Coinmama

Coinmama Review

As one of the most popular bitcoin marketplaces, Coinmama has over 200,000 customers. The exchange sells both ethereum and bitcoin to its verified users.

Buying bitcoin is advantageous for many reasons, including investment purposes, spurring adoption of all-digital currency, and transacting business anonymously. The price of bitcoin has shot up, and so has interest in the cryptocurrency and similar coins.

Coinmama is a good platform with which you can purchase bitcoin and Ethereum using a credit card. But, you should know that you cannot sell using the site, and the fees add up quickly.

How Coinmama Works

Coinmama has been involved in the sale of bitcoin for many years. The buying process on this exchange is straightforward. You first create an account on the exchange, this means you must give your name, country of residence, and email. You can purchase a single bitcoin, multiple bitcoins, or fractions of bitcoins, all the way down to 0.1 bitcoin. Before completing the purchase, you need to have your own digital wallet. Also, you must be verified, which requires you to give the exchange proof of your identity. You can do this by uploading your driver’s license or passport.

Security at Coinmama

As a registered money service business, Coinmama is based in the Slovak Republic. The exchange has been selling Bitcoin for years and is considered reputable. However, as with any digital transaction, there is always a little risk.

Coinmama Exchange Rate & Fees

The exchange charges a 6.3% transaction fee for each of your purchases. If you are using a credit card, the site charges an additional 5% fee to be assessed by Simplex, which is the company’s credit card processor.

Coinmama Special Features

• You can use credit and debit cards from countries all across the world (over 180 nations/states). This gives Coinmama an advantage when compared to large exchanges like Bitstamp or Coinbase.
• You can also make deposits using Western Union, which makes it one of the only exchanges to permit “cash” deposits.
• The platform delivers the product within just minutes of purchase, which allows its users to take charge of advantageous price movements.
• The exchange does not hold user funds. Instead, it sells from its holdings, making this exchange more secure.
• Coinmama, lastly, offers a high daily buy limit of $50,000, which is applicable to new signups. This limit is multiple times higher than the limits of Blockchain.info or Cex, both leading exchanges.

Ease of Use

It is very easy to buy bitcoins at Coinmama, which is a big reason for the exchange’s popularity. You just need a credit or debit card and, as long as your wallet is set up, you are able to buy whenever you want and have confidence that your purchases will be quickly processed. The process is fast and simple, with no obstacles other than the verification requirements.

The customer support is via email only, but the site’s FAQ section and service support documents are very comprehensive and easy to read.

Buy/Sell at Coinmama

Although Coinmama’s main focus is bitcoin, it also sells Ethereum, which is the second most popular digital currency. It follows bitcoin in popularity and is preferred by advanced investors.

But again, you cannot sell back your bitcoins to Coinmama, and the service does not connect with possible buyers to buy from you. The company claims a sell-side function is going to be “coming soon,” but, for now, it’s not possible.

Coinmama Trading

Coinmama does not offer trading tools like charts and price notifications, the way other exchanges do. As a trader, you are only able to use the system to buy Bitcoins or Ether to hold.

Bottom Line

Coinmama is a quality service provider that allows you to securely and instantly purchase bitcoins without compromising your privacy. The exchange is professional, allowing for a smooth transaction, and it has quick customer service and low hassle during registration and verification. Coinmama’s services are offered to U.S. residents but because of legislation, not every state is currently allowed, but that is likely to change soon.

To see how Coinmama ranks against other industry-leading crypto exchanges and trading platforms see our comparison charts. Read our expert reviews, see our ratings and compare the best online trading platforms, features, fees, and more.