Coinmama was created to provide an alternative cryptocurrency exchange for crypto lovers. Besides, the platform is for investors who were not satisfied with the below-par performances of existing crypto exchanges. It is for such enthusiasts who craved for a change in the crypto industry.
Over the years, Coinmama has lived up to its promises and expectations. Importantly, they have bridged the gap between crypto buyers and sellers. They have equally provided all the features that make trading in digital currencies not only smooth and exciting but rewarding as well.
In this Coinmama review, we will show the crypto community the attractive features that make Coinmama the preferred trading platform for digital currency investors across the globe.
Moreover, this Coinmama review will give detailed information about the crypto exchange. This includes its fees, supported countries, and the company itself. Other things we’ll talk about are the withdrawal and deposit, safety & security. Also, we will take a look at its fantastic support among other important factors.
Coinmama Review: Exchange Overview
Coinmama is a leading name in the crypto exchange industry. It has made a permanent mark for crypto enthusiasts around the globe. The exchange was established in Israel in 2013 by a team of crypto experts and entrepreneurs who had the desire to fill a vacuum in the crypto industry. Its 30 employees attend to the needs of its growing customer base from all walks of life. The Coinmama company is now registered in Slovakia.
On the exchange, you can purchase and sell a wide range of digital currencies. Traders can choose to invest in any of these digital assets:
- Bitcoin Cash
- Ethereum Cash
Some of the company’s selling points include its fast transaction execution. Others are its top-notch security, professional customer support team, and safe services.
On its official website, Coinmama claims to have active social media platforms that serve as a communication link between the exchange and some two million users in 188 countries since its existence in 2013. The improved communication ranks the exchange among the best in the world. It is also one of the most popular crypto exchanges in the crypto world.
Interestingly, Coinmama serves as a brokerage for Bitcoin and some other digital currencies mentioned above. Customers can buy any of the supported digital currencies directly from the exchange. This is quite different from the usual practice of purchasing digital assets from individuals through a trading platform.
New Bit Ventures Limited owns the registered cryptocurrency exchange. The exchange operates from its Israel-based headquarters. From there, it attends to the growing needs of its customers.
Coinmama was created as a financial service with the ability to provide crypto investors with a safe and fast platform to purchase digital currencies.
Coinmama was founded by a team of experts that include Nimrod Gruber, Asaph Schulman, and Guy Ben-Yossef. Other founders are Martin Koelbaek and Yaki Oliel. Asaph Schulman is the Chief Executive Officer.
Coinmama Company Values
Teamwork: The company behind Coinmama and the exchange itself are proof of the importance of teamwork. However, they are staffed by experts in digital currencies and other areas of specialization. This qualifies them for running an exchange where digital asset investors can invest safely.
Integrity: Over the years, the company has gone out of its way to prove its integrity. Undoubtedly, it is registered and regulated by the appropriate body. Without meeting the necessary registration requirements that include transparency and integrity, they would not approve it for registration.
Innovation: Coinmama brought change into its operations. Its customers can purchase Bitcoin and other supported digital assets with a credit card. This innovation has proven to be a smart move. It reduces the challenges of making purchases by other means.
Coinmama is an exchange where customers can only buy digital assets but can’t sell the same. Other exchanges charge transaction fees whenever a customer purchases or disposes of their digital asset. On the other hand, Coinmama charges a transaction fee for purchases made on the platform only.
What are the fees on Coinmama?
The exchange charges 5.5% of the transaction’s value as their fee. However, if you make your purchase with a credit card, you may be charged an extra 5%. The charge is aside from the original 5.5%. Alternatively, you will be charged less than $10 for using a credit card.
It is important to note that the extra fee charged for using a credit card goes to the credit card processor, not the exchange.
Moreover, another payment option is SEPA-transfers. All transfers made through SEPA are free-of-charge. Thus, Coinmama won’t charge you any fee aside from the stipulated 5.5% of your transaction amount if you use SEPA-transfers.
Aside from bank transfers such as SEPA-transfers that attract no fee, bank transfers through Faster Payments and SWIFT are zero-fee transfers too. However, there is a restriction on transactions made through SWIFT bank. The minimum order amount for such a transaction is $1,000.
For instance, the exchange will charge you a flat fee of £20 if you wish to place an order between $1,000 through SWIFT bank.
Note that aside from these fees, your bank may charge some other fees. Extra charges are as enshrined in its terms and conditions that are binding on all users. Therefore, you may consult with your bank and be aware of their fees before creating an order.
Coinmama’s position on the top of the best exchanges’ list isn’t a fluke. It’s growing popularity is due to its wide range of attractive features.
Some of these features are:
- Global operations: Coinmama has a global presence as evidence by its activities in a little less than 200 countries. This includes almost half of the American states. In these countries, Coinmama is the preferred purchasing platform for some 2 million digital asset investors. That’s proof of its global presence and operations.
- Ease of use: Coinmama has removed the numerous challenges previously associated with purchasing digital currencies. Thanks to its adoption of a wide range of payment options and its multinational existence. So, crypto investors from all walks of life can use the exchange with ease and get their transactions completed within a short time.
- Multiple payment solutions: Coinmama wants to ensure ease of use and customer satisfaction. Certainly, the platform doesn’t limit its customers to a single payment solution or two. Instead, it offers them an array of payment platforms from which to choose. Hence, they can always find a way to complete transactions irrespective of their geographical location.
- High-level security: Security is a paramount feature that users of any online trading platform or crypto exchange are interested in seeing. This is understandable given the growing cyber-attacks on crypto exchanges. Obviously, these are attacks that have cost the industry billions of dollars.
To its credit, Coinmama doesn’t keep its operations and users’ confidential information such as their credit/debit card on the same server. It uses different servers for storing such sensitive information. It also enforces 3-level verification processes to beef up its security.
As a global ambassador of the cryptocurrency exchange, Coinmama is operational in some 188 countries. This spans some continents.
Both in Asia, Europe, and America, you can feel the crypto exchange giant’s presence. They offer investors and crypto enthusiasts alike the opportunity to make their dreams of investing or owning a digital asset come true.
For instance, it operates in 24 American States that include Indiana, Arizona, Louisiana, and Michigan others include Florida, Kansas, California, Michigan, Colorado, Kentucky, Maryland, and Massachusetts. Also included are Missouri, South Carolina, Nevada, Montana, Pennsylvania, North Carolina, Texas, Montana, Wisconsin, Virginia, and New Jersey.
Cryptocurrency investors in the following countries also enjoy purchasing digital assets on Coinmama:
- Equatorial Guinea
- The Faroe Islands
- Bosnia and Herzegovina
- The Democratic Republic of Congo
- The Virgin Islands
- Province of China
Consequently, these are some of the countries where Coinmama is making its impact felt by individuals and corporate organizations that are interested in purchasing digital currencies.
However, residents of the countries listed below are restricted from using Coinmama at the moment:
- North Korea
- South Sudan
- Palestinian territories
Likewise, Coinmama does not allow the following American States to use its exchange:
- Other US territories include Puerto Rico, American Samoa, Northern Mariana Islands, and others
However, Coinmama is working to lift restrictions on some American States and countries in the future, if possible. Hence, if your country is banned from the exchange today, be optimistic that the ban may be lifted sometime in the future.
This is a regulated exchange that operates within the confine of the regulatory body. Coinmama is a property of New Bit Ventures Ltd Company. The company created Coinmama through NBV International. Both of these companies are duly registered and regulated entities.
They are registered with FinCEN as money services businesses (MSB). To ensure full regulations of their operations, Coinmama is run through a division of processes. NBV International oversees the transactions side of the business but, New Bit Ventures Ltd processes all transactions to ensure their accuracy.
While the appropriate authorities regulate the exchange, Coinmama also regulates its customers’ activities. It limits transactions based on some factors. These factors include credit card purchase, cash purchase, and verification status. For instance, in addition to the purchase restrictions imposed on users’ levels, the exchange also sets a minimum purchase of 0.1 Bitcoin. The price depends on the Bitcoin price at the time of sale.
Their customers are also restricted to $5,000 worth of transactions daily. They can spend the same amount in Euro using a credit card. This also applies to those using Western Union transfer. Customers who pay for purchases with a credit card can’t exceed $/€20,000 per month.
The purchase limit set for each verification level does not affect the daily and monthly caps.
Users without European bank accounts can’t purchase Bitcoin through the exchange. This is a part of its regulatory efforts.
Coinmama Deposit & Withdrawal
Coinmama is conscious of its customer’s backgrounds and their needs for multiple payment and withdrawal options to enable them to conduct transactions with the payment solution of their choice. As a result, the crypto exchange supports an array of payment and withdrawal options.
It supports these payment methods:
- Debit card
- Credit card
- Bank transfer
The company has a Simplex payment processor that supports deposits or withdrawals via VISA/Master Card.
Thus, you can buy Bitcoin with SWIFT, accepted globally, and SEPA-transfers for Europe-based customers. Besides, you can use faster payments if you’re a British customer.
There is a low or zero processing fee if you pay with your bank account too. The exchange doesn’t charge withdrawal fees.
The purchase process is the same regardless of the payment option for which you settle. Create an account on the exchange, get your verification, and place your order. Once you’ve purchased crypto on Coin mama, you can withdraw it to an external wallet address.
Note that you can conduct transactions with fiat currencies in addition to digital currencies. Coinmama is aware of the challenges of potential customers. This includes those who can only do deals with real cash at the moment. Coinmama has made provisions to not leave such customers out of their plans. This is in contrast to several exchanges that accept cryptocurrencies, majorly Bitcoin and Ethereum only.
These payment solutions are not strictly for making deposits. They can equally be used for withdrawals as well. That gives each user the flexibility of choice to determine the best payment platform for their transactions, both deposit, and withdrawal.
Coinmama Account: Register & Login
Coinmama expects all prospective users to register on the platform duly. That’s the first membership requirement. Your membership gives you unlimited access to the activities and resources on the exchange.
For a start, create a personal account for your trading activities by following the step-by-step guide provided below:
- Visit Coinmama’s official website
- Click on the “Sign Up” button on the top right side of the home page
- Fill the provided registration form as accurately as possible
- Complete filling the form, click “Create Account” to submit the provided information
- You will receive a confirmation email in the provided email address. Click the confirmation link attached to the mail to initiate the account activation process
- After that, you will be taken to the Sign-In page. On this page, you can use your email account details to access the website.
Whenever you want to access the website after the initial activation process, do the following:
- Visit the website
- Click on “Log In”. The button is on the top right side of the home page too
- Enter your email address and password
- Click OK
Note that the exchange requires new members to verify their identities before using the platform. Therefore, be ready to provide the necessary personal information as required by the exchange. The items needed for your verification include your name and email address. Others include a means of identification, such as a driver’s license or passport.
After supplying the necessary information, the exchange will verify your identity within an hour. If Coinmama is unable to verify your identity, you won’t have access to the platform.
Coinmama Mobile App
At the moment, Coinmama doesn’t have an app either for Android (Google Play) or iPhone (IOS) users. It hasn’t released an API to allow users to create custom and platform-compatible applications for use on the exchange. Thus, its users won’t have the mobile experience other exchanges may provide for their users.
However, this doesn’t deprive its teeming customers access to various opportunities available on the platform. Thanks to its easy-to-use and responsive website.
The customers can get the needed information on their attractive website. This is accessible to all customers at a glance through its conspicuous and easy-to-use menus.
Through the “Buy” menu, you can select any of the traded digital currencies to buy. Meanwhile, the “Sell” menu allows you to sell your Bitcoin with ease.
Coinmama Safety & Security
Safety and security are paramount to the exchange. Most importantly, Coinmama keeps confidential credit/debit card information where their security is guaranteed. It also beefs its security up through its three-level authentication process.
In addition, Coinmama has a Know Your Customer (KYC) feature. This is another security measure to ascertain the identity of users on the platform.
For the verification, the users will need to prove their identities. This is done by providing a valid government-supported ID such as a driver’s license or a passport number. You must hold any of your chosen ID documents and take a selfie while holding the identity card as proof of your ownership. For the selfie, you must hold a note with today’s date and “Coinmama” written on it.
For the level 2 identification process, you are required to present a secondary ID and a utility bill. The level 2 ID should exclude the ones you presented above.
In the end, you fill a short form to complete your Level 3 verification. You are required to submit the duly filled form to the exchange. This measure eliminates impersonation and other types of theft that may undermine the exchange’s integrity.
Each verification level (Level 1 to Level 3) which allows you to buy a specific amount of digital currencies. As a Level 1 verified user, you can only buy $10,000 worth of digital assets. Levels 2 and Level 3 can buy up to $25,000 and $50,000 value of cryptocurrency, respectively.
Whatever information you share with the exchange is for internal uses only. Fortunately, the exchange doesn’t share personal information with third parties.
Coinmama Customer Support
Coinmama has everything in place to adequately take care of its almost 2 million customers.
The exchange can boast of a competent customer support team. It also has channels through which customers with complaints can find answers to their questions or solutions to their problems.
If you are comfortable with letter writing, you can send your query or complaints to their customer service email address. Expect answers as soon as possible. You can also explore other customer support options, such as the guide and help center.
Email address: firstname.lastname@example.org
Help center: support.coinmama.com
Coinmama offers its customers some incentives through its loyalty program and affiliate program. With the loyalty program, you will save some cryptocurrencies. This is according to the value of digital assets you want to buy or sell through the exchange.
To be a beneficiary of the loyalty program, simply sign up on the exchange. The exchange will verify you for purchase. Once you pass the verification, start selling or buying cryptocurrency from the platform. The more transactions you complete, the higher your chances of saving more on fees. You will also receive some crypto bonus.
Coinmama offers three Loyalty levels:
Crypto Curious: As a Crypto Curious member, you are a new member of the exchange. The crypto trading platform is on the ground to assist you in finding your foot as you start buying and selling digital currencies.
Crypto Enthusiast: When you are promoted to the next level, Crypto Enthusiast, you stand a chance to save 12.5% on the exchange’s fees, provided you meet its condition. The condition is for you to make a cumulative purchase of $5,000 over 90 days. The exchange offers you reduced fees and prompts customer support whenever you need it. This makes it easier for you to meet the requirement for a promotion.
Crypto Believer: You may become a Crypto Believer and save 25% on fees if you can make a lifetime purchase above $50,000. Another option is for you to purchase digital currencies worth $18,000 over 90 days.
You can also take advantage of the affiliate program to enjoy some benefits. As an affiliate, you earn a 15% commission on all referral purchases made through you. Your commission depends on the number of referrals who patronize the exchange.
It is noteworthy that Coinmama only makes payouts when three different users have placed three successful orders.
Coinmama Review: Conclusion
Since its creation in 2013, Coinmama has gradually and consistently established itself as a force to reckon with in the cryptocurrency exchange industry. It has offered crypto investors a platform where they can conduct cryptocurrency operations with ease. This includes investing in digital assets or selling off their assets.
Signing up on the exchange is pretty straightforward. It won’t take you more than a couple of minutes to complete your sign up process. You must verify your identity to gain unlimited access to the exchange.
As a security-conscious exchange, it has put efforts into ensuring the security of its customers’ personal information and assets. Thanks to its Know Your Customer initiative, identity verification, and other security measures.
Coinmama allows its customers to pay for purchased assets, with digital currencies and fiat currencies. That’s a big plus for the leading crypto exchange. The exchange also supports several payment and withdrawal platforms. Its customers are not stuck with a single payment system that may be functional in a specific region and behaves irrationally in some other areas. They can choose the best payment solution from the available options.
It is true that Coinmama has some cons, such as limited support for some cryptocurrencies and restricting some American states to use the platform. It also has imposed restrictions on some countries.
However, the exchange more than makes up for its weaknesses by providing its users with attractive features. I hope you enjoyed this Coinmama review.