Coinmama Review 2020
Coinmama is a worldwide cryptocurrency broker/exchange that was established in 2013. The cryptocurrency exchange is owned and operated by New Bit Ventures Limited with its headquarters located in Israel. While Coinmama is considered an exchange, users of Coinmama are limited to only buying certain cryptocurrencies, rather than selling or trading them, although they plan on adding this feature soon. Currently, the only cryptocurrencies available to buy are Bitcoin and Ethereum.
- Coinmama Deposit and Withdrawal Options
- Supported Countries
- Coinmama Fees and Charges
- Limits and Liquidity
- Coinmama Privacy
- Security and Verification Levels
- Coinmama Customer Support
- Pros and Cons
- Coinmama Conclusion
The company aims to keep things very simple and fast for beginner users looking to delve into the cryptocurrency space. Even if you have never heard of Bitcoin or Ethereum before, Coinmama’s website does a very good job at creating a welcoming and informative page that invites users to explore this new endeavor. Their website comes complete with a simple step by step “how to” guide, an extensive FAQ page, and a news outlet where you can brush up on the latest developments in Bitcoin and other cryptocurrencies. Coinmama does a very good job at accommodating beginners to the space needs.
Coinmama Deposit and Withdrawal Options
Coinmama is quite limited with their payment options as they only accept debit or credit card. At one time Coinmama accepts deposits through Western Union, but since they have added debit/credit card payment they have removed this option. It would be nice to see support from various e-wallets as not everyone one has access to a debit or credit card.
Users of Coinmama can only withdrawal Bitcoin or Ethereum as they pay for it directly with a debit or credit card. Once the Bitcoin or Ethereum is bought, users can simply send it to their own cryptocurrency wallet through their Bitcoin or Ethereum address.
Coinmama is and international cryptocurrency broker/exchange which accepts users from over 200 countries around the world. This is quite impressive compared to many other cryptocurrency brokers, including Coinbase and Bitstamp. Basically, the only countries that Coinmama are not operational in are sanctioned countries. Coinmama is available in the United States, but only in 24 US States, see them below.
- New Jersey
- New Mexico
- North Carolina
- South Carolina
Coinmama Fees and Charges
One of the big downsides to purchasing Bitcoin and Ethereum from Coinmama is their higher fees, compared to larger more professional exchanges. However, with Coinmama, users benefit from the simplicity of buying cryptocurrency, rather than using a more complicated exchange to purchase cryptocurrency. Coinmama uses their own Bitcoin rate which is comparable to other exchanges, plus a 5.5% fee on top of the current rate. As well, for debit/credit card transactions there is another 5% fee. So, that is a total of 10.5% in fees, which is substantially higher than many other cryptocurrency exchanges.
Limits and Liquidity
Coinmama offers their users impressive buying limits, especially since the only buying option is through debit and credit cards. Fully verified users are able to buy up to $5000 a day with a maximum limit of $20,000 per month. The daily limit lasts 24 hours rather than a day to day limit and all prices are quoted in either USD or Euro. However, Coinmama accepts numerous currencies for purchasing.
Users of Coinmama are required to submit various documents for verification purposes, so no user is kept anonymous. However, everything a user submits is kept safe and secure and is not shared with any third parties. The minimum verification requirement is a government-issued ID, email, and debit/credit card details for payments.
Security and Verification Levels
Coinmama has thus far proven to be a secure exchange with no apparent hacks or security breaches. They are even registered with FINCEN in the United States as a financial services business. Also, they do not hold any of the user’s cryptocurrency as when it is bought, the cryptocurrency is sent directly to a users wallet.
Coinmama offers their users 3 different levels of verification which are linked to how much a user can purchase.
Level 1 verified users are only required to submit a government-issued ID and can buy up $10,000 worth of cryptocurrency.
Level 2 users are required to submit two pieces of government issue ID as well as a utility bill or a picture of yourself holding your ID. Level 2 can buy up $50,000 worth of cryptocurrency.
Level 3 users need to submit the same information as level 2 and are also required to fill out a form. These users can buy up to an astonishing $1 million worth of cryptocurrency. However, the standard buy limits apply.
Coinmama Customer Support
The customer support for Coinmama is quite limited by only offering support through email. At times, there is high traffic from new users joining the exchange and the support can be backed up and slow, which is common with most cryptocurrency exchanges. However, Coinmama also offers an extensive FAQ page with answers to most questions a user would have.
Pros and Cons
- Safe & Secure cryptocurrency exchange
- Easy and intuitive interface
- Impressive limits and liquidity
- Accepted in over 200 countries
- High fees compared to most other exchanges
- Limited cryptocurrency assets available
Where is Coinmama based at?
Their headquarters are located in Israel.
How do I but cryptocurrency at Coinmama?
With debit and credit cards.
How long does a withdrawal normally take at Coinmama?
Depending on the network of Bitcoin and Ethereum, withdrawals can range from minutes to hours.
How safe is Coinmama?
Coinmama is very safe as they never hold your cryptocurrency. Once the Bitcoin or Ethereum is bought, it is sent directly to your wallet.
Is Coinmama a scam?
No, they are trusted by many.
Coinmama excels at proving a simple and easy to use platform for buying Bitcoin and Ethereum. While the fees can be quite high, the exchange is highly trusted as there have never been any hacks or lost coins. For beginner users looking to get into cryptocurrency, Coinmama may be the right choice to get started.
- 5Great service overall.Roger
- Cape Verde
- Sri Lanka
- United Kingdom
- Solomon Islands
- Trinidad and Tobago
- Burkina Faso
- Russian Federation
- Saint Lucia
- South Sudan
- Virgin Islands, British
- South Korea
- Saint Kitts and Nevis
- Saint Vincent and the Grenadines
- Vatican City
- Papua New Guinea
- Cote d'Ivoire
- Dominican Republic
- Bosnia and Herzegovina
- Equatorial Guinea
- Hong Kong
- Sierra Leone
- Saudi Arabia
- Cayman Islands
- Sao Tome and Principe
- Czech Republic
- United Arab Emirates
- Marshall Islands
- New Zealand
- Antigua and Barbuda
- Central African Republic
- San Marino
- Costa Rica
- El Salvador
- South Africa
- Isle of Man