Coinmama is an online platform for cryptocurrency exchange which was launched in 2013.
Although initially incorporated in Bratislava, Slovakia under NBV International, today the mother company that owns the platform is an Israeli firm named New Bit Ventures, with NBV having been brought in as a daughter of the Ra’anana-based Israeli company. The digital currency trading platform is available in over 200 countries globally and operates in at least 24 states in the United States.
The Coinmama website offers two cryptocurrency types: Ethereum and Bitcoin. Users can make cryptocurrency purchases via debit cards and credit cards, as well as through Western Union. The platform is one of the most popular coin exchange places for selling bitcoins, with over 200,000 customers presently.
However, a closer Coinmama review reveals that this platform does not complete the entire trading process for cryptocurrencies because although you can buy coins here you can’t sell on the site. That means that in order to resell your bitcoins, you would have to look for an alternative platform to do so.
Transacting with Coinmama is also secure and faster since all client cryptocurrency procurements are direct from the company’s own holdings. The digital trading firm does not hold its users’ purchased coins. Before you can conduct any cryptocurrency purchase, you will be prompted to produce your bitcoin wallet. This is where the units you have successfully purchased will be delivered to.
This has made Coinmama gain customer confidence since this move aims at deterring hackers. From our Coinmama Review here, you will learn that the verification process is also quite easy and fast.
This review on Coinmama will try as much as possible to cover all aspects of this platform both positive and negative. By the time you are through with this review you will in no doubt agree with me that this is the platform to do business with.
Is Coinmama Easy to Use?
Most clients who have transacted with Coinmama will tell you that it is one of the easiest ways to buy virtual currencies. The platform allows you to buy your preferred digital coin units quickly, hassle-free and virtually risk-free, more so with their seamless registration and verification processes that are pretty simple to follow.
Here are the easy buying steps:
- Registration and verification of your email: This requires you to create an account on the Coinmama website.
- Giving needed information and validity of identity: This involves the submission of your name, email and the country you are from.
- Buying your cryptocurrency: You can buy a single unit, multiple units or even a fraction of your cryptocurrency of choice. It is important to note that you must have a digital wallet of your own.
- Many languages: It is a multi-language platform hence its ability to operate worldwide.
- No brokers in between: Buying is direct from the company.
- It has a good support system: Their dedicated staff team often strives to respond to customer queries within a short period of time.
- It is quite easy to use: This platform has no hassles when it comes to registration and buying cryptocurrencies.
- With Coinmama, you can buy as little as a fraction of a Bitcoin or Etherium.
- It allows cash deposits since it is possible to make payments via Western Union deposits.
- It allows customers to benefit from advantageous price movements since it delivers within minutes.
- It recognizes credit and debit cards.
- It is very safe to use since Coinmama does not hold purchased bitcoins on behalf of its clients.
- Currently, it has no mobile application.
- You cannot sell your bitcoins on this platform. If you ever need to sell, you will have to look for an alternative platform to do so.
- It only supports Bitcoin and Etherium. You can’t purchase other cryptocurrencies aside from these two. The management has promised to add more cryptocurrencies on this platform in the future.
- Its transaction fees are a bit higher than comparable alternative bitcoin traders.
- Unlike other platforms, you must use identification before you purchase, sometimes even requiring you to post a selfie with your credit card and driving license.
- New users are not offered bonuses like free bitcoins.
- It cannot connect to your bank account to make new buys.
- It doesn’t accept wiring from banks and SEPA payments.
How to Register Accounts
Currently, Coinmama is only on a website platform and has no mobile app. Therefore, to register an account you will need to visit their website where you will be prompted to input a working email address, create a password, add your full name as well as your country of residence. On submission of these details, you will then receive an email with a verification link that will take you back to the website for the final confirmation of your registration.
How to Verify Accounts
To submit required information needed for verification you need to:
Visit your account web page and click on the “Verify Your Account” tab. Here you need to fill information about your residence and submit your phone number.
You will also need to provide evidence of a government-issued identity document, typically a national ID card, a driving license or a passport.
The last step involves scanning and uploading the front and back snapshots of the particular identity document chosen.
The initial verification process takes a maximum of 10 minutes. After this step, clients can now start placing orders. This move is made swift in order to help customers benefit from price movements. Locking the exchange rate at the time of purchase helps users get the exact amount of cryptocurrency they ordered. This safeguards clients from price fluctuations during the exchange process.
Payments Methods Accepted
Initially, PayPal was one of the payment methods accepted but it is no longer used. Too bad the popular online payment platform stopped working with Coinmama, citing security issues associated with e-currency transactions.
Presently, the Coinmama platform allows its customers to use either a MasterCard or a VisaCard, as well as cash, to make payments. Coinmama employs Western Union’s extensive networks to reach those investors who can’t access the two card payment systems.
It is very convenient to use this method to make payments here, especially since Western Union operates in over 200 countries and has over 400,000 agent locations worldwide.
The good news is that Coinmama is committed to fulfilling their mission more than ever. They have promised to continue providing their customers with the easiest and safest way of buying virtual currency units online.
How to Purchase Cryptocurrency
Are you ready to buy some cryptocurrency?
Maybe, like me, you have heard of the crazy amounts of money people are reaping from this. Buying cryptocurrency using either a credit card or a debit card from Coinmama does not require you to register your card to do so.
Once users have registered, they proceed to make orders despite their verification status. An order is made by users choosing how much they want to purchase and providing their bitcoin wallet address.
After payment has been completed, the transaction will then be processed. This process will take at least 20 minutes. You will then be prompted to confirm your wallet address to complete this process and receive your crypto coins.
It is pretty much easy and fun buying Bitcoin or any other cryptocurrency for that matter. It is also important to note that returns are not achieved instantly. Forget about making millions overnight; this is not a get-rich-quick scheme but a legit investment!
Just use the money that you are not planning to use in the near future to invest in the cryptocurrency business, then sit back, relax and watch your money grow.
With that in mind, this is what you need to know to get you started:
First of all, you will need to log in to your account. Fill in all the fields with your correct personal information and click on the “Login” button.
Once in your account, on the navigation bar which is at the top of the home web page, click “Bitcoin” or “Ether”. You will be taken to a page which allows you to choose the number of bitcoins to buy and other details like the currency to use (EUR or USD). You can settle on one of the already selected amounts or scroll down to select your preferred amount.
Alternatively, you could click on the “Buy bitcoin” link on the left-hand side of your computer screen under “My Account”.
After you have selected your preferred amount of bitcoins to buy, click the green button — also named “Buy bitcoin” — that will allow you to advance to the next step.
Select a payment method. You select the payment method you prefer either Credit or Debit card. Do you have a Bitcoin Wallet? If not so, get yourself one in order to proceed to the next step.
Fill in your Bitcoin Wallet Address. Now, this is the address where your bitcoins will be delivered to once your payment goes through. In the empty field, paste your address. Fill in your address and billing information. Then click on the “Continue” button to go to the next step.
Enter your credit /debit card information. Capture the information correctly and click on “Pay Now” to proceed.
Phone number and email verification. After you have received a four-digit SMS pin and email verification, verify your phone number and email address.
Upload your ID verification. You can skip this step if Coinmama doesn’t prompt a verification selfie from you. Wait for verification from Coinmama. The system will need to verify that your payment was successful.
After your payment has gone through successfully, you will receive a confirmation email. Be patient, it will only take 20-30 minutes for your bitcoins to show in your Bitcoin Wallet.
Since bitcoin trading is not regulated by any Central Bank, each website has their own amount that they charge as transaction fees. With fees at 5.50% of the total value of a transaction, you will notice that Coinmama’s charges are a bit high compared to its competitors.
The payable fee is inclusive of the Bitcoin or Etherium rate on Coinmama’s website. They also charge an additional 5% on each credit card or debit card transaction. These charges are added after you choose your preferred payment method.
Buyers on this website are further advised to add an extra 10% as transaction fees. Customers may also be charged a cash advance by their banks or card issuers. This is if this transaction is viewed as a cash transaction by your financial institution.
If you are looking into buying a high limit of bitcoins, then look no further. At Coinmama you are allowed a high purchasing limit. If you are a verified user, you can purchase up to 5,000 USD in a day. The maximum limit in a month is 20,000 USD.
Daily limits last 24 hours from when the limit is achieved. Your level of verification on the platform determines the amount of cryptocurrency that you may purchase. It is important to note that daily and monthly levels apply no matter the level of user verification.
The following is a further breakdown of the limits and requirements:
- Level 1: In this level, you will only need your government-issued ID. Of course, the ID should be valid. In this level, you can purchase a maximum of 10,000 USD.
- Level 2: You will need to produce two valid government-issued ID cards. You will also be required to provide your selfie holding the ID card or a utility bill. You can purchase cryptocurrency worth a maximum of 50,000 USD.
- Level 3: At this level, you are required to fill out a form which is then returned to Coinmama. Here, you can purchase cryptocurrency units worth up to one million USD.
The Coinmama platform offers quite a high transaction speed. After payment verification, it can take 20-30 minutes for your cryptocurrency units to reflect in your Bitcoin Wallet. They have even given a one-day business guarantee.
This simply means that it takes a maximum of a day to receive your purchased virtual currency. If this does not happen within this stipulated time, Coinmama guarantees a refund within 48 hours.
Coinmama has been in the cryptocurrency business for a while now. Even though the company’s transactions are not cheap, it still retains its place up there among the most secure and most efficient cryptocurrency brokers. But the convenience and security of transacting on this platform obviously come at a fee.
The fact that Coinmama does not hold digital coins for its users makes it a very secure platform. Remember, they require you to buy a Bitcoin Wallet for storing your crypto coins. Not storing any bitcoins on their platform helps to deter hackers who often prey on cryptocurrency wealth preserved on an exchange system.
This has made Coinmama earn a reputation as a safe and reliable broker in the digital currency trading industry. So far, there has been no major case of fraud or attempted fraud reported on the Coinmama online platform.
Is Coinmama Safe?
Like most first-timers here, I know this is a question that has been lingering in your mind: is it safe? To answer it, let us delve deeper into how this bitcoin-buying platform operates.
As highlighted earlier, to ward off hackers, Coinmama does not hold any cryptocurrency units for its users. Instead, they sell bitcoins directly from their inventory.
Usually, an order takes only a few minutes to go through. This is after your debit /credit card verification has been successfully completed. In the event your transaction does not go through, your money is refunded to your account within 48 hours.
Coinmama does not hold a client’s credit /debit card information on its exchange server. The system also encrypts their clients’ personal information and stores those details on a secure computer server.
Security and Customer Support
At Coinmama, so far so good; there has not been any breach of security this far. The fact that the platform does not hold any bought cryptocurrency units on behalf of their clients helps safeguard it from hackers.
They offer customer support via email and from the reviews available, they respond within 24 hours. There is also a detailed list of helpful frequently-asked questions (FAQs) on their website; you can check it out.
The dedicated staff team at Coinmama also replies to questions left on their blog promptly. Working hours are as shown below:
Operates 24 hours a day, 7 days a week. In some rare cases, Coinmama’s customer care team may get involved with a customer’s account verification, depending on the problem encountered.
- Customer Service
Sunday to Thursday 9.00 am-6.00 pm GMT+3, or 2.00 am-10.00 am EDT, or 11.00 pm-7 am PDT.
- Business Inquiries
Sunday to Thursday 9.00 am-6.00pm GMT+3, or 2.00 am-10.00 am EDT, or 11.00 pm-7.00 am PDT.
Currently, Coinmama is operating in over 200 countries globally. In the USA, the Coinmama platform is available for cryptocurrency trading in 24 states around the country.
Although Coinmama operates almost in all countries across the globe, there are a few nations where the platform is either unavailable or blocked due to US trade and economic sanctions.
Apart from Coinmama, there are other cryptocurrency trading forums, most of which are the Slovakian-based platform competitors. They include the following:
- Bitpanda: A Bitcoin brokering company based in Austria. Bitpanda offers a variety of payment methods and offers good prices.
- Coinhouse: Coinhouse is based in Paris. Coinhouse allows its users in France to use 3D secured credit/debit card. Users of Coinhouse can also use Neosurf pre-paid cards.
- Coinbase: operates in over 30 countries. Currently, it’s the largest Bitcoin broker. Coinbase users can buy bitcoins using SEPA transfers, Interac online and with a bank account.
- IO: Allows its users to purchase Bitcoins for free using bank transfers. Users can also purchase Bitcoins at low prices using credit cards.
What Do Reddit Users Think About Coinmama?
Having been in the market for a number of years now, Coinmama has served a large number of customers, with its membership currently standing at an impressive 300,000 users. Knowing the importance of reviews and positive customer feedback in this industry, the Central Israeli-based firm has gone the extra step to make sure that customer satisfaction is guaranteed.
Most clients have expressed their satisfaction with the fact that Coinmama is able to provide more than one option for making payments during a bitcoin purchase, i.e. credit /debit card methods, as well as Western Union.
Still, there are those who prefer credit /debit cards over Western Union, saying that the former method has eased business because one does not have to go to a Western Union counter to make a deposit. Several clients applauded this.
Various reviews and other reports have also revealed customer dissatisfaction with Coinmama’s quite costly transaction charges. It is an area of critical concern that the digital trading company’s management should look into.
Most users also cited the fact that they received purchased bitcoins pretty fast using Coinmama. Once payments had been verified, it took only a few minutes for coins to be received in their Bitcoin Wallets. This is something they were very grateful for.
Apparently, there are customers and/or other investors who think that Coinmama’s site is not popular enough and is rated too highly for such low popularity. This is something the mother company should pay attention to.
Maybe some more advertising?
The firm might be losing too many would-be clients.
Some other users, though happy with Coinmama’s security, were disappointed by its high transaction fees and delays in verification. Some buyers even wondered if Coinmama stopped taking in new buyers. Such frequent complaints from clients indicate something is not right here.
Several users also complained of the slow response time from Coinmama’s customer service team, with a number citing having not received their refunds even though their transactions had been canceled as another major headache.
The verification process was also reported to be too vigorous. Coinmama still asks clients to take pictures of their ID and driving license.
With all the hacking instances being reported nowadays, is this information really safe?
However, others said this was important in securing their hard-earned digital coins.
Reports of withheld money from buyers’ cards who had not received their cryptocurrency units were many. To retain its credibility status, Coinmama needs to get to the root cause of this problem.
Investors seemed to be in agreement that the Coinmama platform is safe, secure and very reliable, with others even vowing allegiance to the company.
Generally, Coinmama is a great platform to use when buying your bitcoins. Its systems and processes are easy to use both for pros and amateurs in this market. Its worldwide accessibility is also a big plus. However, there are some few limitations that the company needs to improve on.
- It is only limited to buying orders only. You may be forced to sign up to another platform if you ever need to sell your cryptocurrency units.
- It does not allow SEPA payments and bank wiring.
- It only allows the purchase of Etherium and Bitcoin types of cryptocurrencies.
- Coinmama has no mobile app disadvantaging it from its competitors.
From our extensive Coinmama review here, you will notice that this is a fast-growing cryptocurrency platform. And, in as much as it may lack features present in other forums, some of them its top competitors, it compensates this by being very efficient, secure and easy to use.
Coinmama’s unique digital wallet secures client bitcoins. After a successful purchase process, acquired coins are delivered to this address. But it is slightly expensive to do transactions at Coinmama due to its high transaction rates.
The cryptocurrency exchange platform also offers a high limit of digital currency units that you can purchase either daily or monthly. It is a highly reputable broker in the cryptocurrency market, with its credibility, honesty and reliability being top-notch.