January 8

Coinmama Review in 2021

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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.

  • Web Address: www.coinmama.com
  • Fiat Currencies: USD, EUR, AUD, CAD, GBP, JPY
  • Mobile app available: Yes
  • Trading Fees: 2.9-3.9%(depending on loyalty)
  • Cryptocurrencies: BTC, ETH, ETC, BCH, LTC, ADA, QTUM, XRP, XTZ, EOS
  • Main location: Tel Aviv, Israel
  • Deposit Fees: 5% with credit card.
  • Depsoit Methods: Credit card, Debit card, Bank transfer (SEPA), SWIFT, Wire transfer

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.

Coinmama fees:

For each transaction Coinmama charges 5.5%, if you deposit through credit card, the credit card provider charges an additional 5%.

Action

Fee

Coinmama transaction fee

5.5%

Credit card fee

5%

Example of Coinmama fees in action:

Let's say you want to buy $1000 worth of bitcoin, lets run through the cost:

Coinmama Purchase

Rate

Cost

Bitcoin

Real-time

$1,000

Coinmama fee

5.5%

$55

Credit card purchase fee

5%

$50

SEPA bank transfer

0%

0%

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. 

Varies

TOTAL KNOWN COST

Cell

$1,105

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

Supported Countries

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.

Supported States

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.

Pros and cons of Coinmama:

Pros

  • Live pricing in US dollars and euros
  • Can purchase bitcoins in fractions
  • Very easy to operate
  • Coinmama will sell you bitcoin directly, no middle man
  • Website offers many languages

Cons

  • You are unable to sell bitcoin through coinmama without a european bank account.
  • You cannot deposit with  PayPal, American Express or Discover
  • Can’t link to your bank account to expedite new purchases
  • No mobile app available

FAQs

How Fast Will I Get Approval from Coimama?

According to Coinmama, all verifications are completed within 30 minutes or less.

Do they Accept Credit Cards?

Coinmama only accepts Mastercard and Visa. This means that PayPal, Discover, and American Express are not accepted.

Does Coinmama require that you provide an ID?

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. 

How are Bitcoins Bought on Coinmama?

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:

Exchange

Fiat Currency

Cryptocurrencies

Deposit Methods

Visit

USD, EUR, GBP, CAD, MXN, HRK, CZK, DKK, CLP, BGN & 10+ more

ATOM, BAT, BTC, BCH, XRP, DAI, DASH, EOS, ETH, ETC & 20+ more

Bank transfer (ACH),Credit card,Debit card,Bank transfer (SEPA),Wire transfer 

USD, EUR, AUD, CAD, GBP, JPY

BTC, ETH, ETC, BCH, LTC, ADA, QTUM, XRP, XTZ, EOS

Credit card,Debit card,Bank transfer (SEPA),SWIFT,Wire transfer 

USD, EUR, GBP, JPY, CAD, CHF, AUD

BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, BAT, ETC & 40+ more

Electronic Funds Transfer,Wire transfer,FedWire, SWIFT, SEN

USD, EUR, GBP, RUB, CNY, AUD, KRW, JPY, TRY, VND & 40+ more

BTC, XMR, DAG, ETH, XRP, EOS, LTC, TRX, NEO, ONT & 200+ more

Bank transfer (ACH), PayPal, Interac e-Transfer

USD

BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA & 5+ more

Wire transfer,Online banking 


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