Coinmama Coinmama is a digital currency exchange established in 2013. Though registered in Slovakia, its parent New Bit Ventures Limited is stationed in Israel. It offers its services in 188 countries globally and is operational in 24 US States.
The platform allows users to buy Bitcoin and Ethereum through credit and debit cards yet falls short of facilitating crypto trading or selling.
Transactions through Coinmama bypass the usual trading process as all purchases are sourced straight from the company’s own reserves, enhancing security compared to some of its peers.
Coinmama emerges as one of the more rapid and straightforward routes to buy Bitcoin or Ethereum with a Credit or Debit card , having also broadened its repertoire to include Litecoin, Cardano, QTUM, Ethereum Classic, Bitcoin Cash, and Ripple XRP.
Review Updated: July 2018
a feature not commonly offered by many exchanges. Peruse our complete evaluation of Coinmama to learn further.
How to Register and Verify Accounts
Currently, Coinmama can only be accessed as a website without any mobile application. Also, it lacks an API for users to forge custom applications compatible with their systems. Recently, Coinmama has enforced a user verification process for all transactions adhering to new KYC guidelines.
To proceed with larger purchases, users are required to verify their identity using government-approved documentation, such as a passport, national ID card, or driver’s license alongside a form revealing their full name, birthdate, gender, address, and payment card details. Document scans should showcase:
- visible in their entirety;
- high-resolution images (colored and 300dpi or higher);
- valid documents with visible expiration dates;
- maximum file size of 8MB.
The verification files uploaded to Coinmama usually get processed in a few hours during business hours, while evenings and weekends might entail longer processing times. Nevertheless, Coinmama’s support team is prepared to help expedite verification for those needing it.
Initial verification is prompt, usually under 10 minutes. Following that, users can instantly procure crypto, with purchases being dispatched within mere minutes.
This capability allows users to leverage favorable market pricing. Once an order is submitted, the price is fixed at the time of purchase, ensuring the buyer gets precisely what they ordered without any fluctuation worries.
Feedback from the creators indicated widespread confusion arose when market rates were previously incorporated into transactions, often leading to users receiving less than expected. If an order is canceled, Coinmama ensures that the payment is voided within 48 hours, reimbursing the amount directly to the user's bank account.
How to Purchase
Unlike many exchanges, purchasing Bitcoin with credit or debit cards at Coinmama doesn’t necessitate prior card registration. Once users are registered, the buying process entails choosing their desired amount, inputting their wallet address, and completing card details on the checkout page.
After the payment is processed, the transfer goes through the credit card processor within seconds, eventually being forwarded to the customer's preferred wallet. Following confirmation of the payment and wallet details, crypto is delivered promptly to the user. Currently, the minimum purchase on Coinmama is set at $60 USD (or its equivalent in EUR), contingent on Bitcoin's market value.
Differing from many platforms, Coinmama doesn’t provide an online wallet for users to retain their cryptocurrency post-purchase, advocating for users to prepare a compatible wallet for receiving their bought assets.
To ensure the validity of the wallet addresses, customers receive a verification link through email, validating the specified wallet address. Consequently, the platform doesn’t support purchasing crypto for third parties.
Customers wishing to transfer currency to a third-party wallet should verify the process with their own wallet service provider.
Coinmama’s transaction fees are higher than its competitors', with a 5.50% cut per transaction. This rate is included in the crypto prices shown on the site.
Coinmama Fees
Additionally, a 5% fee is imposed on card transactions, applied post-payment method selection. Banks may also impose a Cash Advance fee, contingent on whether they view the transaction as a 'cash' operation.
Analyses from experts suggest factoring an additional 10% in fees when dealing through Coinmama.
Coinmama provides generous purchase limits, especially via credit card transactions. Verified patrons can buy up to $5,000 daily, capping at $30,000 monthly. Daily thresholds reset after 24 hours from achievement, while monthly limits account for a rolling 30-day period.
Purchase Limits
At present, prices are shown in USD and EUR, though more options will be introduced. Orders can use any currency, but conversion fees may apply outside USD and EUR.
User buying capacity correlates to their platform verification level. Additional documentation allows for higher purchase ceilings.
Nevertheless, all purchase ceilings adhere regardless of verification status. Here's how the respective levels and conditions break down:
Level 1: Users can acquire cryptocurrencies up to 15,000 USD, needing only one government-issued ID;
- Level 2: Buying up to 50,000 USD worth of crypto is possible; requiring two official IDs plus either a recent utility bill or a selfie with ID.
- Level 3: This premium tier sanctions a purchase ceiling of 1 million USD. It requires filling out a short form submitted back to Coinmama.
- As per the previous discussion, Coinmama boasts a broad international reach, outdoing many rivals, including Coinbase and BitStamp.
Supported Countries / States
The exchange opts out of restricted countries. Prospective users in permissible countries need a Mastercard or VISA issued locally.
Coinmama also caters to various US states such as Arizona, California, Colorado, Florida, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, and others.
Though relatively small within the crypto exchange landscape, Coinmama maintains an unblemished security record while gradually expanding its market share.
Is Coinmama Safe?
Despite this, it lags behind competitors like Coinbase and Poloniex, drawing approximately 600,000 monthly visitors compared to Coinbase's 34 million or Poloniex's 44 million.
Coinmama is acknowledged as a money transfer service by FINCEN in the US. While its model limits ownership risks by not holding coins for users, it stores customer card information—but not on exchange servers as per their statements.
Customer service extends via email with a substantial FAQ compilation. Feedback on their response timeliness varies.
Coinmama Customer Support
Despite that, response delays aren't commonplace, with resolutions often within 24 hours, except on weekends or holidays. Their business hours cover Sunday to Thursday from 11 pm till 7 am Pacific Time.
Although users benefit from global access, quick credit/debit card purchases for Bitcoin and Ethereum, and substantial daily limits, there are limitations. Namely:
Conclusion
Although Coinmama The platform only processes buy orders, lacking trading functionalities common in most exchanges. Coinmama also doesn't facilitate crypto sales, thus users wanting to sell must rely on other platforms.
- Complete 2020 Coinmama Review: Is It Safe for Beginners?
- Get started with Bitcoin or Ethereum with a debit or credit card on Coinmama. Check out our in-depth Coinmama review to explore all the details.
- Comprehensive Guide to Coinmama for Initial Users
- Created in 2013, Coinmama is a cryptocurrency exchange officially based in Slovakia, though its ownership lies with New Bit Ventures Limited in Israel. The service reaches users in 188 countries and is accessible across 24 U.S. states.
Coinmama empowers its users to buy Bitcoin and Ethereum using credit or debit cards. However, it’s important to note that Coinmama does not support trading or selling cryptocurrency on its platform. secure digital wallet What sets Coinmama apart is that purchases are directly transferred from the company's reserves, enhancing transaction security compared to many peers.
Coinmama is celebrated as one of the more rapid and user-friendly methods to
Coinmama
Pros
- Good Support
- Easy to Use
- Accepts Credit / Debit Cards
- Good for Beginners
Cons
- Only Sells BTC & ETH
- Can't Sell
- No Mobile App
19Comments
to use high-quality images (colored at 300dpi or higher);
making sure documents are valid with clearly visible expiry dates;
Coinmama aims to process verification within a few hours during business times, though evenings and weekends might incur delays. Still, the customer service team is proactive in helping users needing faster approval.
Initial verification is typically quick, often under 10 minutes. Once complete, users can purchase crypto instantly, with order fulfillment happening within moments.
Coinmama aims to process verification within a few hours during business times, though evenings and weekends might incur delays. Still, the customer service team is proactive in helping users needing faster approval.
This allows customers to seize favorable price movements, as Coinmama locks the exchange rate at purchase time, ensuring currency amounts remain consistent regardless of market fluctuations.
Order locking at market rates previously led to confusion, as some clients received less currency than expected. If an order fails, Coinmama cancels the payment within 48 hours, refunding the money to the user's account.
Unlike some platforms, Coinmama doesn’t require card registration for buying crypto. Once on the platform, users select their purchase amount, input their wallet address, and enter card details at checkout. User card information is never stored on Coinmama’s servers.
After making the payment, this transaction is processed by the card handler, taking only seconds, and swiftly transferring cryptocurrency to the chosen wallet. Currently, the lowest transaction threshold on Coinmama is $60 USD (or its EUR equivalent), depending on Bitcoin rates.
Please clarify that for me
Unlike many exchanges, Coinmama doesn’t host an online wallet, so purchasers must have personal wallets to receive their crypto.
Hello All,
For wallet verification, Coinmama issues an email for address confirmation, disallowing purchases for others' wallets.
Have any one faced same experience?
Thanks
any trusted bitcoin vendor in india?
To send funds to someone else’s wallet, users must follow protocols defined by their wallet service.
Compared to competitors, transaction fees on Coinmama can be high. Each transaction incurs a 5.50% fee, reflected in the Bitcoin or Ethereum rate on Coinmama’s site.
Moreover, Coinmama adds a 5% fee for card transactions, visible post-payment selection. Card issuers may further categorize the transaction as a 'cash' transaction, adding a Cash Advance fee.
Analysts suggest users anticipate about 10% extra fees when using Coinmama.
Coinmama offers generous purchase limits, especially for credit card transactions. Verified users can spend up to $5,000 daily and $30,000 monthly. Daily limits reset every 24 hours, and monthly limits reflect the rolling sum of the prior 30 days.
Prices are shown in USD and EUR, with more currencies to come. Despite this, Coinmama accepts all fiat currencies, though associated exchange fees may apply for currencies outside USD and EUR.