Coinmama review 2018 – Coinmama fee, payment methods, altcoins
Coinmama is veteran cryptocurrency exchange based in Israel. It was established in the year 2013 and owned by New Bit Ventures Limited. It operates in 188 countries worldwide and is available in 24 US States.
It provides users with a platform to buy Bitcoin, Ethereum, Litecoin, Cardano, QTUM, Ethereum Classic, Bitcoin Cash and Ripple XRP with a credit card.
Coinmama does not support cryptocurrency trading nor does it allows selling supported cryptocurrencies. Coinmama is considered to be one of the best platforms to buy cryptocurrency with a credit card. Coinmama is a broker.
The main advantage of a cryptocurrency broker is that the process is usually simpler and faster since you don’t need to look for a buyer on your own. But it comes at a cost of high buying fee.
It is also one of the safest exchange to buy Bitcoin and Ethereum as it directly transferred the cryptocurrencies to the user wallet from their own holdings.
How to buy Bitcoin, Ethereum, Litecoin, and other altcoins instantly at Coinmama exchange
At first, you have to sign up to the web application with the email address and password. You will receive the account activation link to your provided email.
Visit the email account and click on the activation link. Your account will be activated.
Coinmama has purchase amount limit according to the user verification level.
There are three account levels:
- Level 1 users have buying limit up to 15000$ with a credit card. To get Level 1 verified you have to submit your personal information like email address, Date of Birth, Name, Address and have to upload a Government issued ID.
It can be your passport, Driver license, National ID. Coinmama review and verify the documents usually within hours or at worst 24 hours of submission.
- Level 2 users have US$50,000 buying limit. To get Level 2 verified you must provide a copy of two personal Government issued ID. One ID is required for your identity verification another one for your address verification. You can upload a National ID card, Driver license, Bank statement, and Passport. On top of this, You have to upload a selfie holding the uploaded Identification document. Coinmama review and verify the uploaded documents within 24 hours.
- Level 3 users have no buying limit but to get Level 3 verified first you have to be level 2 verified. Then you have to Coinmam support to get Level 3 verified. Coinmam review and verify your request accordingly.
Coinmama has a daily buying limit $5000 / day, with a maximum limit of $30,000 / month. Daily limits last for 24 hours from the moment that the limit is reached.
The Monthly limits are counted on the sum of transactions amount in last 30 days. Coinmama exchange displays cryptocurrency live price in USD and EUR.
Although, you can buy Bitcoins, Ethereum, Litecoin and other altcoins using other fiat currencies. But the Coinmama fee may vary Currency to Currency.
Note: Daily Buying limit of $5000 and monthly $30000 limit remains effective regardless of your account level.
Initial verification usually takes less than 10 minutes. After initial verification users will be able to purchase cryptocurrency despite your account is under verification. It is also worth mentioning that Coinmama “locks” the cryptocurrency price for you as soon as you submit your order. This help in countering the altcoins price fluctuations.
The minimum buying limit at the Coinmama exchange is $60
At present, Coinmama doesn’t support any mobile app. Neither Coinmama has not released an API to enable users to create custom applications that would be compatible with the platform.
Coinmama review – Payment methods
Coinmam exchange supports Visa and Mastercard credit & debit cards. It also supports cash transfer as the payment method via western union. Coinmama has recently added SEPA and Bank transfer in their portfolio.
- Visa (via simplex)
- Mastercard (via simplex)
- Cash (via Western Union transfer)
As I mentioned above Coinmama is the best exchange to buy Bitcoin and Ethereum with a credit card instantly but that comes at the expense of slightly higher fee.
Coinmama charge 5.5% transaction fee and 5% credit card purchase fee.
- Want to buy bitcoins worth = $1000
- 5.5% Coinmama Transaction fee + 5% Credit card purchase fee = $55 + $50
- Total transaction Coinmama fee = $105
- Total transaction cost = $1105
Hence if you want to buy $1000 worth Bitcoins and Ethereum then it will effectively cost you $1105
- Additionally, the user may be charged with a cash advance fee depending on the Bank and credit card issuer.
- If you want to buy Bitcoins and Ethereum using a fiat currency other than USD & Euro. Your bank or credit card issuer may charge a currency exchange fee.
Usually, pros of the Coinmama Exchange overcome the slightly higher buying fee.
Coinmama review – Altcoins supported
Coinmama exchange allows you to buy Eight Cryptocurrencies with the credit/ debit card & Cash instantly. As I mentioned above Coinmama doesn’t allow storing cryptocurrencies on its platform. It directly sends the cryptocurrencies to your provided altcoin wallet address.
Recently they have also added SEPA and Wire transfer as the new payment method to buy the Bitcoin, Ethereum, and other altcoins from the exchange.
Coinmama doesn’t allow selling the cryptocurrency directly on the platform.
Coinmama review – country supported
Coinmama is supported worldwide including India and USA (A few states of USA is not supported)
The USA supported states
- New Jersey
- North Carolina
- South Carolina
Coinmama review – Customer Support
Coinmama exchange customer support is top notch. You will receive the reply well within 24 hours of the query. Longer wait can be expected during weekends (rarely)
I myself have a very good experience with them.
Coinmama exchange usually pays their affiliate commission in the first week of a month.
But I requested the commission well before 30 days because of a financial issue.
They respond within 2 hours and paid the affiliate commission instantly.
I have encountered a few negative reviews on the public forums. They are mainly related to the identity verification process. Users claim that Coinmama requests a ton of information for verification and they even cancel a few applications if your documents do not comply with their requirements.
However, this reflects the good practices of the exchange. Coinmama exchange strictly follows the standard Know Your Customer (KYC) and Anti Money Laundering (AML) policies which add to its legitimacy.
There is no doubt Coinmama exchange is one of the best brokers to buy Bitcoin, Ethereum and other supported altcoins with a credit card directly and safely.
Transactions are instant and swift. There has never been a major issue of fraud or wrongdoing. But all this come at the expense of high fee.
However, the pros of the exchange overcome the high buying and transaction fee. Coinmama exchange is certainly a trusted and legit cryptocurrency broker available in the cryptocurrency exchange market.
Always store your coins in a hardware wallet
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Score - 4.7 / 5
Hello, I am Harsh Vasistha Btech(IT) from New Delhi, India. I am the Owner and the Author of Coinexpansion (An Altcoin & Exchange Hub). Although I am not a techie, in fact, I am more an ideological person but got infatuated with blockchain technology. Hence I commit myself to thorough and in-depth research on the core subject. Coinexpansion is the product of my cryptocurrency learning lust.
Hobbies – An avid reader, compulsive learner, passionate writer, sports addict, history captivated, and obsessed with learning new things and love to decode that stuff into simple and self-explanatory words.
I will do my best to serve my viewers with more pragmatic information about cryptocurrency and it’s associated technology and will try to keep you updated with current events of the cryptocurrency world