An Inside Look At The Coinmama Cryptocurrency Exchange
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.
Not only is Coinmama one of the most popular bitcoin exchanges around the globe, but also it is one of the oldest that accept credit card and debit card purchases. Your transactions are performed instantly and appear in your wallet right away.
Is Coinmama Legit?
Coinmama, based in Slovakia 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).
Supported Countries – All Over The World (180+ Countries)
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.
Requires 1 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)
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).
Requires filling 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.
Although Coinmama provides convenience and speed, there may be fees & charges as well. For credit card and debit card transactions, there is an additional 5% processing fee added on after choosing a method of payment. For SEPA bank transfers there is no fee (0%), however, your bank may charge additional fees. You can view the payment schedule here.
Buy & Sell Limits
Here are the daily spending and cyclical limits for liquidity on Coinmama exchange. The available cryptocurrencies you can purchase include Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, and Cardano. Many more will be added soon.
- Daily limit: 5,000 USD/EUR
- Monthly limit: 20,000 USD/EUR
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.
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.
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 Ledger Nano.
Coinmama has a dedicated customer support team that works around the clock.
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.
Coinmama vs Coinbase
When it comes to exchanges, Coinmama is often compared to Coinbase. Both accept credit card and debit card payments and allow you to purchase Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Coinbase has more options for cryptocurrency purchases (0x), while Coinmama supports Ripple and Cardano. 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.
If you want to view more great exchanges for buying and selling bitcoin check out our full guide.
Coinmama is an excellent way to purchase Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, 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 pressed for time.