Coinmama Review

Coinmama has been simplifying the buying and selling of Bitcoin as a very convenient fiat to crypto and crypto to fiat gateway for secure crypto purchases since 2013. Coinmama was and still is an excellent entry-level exchange, providing services for over 1,800,000 people from 200 different countries.

Coinmama is known for its high daily and monthly limits and for offering one of the fastest ways to enter the crypto market.

Coinmama Features

Overview

Coinmama is very simple with the sole function to exchange either fiat to crypto or vice versa. The exchange does not store your assets on the platform, which is a remarkable model when it comes to security.

Coinmama takes simplicity to another level. As soon as an order for a certain amount is created and the deposit is processed, the cryptocurrency is automatically sent to your personal wallet. On the other hand, if you sell crypto, the fiat amount is transferred directly to your bank account.

Is Coinmama Regulated?

Coinmama is owned by NBV International s.r.o., Boženy Němcovej 8, Bratislava 811 04, Slovakia, which is a subsidiary company of New Bit Ventures Ltd company #514907880.  Both companies are registered with FinCEN as Money Service Businesses. 

Does Coinmama have KYC?

The KYC procedure is mandatory if you want to buy and sell crypto on Coinmama. There are imposed limits in place and 3 account levels that are unlocked whenever a certain amount of volume is reached through the broker.

How long does the verification process take for Coinmama?

The initial verification process for Coinmama takes about 10 minutes after the required documents are submitted. 

What are the required documents for verification?

The required documents for initial verification on Coinmama are:

• Valid government-issued ID 
  
• Selfie of yourself holding the ID document together with a note that says “Coinmama” and today’s timestamp written on it.
  

Accepted ID documents on Coinmama are:

• Non-US international passport (double page)
• National ID (both sides)
• Driver’s license (both sides)

What can you buy and sell on Coinmama?

Coinmama does not store cryptocurrencies, whenever a deposit is made Coinmama will directly convert at the best available price and transfer the money to your personal wallet or bank account depending on if you are selling or buying crypto. 

A total of 8 cryptocurrencies are available, paired with 5 fiat currencies.

Cryptocurrencies available on Coinmama:

• BTC – Bitcoin
• BCH – Bitcoin Cash
• ETH – Ethereum 
• ETC – Ethereum Classic
• ADA – Cardano
• LTC – Litecoin
• QTUM – Qtum
• XRP – Ripple

Fiat currencies available on Coinmama:

• USD – United States Dollar
• EUR – Euro
• GBP – Great British Pound
• CAD – Canadian Dollar
• AUD – Australian Dollar

Each fiat currency listed above is paired to Bitcoin, which places Coinmama as a solid fiat gateway when it comes to the versatility of fiat deposits.

Supported withdrawals

Coinmama supports withdrawals via Wire and SEPA with all of the cryptocurrencies available on the platform will be automatically withdrawn and deposited into your personal wallet once the order has been executed by the exchange.

Coinamama Fees

The fees for Coinmama are quite high, with a brokerage fee of 5,9% and a credit card processing fee of 5%, making a total of 10,9% to use their services for the purchase of Bitcoin or one of the other cryptocurrencies. 

User Interface

Coinmama’s user interface is simple and straightforward with a clean design that does the perfect job. There are buy and sell buttons almost everywhere, allowing you to buy and sell Bitcoin almost instantaneously.

To buy cryptocurrency, you have two drop-down menus at the top of the page where you can select the cryptocurrency you want to buy and the fiat currency you want to execute the order with. Below them, you will find completed orders and on the right, you can enter a custom order amount.

The design of the sell page is also quite simple, with only one option available – to enter the amount you wish to sell in either Bitcoin or in fiat currency.

Support

There is a dedicated e-mail support and a help center to solve customers problems or answer questions. The response time of support requests is about 24 hours, which is very long compared to other entry-level exchanges such as Bitpanda or Coinbase.

Affiliate Program

The affiliate program offers 15% of the fees for forwarded customer orders. To apply for the affiliate program, a simple form must be filled out.

Review Conclusion

Coinmama is a legitimate platform to buy and sell cryptocurrencies for fiat and vice versa if you don’t mind the higher fees. It is not an exchange where you can actively place different types of orders. The main difference with other exchanges is that it does not keep any of your funds on the platform, but transfers them directly to your personal account or wallet after the order has been executed.

Coinmama is very easy to use exchange offering a convenient way to buy and sell cryptocurrencies with 5 different fiat currencies.

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