COINMAMA BROKER REVIEW 2020 – FEATURES, EXCHANGE FEES, IS COINMAMA LEGIT & SAFE?

Coinmama is one of the leading and secure cryptocurrency broker where one can buy Bitcoin and Altcoins using either credit card, debit card or bank transfer instantly without compromising security. In this article we will make an indepth detailed coinmama broker review. Listing it’s features and services provided by the Exchange. We will also analyze whether Coinmama is legit and safe to use or buy cryptocurrencies? Let’s jump in…

Coinmama broker is registered in Slovakia and was founded back in 2013. Coinmama is owned by Bit Ventures Ltd which is based in Israel. The exchange operates in 190 countries globally, and it is also available in 24 states in the U.S.

The Slovakia-based exchange allows its users to purchase cryptocurrencies using their debit and credit cards. However, the exchange does not provide a platform for users to trade cryptocurrencies.

Note – But now you can sell Bitcoin on the Coinmama Broker platform. Using SEPA and SWIFT you can sell bitcoin at the 0.1% and 0.9% *, transaction fee depending on the verificataion level and loyalty program

As Coinmama is a cryptocurrency broker. Coinmama sells cryptocurrencies from its own crypto holdings. This feature makes it more safer and faster platform to purchase cryptocurrencies than cryptocurrency Exchange.

There are a few differences between cryptocurrency broker and Cryptocurrency Exchange.

Cryptocurrency broker holds the cryptocurrency and sells cryptocurrency at a set price. A cryptocurrency broker mainly acts as an intermediary between the cryptocurrency market to simplify purchasing and selling of cryptocurrencies.

While a Cryptocurrency exchange acts as the middle-man and charges a trading fee. In a cryptocurrency exchange Buyer and seller trade at the market price of the cryptocurrency.

So cryptocurrency broker can be more expensive as they usually adds their premium to the original market price of the cryptocurrency. But Cryptocurrency broker is much faster and much safer platform for buying cryptocurrencies.


How to register account at Coinmama Broker

Currently, Coinmama is available as a website. The firm has not yet released a mobile application. However, perhaps the exchange will soon release its own application to capture the smartphone market. 

Step 1 – Visit the Coinmama homepage and click on the sign up button at the top right

Step 2 – On the next screen you need to enter your personal details such as email, password, first name, last name, Your complete residential address.

Step 3 – On the next screen you will need to upload a form of identification verification front and back. You need to provide your government issued identity card (i.e passport, national ID card or driver’s licence).

To obtain Verification, Coinmama recommends the documents to be:

  • Valid documents with the expiry date clearly noticeable.
  • Good quality images with 300dpi or higher.
  • Files should not exceed 8 mbs.
  • Entirely clear and visible.

Step 4 – Lastly, you will need to take a selfie with your ID and a note with today’s date and hand written word ‘COINMAMA’

Then Click on the ‘Send For Approval’

Step 5 – Then you will be send to the account verification page. Verification time ranges between 5 to 15 minutes. You can check your email to confirm the verification

Step 6 – That’s it! You have set up account at Coinmama broker

After initial verification you are allowed to purchase cryptocurrencies after initial verification review.


How to purchase cryptocurrencies

Users have to submit their credit or debit card information during checkout with Coinmama to purchase cryptocurrencies instantly from the platform.

Step1 First create orders by initially choosing how much they wish to buy.

Step2 – Then enter your crypto address and their debit & credit card details on the checkout part.

The good news is that Coinmama broker does not store its users card details.

Once the payment is complete, the credit card processor processes the transaction and crypto is then transferrable to the users preferred wallet which only takes a few seconds.

After verifying the payment and the customer’s wallet address, Cryptocurrency is immediately transferred to the customer.

Additionally, the minimum purchase amount on Coinmama is $50 or its equivalent in Euro currently. However, that mainly depends on the price of Bitcoin. One can use the same method to purchase other supported cryptocurrencies

Unfortunately, Coinamama broker, unlike other competitors in the market, does not have an online wallet where users can store their digital currencies.

The Exchange transfers the Cryptocurrency to the users given wallet once purchased. Coinmama encourages use of hardware wallet Like Trezor One

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Basically, before initiating a transaction, Coinmama usually sends a link to the user’s email to verify whether the wallet address given is correct. This procedure ensures that customers don’t purchase cryptocurrencies for or on behalf of other people.

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Coinmama Fees

The Cryptocurrency price see you on the exchange already include the Coinmama brokerage fee which can be up to 5.5%

Additionally, a user is liable to an additional 5% fee for every credit or debit card transaction; which automatically adds after a method of payment is chosen by the user

  • 5% additional Credit card buying fees
  • No additional buying fee using SEPA and SWIFT
  • 0.1% and 0.9% *, FIAT WITHDRAWAL FEE USING SEPA AND SWIFT

Coinmama Loyalty program

Coinmama broker has started a new money saving program for it’s loyal users. The more crypto you buy or sell with the platform, the more you save. Enrollment is automatic, and so are the savings.

Loyalty program has three levels.

  • Crypto Curious: A new user begin at this level.
  • Crypto Enthusiast:  (save 12.5% on fees with queueless customer support): Achieved once you spend $5,000 over a rolling 90-day period.
  • Crypto Believer: (save 25% on fees with queueless customer support): Achieved once you spend $18,000 over a rolling 90-day period or a lifetime purchase amount above $50,000.

Cryptocurrency Supported

Coinmama does not provide its users with the majority of options in terms of which cryptocurrencies to purchase. Currently, the broker only supports eight digital currencies namely;

  1. Bitcoin (BTC)
  2. Bitcoin Cash (BCH)
  3. Ethereum (ETH)
  4. Ethereum Classic (ETC)
  5. Cardano (ADA)
  6. Litecoin (LTC)
  7. Qtum (QTUM)
  8. Ripple (XRP)

Payment methods available

Coinmama is quite limited with their payment options available.

The cryptocurrency trading platform basically only accepts credit/debit cards.

There is a time when Coinmama used to accept Western Union deposits but removed the option once debit and credit card options were available.

It would be nice for them to add some e-payment options though. Moreover, the trading platform allows bank transfers too.

Fiat Currency accepted by the coinmama broker are USD, EUR, GBP, CAD, AUD

  • Credit card and Debit card
  • SWIFT (For US, Indian, and Non-EU Members)
  • SEPA (For EU customers)

Buying Limits and Liquidity – Coinmama broker review

Coinmama is the best option as it offers its users impressive buying limits. A Level 3 verified customer enjoys up to $30000 daily purchase limit and a monthly limit of upto $100,000.

Daily limits lasts for up to 24 hours instead of the day to day limitations. Although Coinmama accepts a variety of currencies for payment, quotes are either in USD or EURO.

Below is the daily, monthly and overall buying limit on the Coinmama exchange according to the verification level

Verification Level 1Level 2Level 3
  • Overall account buying limit: 15,000 USD
  • Daily buying limit: 💳 5,000 USD / 🏛 12,000 USD
  • Monthly buying limit: 💳 15,000 USD / 🏛 15,000 USD
  • Maximum number of daily orders: 💳 5 / 🏛 10
  • Maximum number of monthly orders: 💳 20 / 🏛 50
  • Overall account buying limit: 50,000 USD
  • Daily buying limit: 💳 5,000 USD / 🏛 30,000 USD
  • Monthly buying limit: 💳 30,000 USD / 🏛 30,000 USD
  • Maximum number of daily orders: 💳 5 / 🏛 10
  • Maximum number of monthly orders: 💳 20 / 🏛 50
  • Overall account buying limit: 1,000,000 USD
  • Daily buying limit: 💳 7,500 USD / 🏛 30,000 USD
  • Monthly buying limit: 💳 40,000 USD / 🏛 100,000 USD
  • Maximum number of daily orders: 💳 5 / 🏛 10
  • Maximum number of monthly orders: 💳 20 / 🏛 50

Customer support

Coinmama provides a very extensive list of FAQs on its website to help clarify its customer’s doubts.

Customer service is available through emails too.

Support Email: support@coinmama.com

The platform does not appear to have any key issues with the response timeframe as it typically responds to queries within \24 hours on business days.

However, during weekends and public holidays it might take a bit longer to receive a response

On its website, it is highlighted that business hours begin from Sunday to Thursday, from 11 pm to 7 am Pacific Time.


Is coinmama safe and legit?

Coinmama broker is known for it’s high end security. There is not a single instance of security breaches recorded since its launch in 2013.

Most cryptocurrency exchanges are not regulated by any governmental department, however, Coinmama is in fact registered with FINCEN in the U.S.

This provides the coinmama broker extreme credibility and any fraudulent activities will be investigated accordingly.

So, Coinmama broker without a doubt a legit and safe platform especially to buy cryptocurrencies with credit & debit card instantly

The fact that the platform does not hold digital currencies on behalf of its users, makes it less vulnerable to attacks compared to other players in the same business.

However, the exchange holds its customers’ credit card details but claims through its website that it does not store credit/debit card information of its users in its servers.

The platform strongly advocates against leaving your digital currencies in exchange platforms where they are susceptible to attacks by hackers. In the long run,

Coinmama is a secure, legit and a trustworthy cryptocurrency broker. The platform may not have the wide variety of trading features like other cryptocurrency exchanges

But it serves it’s primary purpose very efficiently and securely. Coinmama broker guarantees Quality, speed, security, and satisfaction to its members.


Pros

  • Global accessibility: The platform is available in over 190 countries worldwide.
  • Fastest Exchange to buy Cryptocurrencies directly with debit & credit card
  • High End Security and Awesome customer support
  • Regulated Cryptocurrency broker
  • Users enjoy high daily buying limits.
  • Intuitive and easy to use Interface

Cons

  • The exchange supports only eight cryptocurrencies.
  • Exchange Transaction fees is relatively higher

Create an account at Coinmama

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Coinmama Broker

8.7

Security

9.5/10

Ease of Use

9.0/10

Reputation

8.8/10

Support

9.0/10

Fees

7.0/10

Pros

  • Available Worldwide
  • Best exchange to buy cryptocurrencies with credit card
  • Regulated and licensed Broker
  • High Buying Limits
  • Top notch Support

Cons

  • Relative high fee