In this era where there are dozens of cryptocurrency exchange selecting a good and secure exchange could be a tiring task.
But worry not, you’ve landed on the right page. We have saved you from the tenacious work of finding your ideal crypto exchange.
In this article, we have reviewed one of the oldest and most well-known cryptocurrency exchange, which has been around since 2013 – Coinmama.
Coinmama offers a brokerage service to buy Bitcoins and other alt coins easily with your credit card, SEPA or SWIFT transfer.
If you’re a newbie in trading crypto we recommend you check out this exchange.
This website is known to have one of the fastest delivery with crypto currencies reaching your wallet in a matter of minutes, however with high speed comes high price.
We have covered the fee structure in the article given below.This was a brief introduction to Coinmama. If you want to view a detailed analysis on Coinmama, then keep scrolling.
In this article we have covered the following topics:
- What is Coinmama?
- Coins available on Coinmama
- Registration
- Purchase Limit
- Fee structure
- Supported countries
- Customer Support
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What is Coinmama?
Coinmama is a platform that provides crypto currency brokerage/trading services. Founded in the year 2013 this exchange is registered in Slovakia.
It has a huge user base that is made up of 2.4 million customers and their operations are spread across 188 countries.
Coinmama allows its users to trade fiat currency like British Pounds (GBP), Australian Dollars (AUD), Japanese Yen (JPY) and Canadian Dollars (CAD), EURO and US dollars for cryptocurrency.
However they restrict peer – to – peer trading. Which means you buy and sell crypto currency from the exchange rather than purchasing it directly from others.
Brokerage service has its own Pros and Cons
PRO being you need not look for a buyer yourself as Coinmama buys it from you and sells to another person, so transactions are quick and hassle free.
CON being brokerage services are expensive as compared to trading. This is why we recommend Coinmama only for beginners who do not have enough knowledge in this field and want to gain some.
So instead of jumping in directly into the crypto world and start trading with advance traders you should use websites like Coinmama to gain knowledge about how everything actually works.
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Coins Available on Coinmama
Coinmama has a very limited range of cryptocurrencies for users to exchange which are stated below
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Cardano’s ADA (ADA)
- EOS
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
- QTUM
- Tezoz (XTZ)
A point to be noted here is that Coinmama does not have an in-built wallet like other exchanges so please keep your external wallet ready before doing any buy or sell transactions on this platform.
Registration
Registration is relatively easy on Coinmama. To open an account on Coinmama follow the given steps
Step 1: Visit Coinmama’s page and click on sign-up which is on the top-right corner.
Step 2: You’ll be redirected to a new page where you will be asked to fill in your personal details. Fill in the asked details and after reading the privacy policy click on ‘CREATE ACCOUNT’
Step 3: Once you have completed registering your account, Coinmama will ask you to complete your profile. For account verification you need
1) Government issued ID
2) International Non-US passport
3) Driver’s License
When you have finished submitting your documents click on ‘Complete My Profile’
Step 4: Go on filling in all the details the website asks you and get your KYC done. Once you have submitted all the information you will get a verification mail on the email ID you had given on the website.
Step 5: Go to Coinmama’s email and click on ‘Confirm Your Email’
Step 6: That’s it, now Coinmama will complete the verification process. It usually takes around 30 – 40 minutes for verification to get completed.
Note –
- Your documents should have all four corners visible
- Please upload high-quality images (300dpi resolution or higher)
- Valid documents
- Not bigger than 8MB
Purchase Limit
You can purchase cryptocurrencies with ease. You could eventually qualify your account for spending up to $1 million.
However, not anyone can avail of this facility. You need to have level 3 account verification in order to be able to buy 1 million worth of Bitcoin.
When a person opens an account he starts as a level 1 user. You need to purchase a minimum of $2,400 worth of cryptocurrency on the site in order to qualify for level 2.
In level 2 your purchasing power increase to $50,000, once you are near that limit, your level automatically increases to 3.
Coinmama has also launched a Level 4 where they did not disclose how much amount you could buy, but instead, they asked the user to mail them at [email protected] so that custom design their trade size.
Fee Structure
The fees charged by Coinmama entirely depend upon the method of payment you are opting for.
Buy
The prices you see on Coinmama’s website are based on XBC + 2% and include a commission fee of 3.90%.
On transactions, through Credit, Debit, or virtual cards there is an additional 5% express fees as these transactions have instant delivery.
The fees is added to your final amount after you choose the method of payment. No fee is charged for bank transfers.
Sell
Rate are calculated by the XBC Index Average + 2% + a sell fee of 0.9% – 0.19%.
Coinmama automatically calculates the following fee depending upon whether you are Crypto curious, Enthusiast or Believer (which are different loyalty levels for Coinmama users)
- Crypto curious: 1.9%
- Enthusiast: 1.4%
- Believer: 0/9%
Supported Countries
Coinmama provides its services in over 185+ countries. Unfortunately, they restrict their services to the residents of the following states:
- Crimea
- Iran
- Israel
- Lebanon
- North Korea
- Palestinian Territories
- South Sudan
- Sudan
- Syria
- Somalia
- New York
- Cuba
Customer Support
Coinmama has a dedicated customer support channel via e-mail. You can also click on the ‘Help’ icon on the bottom right of the main page.
You can also email your query at [email protected]. All the queries are resolved within 24 hours.
You can also connect with Coinmama through their social media handles
While reading through a lot of customer reviews we have found that customers find the lengthy KYC procedure of the website tiring and constantly complain about it.
They accuse Coinmama’s opaque privacy policy as they collect tons of personal identification documents of users without ever giving a valid explanation.
However in this case we definitely take sides with Coinmama as they are simply adhering to standard KYC and AML (Anti – Money Laundering) policies.
On a brighter note, Coinmama has a score of ‘Great’ from TrustPilot. So your money is definitely safe with them.
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- Cryptocurrency Prices Today January 15
Conclusion
And that’s a wrap. With this, we have ended our review on Coinmama and we hope you must have gained some insight into the company’s services.
Our closing statements on Coinmama would be that it is definitely a great company with great and bright minds working on it.
The only negative point we found was their high fees, but we think that the cost is justified when compared to the quality of service that we get in return.
It is also a user-friendly platform which is why we recommend this site to beginners.
Offering a wide range of cryptocurrencies this platform fills a much-needed void, by facilitating the purchase of cryptos with fiat money.
An added benefit is that you can sell Bitcoin for fiat money.All in all this service is great and we totally recommend Coinmama to everyone.