the ability to purchase cryptocurrency directly from the exchange itself as opposed to purchasing it through other traders who are trading on the site.

According to our analysis, the Coinmama platform is ideal for those who are just starting out in the cryptocurrency market. On the exchange, first-time purchasers who do not yet own any cryptocurrencies may quickly get some using either their credit or debit cards, or even via wire transfers if they like.

Even if the traders at any point in time decide to purchase a cryptocurrency coin that is not very famous, they will easily be able to trade it with other major cryptocurrencies such as Bitcoin or Ethereum, which is why Coinmama is an appropriate platform to begin with.

Traders are able to easily transfer their cryptocurrencies to buy Bitcoin or Ethereum at any time with other available cryptocurrencies on exchanges that list the cryptocurrencies that the traders want and then trade them with their cryptocurrencies. Traders can then trade the cryptocurrencies that they bought with their cryptocurrencies.

Coinmama makes it easy to trade any cryptocurrency you want using their platform. There are several cryptocurrency exchanges available, similar to the Coinmama exchange. Visit other comparable exchanges that provide a greater variety of crypto alternatives for cryptos even if Coinmama does not have your favorite cryptocurrencies in its inventory.

Is Coinmama the Best Option for You?

In a Nutshell, the Answer Is Yes! Users who wish to acquire Bitcoin fast and with simplicity will find Coinmama to be the ideal site to do so; nevertheless, the transaction fees are prohibitively high (about 5.5 percent to 5.9 percent). The Coinmama review receives lower marks because to the excessive fees, the absence of a cryptocurrency wallet, and the absence of a mobile app.

Nevertheless, Coinmama earns five stars across the board for its user-friendliness, speed of transactions, and support services. Coinmama comes highly recommended for first-timers due to the excellent customer service it offers in the event that any problems arise.

Coinmama may have a more higher fee structure than its competitors, but it makes up for it by providing exceptional customer care, which increases the overall value of the transaction.

Beginner Traders

Coinmama boasts one of the easiest-to-navigate user interfaces that has ever been developed for an exchange service, making it an excellent choice for those who are just starting out. You won’t find any complicated graphs or charts here to add to your confusion.

After you have created and verified your account, navigating the website to purchase the cryptocurrency of your choosing will be simple and straightforward.

Experienced Traders

If you are an experienced trader in cryptocurrencies, the primary benefit of using Coinmama will be the quick delivery of coins that you have acquired into your trading account. If you live in the EU, you may also sell Bitcoin and receive cash using a SEPA transfer if you want to do so.

Coinmama Website - Comparewise

How to Buy Crypto on Coinmama

Coinmama makes the formerly complicated process of buying bitcoins simpler. Within a short amount of time, the whole procedure will be finished. While conducting this evaluation, we came across a few procedures that, when followed, make the process of buying cryptocurrencies on a site like this much simpler. Here are those actions.

1. Pick Your Coin

Traders need to sign into their Coinmama cryptocurrency accounts in order to proceed with the first phase of the process, which involves selecting the digital currency that will be used to make payments and the chosen coin that will be used to complete the transaction.

Only a very small handful of cryptocurrency exchanges now support trading using fiat cash. One of these exchanges is called Coinmama, and it is one of the ones that enables traders to buy Bitcoin straight from the website of the exchange using fiat currency by making payments using credit or debit cards.

2. Choose an Amount

After you have completed the process of picking your currencies, you will be able to choose any of the cryptocurrency packages offered on the website of the exchange. Alternately, you have the option of manually entering the particular purchase amount that you would want to spend in order to acquire Bitcoin.

3. Enter the Address of Your Wallet

To transfer or receive Bitcoin that will be held in the wallet, you will need to set up top crypto wallets and then input your wallet address from the desired third-party wallet provider (broker). This is required in order to send or receive Bitcoin.

4. Select Your Preferred Method of Payment

After you have entered the address of your personal wallet, you will be sent to a screen where you will be prompted to choose which of the numerous payment methods that are available you would like to use.

You may choose from a number of different payment methods, such as a credit card, a debit card, or wire transfers, using the selection that drops down. For this, you will need to enter either the details for your credit card or the numbers for your bank account.

5. Store Your Digital Coins in Your Wallet

Your registered email address will get an email including a link to validate your wallet. After you have followed the link and confirmed your wallet address, the Bitcoin that you have bought will be delivered to the wallet address that you have provided. Under the “My Account” option on the website of the exchange, you will have the ability to monitor the progress of the transaction at any time.

Coinmama Alternatives

Not convinced Coinmama is right for you? You might consider using another crypto exchange, such as:

Thanks for checking out our Coinmama review.

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FAQs about Coinmama

When it comes to the verification process, how long does Coinmama take?

According to the study that we carried out on Coinmama, the procedure may be finished in anywhere between thirty minutes and one whole hour. Coinmama promptly rewards the trader's wallet with the appropriate number of crypto coins when the Coinmama verification has been completed successfully. This is of tremendous assistance to traders during periods of volatility, which might result in higher costs associated with purchasing Bitcoin than the trader had anticipated.

Is Coinmama legit?

According to the findings of our investigation, This Exchange does seem to be legitimate and risk-free. With a few notable exemptions, this esteemed corporation is in the business of offering brokerage services to customers located in almost every nation in the world.

What do Coinmama's fees look like?

The total cost of the fees is XBX plus 2% (the standard deviation) as well as a commission charge ranging from 0.9 percent to 3.90 percent (up to 0.9 percent on sale transactions and 3.90 percent on purchase transactions), the exact amount of which is determined by the customer's loyalty level. The overall percentage of fees amounts to around 5.9 percent and decreases with increasing purchase amounts. Additionally, when it comes to over-the-counter (OTC) exchanges, these costs are not too far off from being competitive, but the prices at other OTCs are much higher when using credit cards, but they have extra fees that are concealed. Traders, on the other hand, have the option of avoiding the use of credit cards in favor of wire transfers such as SEPA, SWIFT, Sofort, Fedwire, and FasterPayments, among others; by doing so, they may reduce their overall transaction costs by 5%.

Does Coinmama provide its own wallet service?

No, there is not a Coinmama wallet of its own since the company does not provide such a service; instead, traders are required to supply the address of the digital wallet of their choice.

Is Coinmama legal in Canada?

Coinmama does, in fact, run a legitimate business in Canada. After all, the Financial Transactions and Reports Analysis Centre of Canada has recognized it as a registered Money Service Business (FINTRAC).

What are the steps involved in taking money out of Coinmama?

Due to the fact that Coinmama does not deal in fiat currency, there is no way to withdraw money directly from the platform. When you sell Bitcoins (BTC) with Coinmama, the transaction will deliver the money to the payment destination that you have specified.

October 6, 2022
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