Coinmama is a popular cryptocurrency brokerage company. In Coinmama, you can buy various types of cryptocurrencies with credit/debit cards. In this Coinmama review, I will cover the entire features and services of Coinmama.
First of all, in a company like this, what do we need to look for? Usually, I talk these in my every review because I write posts for cryptocurrency beginners.
Most importantly, security. Then, we need to look for supported cryptocurrencies and payment methods. And finally, fees. But also need to look supported countries and verification process if it has.
But in Coinmama, we don’t need to consider the security because Coinbase isn’t a wallet or exchange. It does not store your coins. Instead, you have to provide a related cryptocurrency address to receive coins.
Need a wallet? Check my recent articles here.
Those are the 5 things you will know in this Coinmama review. So a lot to cover, Let’s begin with a Coinmama company introduction.
Coinmama – The Company
Coinmama is an Israel based company that started back in 2013. Coinmama’s main goal is to give financial services fast and safe. With over 2 million users worldwide, Coinmama has grown its company so far.
Coinmama is having a less amount of employees in the company but the valuable service they do is priceless. However, there are over 30 employees to control the whole thing.
There’s nothing much information about the company.
Supported Countries
For some regulation reasons, some cryptocurrency brokerage websites do not support many countries. Like Cex.io. Somehow, Coinmama supports over 190 countries worldwide. But there are some restricted countries as well.
Coinmama says, if your state listed below, be patient. That means those countries do not support for Coinmama yet.
- Cuba
- Crimea
- Iran
- Israel
- Lebanon
- North Korea
- Palestinian Territories
- South Sudan
- Sudan
- Syria
And some US states and territories included as follows.
Restricted US states
- Florida
- Hawaii
- New Mexico
- Oregon
- Vermont
Restricted US territories
- American Samoa
- Guam
- Northern Mariana Islands
- Puerto Rico
- United States Minor Outlying Islands
- Virgin Islands
Supported Cryptocurrencies & Payment Options
In a brokerage platform like this, it’s really useful if there are a lot of cryptocurrency support. Why? Because each cryptocurrencies have different transaction fees.
Besides, there’s a fee when exchanging one to another. So if we had to buy bitcoin and then we have to exchange them with what we need to. By doing that, we are losing a considerable amount of funds to the transaction and exchanging fees.
So we don’t need to do that if the platform supports many cryptocurrencies. Luckily Coinmama supports 8 major cryptocurrencies.
All those cryptocurrencies can be buyable on Coinmama. But how do you pay for them? Let’s find out the payment methods.
In Coinmama you will be able to buy cryptocurrencies with any bank debit or credit card issued by Visa or Mastercard. And also accepting wire transfer. Let’s discuss the fees of each method.
Fees Of Coinmama
Here’s the thing most people consider and complaining about in some cryptocurrency brokerage platforms. But, a fee is so important for them because of the service they provide.
The prices appear on the Coinmama website, are based on TradeBlock’s XBX index + 2% and Coinmama’s commission fee also included which is 3.9%. And its a total of 5.9%.
Therefore, the prices you see on Coinmama is 5.9% higher than the standard price. Fees ain’t over yet. There’s a fee when you buy cryptocurrency with a bank card which is 5%.
But currently, there’s no fee when you use bank transfer. What all these mean is there’s a total of 10.9% fee included in Coinmama. It seems unfair but it’s not actually.
Coinmama Limits
First of all, What is a limit on a brokerage platform like this? Generally, it limits your buying and selling limits.
In Coinmama, the limits are stepped into 3 levels. Those can be achieved by verifying your account and increasing the total spending on Coinmama. As follows.
Level 1 – Required Identity verification. Buy and sell up to $15,000
Level 2 – Required total spend of $7,500. Buy and sell up to $50.000
Level 3 – Buy and sell up to $1,000,000
How To Get Verified?
Getting verified is so important in every place. Especially to increase limits. And it also helps to be a trusted customer. Therefore, I decided to mention the verification process in this Coinmama review.
But first, you need to create a account. Simply sign up from the link below.
Done creating? Here’s the best part. Coinmama doesn’t even allow you to buy cryptocurrencies unless you verify your identity. Everything is for good, So let’s get verified.
When you logged in, a message shows you to verify your account. Click on that. You can choose identity type whether Driver’s license or Passport. Choose what you got.
Now fill up with the details in your Identity card. Double-check and proceed to the next step.
Here you have to upload both sides of your Identity card. Make sure to take them on a clear surface and HD quality. Once finished let’s get to the next part.
This is the annoying part. A selfie holding identity card you uploaded in the previous step and a paper note with “Coinmama” and the date you begin verification.
Make sure all are clear and easily readable. Otherwise, you may face verification issues. If you’re taking on your own with the front camera, don’t forget to flip the image because its a mirror image.
After you have done the above all steps correctly, click on apply for verification. And that’s it. Verification time may vary with the situation ongoing. Usually, it will be around a few hours.
Pros And Cons Of Coinmama
I like to mention these both in my every review so as this Coinmama review. These are takeaway things to everyone. Besides, it helps to quickly understand about Coinmama.
Pros
1) User-friendly interface. The best thing I like. Cryptocurrency beginners, you probably don’t face any issues with Coinmama
2) Easy verification. Coinmama doesn’t let you struggle with the verification process and that’s a good thing.
3) Quick transactions. After you bought, Your cryptocurrencies quickly receive to your wallet.
4) Support coverage. Coinmama is a fast-growing cryptocurrency brokerage platform. So it does support many countries and more in the future.
5) FAQ with blog. This also helps to understand what you’re doing and much more additional educational articles to discover.
Cons
1) High fees. As I mentioned earlier, There’s already a 5.9% increment in prices and a fee of 5% when you using cards to buy cryptocurrencies.
2) No single security feature. You might be thinking security is useless for that kind of platform. But it’s always good to have some security features.
Bottom Line – Should I Buy Bitcoins With Coinmama?
Coinmama has positive user reviews in community networks. So I would say yes you should buy bitcoins with Coinmama. But, your research is so important.
It’s better don’t make decisions by someone’s sayings. Do your own research instead. What I like to say is, there are a ton of resources to get help. Use them well so you won’t end up getting scammed.
Reddit and Quora help you with that. Go over there and use the search box. That will bring you thousands of threads to read.
Finally, do you like my Coinmama review? Found what you look? Have experiences with Coinmama? Then leave your idea in the comment section below. Also, make sure to share this article.
