Coinmama Review

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. It was and still is an excellent entry level exchange, providing services for over 1,800,000 people from 200 different countries.

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

Coinmama Features Review

MarketsCrypto
Supported countriesWorldwide
KYCYes
LeverageNo leverage
DepositsMultiple
Min. Deposit0.001 BTC
Max. Withdrawal LimitDepends on the account verification level
Trading fee5.9%
Supportlive chat
Mobile appNo mobile app

Overview

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

This exchange takes simplicity to another level. Once an order for a certain amount is created and the deposit has been processed, the cryptocurrency is automatically sent to your personal wallet. If you sell crypto, on the other hand, 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?

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 takes approximately 10 minutes to complete after submitting the necessary documents.

What are the required documents for verification?

The required documents for initial verification 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)

coinmama-verify-account

What can you buy and sell on Coinmama?

Coinamama does not store crypto on its platform. Whenever a deposit is made, the platform directly executes it at the best available price and sends the funds to your personal wallet or bank account. 

There are 8 cryptocurrencies available in total, 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

The sell orders on Coinmama support withdrawals through Wire and SEPA. All of the available cryptocurrencies on the platform are automatically withdrawn and deposited to your personal wallet once the order has been executed by the exchange.

Coinamama Fees

The fees on Coinmama are quite high, with a 5.9% brokerage fee and a 5% credit card processing fee, composing a total of 10.9% to use their services for buying Bitcoin or any of the other cryptocurrencies.

Coinmama User Interface Review

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

coinmama-buy-page

To buy cryptocurrency, you have two dropdown menus at the top of the page that allows you to select the cryptocurrency you want to buy and the fiat currency you want to execute the order with. Below you will find ready to be filled orders and on the right, you can input a custom order amount.

coinmama-sell-page

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

Coinmama support

There is dedicated support via email and a help center to solve customer problems or answer questions. The response time for support requests is about 24 hours, which is very long compared to bigger entry-level exchanges such as Bitpanda or Coinbase.

Coinmama Review Conclusion

Coinmama is a legit platform to buy and sell cryptocurrencies for fiat and vice versa if you do not mind the higher fees. It is not an exchange where you can actively place different kinds of orders.

The main difference compared to other exchanges is Coinmama not holding any of your funds on the platform, they go directly to your personal account or wallet after the order is completed.

Pros / Cons
  • Easy to use
  • 5 fiat currencies available
  • Lack of UI customization
  • KYC

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