Is Coinmama Cryptocurrency Exchange the Best?

Coinmama Cryptocurrency Exchange
Coinmama Cryptocurrency Exchange

Overview

The Coinmama Cryptocurrency Exchange is a reputable exchange for buying Bitcoins, Ether and other coins with USD. Coinmama is registered in Slovakia and based in Israel.

They support 217 countries and 24 US States.

Coinmama is not a platform to exchanging or sell cryptocurrency. All purchases of cryptocurrency by users are exchanged directly from their own holdings. This makes for very secure transactions.

Coinmama Exchange

8.6

Cost

7.8/10

Functionality

9.1/10

Support

9.0/10

Safety

8.5/10

Pros

  • Supper safe and easy place for beginners to get started
  • Buy both Ether and Bitcoin with credit and debit cards
  • It’s fast and reliable transactions
  • Great user interface

Cons

  • Does not allow selling
  • You only buy Ether and Bitcoin

 

 

Coinmama Cryptocurrency Exchange Review

Coinmama is one of the most reputable and popular cryptocurrency buying services in the world. The exchange supports 5 different cryptocurrencies and you can purchase them with credit card payments.

Coinmama’s makes buying Bitcoin and other cryptocurrencies easily. The company seems committed to providing great customer experience and quality customer service. Transactions are super fast and user verification takes about an hour.

This is an excellent option for beginners starting just getting started with Bitcoin and cryptocurrency.

 

Benefits

Coinmama sells Bitcoin directly to users. This provides a very simple, secure and fast buying process.

They also offer relatively low fees compared to other brokerage services.

The process of buying coins is simple. Just submit your order and identity verification documents. Then make a payment to get your coins. As soon as your payment clears, you get your coins. It’s that simple!

  • Coinmama is a straight forward
  • Reasonably priced
  • Very safe cryptocurrency brokerage service
  • They sell the coins!

Countries Supported

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,

US states supported

Arizona, California, Colorado, Florida, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Missouri, Montana, Nevada, New Jersey, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Wisconsin.

 

Buying & Selling

BuyingSellingLimits

Coinmama accepts credit or debit cards issued by Visa or Mastercard. SEPA payments are also accepted with 0% processing fees.

  • Credit or Debit Card
  • Visa & Mastercard
  • Coinmama does not support selling cryptocurrencies
  • The minimum amount of Bitcoins you can buy is $60
  • The daily buying limit is $5000
  • The monthly limit is $20,000
Special Note
You cannot link your bank account. Prices are denominated, and transactions made, in USD and EUR.

 

 

Fees & Currencies

Coinmama Cryptocurrency Exchange Rates

  • Flat 5.5% fee for credit and debit card transactions
  • Processors usually charge an additional 5%
  • Most banks charge a small fee for converting the currencies
  • Total fees are usually between 10-15%
Special Note
Bitcoin (BTC) Ethereum (ETH) Ripple (XRP) Litecoin (LTC) Bitcoin Cash (BCH) Cardano (ADA) Qtum (QTUM) Ethereum Classic (ETC)

 

Safety & Security

Coinmama has dedicated servers for improved protection and privacy. Transactions and transfer is anonymous and no one tracks the sum own.

Their site uses 256-Bit SSL encryption on consumer pages. Plus, TrustGuard and Comodo internet protection.

Verification factors

Verification is mandatory

  1. Create an account
  2. Click the ‘Verify my Account’ tab
  3. Upload both sides of a government-issued ID
  4. Upload a selfie of you holding the ID and a piece of paper with the word ‘Coinmama’ plus ‘THE DATE’.
  5. This verification allows purchases upto $10,000 of bitcoins

 

User Experience

Quick Guide

Create Account

  1. Go to Coinmama.com
  2. Click sign up to create a new account
  3. Provide an email address and password
  4. Provide your name and country of residence
  5. Log in to your email and click the confirmation link from Coinmama
  6. Your account is now active

Verify Account

  1. Login to your new account
  2. Enter your personal identification details
  3. Provide address and ID information.
  4. Upload your selfie as asked a
  5. Buy as much as $5,000 worth of coins on the same day

Customer support

Coinmama has ok customer support. They have a dedicated staff that is available 24/7 for emergencies. Unfortunately, responses can take a while and they are often not very informative.

Their FAQ section is thorough and updated regularly.

Feedback

As with just about everything in the world, reviews are mixed. They are a popular service with thousands of users and sell a ridiculously large amount of cryptocurrency every day. So, they must be making at least someone happy.

They have also stated, and I think, demonstrated a renewed commitment to improving their customer support.

However, there is no shortage of complaints and bad reviews. Some are understandable, some aren’t, and some seem to have been addressed since being made.

All in all, they seem to have a reasonably responsive support team. The responses aren’t always that great and sometimes can take quite a while to arrive, but they have community trust and have demonstrated a commitment to user privacy.

 

Final Verdict

EXCELLENT

I’ve used Coinmama, may use again and would recommend it to a friend starting out. They are a reputable company with decent support.

The fees aren’t great compared to other exchanges but for a brokerage service using credit card transactions, they’re alright.

Final Verdict: Excellent for beginners to easily, safely, simply and quickly Buy cryptocurrency.

 

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