Coinmama is a cryptocurrency broker/exchange that allows users to trade in a plethora of ways. It serves more like a crypto vendor giving users the flexibility to pay as they please. Serving as a great place to buy and sell BTC with fiat.
The very fundamentals of Coinmama are a bit different than average exchange. In this Coinmama review unpack what it offers and see how it can fit for you.
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Coinmama has been around since 2013 offering users a simple way to buy and sell their cryptocurrency. The current CEO is Sagi Bakshi. A computer science engineer with a load of experience in a few different fields including blockchain technology.
The team at Coinmama saw a huge potential with cryptocurrency but found that it was inaccessible for all users.
This led the team to create a place where users can purchase cryptocurrency with a debit card, credit card, or bank transfer.
Coinmama is located in Israel and sports a growing community of 2 million users. Offers its services across 188 countries around the world.
What Is Coinmama
Often listed as an exchange, Coinmama is a bit different. The company sees itself more as a cryptocurrency vendor.
Typically exchanges act as the middleman between the seller and buyer. When a seller’s selling price matches a buyer’s price point or vice versa, an exchange occurs.
Coinmama on the other hand allows its users to buy and sell cryptocurrencies like Bitcoin directly from them. No other third-party is involved in the traction and only fiat can be used to obtain Bitcoin.
Users have a wider variety of payment choices to choose from ranging from credit cards to bank transfers. Coinmama doesn’t store your funds or require private keys. Rather you buy cryptocurrency from Coimama and send it directly to your cryptocurrency wallet.
It’s the ultimate form of coin ownership. As users never have to worry about having their funds being held before they can truly get access.
The huge upside is users can instantly buy cryptocurrency with their credit cards. Lower the barriers traders may feel when having to deal with traditional crypto exchanges.
What Do Coinmama Offer?
Coinmama offers users a chance to buy and sell cryptocurrency in an easy manner. Acting as the main vendor for crypto rather than a traditional exchange. The offering doesn’t stop here Since 2013 Coinmama has expanded its services.
Recently Adding Coinmama Business to allow business-sized purchases to occur on their platform. Below we listed the top perks and services Coinmama offers.
Buy & Sell Cryptocurrency – As we mentioned earlier in the Coinmama review, Coinmama allows users to buy and sell cryptocurrency. The process is fast, easy and users can receive money directly into their bank accounts.
Coinmama doesn’t store customer funds or stores your payment information.
You can use any third-party wallet of your choice to maximize full control over your coins. For sellers, it doesn’t matter the exchange, and users can choose to sell Bitcoin.
High Spending Limits – Coinmama provides competitive buying and selling limits so users can maximize each transaction.
Verified users can purchase up to $5,000 worth of cryptocurrency a day with a bank card. The limit increases up to 15,000 with a wire transfer and as verification levels increase so does your spending limit.
Multiple Ways To pay – Users can choose from a plethora of different ways to pay for popular coins like Bitcoin, Ethereum, and Bitcoin Cash to name a few. Some of the payment options users can choose from are credit card, debit card, Apple pay, or bank transfer.
Top Coins – Bitcoin is by far the most used and tightly correlated cryptocurrency to be traded. It’s obvious Coinmama offers this coin to be bought and sold. Although this isn’t the only coin available on the platform. Coinmama offers a wide variety of popular coins like Litecoin, Cardano, Tezos, and Eos.
Coinmama Business – A new service offered by Coinmama, Coinmama Business. Business users can make purchases of up to $100,000 USD.
Coinmama Loyalty Program
Coinmama rewards its customers who buy or sell with them. Enrollment in this program is automatic and contains three levels of savings.
Once customers are in the program they can maintain their status with a cumulative minimum purchase amount of 5,000 USD or 18,000 USD.
This purchase amount must be maintained within a 90-day period.
Crypto Curious: This is the beginner level for a customer using their service. Whether you’re testing what Coinmama has to offer or just curious about the service. This level will be presented to all customers joining the platform.
Crypto Enthusiast: For customers who maintain the minimum 90 days rolling purchase amount of 5,000 USD. This tier can result in customers saving 12.5% on Coinmama fees and fast-track customer support.
Crypto Believer: Eligible customers in this tier must have purchased with Coinmama within the last 30 days. Maintaining a cumulative purchase amount of 18,000 USD over a 90 day period or at least lifetime purchase amount over 50,000 USD.
How Do I Open An Account?
Coinmama’s sign-up process is straightforward as customers must create their own accounts. Just like any other sign-up process first, last name, email address, and country of residency, etc is required.
As you enter in your personal information you’ll also be required to verify your account. As a cryptocurrency vendor, Coinmama requires verification from all its users before they can buy Bitcoin online.
In order to verify your account, you’ll need to upload a photo of your driving license.
Coinmama Verification Levels
Coinmama Level 1 Verification – Coinmama has different account levels that can only be accessed once you’re verified. When approved you’ll automatically have a Level 1 account.
Level 1 account allows users to buy and sell cryptocurrency with various payment methods like a bank transfer or credit card.
You’ll have an account limit of 15,000 USD. Buying Bitcoin with daily limits of 5,000 USD for credit cards and 12,000 USD for bank account transactions.
Coinmama Level 2 Verification – For users who want to buy more bitcoin or other cryptocurrencies will need to upgrade their accounts. Level 2 accounts will increase your spending limit by 50,000 USD. Verification to Level 2 account bit more information will require a passport, driver’s license, or non-driver’s national ID card.
Upload your utility bill and personal selfie will also be part of the verification process as well.
Coinmama Level 3 Verification – Level 3 accounts combine the verification information from level 1 and level 2.
Also asking users to take a KYC questionnaire. Once verified, your account spending limit will be raised to 1,000,000 USD.
Coinmama Wallet Does it Exist?
Coinmama is not a wallet provider and doesn’t want to deal with users’ funds. As we stated earlier in this Coinmama review, they see themselves as more of a crypto vendor. When customers login into their accounts the only thing that can be seen is transaction history.
Users must have their own wallets for buying and selling crypto from Coinmama. The process for buying Bitcoin from Coinmama isn’t difficult.
If you’re registered with Coinmama, you’ll have multiple payment methods to buy bitcoin.
Once you’ve chosen your crypto amount and payment method. You’ll then be prompted to enter your wallet’s address. After this process is done confirm your wallet address and you’ll receive your bitcoin.
Is Coinmama Safe
Yes, Coinmama is safe and has a healthy reputation, it’s been considered a good place to buy bitcoin. This doesn’t mean that Coinmama hasn’t had security issues.
In early 2019 Coinmama was made aware of a breach that occurred. The breach was part of a much larger breach that affected 30 other companies.
The breach centered around outdated customer passwords which were dated back to 2017 and back. The team has investigated and set forth a number of efforts to protect users’ data ongoing.
The company states that they don’t store or record any credit card information, nor do we hold any customer funds.
Coinmama Supported Countries
As with any exchange or in this case, vendor it’s important to note the availability in your region. Laws and regulations can vary, so who can use Coinmama?
Coinmama is meant for anyone looking for an easy way to buy or sell their cryptocurrency. The company serves users in over 190 countries and territories.
It’s widely available in most major countries, with some states in the United States like New York being restricted.
Something to note users in restricted areas users may be promoted to deal with third-party platforms or providers. We include the full list of countries that are eligible or ineligible to use the Coinmama Here.
Coinmama Customer Support
Coinmama offers few different ways to support customers. Three main ways are via the website form, email, or office phone number. Customers can also get common questions answered from Coinmama’s help center.
We’ve spotted Coinmama reviews on sites like Trustpilot and noticed positive feedback overall. With some taking issue with credit card verification.
Fees incurred on buy or sell orders can vary based on the loyalty levels and payment methods were chosen.
Buying Crypto– According to Coinmama Fees derive from the XBX index +2% and include a commission fee of up 3.90%. There’s an additional 5.00% express fee that comes from the use of debit, credit, prepaid or virtual cards. Bank transfers require no additional fees.
Selling Crypto – Similar to buying rates are calculated by the XBX index+2%. Coinamam’s selling fee can range anywhere between 0.1-0.9%.
Coinmama Review – Should You Register?
Coinmama offers a legit service and can be seen as a great alternative to cryptocurrency exchanges.
What makes the services worth taking a look at is its ease of buying cryptocurrency. They don’t store or deal with user funds.
The process is completely straightforward. Removing lots of the complexity people may feel when buying crypto.
A big hurdle is Coinmama’s high fees. If you plan on using credit cards or other payment methods besides bank transfers expect to see that 5% express fee.
Although this can be avoided with a bank transfer. Many users will look to purchase bitcoin with credit cards.
The diverse payment options and ease of access make Coinmama a great contender for your next crypto purchase.