Coinmama Exchange Review 2020

Coinmama is a cryptocurrency exchange headquartered in Israel that focuses heavily on providing excellent customer support and ease of use to its users. The brokerage was founded in 2013 and currently operates in 188 different countries. It’s perhaps not quite as well known as big-name exchanges like Coinbase and Binance but it’s still one of the largest crypto exchanges in the world.

Coinmama

  • Excellent customer support
  • Very fast transactions
  • Major coins are available for purchase, including Bitcoin, Ethereum & Litecoin

Coinmama Pros & Cons

The Benefits PRO's
  • Supports purchasing Bitcoin, Ethereum and other crypto assets with credit cards
  • Very fast transactions
  • Excellent customer service
The Downside CON's
  • Fees are rather high
  • Lower buying rates compared to rivals
  • Somewhat limited selection of cryptocurrencies

Coinmama at a Glance

Users: Unknown
Trading Volume: Unknown
Daily Buy Limit: $30,000
Fee Rating: High
Trust Rating High
Overall Rating High

Funding Methods

Method Buy Sell Speed
Bank Account (SEPA) Yes Yes 1-2 business days
Credit and debit card Yes No Instant
Wire Transfer Yes No 1-3 days
  • Coinmama's Sign Up Process

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    Step 1

    A quick sign-up form must be completed in order to create a Coinmama account. This required information for this form is as follows:

    • Email address
    • First and last name
    • Country
  • Coinmama's Sign Up Process

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    Step 2

    After completing the initial sign-up form, users are required to fill out a second form with their personal information.

  • Coinmama's Sign Up Process

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    Step 3

    It should be noted that users cannot purchase cryptocurrencies with credit or debit cards without going through additional levels of account verification.

    The first level of verification involves a valid government-issued ID and a selfie taken by the user holding the ID. For further levels of verification, a secondary form of ID will be required, along with a utility bill.

What Crypto Can You Buy at Coinmama?

The number of cryptocurrencies available for purchase on Coinmama is a bit more limited than some of the other big exchanges. You definitely won’t be finding the 102nd most popular coin on the exchange. On the bright side all the major coins such as Bitcoin, Ethereum and Litecoin are available. Here’s a look at all cryptocurrencies available on Coinmama:

Supported Applications

Coinmama can be used both on smartphones and traditional computing devices via all major operating systems. There is no standalone, non-custodial wallet available via Coinmama. Users need to have their own personal cryptocurrency wallets because there is no way to store coins on the Coinmama platform.

Is Coinmama Safe?

Yes. Coinmama has actually been targeted by hackers once before but no funds were successfully retrieved, which says something about the security measures the site employs. The site is registered with FINCEN (Financial Crimes Enforcement Network) in the US, which is a rarity in the cryptocurrency space.

Perhaps the biggest thing in favor of Coinmama’s security is that it doesn’t actually hold its customers funds. The site doesn’t actually allow cryptocurrency trading (like a traditional exchange). Instead it lets customers buy cryptocurrency and then send it directly to their own personal wallets.

Coinmama also has an excellent customer support program if customers have concerns. The best way to contact them is through live chat Sunday-Thursday. The site also offers support through email and a surprisingly-helpful FAQ.

Fees

There are two separate fees to worry about with Coinmama trades. The first fee is 5.9% and included in the price listed on the Coinmama website for each crypto asset. This price is based on the TradeBlock XBX Index.

The second fee to worry about when purchasing cryptocurrencies via Coinmama is a credit card processing fee. This fee applies for both credit card and debit card-based transactions.

There is no fee associated with SEPA bank transfers, but there is a 20 GBP fee on SWIFT bank transfers associated with orders of less than $1,000. Your bank may also charge you a separate fee for generating a bank transfer.

Coinmama Frequently Asked Questions

About the Author

Arthur Crowson

Arthur Crowson is an award-winning writer and editor who hails from the Pacific Northwest. His career began in traditional news media but he transitioned to the online arena in the mid-2000s and has written extensively about the online poker boom and the rise of cryptocurrency.