Coinmama Review

What Is Coinmama?

Coinmama is one of the fastest ways to get started with purchasing Bitcoin and Ethereum with a Visa or MasterCard credit card or debit card. With high spending limits and instant delivery of cryptocurrency, Coinmama delivers a first-class experience for beginners and high rollers.

Your transactions are performed instantly and appear in your wallet right away.

Coinmama is one of the most popular bitcoin exchanges around the globe, and also one of the oldest that accepts credit card and debit card purchases.

Coinmama

Website:	coinmama.com
CEO:	Sagi Bakshi
Headquarters:	Israel
Founders:	Laurence Newman, Nimrod Gruber, Ilan Schuster
Founded:	2013
Customer service:	24/7 email support and Knowledge Base
More information:	Read Review

Coinmama specializes in selling Bitcoin and cryptocurrencies instantly with a credit card, or with bank transfer and is one of the most popular exchanges in the world.

Coinmama accepts all currencies, in particular, USD, EUR, GBP, CAD, AUD, and JPY.

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Reputation	Fees	Privacy	Limits
Excellent	Low	High	High

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An Inside Look At The Coinmama Cryptocurrency Exchange

The mission of Coinmama is to empower humanity one human at a time by making it fast, safe and fun to buy digital currency, anywhere in the world.

Before making any purchase decision with an exchange always ensure to investigate the reputation of management, venture capital investors and regulatory approvals. Make sure to learn about each company’s values and core mission and to perform proper due diligence on review sites, message boards and with investment professionals. 

Is Coinmama Legit?

Coinmama, based in Israel and founded in 2013, is a property of NBV International, which is a daughter company of New Bit Ventures Ltd company. The executive team consists of Asaph Schulman (CEO), Nimrod Gruber (Co-Founder), Martin Koelbaek (CHO), Guy Ben-Yossef (CFO), Yaki Oliel (CRO).

Countries Supported – All Over The World (190+ Countries)

Coinmama is supported in over 190 countries and is constantly adding more (view list).

Payment Methods Supported

Coinmama customers can choose to pay with either debit card, credit card, SWIFT transfer, SEPA bank transfer (EU Banks only), and Faster payment transfer (UK Banks only).

Credit card or debit card is the most popular method of payment.

Currencies Supported

Coinmama primarily accepts USD, EUR, GBP, CAD, and AUD but accepts all currencies. If you pay with a different currency additional fees may be incurred.

Cryptocurrencies Supported

The following cryptocurrencies are supported by Coinmama and can be purchased instantly with a credit card, debit card or bank transfer:

• Bitcoin
• Ethereum
• Ripple
• Litecoin
• Bitcoin Cash
• Cardano
• Qtum
• Ethereum Classic

Is Coinmama Safe?

Coinmama is one of the oldest bitcoin brokers in the business. Your personal details and documents are encrypted, and your credit card details are not stored anywhere on the Coinmama website or servers. Every new customer to Coinmama must submit verification for their account.

As a financial service, Coinmama is committed to the highest security and privacy standards backed by excellent customer service.

Coinmama is not a wallet service. It is recommended that you do not store your bitcoins on Coinmama for an extended period of time and instead consider moving them to a secure cloud, smartphone or hardware wallet such the Trezor One.

Fees

Credit card and debit card transactions incur a 5% processing fee.

SWIFT, SEPA and Faster bank transfers incur no fee.

The minimum transaction amount to buy cryptocurrency is $50.

Verification Process

You may be wondering how long does Coinmama take to verify your account. Usually, it takes between 5 to 15 minutes for your Coinmama account to verify successfully after uploading your documents.

You will need:

• A government-issued ID (a non-US international passport, a driver’s license, or a national ID).
• A piece of paper on which you’ve written “Coinmama” and today’s date.
• A smartphone with a working camera.

Verification Levels

Level 1

Requires a valid government-issued ID and a selfie of yourself holding that ID and a note with “Coinmama” and today’s date written on it.

Acceptable IDs include:

• A non-US international passport (double page)
• A national ID card (both sides)
• A driver’s license (both sides)

Level 2

In addition to the ID uploaded for level 1, you need to submit a secondary ID.

Apart from two of the above IDs, you will also need to upload a utility bill. Accepted utility bills include electric, cable, gas, water bills, property tax, bank statements or credit card statements (paper bill or internet bills are not accepted).

Level 3

Requires filling out a short form. For more information about level 3, contact [email protected]

Be forewarned though that level 2 and level 3 verification may take up to six hours or more. See here for details on verification levels.

Buy & Sell Limits

Here are the daily spending and cyclical limits for liquidity on the Coinmama exchange. Transaction limits vary based on your verification level.

Credit card ? / Bank transfer ?

Verification Level 1

• Overall account spending limit: 15,000 USD
• Daily spending limit: ? 5,000 USD / ? 12,000 USD
• Monthly spending limit: ? 15,000 USD / ? 15,000 USD
• Maximum number of daily orders: ? 5 / ? 10
• Maximum number of monthly orders: ? 20 / ? 50

Verification Level 2

• Overall account spending limit: 50,000 USD
• Daily spending limit: ? 5,000 USD / ? 30,000 USD
• Monthly spending limit: ? 30,000 USD / ? 30,000 USD
• Maximum number of daily orders: ? 5 / ? 10
• Maximum number of monthly orders: ? 20 / ? 50

Verification Level 3

• Overall account spending limit: 1,000,000 USD
• Daily spending limit: ? 7,500 USD / ? 30,000 USD
• Monthly spending limit: ? 40,000 USD / ? 100,000 USD
• Maximum number of daily orders: ? 5 / ? 10
• Maximum number of monthly orders: ? 20 / ? 50

The daily limit lasts 24 hours from the moment an order is placed. The monthly limit is a moving sum of the last 30 days.

How Long Does It Take To Buy Bitcoin On Coinmama?

10 minutes.

As long as your account is verified, once your order is placed, your bitcoin will arrive in your bitcoin wallet in approximately 10 minutes. Furthermore, you can view the confirmation of the order on the blockchain explorer.

Customer Service

Coinmama has a dedicated customer support team that works around the clock.

Support Email: [email protected]

Coinmama has a Help Center which you can search to find answers to your question/s. If you want to send Customer Support a message you can do so here.

Getting Started

Are you ready to buy bitcoins instantly with your Visa or MasterCard credit card or debit card?

In order to get started with buying bitcoins on Coinmama, here are the steps you will need to take:

Step 1: Visit the Coinmama home page.  Click on the blue ‘Sign Up’ button on the top right.

Step 2: On the next screen you will find a screen where you can enter your personal details such as email, password, first name, last name, country of residence and possibly your state of residence as well.

Step 3: On the next screen you will need to upload a form of identification verification front and back. You have the choice between uploading a (1) Driver’s License, (2) National or State ID, or (3) Non-US Passport. Enter your ID number as well as the ID expiration and issuing country. Lastly, you will need to take a selfie with your ID and a note with today’s date and the word ‘Coinmama’.

Click on the Send For Approval button.

Step 4: From here you will be brought to the account verification page. Verification time takes between 5 to 15 minutes. Check your email for a verification confirmation email.

Step 5: Congratulations! Your Coinmama account is set up and ready to go. See this guide for more instructions on how to place an order.

Loyalty Program

The more you buy or sell with Coinmama the more you save on fees.

1. Sign up for a Coinmama account and get verified for purchase.
2. Start buying and selling cryptocurrency.
3. Buy more and save on Coinmama fees with an added crypto bonus to your order.

Coinmama has three loyalty levels. The more you spend on Coinmama the greater your savings overall on fees.

• Crypto Curious: Coinmama users begin at this level.
• Crypto Enthusiast (save 12.5% on fees): Reached once you spend $5,000 over a rolling 90-day period.
• Crypto Believer (save 25% on fees): Reached once you spend $18,000 over a rolling 90-day period or a lifetime purchase amount above $50,000.

Affiliate Program

Affiliates earn 15% of fees for the lifetime of each customer they refer to Coinmama.

Commissions are paid out once a month after you reach a threshold of $100 since the last payout.

Coinmama vs Coinbase

	Company	Fees	Countries Supported	Customer Service
	Coinmama ★★★★★	5.00%	Worldwide	Knowledge Base
	Coinbase ★★★★★	0.50% + $0.99 to 3.99%	102 countries (see full list)	Knowledge Base

When it comes to exchanges, Coinmama is often compared to Coinbase. Both accept credit card and debit card as a payment method and allow you to purchase Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Coinmama has lower fees for bank transfers, 0%, yet higher fees for credit card and debit card purchases, 5%, when compared to Coinbase which charges 1.49% and 3.99% respectively.

Conclusion

Coinmama is an excellent way to purchase Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, Ethereum Classic, Qtum, and Cardano instantly with a Visa or MasterCard credit card or debit card. The process is fast. Anyone can get started and purchase bitcoins within an hour.

Overall, transactions with Coinmama are simple, secure and show up immediately in your wallet, which makes it an excellent option for those who want to buy cryptocurrency instantly and securely.