Coinmama Review 2023 – Features, Fees
Coinmama is a veteran cryptocurrency brokerage platform that allows users to easily buy and sell popular coins like Bitcoin, Ethereum, and more using credit/debit cards or bank transfers.
Founded in 2013, it is one of the oldest exchanges still operating today.
In this Coinmama review, we’ll cover everything you need to know about this brokerage service.
Overview of Coinmama
Coinmama is an Israel-based cryptocurrency brokerage focusing on enabling simple access to Bitcoin and other coins via credit/debit cards or bank transfers.
Some key features according to Coinmama’s website:
- Supports over 30 cryptocurrencies including Bitcoin, Ethereum, Cardano, Solana.
- Available in almost every country worldwide besides a few sanctioned states.
- Simple buying process with credit/debit cards or bank transfers.
- Higher fees compared to dedicated crypto exchanges but easy for beginners.
Buying Limits and Fees
According to Coinmama’s website, buying limits depend on account verification level:
- Level 1 – $15,000 daily and $50,000 monthly with credit/debit card.
- Level 2 – $50,000 daily and $300,000 monthly with bank transfer.
Fees are around 6% for credit/debit card purchases and 5% for bank transfers. Higher than exchanges but easy to use.
Payment Methods Accepted
Coinmama accepts the following payment methods:
- Visa and Mastercard credit/debit cards
- SEPA and SWIFT bank transfers
- Apple Pay and Google Pay
Credit/debit cards have the highest fees but allow instant delivery of coins.
Bank transfers have lower fees but take 1-3 days for delivery.
Interface and Ease of Use
The Coinmama interface is simple and easy to navigate.
Users can easily choose a crypto, input desired purchase amount, and complete the transaction with minimal steps.
This makes it ideal for beginners looking for a smooth buying experience.
Account Verification Process
Coinmama requires identity verification before allowing large purchases.
The levels are:
- Level 1 – Email and phone verification only
- Level 2 – Govt issued ID and proof of address required
Level 1 accounts have $15,000 daily card buy limit.
Level 2 accounts allow up to $300,000 in monthly bank transfer purchases.
Some major cryptocurrencies supported by Coinmama include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Cardano (ADA)
In total, Coinmama supports buying and selling over 30 top cryptocurrencies.
Based on information on Coinmama’s website, it supports over 190 countries worldwide including:
- United States, Canada, Australia, United Kingdom, most of Europe.
- Does not operate in Cuba, Crimea region, Iran, Israel, Lebanon, North Korea, Singapore, Sudan, Syria.
Security and Compliance
As a veteran platform founded in 2013, Coinmama has served over 3 million users.
Security features include:
- Secure SSL encryption and cold storage of funds.
- No account breaches since launch.
- Complies with international KYC and AML regulations.
Customer Support Options
Coinmama offers customer support through:
- Support form online
- Dedicated customer support line
- Responsive via email
- Active on social media
Users report good experiences with Coinmama’s customer service overall.
How to Buy Crypto on Coinmama
According to tutorials, the basic process to buy crypto on Coinmama includes:
- Create an account and complete identity verification.
- Select your desired cryptocurrency and amount.
- Choose payment method – card or bank transfer.
- Provide payment details to complete purchase.
- The coins are delivered to your external crypto wallet.
Some of the key advantages of Coinmama include:
- Easy to use interface ideal for beginners
- Multiple payment options including cards
- High credit card purchase limits
- Fast account verification
- Excellent customer support
Some potential downsides to consider:
- Relatively high fees compared to exchanges
- More limited coin selection vs other platforms
- Must provide personal information for purchases
- No built-in crypto wallet
Consumer Sentiment and Reviews
Coinmama generally has positive reviews online, especially among crypto beginners.
Users praise the smooth buying experience but criticize the high fees.
The ease of use for first time buyers is a commonly highlighted benefit.
On Trustpilot, Coinmama has a 4/5 star rating based on over 18,000 reviews.
Positive reviews mention the simple interface and stellar customer support.
Complaints focus on high fees and occasional delays.
For those looking for an easy way to enter the crypto markets and buy coins via card or bank transfer, Coinmama is a solid choice.
The smooth buying process and excellent customer support make it ideal for beginners. However, users focused on low fees may prefer a traditional crypto exchange instead.
Overall, Coinmama remains one of the most reputable and long-standing brokerage platforms in operation today.
With its focus on simplicity and service, it fills an important niche for crypto newcomers.
Is Coinmama safe to use?
Yes, Coinmama is considered a veteran and reputable company in the cryptocurrency space.
It uses standard security features like cold storage and SSL encryption and has maintained a strong track record since 2013 without any major security breaches.
What are Coinmama’s fees?
Coinmama fees include:
- Credit/debit card buys: Around 6%
- Bank transfer purchases: Around 5%
- Sales fees: Between 0.1% to 0.9% depending on account tier
So fees are higher compared to exchanges but the convenience may be worth it for some users.
Does Coinmama have a mobile app?
Currently Coinmama does not have a mobile app, but its website is mobile optimized.
The company recommends using the mobile browser for now to access Coinmama on your phone.
Can I sell crypto on Coinmama?
Yes, Coinmama allows users to sell supported cryptocurrencies as well.
Though it specializes more in the buy direction, selling is also possible for verified accounts.
Sell fees are between 0.1% to 0.9%.
How long do Coinmama’s ID verifications take?
According to users, ID verification on Coinmama can be completed within an hour in most cases.
However it may take up to 1 business day in some instances. Level 1 verification is the quickest.
Can I use Coinmama anonymously?
No, Coinmama requires all users to complete identity verification in order to use its brokerage services.
For privacy, some cryptocurrency exchanges allow anonymous usage, but verification is mandatory on Coinmama.