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Coinmama Review

14 April 2021

Coinmama is one of the more popular bitcoin marketplaces that are out there, having over 200,000 customers and growing. While selling both bitcoin and Ethereum to verified users. Coinmama is one of the world’s oldest Bitcoin Brokers out there. They have their headquarters located in Slovakia. It is owned by NBV International (daughter company of New Bit Ventures Ltd). They accept members from nearly all countries in the world.

Coinmama's trading interface is very simple to use that even if you’re new to trading, you will be be able to buy Bitcoins quickly within a few minutes. Coinmama has no option to sell Bitcoins or other altcoins and you will need to have a wallet address for the cryptocurrency you buy as Coinmama do not store cryptocurrency or any kind of sensitive or personal information of the users on its servers.

You can get a wallet address from Binance for example to store your cryptocurrency. In order to prevent scams, Coinmama requests its customers to confirm their wallet address before sending the cryptocurrency. The exchange doesn’t store any kind of sensitive or personal information of the users on its servers. It is next to impossible to create a fake account on Coinmama as the user will have to verify their documents before they can purchase any coins which in turn makes the exchange more secure, which is a good thing.


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Coinmama Account

As we said above it is not possible to buy Bitcoin or other altcoins first after creating the account, the Coinmama team will need to verify your documents based on the level you require Coinmama sets purchase limits for Bitcoins and other altcoins for the different levels, which are

  • Level 1: A Government issued ID + A Selfie holding the ID
  • Level 2: Secondary ID
  • Level 3: Submit a form
  • Signup On Coinmama

    coinmama exchange sign up

    To sign up for a account on Coinmama, you must do the following: Visit Coinmama's site and click the ‘Sign Up’ button located on the top right of the page. Fill all the required fields (name, email, password, country) on the form given below. Click the ‘Create account’ button to submit your information. In a few minutes you will receive a confirmation email. Click on the confirmation link on the email to activate your account.

    Login On Coinmama

    Now log in to your Coinmama account, and click the ‘Log in’ button located on the top right of the home page.

    coinmama log in

    If this is your first time logging on to your account, you need to verify your account by adding your personal and ID details. Then you should upload the supporting documents as we discussed earlier per the level that you require to verify your identity.

    How the Verification Requirements page looks:

    coinmama verify

    Buy Digital Currency

    Using Coinmama's exchange, users can buy top cryptocurrencies like BTC, ETH, ETC, LTC, BCH, XRP and more. The Cryptocurrency can be bought instantly using your credit/debit card or SEPA bank transfer. The exchange accepts payments in EUR and USD. For other currencies, the users will have to bear the exchange rate fees imposed by their banks. Coinmama do not deduct any fee for SEPA transfers but the processing fee is applicable for card-based purchases.

    coinmama buy coins

    Follow these steps:

    Make sure you have a wallet which supports Bitcoin such as the Ledger Nano S, Trezor, or a Wallet address from Binance.
    Login to your Coinmama account.
    Move the mouse over the ‘Buy’ link on the top of the page and click ‘Bitcoin’ from the drop-down box.
    Select the fiat currency (USD/EUR).
    Then you can choose either one of the packages (100,250,1000,3000 USD/EUR) or you can enter the amount of digital currency you would like to buy manually and click the ‘Buy’ button. The minimum deposit is $60 or €60.
    Next enter the receiving wallet address to which the coins will be sent as we said above. Make sure you enter the correct wallet address.
    Choose the desired payment method. Credit/Debit Card or Bank Transfer. (In the example above, the Card option was picked.
    Fill out all the fields on the payment form and click the ‘Pay Now’ button.
    Finally you have to enter the 3D Secure Code or other authentication code sent by your bank to finish completing the payment.

    Well done, You have now placed your first order for Bitcoins. You should receive them in your wallet in around 10-15 minutes.

    Supported Cryptocurrencies

    Coinmama allows users to buy any of the following cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH), Cardano (ADA), Qtum (QTUM)

    Supported Countries

    Coinmama accepts users from almost all countries (more than 180) in the world including the UK, EU, US, Australia, and Canada.

    Exchange Fees & Limits

    Trading Fees:

    5.9%

    Deposit Fees:

    Coinmama charges an additional processing fee of 5% for buying cryptocurrencies using debit/card whereas it does not deduct any fee for SEPA transfers. Also to the above fees, your bank might charge cash advance fee for your crypto purchases. In case, if your currency is different to EUR or USD, then your bank will also deduct an exchange rate fee as well.

    Limits:

    Daily limit: 5,000 USD/EUR
    Monthly limit: 20,000 USD/EUR

    The above limits are independent of the membership levels and will remain constant whether you are on level 1, 2 or 3.

    Supported Payment Methods

    Coinmama exchange allows customers to use any of the payment methods listed below depending on their geographical location.

    Credit/Debit cards (only VISA and Master cards are accepted). China, Bangladesh, Bolivia, Ecuador and Kyrgyzstan are restricted from credit card payments.

    Bank Transfer (SEPA) which is only available in selected countries, including most of Europe and the UK. For the full list of SEPA supported countries check out the list below:

    coinmama supported countries

    Coinmama Security

    Coinmama exchange does not store your personal information like credit card details or the supporting documents on their servers. Since the exchange does not store the coins, the users must take extra precaution by providing a valid wallet address to receive their cryptocurrencies.

    Coinmama Customer Support

    If you experience any issues with your account, you can contact the Coinmama support via Email, Facebook or by scrolling to the bottom of their homepage and submitting a ticket on their support page. Coinmama exchange does not provide support via phone. It claims to resolve all kinds of customer’s queries/issues within 2 hours on any business day. (Timing: Sunday-Thursday 9:00-18:00 GMT+3 / 2 AM-10 AM EDT / 11 PM-7 AM PDT).


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