Do you want to buy Bitcoin, Ethereum or Litecoin with your credit card? Coinmama is a popular cryptocurrency exchange that allows users to purchase coins quickly and easily. But what is it like to actually use the site?
Coinmama provides an easy way for investors to buy cryptocurrencies with their debit and credit cards. The platform is available in more than 200 countries, which makes it one of the most accessible crypto exchanges around. Coinmama has been around since 2013 and boasts more than 1.5 million customers worldwide.
In this Coinmama review, we will take an in-depth look at this popular cryptocurrency exchange. This includes examining how it works, the fees involved, how fast the transactions are and how secure the site is. We will also discuss the various pros and cons of using this exchange compared to its competitors so that you can make an informed decision before using it.
Beginners Guide to Coinmama: A Comprehensive Review
Coinmama is considered to be a leading cryptocurrency brokerage company that allows users to buy several types of cryptocurrencies. It offers an easy and convenient way to purchase crypto assets, with payment methods accepted including credit card, wire transfer (SWIFT, SEPA, Fedwire and FasterPayments) and Apple Pay. Coinmama also provides a secure platform for users to store their digital assets in their own personal wallets.
Who Is Coinmama?
Coinmama is a leading cryptocurrency exchange that was established in 2013. It has since grown to serve over 3.1 million customers in 188 countries and is headquartered in Dublin, Ireland. The company is officially registered and regulated as a Money Service Business with FinCEN, making it one of the most trusted exchanges on the market. Coinmama was one of the first cryptocurrency exchanges to add support for buying Bitcoin (BTC) using a credit card, and in 2019 they added support for Tezos and Eos as well as the ability to sell Bitcoin and receive money in Euros straight into their bank account.
Coinmama offers an easy-to-use platform that allows users to purchase cryptocurrencies quickly and securely with their credit or debit cards. They also offer competitive fees, fast transaction times, and 24/7 customer service support. Coinmama also provides educational resources such as tutorials, guides, and articles about cryptocurrencies so users can stay up-to-date on the latest developments in the industry. With all these features, Coinmama is a great choice for those looking to buy and sell cryptocurrencies.
Coinmama Services
Coinmama is a brokerage service that allows users to buy and sell Bitcoin and other leading cryptocurrencies. The process is simple and fast, making it an attractive option for those who want to get into the cryptocurrency market quickly. However, Coinmama’s fees are usually higher than those of trading platforms, so it may not be the best choice for those looking to save money.
Coinmama has made efforts to reduce their fees as much as possible in order to make their services more accessible. They also allow clients to buy and sell their Bitcoin even if they were purchased from a different exchange. This makes it easier for users who have already invested in cryptocurrency but want to switch exchanges or take advantage of better prices elsewhere. Coinmama also provides customer support via email, phone, and live chat so that customers can get help with any issues they may have while using the platform. All in all, Coinmama is a great option for those looking for an easy way to buy and sell cryptocurrencies.
Currencies and Payment Methods
If you didnt already know: Coinmama is a popular cryptocurrency exchange that allows users to buy and sell digital currencies. It supports a wide range of cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Dogecoin (DOGE), Cardano (ADA), Litecoin (LTC), Ripple (XRP), Tezos (XTZ), Chainlink (LINK) and Uniswap (UNI). Payments can be made using credit/debit cards issued by Visa or Mastercard, bank transfer via SEPA or SWIFT, and Apple Pay. Prices are denominated in EUR, USD, GBP, AUD, CAD or JPY.
Coinmama makes it easy for users to purchase digital currencies with their preferred payment method. The platform offers a variety of payment options such as credit/debit cards from Visa or Mastercard, bank transfer via SEPA or SWIFT, and Apple Pay & Google Pay. Prices are denominated in EUR, USD, GBP, AUD, CAD or JPY.
Fees
The fees associated with using Coinmama vary depending on the payment method used and the account tier of the user. The base fee for buying crypto is up to 5.9%, while selling crypto incurs a 2.9% fee. An additional 5% credit card processing fee is added, bringing the total cost up to 10.9% above the market rate. Coinmama has three tiers of accounts based on transaction volume over a 90-day period: Curious, Enthusiast and Believer, with fees decreasing as the tier increases from 3.9%, 3.41% and 2.93%. Users may also be subject to spread fees (“rates”) and other fees depending on their payment method. By understanding these fees, users can make an informed decision when choosing which payment method or account tier to use when trading with Coinmama.
Buying Limits
Buying limits on Coinmama are set to ensure the safety of traders and their funds. The minimum amount of Bitcoins you can buy is 50 USD or the equivalent in other currencies. To make any kind of purchase, traders must go through three levels of identity verification, with increasing sending limits for each level. Level 1 requires 1 valid government ID, a selfie of the trader holding that ID card, and a note with “Coinmama” and the specific date written on it; Level 2 requires a secondary ID and a valid utility bill; Level 3 requires filling out a form at the Coinmama exchange’s website. Verification levels 1-3 have increasing account spending limits, with Level 1 capped at 5,000 USD per bank card purchase and 15,000 USD per wire transfer. Traders can buy Bitcoin worth up to 30,000 USD at a time on Coinmama.
Coinmama has put in place buying limits to protect its users from fraud and other malicious activities. The platform also offers three levels of identity verification, with increasing sending limits for each level. This ensures that users are able to purchase digital currencies safely and securely.
The list of supported countries is quite extensive, ranging from Afghanistan to Kuwait in the Middle East, Laos to Jersey in Europe, and even including the Holy See (Vatican City State). Each of these countries has its own unique culture and history, making them all interesting places to visit.
Countries supported
The countries supported by this program are incredibly diverse, spanning the globe from Afghanistan to the Falkland Islands. This list includes some of the most populous nations in the world, such as India and China, as well as smaller countries like Djibouti and Andorra. It also covers a range of different climates and cultures, from tropical islands like Aruba to mountainous regions like Armenia.
Coinmama is designed to provide support for people living in these countries, regardless of their nationality or background. It seeks to help those who may be facing poverty or other difficulties due to their location or circumstances by offering cryptocurrency solutions. By providing assistance and resources, it aims to improve the lives of individuals and communities in these countries. The goal is to create a more equitable world where everyone has access to crypto and opportunities for financial growth.
What States Does Coinmama operate in?
Coinmama is an online platform operating in 43 US states including Alabama, Alaska, Arizona, Arkansas, California, Colorado, Delaware, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland and Massachusetts. Coinmama is also active across 188 countries worldwide.
Coinmama has earned a reputation as a reliable exchange with positive reviews from customers. The platform provides users with access to the latest market prices of cryptocurrencies such as Bitcoin, Ethereum, and other altcoins. It also offers competitive fees and fast transaction times. Furthermore, Coinmama has implemented advanced security measures to protect user accounts from unauthorized access or malicious activity. With its wide range of services and features available in 43 US states and 188 countries worldwide, Coinmama is an excellent choice for those looking to buy or sell cryptocurrency securely.
Customer Support and User Reviews
Coinmama has a help center and dedicated support channel via email. The exchange also receives a score of “Great” from TrustPilot, with most positive reviews praising the customer support. However, Coinmama does receive some negative reviews related to the identity verification process, which requires a lot of information. This is due to standard KYC and AML policies that most legit exchanges must adhere to. In the past, Coinmama support representatives used to reply to angry commenters in the comments section, but have recently stopped doing so.
Coinmama is not available in New York or Hawaii, and 17 states are redirected to third-party provider Simplex when creating an account: Alabama, Alaska, Delaware, Georgia, Iowa, Kentucky, Louisiana, Nevada, New Mexico, Maine, Maryland, Mississippi, Oregon, South Dakota, Vermont Washington and West Virginia. Customer support options are available in most U.S. states for those who need assistance with their accounts.
Coinmama vs. Other Exchanges
Coinmama is a brokerage service that allows users to purchase cryptocurrency with credit cards. It is one of the most popular exchanges, but it has some drawbacks when compared to other exchanges. Coinmama charges a 5.9% brokerage fee and a 5% extra credit card processing fee on top of the market rate, making it less attractive to traders who are looking for lower fees. This means that Coinmama’s price stands at 5.9% above the market rate, which can be quite costly for those who are looking to make large purchases or trades.
In comparison, other popular exchanges offer lower fees and more competitive prices than Coinmama. For example, Coinbase offers a flat 1.49% fee on all transactions and Binance charges 0.1% per trade. These exchanges also provide more features such as margin trading and stop-loss orders which can be beneficial for traders looking to maximize their profits or minimize their losses. Additionally, these exchanges have better customer support than Coinmama, which can be beneficial for those who need assistance with their accounts.
Coinmama vs. Coinbase
Coinmama and Coinbase are two of the most popular cryptocurrency brokerages available today. Both offer a convenient way to purchase digital currencies, but there are some key differences between them.
Coinbase charges a variable fee of around 4% for credit card purchases, which is lower than Coinmama’s 5.9%. However, Coinbase only supports a limited number of countries compared to Coinmama. Additionally, Coinbase has been known to have poor customer support in comparison to other services.
On the other hand, Coinmama is a popular brokerage service for buying cryptocurrency with fees that include the broker fee only. Most credit transactions will also have an additional clearing fee of 3-5%. This makes it more expensive than Coinbase in terms of fees but it offers more convenience and better customer support. It also supports more countries than Coinbase does.
Coinmama vs. Changelly
Coinmama and Changelly are both equally popular cryptocurrency exchanges that offer users the ability to buy and sell digital currencies. Both platforms have their own advantages and disadvantages, so it is important to consider which one is best for your needs.
When it comes to fees, Changelly has recently optimized their service to offer a more competitive rate, taking 5% on top of the existing 5% payment processor fee for a total of 0.9% cheaper than Coinmama’s 10.9%. Exchange rates used by Changelly are also cheaper than Coinmama’s, potentially saving up to 3%. Overall, using Changelly can save users money compared to using Coinmama. However, Coinbase charges a lower fee (4%) than Coinmama (5.9%) for credit card purchases. Unfortunately, Coinbase is limited to a few countries and has poor customer support. On the other hand, Coinmama supports more countries and has better customer service. Ultimately, it is up to you to decide which platform is best for your needs.
Coinmama vs. Bitstamp
Bitstamp and Coinmama are defined as two of the most popular cryptocurrency exchanges in the world. Both offer brokerage services with a 0.5% fee difference, making them both competitive options for those looking to buy or sell digital currencies. Bitstamp is one of the oldest and most respected exchanges in the industry, having been around since 2011. It supports a wide variety of countries worldwide, making it an attractive option for many users.
Coinbase is another popular exchange that offers similar services to Bitstamp and Coinmama. However, Coinbase charges a variable fee of approximately 4% for credit card purchases, which is lower than Coinmama’s 5.9%. While Coinbase supports fewer countries than Coinmama, its fees may be more attractive to some users. Unfortunately, Coinbase has been known to have poor customer support, which can be a major downside for some users. Ultimately, it comes down to personal preference when choosing between these two exchanges as they both offer great features and services.
Coinmama vs. Binance
Coinmama and Binance are another two popular cryptocurrency exchanges available today. Coinmama is a platform that allows users to purchase cryptocurrencies with their credit cards, while Binance offers both direct purchases with a credit card and third-party providers such as Simplex. Both platforms offer competitive exchange rates, but Binance has the edge when it comes to fees, charging around 4% for credit card purchases compared to Coinmama’s 5.9%. However, Coinbase only supports a limited number of countries compared to Coinmama.
When it comes to customer support, Coinbase has been known to have poor customer service compared to Coinmama. Some argue that Binance has an easier KYC process than Coinmama, but others have experienced the opposite. Ultimately, it depends on your individual needs and preferences when deciding which platform is best for you. Both platforms offer great features and competitive rates, so be sure to do your research before making any decisions.
Does Coinmama accept bank cards?
Coinmama is a reputable brokerage service-providing company that serves clients in almost all countries with a few exceptions. It is not a wallet provider and does not store users’ digital assets, so users must verify they are sending cryptocurrency to the correct address. Reviews of Coinmama suggest that it is legit and safe, making it an attractive option for those looking to buy or sell cryptocurrencies.
When it comes to payment methods, Coinmama accepts bank cards such as Visa and Mastercard. This makes it easy for customers to purchase their desired cryptocurrency quickly and securely. The process is simple: customers enter their card details, confirm the amount they want to purchase, and then wait for the transaction to be processed. Once completed, the purchased cryptocurrency will be sent directly to the customer’s wallet address. Coinmama also offers competitive rates on its services, making it an attractive option for those looking to buy or sell cryptocurrencies without having to worry about high fees or long waiting times.
Does Coinmama require ID?
Coinmama requires some form of identification to verify an account, such as a driver’s license or passport. This is to ensure the safety and security of its customers, as well as to comply with anti-money laundering regulations. Acceptable forms of ID may vary depending on the country, so it is important to read up on which form of ID is required for your specific location.
Overall, Coinmama appears to be a legitimate and safe platform for buying and selling cryptocurrency. It has been around since 2013 and has earned positive reviews from its users. The company also takes extra steps to protect its customers’ data by using advanced encryption technology and two-factor authentication. With these measures in place, Coinmama provides a secure environment for users to buy and sell digital assets without having to worry about their personal information being compromised.
How Do I Buy Bitcoins on Coinmama?
To buy Bitcoins on Coinmama, the first step is to sign up for an account and submit identity verification documents. This process helps protect users from fraud and ensures that all transactions are secure.
Once your account has been verified, you can choose the cryptocurrency you want to buy and decide on the amount. You will then need to enter your payment information such as credit card or bank details. After submitting this information, you will receive your coins instantly with a locked Bitcoin price. This means that the price of Bitcoin at the time of purchase will remain fixed until your order is completed. Coinmama also offers a variety of payment methods including debit cards, credit cards, bank transfers, Apple Pay, Google Pay, and more. With its simple interface and secure transactions, Coinmama makes it easy for anyone to buy cryptocurrencies .
Crypto Charity’s Verdict on Coinmama
Coinmama is a legitimate and safe platform for buying Bitcoin and other cryptocurrency coins. It has a good reputation with customers, offering prompt service with credit card payments, although the fees can be high. Bank transfers (SEPA, SWIFT, Fedwire, FasterPayments) are cheaper and also recommended. Coinmama requires KYC/AML verification to prove identity as well as a wallet address to receive assets. The company uses full encryption technology and HTTPS certification to secure personal details and credit card information. This ensures that all transactions are safe and secure.
Overall, Coinmama is an excellent choice for those looking to buy cryptocurrency in a safe and reliable manner.
