What is Coinmama Exactly?
Coinmama was established in Israel in 2013. It has now expanded to 188 countries, counts 30 employees, and serves over 2 million customers worldwide. The company is registered in Slovakia at the moment with its headquarters located in Israel under the New Bit Ventures umbrella. Coinmama did score quite highly in our USA cryptocurrency exchange guide.
My overall thoughts on Coinmama:
Coinmama is for people who want to buy bitcoin quickly and easily, they do charge a high fee (5.5%) and deposit fees can add up too. Overall Coinmama scores 3.5 stars because of its fees, lack of app. For speed and ease they are great though.
What Kind of Services does Coinmama Offer?
Coinmama is a brokerage service for people dealing with Bitcoin and cryptocurrencies in general. What this means is that you buy the coins directly from them and not from other sellers, as is the case with exchanges. One of the benefits of working with a service like this is that the process is much simpler. It’s also much faster since you don't need to go out and find a buyer. One issue with these services, however, is that they tend to be more expensive. But Coinmama is trying to keep their fees low. We’ll look later at how Coinmama compares with other services.
For each transaction Coinmama charges 5.5%, if you deposit through credit card, the credit card provider charges an additional 5%.
Coinmama transaction fee
Credit card fee
Example of Coinmama fees in action:
Let's say you want to buy $1000 worth of bitcoin, lets run through the cost:
Credit card purchase fee
SEPA bank transfer
Exchange rate fee
Coinmama prices are set in USD and Euros. If you are using another currency, your bank or credit card may assess a currency exchange fee.
TOTAL KNOWN COST
So the total cost of buying $1000 worth of bitcoin is $1,105 at least, this is not cheap but if you are buying looking for a big win then this is quite small.
Coinmama Buying Limits
On Coinmama, you are required to buy at least $60 USD of Bitcoin or its equivalent in EUR/JPY/AUD/GBP/CAD. The buying limit will vary depending on your account’s level. At level one, the buying limit is $5000 USD and you can only buy $15,000 EUR/GBP/AUD/CAD/JPY per month. Also, know that your identity will need to be verified. It’s a 3-tiered verification system, and once you pass each level, the limit on your account will be raised.
Level 1 - At this level, you will need to have a valid government ID and a selfie of you with the ID with a note with the word “Coinmama” written on it with today’s date.
Level 2 - At this level, you will need to provide a secondary ID and you might have to show a utility bill in addition to the IDs mentioned before.
Level 3 - You will be required to fill in a short form.
Supported Countries & States
Pros and cons of Coinmama:
According to Coinmama, all verifications are completed within 30 minutes or less.
Coinmama only accepts Mastercard and Visa. This means that PayPal, Discover, and American Express are not accepted.
Yes. If you want your account to be verified, you’ll have no choice but to provide some sort of identification. This can be something like a passport or a driver’s license.
This is how the process of buying coins goes with Coinmama. First, you have to sign up, submit ID documents, click “Buy”, then choose the coins you want to purchase. Decide the amount you want to buy and choose the “buy now” option. Submit your payment info. Get your coins instantly as the payment is cleared. Coinmama will issue you your cryptocurrency instantly once payment is confirmed. This is very important since the market can be very volatile, and you could end up buying coins at a much different price if there’s a one- or two-day delay. You should also note that Coinmama will automatically lock the price of your Bitcoin the minute your order is submitted.
Compare Coinmama against other exchanges:
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