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Coinmama, one of the world’s oldest Bitcoin Broker, has its headquarters located in Slovakia. It is owned by NBV International (the daughter company of New Bit Ventures Ltd). Even though Coinmama exchange is not officially registered with any legislative board, New Bit Ventures has been registered as an MSB (Money Service Business) with FinCEN. It accepts members from almost all countries in the world. The trading interface of Coinmama is extremely simple to use, making it ideal for novice traders and those looking to buy Bitcoin and other cryptocurrencies quickly.
The following Coinmama review will analyse the most important aspects and provide you with a well rounded, detailed overview of the exchange and its services. Although Cryptimi does its best to provide you with accurate and up-to-date information, we strongly recommend that you visit Coinmama for any updates.
Yes. Since there is no wallet available on the Coinmama exchange to store your coins, it is up to you to protect them by sending them to a valid wallet address. In order to prevent scams, Coinmama requests its customers to confirm their wallet address before sending the coins. The exchange doesn’t store any kind of users’ sensitive or personal information of on its servers.
Since Coinmama allows the users to purchase coins only after verifying their documents, it is almost impossible to create fake accounts, and this makes the exchange even more secure.
Coinmama exchange is a brokerage service which allows users to buy Bitcoins and other altcoins instantly using a credit/debit card. The price listed on the exchange is based on the XBX Index. An XBX index is a real-time representation of Bitcoin’s equivalent in USD, which is calculated by an algorithm based on observable trading activity on leading Bitcoin exchanges. The good thing about Coinmama is that it locks the price at the time of purchase. Hence, there will not be any fluctuations after placing the order and users will receive the exact amount of coins when the order was placed.
This feature is not available yet on Coinmama. You will need to get a separate wallet, such as Trezor or Ledger, before purchasing cryptocurrency from Coinmama.
Before you can start buying Bitcoin with Coinmama you need to create and verify an account. In order to buy cryptocurrencies, users must submit the following documents. It is possible to make a purchase only after the documents are verified by the Coinmama team, which normally takes a few hours. The Coinmama account can have the following levels:
Based on the level, Coinmama sets different purchase limits for Bitcoins or altcoins. Level 3 members don’t have any purchase limit restrictions whereas the Level 1 and 2 members can find out their limits from their account page. Note that members on all levels have the same daily and monthly spending limit.
To create an account on Coinmama, do the following:
Within a few minutes, you should receive a confirmation email. Click the confirmation link on that email to activate your account.
To log in to your Coinmama account, follow these steps:
To get Level 1 status, users must upload two documents, namely a valid ID issued by a national government and an image of yourself holding the ID and with a paper note. The note should contain the written word “Coinmama” with the specific date that the photo was taken on. To reach Level 2, you should submit a secondary ID, such as a utility bill or bank/credit card statement. Reaching Level 3 involves contacting Coinmama’s support team and following their instructions.
While uploading the documents, you must ensure that the submitted images are of excellent quality so that the information on the documents is clearly visible.
Using Coinmama exchange, you can buy any of the top cryptocurrencies, including BTC, ETH, ETC, LTC, BCH, and XRP. Digital tokens can be bought instantly using a credit/debit card or SEPA bank transfer. The exchange supports several fiat currencies, including EUR and USD.
For non-supported currencies, you will have to bear the exchange rate fees imposed by your banks. Coinmama doesn’t charge any fee for SEPA transfers, however, it does for card payments.
Before you buy any cryptocurrency, you must ensure that your wallet can support it. The Ledger Nano S, Trezor, and Coinbase Wallet can accept all digital tokens currently offered by the exchange. Once you successfully place an order you should receive your coins in your wallet within 10-15 minutes.
It is important to note that the price will be locked only when the exchange receives your money and not at the time of placing the order.
Coinmama lets you sell your Bitcoin on the platform as long as you have a SEPA bank account. For more information on how to do this, click here.
Coinmama allows users to buy any of the following cryptocurrencies listed below:
Coinmama also allows users to sell their Bitcoin (BTC) to the exchange.
Except for sanctioned countries and some US States, Coinmama exchange accepts users from almost all countries (over than 180, to be precise) in the world including the UK, EU, US, Australia, and Canada.
If you don’t live in any of the countries listed under the ‘Excluded’ section, then you can go ahead and create your account on Coinmama exchange and start buying cryptocurrencies.
Even though Coinmama welcomes members from all over the world, it doesn’t accept users who are residing in the following countries due to local/international regulations:
Cuba, Iran, Lebanon, Nigeria, North Korea, Palestinian Territories, Somalia, South Sudan, Sudan, Syria, Zimbabwe, Crimea.
Coinmama is available only in selected US States. Users living in New York, Hawaii, Alaska, Mississippi, New Mexico, Washington, West Virginia and others are excluded. For further information, we suggest for you to have a look at the following list.
Every cryptocurrency exchange will have its own fee structure and limits. Coinmama is not an exception.
Coinmama will deduct a fee for every trade made as per below:
Coinmama exchange charges a flat 5.9% fee for every transaction, irrespective of payment method used and cryptocurrency bought.
Coinmama exchange charges an additional processing fee of 5% for buying cryptocurrencies using debit/credit cards. No processing fee applies for payments via SEPA transfers.
Coinmama exchange does not charge any withdrawal fee. As soon as a purchase is made, the currency is instantly transferred to a wallet or bank account selected at the time of the transaction.
Coinmama restricts user purchases by imposing daily and monthly spending limits as given below:
The above limits are independent of the membership levels and will remain constant whether you are on Level 1, 2 or 3.
Apart from the limits, Coinmama has set a minimum purchase amount of at least 60 EUR/USD to buy cryptocurrencies on its exchange.
Coinmama exchange allows the customers to use any of the payment methods listed below depending on their geographical location.
The Coinmama exchange doesn’t store users’ personal information, such as credit card details or the supporting documents on their servers. Since the exchange doesn’t store the coins, users must take extra precautions, such as ensuring that they provide a valid wallet address to receive their cryptocurrencies.
In the case you experience any issues with your account, you can contact the Coinmama support via email, Facebook or by scrolling to the bottom of their homepage and submitting a ticket on their support page. Coinmama exchange doesn’t provide support via phone. It claims that it will take action on all kinds of customer queries/issues within 2 hours on any business day. (Sunday-Thursday 9:00-18:00 GMT+3 / 2 AM-10 AM EDT / 11 PM-7 AM PDT).
This feature is not available yet.
At the time of writing, it does not look like the platform is close to releasing any new features. To stay up to date with the latest news you should check out Coinmama’s blog, which is available on the top navigation menu on each page.
Even though both these exchanges provide the option to buy cryptocurrencies instantly, using your debit/credit card, the processing fee of Coinmama is higher compared to Coinbase. The key difference between the two exchanges is that Coinmama has a slightly higher commission % than Coinbase and they offer less selection of cryptocurrency.
Regarding the support for international users, Coinmama accepts anyone located anywhere in the world, whereas Coinbase primarily targets the residents of the UK, US, EU, Australia and Canada.
Both Coinbase and Coinmama provide much better security when compared with other exchanges. They have not been involved in any kind of cyber attacks or hacks to date, and as a result, both exchanges have equally gained the trust of the crypto community.
CoinSpot offers a large number of cryptocurrencies (50+) from its exchange, which is comparatively higher than Coinmama’s 8. Even though the Instant buy option is available on both exchanges, CoinSpot charges only a marginal fee when compared with the high fees charged by Coinmama.
Unlike Coinmama, CoinSpot allows users to store cryptocurrencies on the multi-coin wallets provided by the exchange. CoinSpot is mainly devoted to Australian users, with little attention given to users from the rest of the world. Coinmama, on the other hand, provides its service to all parts of the world with minimal restrictions.
Coinmama is an easy, and convenient way to buy and sell cryptocurrencies instantly. Although ideal for novice users looking to get hold of digital currencies, you will need to look for another exchange in order to trade your coins, if you ever need to. For this reason, Coinmama exchange may not be a best choice for professional or serial traders.
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