Coinmama is a brokerage service where you can buy Bitcoin and other cryptocurrencies. Coinmama allows you to purchase with your credit card, debit card or via a SEPA transfer instantly. Their service is made for beginners because the transactions process very quickly and their website is extremely easy to navigate.
Coinmama has also greatly improved their customer service and sped up their verification process to typically be less than one hour. While advanced traders may want to use other trading platforms to save on transaction fees, Coinmama is a great option for less experienced traders who want to make a fast and easy fiat to cryptocurrency transaction.
Coinmama opened in 2013 in the country of Israel. They are currently registered in Slovakia but are still owned and operated in Israel by New Bit Ventures. Since it’s inception, Coinmama has grown to now include over 190 countries with more than 1.5 million customers served.
How It Works
Coinmama is a brokerage service that allows its users to purchase Bitcoin or other cryptocurrencies for fiat dollars. A brokerage is different from the typical trading platform model where users buy coins from other people.
Instead, in the brokerage model, the company sells you coins directly. Many people prefer brokerage services because the process is fast, simple, and doesn’t require you to find a buyer or seller yourself. However, because of these benefits, brokerage services tend to be more expensive than trading platforms.
Instantly Receive Your Coins to Your Personal Wallet
If you use other cryptocurrency trading platforms such as Coinbase, your investment is held by Coinbase in one of their wallets (a software program where cryptocurrencies are stored), which obviously is not the most secure option.
This means that if you want to have your coins in your own secure and private possession, you then need to send your coins to your own, more secure personal wallet after making your purchase.
At this point you will also be charged a fee to send your coins off of the exchange and to your wallet. However, when you make a purchase on Coinmama with your credit card or SEPA transfer, your coins are instantly sent to your private wallet as soon as your payment processes!
This is obviously a much safer option for you because there is no third party counter risk as many exchange wallets have been hacked.
How To Buy Step By Step
1. First go to Coinmama.com
5. Navigate to Coinmama.com/buy and choose the coin that you wish to buy
7. Then you need to select the amount you wish to buy. You can go with any of the default packages by selecting the “Buy Now” tab associated with the fiat amount of your choice. Also, you can enter any unique amount by filling in the exact crypto or fiat value you desire and selecting “Buy BTC”
8. At this point you will need to verify your account. Select the “Click here” option to get verified.
11. Now you will need to upload pictures of the front and back of your ID and a selfie of you holding your ID. Additionally, you need to have a selfie image of you holding a piece of paper with the words “Coinmama” and the date on it.
12. Click the “Submit” button and wait usually less than an hour for Coinmama to verify your ID. Make sure your images are clear so that you don’t have to take them again.
13. Once this process is finished you will receive an email that your account has been verified and that you can now buy up to $15,000 in cryptocurrency!
14. To finish your purchase repeat steps 5-7.
15. The final step is to enter your payment card or bank details. You will also need the cryptocurrency wallet address that you wish to deposit your funds to. Note that you only have 30 minutes to complete your purchase from the time that you first make your order.
Coinmama currently offers Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), Cardano (ADA), Qtum (QTUM), and Ethereum Classic (ETC). At this time, Coinmama only accepts credit or debit cards that are issued by Mastercard or Visa.
They have started accepting SEPA payments as well with, a 0% processing fee. However, SEPA payments are only available to users in the EU.
Prices of the cryptocurrencies offered on Coinmama’s website include their brokerage service fee of 5.9%. The price of the currencies before Coinmama’s service fee is applied is based on TradeBlock’s XBX index; TradeBlock’s XBX Index represents a real-time, USD-equivalent spot rate for Bitcoin.
The index value is algorithmically calculated once every second based on observed trading activity on leading Bitcoin exchanges. The XBX Index is designed as a reference rate to track liquidity while also adjusting for deviations caused by anomalies and manipulation attempts at individual exchanges. There is also a 5% credit card processing fee added to this price. This means that the final price on Coinmama will be roughly 10.9% above the market rate.
There are both minimum and maximum limits on the amount of coins you can purchase on Coinmama. The minimum that you can buy is 60 USD or the equivalent in EUR. The maximum amount of coins that you can purchase varies depending on which level you are.
There are currently 3 levels of verification and each requires that you complete some form of identity verification. Level 1 gives you a $5000 daily limit and a $30000 monthly limit.
The daily limits last for 24 hours from the time that your order is placed and the monthly limit is a sum of the last 30 days.
Level 1 also requires one valid form of government issues ID, a selfie of you holding that ID and a note with “Coinmama” and the date written on it.
Level 2 requires that you spend at least $9500, gives you a limit of $50000 and requires that you submit a secondary ID and a utility bill.
Finally there is level 3, which requires that you are already a level 2 and makes you fill out a short form.
Coinmama’s customer support and help center is one of the best in the cryptocurrency space. They have a dedicated support channel through email and a complete help center that usually respond to support requests within 24 hours, often times much quicker.
Coinmama utilizes standard Know Your Customer (KYC) and Anti Money Laundering (AML) policies. This means the customer support team maintains your privacy and helps resolve all of your questions efficiently.
Their large help center will mostly likely be able to answer any questions that you have, but don’t be afraid to reach out and submit a request if you can’t easily find the answers that you’re looking for.
Coinmama’s services are offered worldwide with the exception of a few sanctioned countries and some US states.
The countries supported are:
Afghanistan, Aland Islands, Albania, Algeria, Andorra, Angola, Anguilla, Antigua and Barbuda, Argentina, Armenia, Aruba, Australia, Austria, Azerbaijan, The Bahamas, Bahrain, Barbados, Belarus, Belgium, Belize, Benin, Bermuda, Bhutan, Bonaire, Sint Eustatius and Saba, Bosnia and Herzegovina, Botswana, Brazil, Brunei Darussalam, Bulgaria, Burkina Faso, Burundi, Cambodia, Cameroon, Canada, Cape Verde, Cayman Islands, Central African Republic, Chad, Chile, Colombia, Comoros, Congo, Congo, the Democratic Republic of the, Cook Islands, Costa Rica, Cote D’Ivoire, Croatia, Curacao, Cyprus, Czech Republic, Denmark, Djibouti, Dominica, Dominican Republic, Egypt, El Salvador, Equatorial Guinea, Eritrea, Estonia, Ethiopia, Falkland Islands (Malvinas), Faroe Islands, Fiji, Finland, France, French Guiana, French Polynesia, Gabon, Gambia, Georgia, Germany, Ghana, Gibraltar, Greece, Greenland, Grenada, Guadeloupe, Guatemala, Guernsey, Guinea, Guinea-Bissau, Guyana, Haiti, Holy See (Vatican City State), Honduras, Hong Kong, Hungary, Iceland, India, Indonesia, Iraq, Ireland, Isle of Man, Israel, Italy, Jamaica, Japan, Jersey, Jordan, Kazakhstan, Kenya, Kiribati, Korea, Republic of, Kuwait, Lao People’s Democratic Republic, Latvia, Lesotho, Liberia, Libyan Arab Jamahiriya, Liechtenstein, Lithuania, Luxembourg, Macao, Macedonia, the Former Yugoslav Republic of, Madagascar, Malawi, Malaysia, Maldives, Mali, Malta, Marshall Islands, Martinique, Mauritania, Mauritius, Mexico, Micronesia, Federated States of, Moldova, Republic of, Monaco, Mongolia, Montenegro, Montserrat, Morocco, Mozambique, Myanmar, Namibia, Nauru, Nepal, Netherlands, Netherlands Antilles, New Caledonia, New Zealand, Nicaragua, Niger, Niue, Norfolk Island, Norway, Oman, Pakistan, Palau, Panama, Papua New Guinea, Paraguay, Peru, Philippines, Pitcairn, Poland, Portugal, Qatar, Reunion, Romania, Russian Federation, Rwanda, Saint Barthelemy, Saint Helena, Saint Kitts and Nevis, Saint Lucia, Saint Martin, Saint Pierre and Miquelon, Saint Vincent and the Grenadines, Samoa, San Marino, Sao Tome and Principe, Saudi Arabia, Senegal, Serbia, Seychelles, Sierra Leone, Singapore, Sint Maarten, Slovakia, Slovenia, Solomon Islands, South Africa, Spain, Sri Lanka, Suriname, Svalbard and Jan Mayen, Swaziland, Sweden, Switzerland, Taiwan, Province of China, Tajikistan, Tanzania, United Republic of, Thailand, Togo, Tokelau, Tonga, Trinidad and Tobago, Tunisia, Turkey, Turkmenistan, Turks and Caicos Islands, Tuvalu, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States*, Uruguay, Uzbekistan, Vanatu, Venezuela, Viet Nam, Virgin Islands, British, Wallis and Futuna, Western Sahara, Yemen, Zambia.
Also, the following US States can make purchases on CoinMama:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Delaware, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nevada, Nevada, New Hampshire, New Jersey, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Virginia, Washington, West Virginia, Wisconsin, Wyoming.
Restricted Countries Or Territories:
Cuba, Crimea, Iran, Israel, Lebanon, Nigeria, North Korea, Palestinian Territories, Somalia, South Sudan, Sudan, Syria, Zimbabwe
Restricted U.S. States:
Connecticut, District of Columbia, Hawaii, Idaho, Iowa, New Mexico, New York, Oregon, Utah, Vermont, Florida
Restricted U.S. Territories:
American Samoa, Guam. Northern Mariana Islands, Puerto Rico, United States Minor Outlying Islands, Virgin Islands
Who Should Use Coinmama?
Coinmama is perfect for first time cryptocurrency buyers as it is a very basic exchange broker. If you don’t own any cryptocurrency already, Coinmama is the easiest and most simple place to buy using a credit or debit card.
Even if you want to buy a coin that is not listed on Coinmama, you will most likely need to trade another cryptocurrency for it such as Bitcoin or Ethereum. If you want to purchase another coin you will first need to transfer your Bitcoin or Ethereum to another exchange that offers the coin that you want to buy, then trade your BTC or ETH for that coin.
Coinmama is a reputable company and their support team is among the best in the cryptocurrency space. They offer their services to almost every jurisdiction worldwide and are tailor made for new or inexperienced cryptocurrency users.
Their service transfers your desired cryptocurrency directly to your own private wallet as soon as your purchase is complete, eliminating third party risk from something like an exchange hack. Overall, Coinmama is one of the best places to make your initial purchase of cryptocurrencies and offers a prompt and easy to use service.
Click any of the links in this Coinmama review or signup below to make your purchase today!