Coinmama Exchange Review

Even though Coinmama exchange is headquartered in Slovakia, anyone located anywhere in the world can buy Bitcoins, Ether (Ethereum), Litecoin or Bitcoin Cash online from this exchange. Coinmama exchange belongs to the company named NBV International, Slovakia. NBV International it is the daughter company of New Bit Ventures Ltd which is a regulated company and registered under the category of Money Service Business.

Based on the information available on its official website, Coinmama is now available across 188 countries (24 states in the US) in the world. This can be considered as a remarkable achievement since its launch in the year 2013. Unlike the other cryptocurrency exchanges, Coinmama does not allow you to sell or trade the cryptocurrency coins through its platform. You can only buy Bitcoins, Bitcoin Cash, Ethereum or Litecoin from them.

Let’s us have a detailed review of the Coinmama exchange in various aspects as given below:

Is Coinmama Exchange Safe?

Of course, yes. Do you want to know how it stands out safe from the rest of the crowd? As trading/selling of cryptocurrencies is not allowed in Coinmama, you will get your coins directly from the company’s own reserve or holdings. So, when you are buying the cryptocurrency coins using Coinmama exchange, you can completely get rid of the intermediary. That’s why Coinmama exchange is considered as trusted and most secure when compared to its competitors.

Coinmama Pros

  • Buy Bitcoins or Ether using your debit/credit card
  • Locked crypto rates (i.e You will receive the same amount of Bitcoins even if the price gets altered after you had placed the order)
  • Available in more than 180 countries, including many states of US like California, Texas, Virginia, Florida and European countries
  • Both USD and EUR are accepted
  • Coinmama exchange sells the coins from its own inventory by eliminating any middleman
  • Buy single/multiple/fraction of Bitcoins, Ether and lately, they also added Litecoin and Bitcoin Cash

Coinmama Cons

  • Doesn’t accept payment options like PayPal, Discover, and American Express cards
  • Trading or selling option for your cryptos is not available
  • Supports only 4 types of cryptocurrency coins (BTC/ETH/BCH/LTC)

How the Coinmama Exchange Works

You can buy the Bitcoins, Ethereum, Bitcoin Cash or Litecoin from the Coinmama exchange by following the five steps given below:

  1. Create/Register a new account on their website
  2. Verify your identity by uploading the required documents
  3. Go ahead and place your order for BTC/ETH/BCH/LTC using your credit/debit card.
  4. Confirm your wallet address by responding to the confirmation email
  5. Check your wallet to see the coins

Steps 1 and 2 are only needed for the first time users. Next time onwards, you can directly place the order starting from step 3 to step 5.

Coinmama Exchange Signup & Login Process

The Signup/Login process for the Coinmama exchange is pretty straightforward so that anyone with a basic knowledge of the internet can easily create an account.

Sign Up Guide For New Users

  1. Go to https://www.coinmama.com/ and click the ‘Sign Up’ button located on the right side of the homepage.
  2. Your signup screen will look similar to the one below: (signup1.png)
  3. Fill in all the required information like name, email, password etc and click the ‘Create Account’ button.
  4. Now, you will see a message on the screen which will prompt you to check your email for confirming your account. See screenshot below (signup2.png)
  5. Find the confirmation mail in your inbox (check spam folders also) and click the link to activate your account. After your account gets activated, you will see a message like the one below. (signup3.png)

Congratulations ! you have completed the signup process successfully. Now, you need to login to your Coinmama account and verify your identity to buy Bitcoins or Ethereum.

Login & Account Verification Guide

  1. Go to https://www.coinmama.com/ and click the ‘Login button located on the right side of the homepage.
  2. If you are logging in for the first time, then your screen will look exactly like the one given below: (signup4.png)
  3. Click the link ‘Verify account’ under My Account menu which is located on the left-hand side of the screen.
  4. Now, you need to fill your personal information like name, gender, date of birth, phone and address. Besides that, you also need to provide the details of a valid photo-based identity card.
  5. Given below is the list of IDs that are accepted by Coinmama.
  • International non-US passport
  • National ID card
  • Driver’s license

For quick and problem free verification, you need to make sure that the quality of the image to verify your ID is of excellent quality. Also, any kind of text on the image should be legible and clear without any distortions. Coinmama exchange will accept only colored images and not the ones which are in black & white.

Coinmama offers three types of verification levels for the users so that you can choose the one based on your needs. The documents needed for the three levels are given below:

Level 1 (Buy up to $10,000 worth of cryptocurrencies)

  • Copy of a valid ID card issued by your government (both sides)
  • Take a selfie of yourself by keeping the ID card and a note with the text “Coinmama DD/MM/YY”. DD/MM/YY should represent the current date.

Level 2 (Buy up to $50,000 worth of cryptocurrencies)

In addition to the documents which are provided for Level 1, you need to submit the following:

  • A secondary ID card
  • Copy of a utility bill (Electricity/Gas/Water/Property tax/Bank statement/Credit card statements)

Level 3 (Buy up to $1,000,000 worth of cryptocurrencies)

To provide the documents related to this level, you need to contact the Coinmama support by sending an email to support@coinmama.com

Once you upload the necessary documents, Coinmama will process the info within a few hours, up to a maximum of a day. Then, your account will be verified and you can start buying Bitcoins, Ethereum, Litecoin or Bitcoin Cash.

To avoid delays in the verification process from your end, please follow the below guidelines:

  • Make sure all the 4 corners of your document are fully visible
  • Use a high-resolution camera or your smartphone to capture the images
  • The expiry date of your documents should be clearly visible. Don’t send the images of expired documents
  • The size of the document should not be more than 8 MB

How to buy Bitcoins from Coinmama?

  1. Make sure you have a Bitcoin wallet. If you don’t have one, click here to create a Bitcoin Electrum Wallet
  2. Log in to your Coinmama account and click the link ‘Buy Bitcoin’ under the ‘My Account’ menu.
  3. Now, you have two options. You can choose one of the Bitcoin packages offered by the Coinmama as given below. (buybt1.png)

Or you can place an order for buying a specific amount of Bitcoins based on your budget.(buybt2.png)

  1. After selecting the desired option, click the ‘Buy now’ or ‘Buy BTC’ button.
  2. Now, you need to provide the wallet address where you want the bitcoins to be sent. This step is crucial because an incorrect wallet would result in transaction failure. So, please make sure that you enter only the correct address.
  3. You will get a confirmation email from Coinmama to make sure that you only initiated the transaction and not by someone else.
  4. Then, you need to click the ‘Proceed to checkout’ button for placing the order.
  5. Here, you need to fill the information about your debit/credit card based on the payment method you are choosing. Some banks may require additional verification like entering a secure 3D password or OTP. And, that authentication fully depends on your bank.
  6. Finally, click ‘Pay now’ button to complete the transaction.

Bitcoins will be sent immediately to your wallet address once the payment is verified.

How to buy Ethereum from Coinmama?

  1. Make sure you have an Ethereum wallet. If you don’t have one, click here to create an Ether Wallet
  2. Log in to your Coinmama account and click the link ‘Buy Ethereum under the ‘My Account’ menu.
  3. Now, you have two options. You can choose one of the Ethereum packages offered by the Coinmama as given below. (buyet1.png)

Or you can place an order for buying a specific amount of Ethereum based on your
budget.(buyet2.png)

  1. After selecting the desired option, click the ‘Buy now’ or ‘Buy ETH
  2. Now, you need to provide the wallet address where you want the Ethers to be sent. This step is crucial because an incorrect wallet would result in transaction failure. So, please make sure that you enter only the correct address.
  3. You will get a confirmation email from Coinmama to make sure that you only initiated the transaction and not by someone else.
  4. Then, you need to click the ‘Proceed to checkout’ button for placing the order.
  5. Here, you need to fill the information about your debit/credit card based on the payment method you are choosing. Some banks may require additional verification like entering a secure 3D password or OTP. That authentication fully depends on your bank.
  6. Finally, click ‘Pay now’ button to complete the transaction.

Note: Before buying Ethereum, please make sure that your wallet provider is compatible with that cryptocurrency. Because Ethereum transactions are based on the smart contracts which are different from the normal currency-based transactions. In some cases, your wallet provider will be approving your transaction manually and not automatically. That’s why you need to consult your wallet provider to avoid delays or other issues while buying Ethers.

Order processing time

Once you make the payment using the ‘Pay now’ button, the status of your order will be changed to ‘In Process’. It will remain in that state until the transaction is processed by your bank or credit card provider. If there are no issues, your credit card order will be processed within a few minutes. You will be able to see the coins in your wallet as soon the blockchain transaction gets confirmed.

Typically, blockchain transactions will get confirmed within 10-15 minutes. Please note that If your order has failed/expired due to some reason, you will not be charged any kind of fee. To avoid transaction failures, it is best to contact your bank/credit card provider well in advance before making the transaction. In that case, the probability of a failed transaction is very low.

List of Top 20 countries supported by Coinmama

  • Scandinavia (Sweden, Finland, Denmark, Norway and Iceland)
  • European Countries
  • United Kingdom
  • United States (Available in more than 20 states)
  • Australia
  • Canada
  • India
  • Japan
  • Indonesia
  • Korea, Republic of
  • Malaysia
  • Nepal
  • New Zealand
  • Russian Federation
  • Saudi Arabia
  • Singapore
  • Switzerland
  • Thailand
  • Turkey
  • United Arab Emirates

For the full list of 180+ countries click here.

Accepted payment methods

Coinmama accepts all type of debit/credit cards from VISA to Mastercard. They don’t accept payments made through PayPal. Also, they don’t accept American Express or Discover cards. Coinmama lists the prices of Bitcoin/Ether in USD and EUR. You can use other types of currencies but you may get an exchange fee.  The minimum purchase amount that is required to use your debit/credit card is 60 USD / About 50 EUR.

Supported Cryptocurrencies

Currently, the Coinmama exchange supports only four types of cryptocurrencies.

  • Bitcoin (BTC)
  • Ether (ETH)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)

Coinmama Fees & Limits

Before choosing the exchange to buy cryptocurrencies, spare few minutes to find out the various types of fees (direct/indirect) on your purchases

Fees

In Coimama, there are three types of fees which are given below:

  • Coinmama Transaction fee: 5 % for every transaction (This amount will be included in the Bitcoin/Ethereum rate on the website)
  • Processing fees: (Credit/Debit card) 5%
  • Cash advance fee: Unkown (Depends on your bank/credit card issuer)
  • Exchange rate fee: Applicable only if you use any currency other than USD or EUR

For example, let’s assume that you want to buy Bitcoins worth $2000 from the Coinmama exchange. Now, you need to pay at least $2210 ( $110 transaction fee + $100 card processing fee ) to get the desired amount of Bitcoins or Ether. Cash advance fees depend on your bank. If you are making the purchase either in USD or EUR, then your exchange rate fee will be nil. In a nutshell, you will need to pay at least 10.5% of the total amount of purchase towards fees.

Limits

Coinmama exchange has set limits on the amount you can spend daily/monthly to buy cryptocurrencies as given below.

  • Daily – 5000 USD/EUR (Timer starts from the moment your order is placed)
  • Monthly – 20,000 USD/EUR (Total amount spent in the last 30 days should not exceed the limit)

The daily/monthly spending limit is applicable to all members of all levels (Level 1 to 3).

Top Exchange Competitors

The Top 5 competitors for the Coinmama exchange are given below

  • Coinbase
  • Challengely
  • Binance
  • Coinsquare

Coinmama Security Features

  • Whether you are buying Bitcoins or ether, you need to make sure that the coins are sent only to your own cryptocurrency wallet. For that, Coinmama sends a wallet confirmation email for every order to your email address. It will start processing the order only if you confirm the email. This step will ensure that the coins will be sent only to your wallet address instead of someone else’s.
  • All your personal information and supporting documents will be stored in encrypted format.
  • Your credit/debit card information is not stored on their website or servers.
  • Coinmama does not provide web wallets for storing your coins. Instead, it sends them to your wallet address. Hence, the security of your coins is completely under your control.
  • Coinmama exchange respects the privacy of the users as it is committed to becoming fully compliant with the GDPR (Global Data Protection Rights) law which will be launched soon in all the European countries.

Coinmama Customer Support

You can contact the Coinmama support team to solve any kind of queries by using any one of the channels listed below.

Based on their website, the best time to reach them is Sunday – Thursday 9:00-18:00 GMT+3 / 2 AM-10 AM EDT / 11 PM-7 AM PDT. Currently, Coinmama does not provide any kind of support via phone.

Besides the email support, their official website offers clear and detailed documentation about payment methods, ID verification procedure, placing an order etc. FAQs section is also available on their website.

Key points you need to remember about Coinmama

  • Coinmama does not store your Bitcoins, Ether, Litecoin or Bitcoin Cash as it doesn’t provide web or online wallets
  • You cannot sell/trade cryptocurrencies using the Coinmama exchange
  • Customer support is provided only through email and not by phone
  • The only supported cryptocurrencies are BTC, ETH, BCH & LTC
  • Available payment options are debit/credit cards (VISA/Master) (No Paypal)
  • Coinmama exchange will not store your credit/debit card details like card number, name, expiry etc on its server

Conclusion

Coinmama exchange has been selling Bitcoins since 2013. So far, there are no scams or another kind of issues reported on the social media.  It is considered as the most secure exchange that is available to users located in more than 180 countries which includes many prominent states of the US.

Coinmama Exchange Rating – 8.2