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Coinmama – review and feedback on the crypto exchange. Buy BTC with card easily!
The rapid growth in the popularity of web resources, which began to actively specialize in transactions with crypto-currencies in 2020, has grown hundreds of times, which is quite natural phenomenon. We all know perfectly well that demand creates supply, this known axiom is familiar not only to professionals, students of economic universities, but also to ordinary residents of our country who have never been engaged in commerce. As a reliable trading platform, which has recently attracted interest from many digital money lovers, is considered Coinmama. Even the fact that the project was launched in 2020, although during this period no one could even assume that very soon for one (!) MTC will give 15-20 thousand US dollars, is a convincing proof of decency, reliability and ability to analyze the most diverse factors, to make accurate financial forecasts based on this information, testify to the outstanding abilities of the administrators of the presented trading platform.
Basic principles of Coinmama’s functioning
Quite a long time the main electronic coins of the exchange were the most popular digital money: BTC and Ethereum, but gradually the “assortment” of products expanded and, to date, the exchange offers its users a wide range of various tools:
The point developed for the program, that this site is focused on making exchange transactions within the resource, suggests that the site is not interested in spending money and time of its clients, as well as its own resources for solving possible minor problems (for example, investing money in high-yield projects). Professional programmers have made for Coinmama an application that allows you to work with mobile devices (while providing high speed data processing).
Verification and security
To register at the site, the user must pass the verification and provide copies of their documents. In the process of registration, be prepared to answer many questions confirming the legitimacy of the origin of the capital of its customers. Additionally, the resource administration may ask you to provide other information or data.
In the event of any disruptions in the program or occurrence of unusual situations, be sure to tell your problems to qualified specialists who work 24 hours a day, 24 hours a day.
Regulator of the Exchange
Unfortunately, not so long ago the Israeli state institution refused to issue a license to the represented company, arguing that such organizations and other financial and credit institutions can not be controlled without an official “registration” in Israel. But the company, observing international financial legislation, and the national laws of the countries where they work, never tried to deceive or violate the terms of contracts, remembering the possible criminal prosecution of criminal associations.
How to work with Coinmama
One of the main drawbacks of the presented resource is the lack of a Russian-language version of the site, but anyone with experience in such trading platforms will quickly understand its functionality. If you have never worked on such online resources, but you have a fairly good command of the basic English language to understand this procedure, then be sure to register the login on Coinmama, check how the platform / exchanger performs its immediate tasks and arrangements. Be sure to pay attention to any flaws, flaws or inconsistencies in the activities of the exchange.
Deposit / withdrawal of money from the crypto-exchange area
В The most popular ways to deposit funds are the dollar, and the euro, and among the crypto currency, BTC and Ethereum are very popular. You do not need to be a professional analyst to guess about the future prospects of the currency exchange under consideration. It is enough for them to observe this pace of development and it is well to understand that for the success of the demo version they do not always reflect their “development limit”.
The main currencies of the account are the US dollar and the euro.
Pros and cons of the crypto exchange
Studying Coinmama reviews (well-known analysts), we can distinguish the following positive moments of the exchange crypto-currency:
в—Џ High level of preparation of novice clients of the trading platform.
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в—Џ The resource works with bank cards (convenient, fast, effective method of combating money laundering).
в—Џ The administration of the resource monitors the security of its clients’ funds, accumulating reserves for various force majeure circumstances on separate sources.
в—Џ Despite the small amount posted on the training information website, each newcomer can always contact the company’s specialists who will certainly help him to solve the problems that have arisen.
Despite a lot of advantages, many experts on operations with crypto-currencies, focus on the following things:
в—Џ Administration resource takes for their services high commission (that is, to withdraw a small amount to your account is unprofitable).
в—Џ No one is in a hurry to get rid of small coins that, against the background of the value of crypto currency, will be very popular (as the management explains, there is a deficit, especially during the growth of the rate of popular digital currencies).
в—Џ Given the previous point, it can be said that the absence of such coins is a real loss of profit for a promising crypto exchange market.
The presented platform on all parameters has excellent chances for the decision of all listed problems and an exit on leading positions in the international cryptocurrency markets, and in the long term – and on the world financial market, naturally, at essential increase in offered trading tools.
Coinmama Review and Comparison Guide
By: Ofir Beigel | Last updated: 11/12/19
Coinmama is a leading cryptocurrency brokerage company that allows you to buy several types of cryptocurrencies with your credit card. In this review I’ll cover the company, its services and also compare it to other leading brokers.
Coinmama Review Summary
Coinmama’s brokerage service allows you to buy Bitcoin and other cryptocurrencies easily with your credit card, SWIFT or SEPA transfer. The company is focusing on customer experience and customer service so that transactions are super quick (user verification takes around 30 minutes).
For beginners, this is an excellent option for buying your first Bitcoin. More advanced users can use alternative trading platforms to save on transaction fees.
For a detailed review about Coinmama keep reading this post. Here’s what I’ll cover:
1. Who Is Coinmama?
Coinmama was established in 2020 in Israel and has since grown to serve over 2m customers in over 188 countries with over 30 employees. Today the company is registered in Slovakia while still owned and headquartered by New Bit Ventures in Israel.
2. Coinmama Services
Coinmama supplies a brokerage service for Bitcoin and other cryptocurrencies. This means that the company sells you the coins directly as opposed to a trading platform where you buy the coins from other people.
The pros of a brokerage service are mainly that the process is simple and fast since you don’t need to look for a buyer on your own. On the other hand, brokerage services are usually more expensive. In Coinmama’s case, the company has made ongoing efforts to reduce their fees as much as possible. At the end of this post you can see how Coinmama compares to other exchanges.
3. Currencies and Payment Methods
At the moment Coinmama supports buying only of the following coins:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Qtum (QTUM)
- Ethereum Classic (ETC)
Coinmama accepts credit or debit cards that is issued by Visa or Mastercard. The company has is now also accepting payments by bank transfer (SEPA and SWIFT) with 0% processing fees. Prices are denominated in EUR, USD, GBP, AUD or CAD.
The prices you see on Coinmama’s website already include the company’s brokerage service fee of 5.9%. The base price is calculated from TradeBlock’s XBX index.
On top of the stated price, you will need to add a 5% credit card processing fee. This means that Coinmama’s price will be 10.9% above the market rate.
5. Buying Limits
The minimum amount of Bitcoins you can buy is 60 USD or the equivalent in EUR/GBP/AUD/CAD. The buying limits depend on your account level. The daily buying limit is set to 5000 USD and the monthly limit to 15,000 USD for Level 1.
In order to make any type of purchase you’ll need to complete some form of identity verification. There are 3 levels of verification, and with each level, the account spending limits increase.
Level 1 – Requires 1 valid government issued ID, a selfie of yourself holding that ID and a note with “Coinmama” and today’s date written on it.
Level 2 – You need to submit a secondary ID. Apart from two of the above IDs, you will also need to upload a utility bill.
Level 3 – Requires filling a short form.
6. Supported Countries
Coinmama offers its services worldwide with the exception of sanctioned countries and several US states.
Afghanistan, Aland Islands, Albania, Algeria, Andorra, Angola, Anguilla, Antigua and Barbuda, Argentina, Armenia, Aruba, Australia, Austria, Azerbaijan, The Bahamas, Bahrain, Barbados, Belarus, Belgium, Belize, Benin, Bermuda, Bhutan, Bonaire, Sint Eustatius and Saba, Bosnia and Herzegovina, Botswana, Brazil, Brunei Darussalam, Bulgaria, Burkina Faso, Burundi, Cambodia, Cameroon, Canada, Cape Verde, Cayman Islands, Central African Republic, Chad, Chile, Colombia, Comoros, Congo, Congo, the Democratic Republic of the, Cook Islands, Costa Rica, Cote D’Ivoire, Croatia, Curacao, Cyprus, Czech Republic, Denmark, Djibouti, Dominica, Dominican Republic, Egypt, El Salvador, Equatorial Guinea, Eritrea, Estonia, Ethiopia, Falkland Islands (Malvinas), Faroe Islands, Fiji, Finland, France, French Guiana, French Polynesia, Gabon, Gambia, Georgia, Germany, Ghana, Gibraltar, Greece, Greenland, Grenada, Guadeloupe, Guatemala, Guernsey, Guinea, Guinea-Bissau, Guyana, Haiti, Holy See (Vatican City State), Honduras, Hong Kong, Hungary, Iceland, India, Indonesia, Iraq, Ireland, Isle of Man, Israel, Italy, Jamaica, Japan, Jersey, Jordan, Kazakhstan, Kenya, Kiribati, Korea, Republic of, Kuwait, Lao People’s Democratic Republic, Latvia, Lesotho, Liberia, Libyan Arab Jamahiriya, Liechtenstein, Lithuania, Luxembourg, Macao, Macedonia, the Former Yugoslav Republic of, Madagascar, Malawi, Malaysia, Maldives, Mali, Malta, Marshall Islands, Martinique, Mauritania, Mauritius, Mexico, Micronesia, Federated States of, Moldova, Republic of, Monaco, Mongolia, Montenegro, Montserrat, Morocco, Mozambique, Myanmar, Namibia, Nauru, Nepal, Netherlands, Netherlands Antilles, New Caledonia, New Zealand, Nicaragua, Niger, Niue, Norfolk Island, Norway, Oman, Pakistan, Palau, Panama, Papua New Guinea, Paraguay, Peru, Philippines, Pitcairn, Poland, Portugal, Qatar, Reunion, Romania, Russian Federation, Rwanda, Saint Barthelemy, Saint Helena, Saint Kitts and Nevis, Saint Lucia, Saint Martin, Saint Pierre and Miquelon, Saint Vincent and the Grenadines, Samoa, San Marino, Sao Tome and Principe, Saudi Arabia, Senegal, Serbia, Seychelles, Sierra Leone, Singapore, Sint Maarten, Slovakia, Slovenia, Solomon Islands, South Africa, Spain, Sri Lanka, Suriname, Svalbard and Jan Mayen, Swaziland, Sweden, Switzerland, Taiwan, Province of China, Tajikistan, Tanzania, United Republic of, Thailand, Togo, Tokelau, Tonga, Trinidad and Tobago, Tunisia, Turkey, Turkmenistan, Turks and Caicos Islands, Tuvalu, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States*, Uruguay, Uzbekistan, Vanatu, Venezuela, Viet Nam, Virgin Islands, British, Wallis and Futuna, Western Sahara, Yemen, Zambia.
What States Does Coinmama work in?
Coinmama works in the following states:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Delaware, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nevada, Nevada, New Hampshire, New Jersey, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Virginia, Washington, West Virginia, Wisconsin, Wyoming.
7. Customer Support and User Reviews
Coinmama has a complete help center and also a dedicated support channel via email. Support requests are usually answered within 24 hours.
I also took a look at various customer reviews users posted online. Having reviewed over 20 exchanges by now, I know that when people leave reviews online it’s almost always negative reviews because they are pissed off about something. That’s why I make it a habit to actually read through the reviews and see what people are complaining about.
The majority of Coinmama’s negative reviews complained about one thing – the identity verification process. Users claim that Coinmama requests a ton of information and in some cases rejects applications without giving proper explanation why.
From my own experience I can say that verification with Coinmama was relatively easy, and yes, they require a lot of information. However this is just standard Know Your Customer (KYC) and Anti Money Laundering (AML) policies most legit exchanges must adhere to.
On the bright side, Coinmama receives a score of “Great” from TrustPilot. Most positive reviews praise the customer support of the site. In the past, Coinmama support representatives used to reply to angry commentators on the comment section of this page. It saddens me to see they have recently stopped doing so. Let’s hope they’ll be back soon…
8. Coinmama vs. other exchanges
Here’s a short comparison of Coinmama’s brokerage service compared to other popular services around.
One of the successful crypto exchanges of the market offers to its customer the bargain buy of tokens using a bank card and quick transactions.
|Headquarters||Boženy Němcovej 8, Bratislava 811 04, Slovakia|
|Support Types||Tickets, email|
|Free Demo Account|
|Deposit Methods||Bank cards (credit/debit) Visa, MasterCard, Western Union, MoneyGram|
|Withdrawal Methods||Online wallet|
|Number of Assets||7|
|Types of Assets||Bitcoin, Ethereum, Litecoin, Cardano, Bitcoin Cash, Ethereum Classic, QTUM|
|Account Currency||USD, EUR|
|US Traders Allowed|
- Exchange Commission: yes
- Communication channels: Facebook, Twitter
- The possibility of exchanging for fiat currency: yes
- Number of cryptocurrency: seven
- Training: no
- Mining: yes
- Autotrading: yes
- Scalping: no
- Analytics: yes
- Affiliate programs: yes
- API: No
And yet, is Coinmama a bucket shop and a scam or an exchange that you can trust your capital, which will allow you to withdraw funds safely to bank cards? The answers to these questions can be found in the reference of exchange Coinmama.
A special aspect of the site Coinmama is to provide services for the purchase of electronic coins. The company is proud to be the first to offer the possibility to pay for the electronic coins by credit or debit card. The resource operates not on the principle of mediation between investors, but through the sale of cryptocurrencies from its own reserves. To sell the coins purchased here, you have to find another resource. The current rating of the crypto-exchange of FraudBroker project will help you to do it.
It is unacceptable to store coins on the platform and they are immediately sent to the client’s crypto-wallet address. The customers will be able quickly to understand a simple English interface, and in case of difficulties to ask their questions in the online form for feedback «Help». The site coinmama.com has an accurate and unobtrusive interface. All information is presented in English. To register on Coinmama, you need to find a section labeled Register and click on it. Next you will see a form, where you need to enter your email, full name, country of residence and create your own password. Administration will send you a confirmation email. There is a risk that it could land into «Spam» folder, so it is desirable to check this folder immediately after registration.
After confirming the email you need to log back into your personal account (My account) and proceed to the next step by clicking on the tab Verify your account. You will have to specify your country of residence and contact phone number again. Here you will need scanned copies of documents, it is better to prepare them in advance. The exchange offers three-stage verification to increase the level of security guarantees.
For regular users there is an active program Affiliate. With its help they can earn 15% of the exchange profits that received by the service from a new client attracted through a referral link. There is no upper threshold for such earnings, and you can receive accrued bonuses once a month. Registration in the program takes place in the appropriate section. You will need to enter a valid email address, create a password and specify the coordinates of the crypto-wallet (find out here all about how to quickly make money on the cryptocurrency). Upon completion of the procedure, the exchange will create a personal link that you need to distribute among users.
Coinmama earns its income from several types of the commission fees. The first of them is 6.15% and is included in the price of cryptocurrency that a buyer can see on the main page. You will need to pay 5.65%-fee for the payment of the transaction via any type of bank card, which is displayed on the screen immediately after you select the payment method. The client needs to be ready for another fee on the part of the issuing Bank. Therefore, before making transactions, it is necessary to get information about all types of fees, including on the side of the bank. The bank will also take its commission fees for its conversion into dollars or euros, it you purchase the coins, using a bank card with another currency.
The limits are set on transactions. The following limits apply to the verified users. Within a month a client is obliged to purchase cryptocurrencies for not less than 10 thousand dollars and not more than 1 million USD. Users have to spend 60 dollars for one transaction. There is a daily limit of 5 thousand dollars. It is difficult to predict in advance how much it will cost for a user to buy it, as the exchange adjusts prices depending on the market situation. The system automatically adapts to the optimal rate of asset prices and offers several options for the purchase of so-called packages at a limited cost. To purchase any other number of coins there are restrictions on the lower and upper limits, they are identical to the cheapest and most expensive packages. The most popular packages in the amount of: 199, 999, 1999, 4999 dollars. The number of purchased bitcoins is recalculated at the rate fixed at time of the transaction. If the cryptocurrency is paid in euro, there calculation is performed automatically. The action of the daily limit starts from the date of placement of the last bids for the deal.
If a user has any difficulties in the work, before to contact the support service, it is recommended to look in FAQ section and find a brief client`s guide. More detailed information about the site features can be found on the page «Help». If you could not find answers to your question, you should contact a support service directly. The easiest way is to write your questions in online form «Help». The second option is to click the button Need Help on the main page of the exchange and write your problem there. To use the second option, you have to know English well. The resource managers usually respond fast, but depending on the complexity of your situation, a response time may increase. Another way is to write an email via the site. A service employee usually responds within 24 hours and offers a way to solve the problem immediately.
Depositing and withdrawal
On the exchange coinmama.com, only two types of cryptocurrencies were offered originally and a user could only purchase them, but now seven popular coins are available (read the whole truth about the cryptocurrency here). The platform works easily with transfers from Visa/MasterCard bank cards, or with receipt of funds through Western Union and MoneyGram. Processing of card data takes place on a third-party resource. After you start working with the service, you will be given a choice between the currencies available in the list. To make a choice, you need to click on the name of one of them. Although the exchange rate of cryptocurrencies is given in dollars and euros, you can even pay for the purchase with any other foreign currency. In this case your foreign currency will be automatically converted into American or European money that are available for calculation.
There is a service of automatically tracking the amounts of purchases among customers on the exchange site. If any of the options offered here are not suitable for you, you need to scroll to the last column and specify your own amountat the bottom of the page. You can start a transaction after a thorough check using the button «Buy». If earlier transactions were made repeatedly by different Bank cards, now the exchange will specify which of them to withdraw funds from. To send purchased crypto-coins, you will have to specify an e-wallet address. The currency will be credited to it immediately after confirmation of the operation. The transaction usually takes no more than 20 minutes, in rare cases an exchange takes about 4 hours.
Complaints about Coinmama
Crypto exchange Coinmama has a great and successful experience and today it is more often praised than scolded. This is an exceptional resource to buy cryptocurrency assets. It is possible to use its services only after verification and many users consider it a serious plus of the site. The experienced traders, working with different exchanges, noted the functionality and reliability among the advantages of the resource. Although you can easily find a service where you do not need to register for transactions and get complete anonymity, but the supporters of safe work with cryptocurrencies prefer to trade with Coinmama.
The users can use credit and debit cards to make quick payment transactions and withdraw funds to an electronic wallet. The use of fiat currencies facilitates the purchase of bitcoin in all countries of the world where the platform operates. Pages with customers’ personal data are securely encrypted to ensure data security. The technical support is available around the clock. The users noted also a good reputation of the service in their positive references.
Among the disadvantages are usually indicated: a long and multi-stage verification process, inability to sell crypto currency and its limited choice. However, recently there were rumors that the exchange listened to the complaints of customers and was preparing to launch another function – a sale of electronic coins, but the developers have just expanded the list of traded assets. Another reason of users` complaints is high fees charged by the system. The site does not have a trading mode and charts of instruments, which is confusing for traders who are accustomed to the usual exchange. Some customers believe that security here should be improved, although they cannot complain about any problems with the protection of personal information.
If we find complaints about Coinmama, we will post it on social media. Follow us to be well informed:
Regulation of Coinmama cryptocurrency exchange
Coinmama has been operating since 2020. The arguments were conducted about the location of its corporate headquarters for several years on the Internet. Someone claimed that the registration of the service took place in Israel, and someone argued that it was partly in Britain and Slovakia. In the course of time it became clear that there were no wrong opinions in this discussion, as the exchange is registered in Slovakia.
The site remains the property of NBV International s.r.o. is a subsidiary of New Bit Ventures Ltd, registered in Israel as a Money Service Business with FinCEN license (No. 310084489239). Certificate of registration was issued the stock exchange under the number No. 514907880. In Israel has recently been introduced a ban on the activities of all financial organizations that do not have offices in the state. The innovation appeared in the expectation of increasing tax revenues to the treasury of the country. Due to the prohibition the Forex brokers and cryptocurrency exchanges that violate this condition are unable to serve the local population. Coinmama is not included in his list, as it has the necessary documentation.
The platform works in 226 countries of the world and in the most states of the USA and it complies strictly with the legislation of registration country. All users are expected to act within the framework of international law: to comply with the laws, to show tolerance and respect for other market participants. The main security measure is a complicated login password because the exchange uses proven technology Trust Guard and Comodo. These services use 256-bit SSL-encryption to protect personal information. To guarantee the safety of funds, the crypto exchange conducts trade, attracting its own finances, but does not store them on the site. Immediately, in the process of transactions, the received funds are transferred to the address specified by the client. Scammers do not have an opportunity to get round to the investors’ funds because the finances are placed outside the exchange.
The developers have tried to reduce the risk of scams on the part of customers and added three-level registration verification to a simple registration. After completing the registration you need to go through it in the section «Verify your account». The first stage is the easiest one. It is necessary to specify personal data, including date of birth, contact phone number, home address and some other information listed in the identity document. This document can be a driver’s license, national or foreign passport. The exchange will require proof of the accuracy of the provided information, i.e. to upload a scan of the documents and a photo with one of them, as well as a client`s photo, holding a sheet of paper with the name of the site written on it.
Successful verification allows you to purchase crypto-coins in the amount of 10 thousand dollars. If required, you can increase the limit to 50 thousand dollars and go through the second stage of verification, where you need to download a document confirming the address of residence. Most often it is an invoice for utilities. At the third level the limit is raised to a million dollars, but only corporate clients who have confirmed their status and sent an appropriate application to the administration via email, will be able to operate with such amounts.
Is Coinmama a scam?
Cryptocurrency exchange Coinmama offers its user a lot of advantages: profitable purchase of the most popular digital coins, fast transactions, convenience and increased security of the site. Initially, only two tokens were traded here, but now their number has increased. Selling electronic coins on the site is not yet possible, but the developers are doing everything possible to ensure that this option appears on the resource. Financial transactions are carried out according to clearly established rules: limits for beginners, a choice of one of the four proposed packages to speed up the process of buying coins or ability to choose your own option.
Customers praise convenience of functionality, fast transactions, possession of the exchange license. The issue of security is of paramount importance here. Positive feedback from regular users confirms reliability and stability of Coinmama. Verification takes place in three stages and each of them opens up new opportunities for the client. For traders from all over the world website coinmama.com is convenient, but since it is presented only in English version, it will not be easy to work here for those users who do not have knowledge of the language. At the same time, the online feedback form «Help» is available in different languages and this is its undoubted advantage. Although the site has limitations (minimum coins and options), it still has a positive reputation among other similar resources.
And yet, should we call one of the oldest cryptocurrency resources of the market Coinmama a bucket shop or a scam? We believe that it is not necessary, because the service has a serious regulation and is popular in more than 200 countries, has been operating successfully for the sixth year and has not a cause of complaints. Most likely, it can be called a platform that offers customers not a wide range of options, but a guarantee of obtaining coins at the optimal rate.
Crypto exchange Coinmama has quite a lot of experience, offers its client possibility of guaranteed purchase of cryptocurrencies at a favorable rate (read the forecast of cryptocurrencies for 2020 here). The site is more designed for beginners than for professional traders, suitable for investors who are not in a hurry to sell the purchased coins. There is a rather limited functionality, designed only for the purchase of cryptocurrencies. The developers promise to expand the list of electronic coins soon, to provide an opportunity not only to buy, but to sell them too. The site protects information entered by users during registration and performing of transactions. It should be noted that there is 24-hour support service.
We will not rate the exchange Coinmama as a bucket shop and a scam. However, we prefer to wait for real feedback from the customers of this site to make final summary about it. In that case, if there are any disadvantages in the operation of the resource, its rating on our project will be changed and new users of the exchange will be warned about possible difficulties of the service.
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2nd place! Good choice!