Coinmama is just one of many cryptocurrency exchanges. With millions of users worldwide, Coinmama is a popular option – but is it the best, and is it safe? This is a comprehensive Coinmama review. In the article below, you’ll explore all of the details about Coinmama, the pros and cons, and how to start buying the coin options it has to offer!
Coinmama Review – Summary
Coinmama is one of the most established exchanges on the market. It offers a great, beginner-friendly platform that lets users purchase Bitcoin and other staple cryptocurrencies. The customer support is speedy, and the website offers a comprehensive support section for users.
Continue reading for the most comprehensive review on the web. Here’s what we’ll cover:
Disclosure: No content in this article should be taken as financial advice. Investing can be risky, so it is recommended that you consult with your accounting, legal, and tax advisors before engaging in any kind of transaction.
Coinmama Review – What is Coinmama?
Coinmama is one of the leading cryptocurrency exchange brokers, with more than 2 million users worldwide. This exchange was established in 2013, with headquarters located in Israel. The company’s mission is to simplify the way the world handles cryptocurrency and makes crypto easy, friendly, and safe for the growing cryptocurrency community. The leadership team consists of many established professionals in the cryptocurrency and blockchain arena.
Coinmama Review – What is the difference between an exchange broker and an exchange marketplace?
Please note that an exchange broker and an exchange marketplace are not the same! An exchange broker, like Coinmama, sells crypto directly to you for fiat money. While an exchange marketplace, such as Binance, will match up independent buyers and sellers.
The advantage of using a broker is because it’s simple and fast. You only have to deal with the broker. Coinmama has also made the effort to keep its fees incredibly low. This means you get to keep more of your crypto while making trades. As a beginner trader, you will have to use a debit card, credit card, or bank account at some point in order to purchase cryptocurrency.
Coinmama Review – What Countries Does Coinmama Support?
Currently, Coinmama services 43 US States. The US states that Coinmama services can be found below:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Delaware, District of Columbia, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Virginia, Utah, Washington, West Virginia, Wisconsin, and Wyoming.
Coinmama also supports 133 countries worldwide:
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, Sint Eustatius and Saba, Bosnia and Herzegovina, Botswana, Brazil, Brunei Darussalam, Bulgaria, Burkina Faso, Burundi, Cambodia, Cameroon, Canada, Cape Verde, Cayman Islands, Central African Republic, Chad, Chile, Colombia, Comoros, Congo, Congo, the Democratic Republic of the, Cook Islands, Costa Rica, Cote D’Ivoire, Croatia, Curacao, Cyprus, Czech Republic, Denmark, Djibouti, Dominica, Dominican Republic, Egypt, El Salvador, Equatorial Guinea, Eritrea, Estonia, Ethiopia, Falkland Islands (Malvinas), Faroe Islands, Fiji, Finland, France, French Guiana, French Polynesia, Gabon, Gambia, Georgia, Germany, Ghana, Gibraltar, Greece, Greenland, Grenada, Guadeloupe, Guatemala, Guernsey, Guinea, Guinea-Bissau, Guyana, Haiti, Holy See (Vatican City State), Honduras, Hong Kong, Hungary, Iceland, India, Indonesia, Iraq, Ireland, Isle of Man, Israel, Italy, Jamaica, Japan, Jersey, Jordan, Kazakhstan, Kenya, Kiribati, Korea, Republic of, Kuwait, Lao People’s Democratic Republic, Latvia, Lesotho, Liberia, Libyan Arab Jamahiriya, Liechtenstein, Lithuania, Luxembourg, Macao, Macedonia, the Former Yugoslav Republic of, Madagascar, Malawi, Malaysia, Maldives, Mali, Malta, Marshall Islands, Martinique, Mauritania, Mauritius, Mexico, Micronesia, Federated States of, Moldova, Republic of, Monaco, Mongolia, Montenegro, Montserrat, Morocco, Mozambique, Myanmar, Namibia, Nauru, Nepal, Netherlands, Netherlands Antilles, New Caledonia, New Zealand, Nicaragua, Niger, Niue, Norfolk Island, Norway, Oman, Pakistan, Palau, Panama, Papua New Guinea, Paraguay, Peru, Philippines, Pitcairn, Poland, Portugal, Qatar, Reunion, Romania, Russian Federation, Rwanda, Saint Barthelemy, Saint Helena, Saint Kitts and Nevis, Saint Lucia, Saint Martin, Saint Pierre and Miquelon, Saint Vincent and the Grenadines, Samoa, San Marino, Sao Tome and Principe, Saudi Arabia, Senegal, Serbia, Seychelles, Sierra Leone, Singapore, Sint Maarten, Slovakia, Slovenia, Solomon Islands, South Africa, Spain, Sri Lanka, Suriname, Svalbard and Jan Mayen, Swaziland, Sweden, Switzerland, Taiwan, Province of China, Tajikistan, Tanzania, United Republic of, Thailand, Togo, Tokelau, Tonga, Trinidad and Tobago, Tunisia, Turkey, Turkmenistan, Turks and Caicos Islands, Tuvalu, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States*, Uruguay, Uzbekistan, Vanatu, Venezuela, Viet Nam, Virgin Islands, British, Wallis and Futuna, Western Sahara, Yemen, Zambia.
Coinmama Review – What Currencies Does Coinmama Offer?
The following coins are supported by Coinmama.
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Cardano (ADA)
- Litecoin (LTC)
- Tezos (XTZ)
Their support mentions that if there is an additional coin you would like to see listed, to contact their support reps. An interesting advantage of Coinmama is that they accept debit and credit cards (Visa/Mastercard) as well as Apple Pay. Coinmama also accepts bank transfers with 0 fees (SEPA, SWIFT, Fedwire, Sofort, FasterPayments). USD, EUR, GBP, AUD, JPY, and CAD are supported.
Coinmama Review – Does Coinmama Offer Customer Support?
Coinmama offers a comprehensive 24/7 help center as well as email support. Typically, support tickets are responded to in 24 hours. You will find a comprehensive FAQ section on their website as well. In this Coinmama review, we will explore security further in the sections below.
Customer support is one of the most important factors to consider in an exchange. There are many exchanges that offer lackluster customer support. The last thing you want is an exchange that is unresponsive in case of an emergency!
Coinmama Review – The Pros
Coinmama boasts many advantages for its users. This review will cover a few listed below.
Beginner-Friendly Interface
Coinmama offers a modernized, beginner-friendly interface for buying and selling coins. Some exchanges can deter entry-level investors due to their complexity. Thankfully, Coinmama makes trading straightforward and simple for users. In order to start trading, simply open an account, verify your identity, enter payment details, and voila!
Advanced Security Protocols
Coinmama faced a data breach in 2019 where over 1.4 million Coinmama accounts were affected. The exchange now supports 2 Factor Authentication methods as well as advanced backend security. Coinmama is also registered with the U.S. entity Financial Crimes Enforcement Network (FINCEN). This network is responsible for investigating financial crimes such as tax evasion efforts, money laundering, and any fraud. Users can rest more easily at night, knowing their investments are in good hands!
Dedicated Support Team
Coinmama boasts a variety of support options for its customers. Live chat is available during dedicated business hours, which is from Sunday-Thursday from 9:00-18:00 GMT+3. Outside of normal business hours, you can email their team at any time. Normally the support team responds to emails within 24 hours, which is extremely helpful! The website hosts a dedicated FAQ page, which has answers to many frequently-occurring questions that users may have. This is a great feature.
Simple Payment Methods
Many exchanges do not allow the use of debit/credit cards. This can be INCREDIBLY annoying because you have to deposit a coin such as Bitcoin or Ethereum in order to buy other types of coins. If you are new to crypto-investing and you don’t have any of these, this typically means you can’t use the platform!
Thankfully, Coinmama allows you to buy cryptocurrencies with a credit or debit card. Basically, this is just like purchasing from Amazon. You enter your credit card details, choose the cryptocurrency you’d like to buy, and you are good to go!
No Withdrawl Fees
Coinmama does not charge anything to withdraw your crypto. Some exchanges offer high fees when you want to withdraw. This is a huge advantage of Coinmama.
Coinmama Review – The Cons
Not all that glitters is gold. There are also some cons associated with using Coinmama. Check them out here.
Simple Coin Offerings
Coinmama only offers 10 coins to purchase. This is low compared to other exchanges, such as Binance or Coinbase, which offer over 100. If you only want to invest in big-name cryptos (BTC, ETH), then this may not be a problem.
The good news is once you have BTC or ETH, you can easily trade these for other cryptos on another exchange. For a beginner, Coinmama is still a great exchange.
High Fees for Credit Card Use
Coinmama has a relatively high fee of 5% for using a credit card. A huge advantage of using Coinmama is that you CAN use your credit card, just keep this fee in mind when purchasing cryptocurrency from this exchange.
Any exchange that offers the use of a credit card will charge a fee. I’ve found that Coinmama is pretty competitive with other exchanges that offer the use of credit cards. So personally, this shouldn’t be a deal-breaker. If you connect a bank account, you will avoid this fee altogether.
Coinmama Review – Coinmama Verification
Once you’ve decided to use Coinmama, the Coinmama sign-up process is incredibly simple. You’ll first need to go through a verification process. This requires you to enter your identity details and provide photos of your ID. Providing photos of your ID is as easy as holding it up to your webcam and taking a photo. The process is quick and easy.
Upon basic verification (which is typically only 10min -1hr), you will be able to trade up to $15,000 in cryptocurrency. Coinmama does not offer the option to skip verification.
Coinmama Review – How To Buy Bitcoin and Cryptocurrencies
We’ve had a comprehensive look at the pros and cons of choosing Coinmama over other exchanges. Now, we will go step-by-step on how to buy Bitcoin and other cryptocurrencies on Coinmama!
- Go to the official Coinmama website. You can access Coinmama here.
- To sign up for an account, you can either click on Sign Up in the top right corner or enter the amount of crypto you want to purchase and click Buy.
- Go through the signup process by entering your name, email, and country where you live.
- You will need to confirm your email by logging into your email account and clicking on the confirmation link that Coinmama sends you.
- You will now need to go through account verification. You have to do this for tax purposes later on (it only takes a few minutes). Have your government-issued ID ready and follow the on-screen instructions.
- Once you go through the verification process, it should only take a few minutes to finalize the verification on Coinmama’s end.
- Congrats! You can now purchase up to $15,000 worth of cryptocurrency!
Coinmama Review – Is Coinmama Safe?
Overall, yes, Coinmama is a safe exchange. All in all, I hope you enjoyed this comprehensive Coinmama review! Coinmama is a great exchange for beginner crypto investors. Their user-friendly exchange, as well as top coin offerings and account security, makes them a top contender. If you are looking for more coin offerings, I would highly recommend checking out Coinbase. They offer 100+ coins and a user-friendly interface as well. You can find the Coinbase review here.
Coinmama’s credit card fees are higher than some other exchanges. However, it is worth noting that this is due to the ability to purchase through a credit card. Not every exchange offers this feature, and having the ability to purchase through a credit card is a great feature for entry-level investors. If you purchase by directly connecting your bank account, you can avoid this fee.