Coinmama review – Is it legit or scam in 2020

coinmama review
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In this article consists of the Coinmama review. If you are going through this review, you will know everything about the Coinmama company overview, payment methods and associated fees, reputation and Trustpilot score, supported countries, spending limits, and other features.

Let’s dive into the Coinmama review,

Coinmama company overview

Coinmama is established, Israel based cryptocurrency broker and exchange working cryptocurrency space since 2013 which enables buying Bitcoin and top altcoins with traditional fiat currencies such as USD, EUR, CAD, AUD and GBP through popular fiat payment methods.

The team consists of the tech experts and Coinmama’s top priority is providing excellent customer support.

Coinmama popularity, reputation, and Trustpilot score

Coinmama is a popular Bitcoin buying option all over the world because currently, it supports 190 countries. It is one of the long-standing buy Bitcoin with credit/debit card service in the world.

Back in the 2017 peak of the cryptocurrency market, a lot of exchanges stop the registration of new users but on Coinmama was operated as usual.

Also, there are not major scams, frauds or loss of funds activity involving the Coinmama platform in recent years.

Coinmama review the Trustpilot score

Also, It is very important to state in this “ Coinmama review ” article, the Coinmama has acquired “Great” score review on the Trustpilot website.

There are so many positive reviews on the Trustpilot website and Some of the reviewers are complaining about the customer support feature and fees.

Overall Coinmama takes great Trustpilot score among other Cryptocurrency exchanges such as Coinbase, Changelly, Cex.io, etc.  

Coinmama features and services

In this Coinmama review, the main purpose is describing the Coinmama Bitcoin broker service. There is a shortage of the cryptocurrency exchanges and brokers who accept the credit, debit card, and fiat payment methods in a long period of time.

In this case, the Coinmama Bitcoin brokerage service is taking an important place. Coinmama has served a lot of cryptocurrency buyers all over the world since 2013.

Coinmama supports the major fiat payment methods such as credit/debit card deposits, SEPA transfers, SWIFT transfers, and Bank transfer, etc.

One other service is Coinmama supports the Bitcoin sell service within the EU region with SEPA transfers and future it will increase sell service throughout the world.

There is not a custodial wallet in the Coinmama platform, which increases the security of Bitcoin brokerage service, Instant delivery of the funds.

Coinmama has high spending limits compared to other industry-leading cryptocurrency exchanges and brokers. Coinmama users can freely buy Bitcoin and altcoin up to 1Milion USD within level 3 verification of the Coinmama account.

Coinmama verification and spending limits

There are verification levels and account activity such as buying and selling limits depends on these verification levels. If you want to use Coinmama to buy Bitcoin with a credit card or Bank transfer, first you need to create a Coinmama account and at least need to become level 1.

Coinmama level 1 verification

After the creation of the account, you will prompt to verify the account. Coinmama will ask to fill personal details, both side photo ID or driver’s license or passport,  a selfie holding ID card and piece of the paper written word “Coinmama” and Date of “Today”. Much faster verification provides visible without blurry selfie and ID photo.

After filling and uploading these things, Coinmama support team immediately consider and verify the account within 10 minutes. After that, you can buy Bitcoin and altcoins through any payment methods supported.

Check out the Coinmama level 1 verification spending limits. The overall spending limit is 15,000 USD for level 1 users.

Limits and amount of ordersCredit/debit cardBank transfer
Daily spending limit (USD) 5,000 12,000
Monthly spending limit (USD) 5,000 15,000 
Maximum number of daily orders 510
Maximum number of monthly orders 2050

Coinmama level 2 verification

To become level 2 user, need to upload secondary ID other than level 1 used ID and Coinmama ask to upload utility bill including the personal address which can be electricity bill, telephone bill, bank statement, etc.

Check out the Coinmama level 2 verification, spending limits. The overall spending limit is 50,000 USD for level 2 users

Limits and amount of ordersCredit/debit cardBank transfer
Daily spending limit (USD) 5,000  30,000
Monthly spending limit (USD) 30,000  30,000
Maximum number of daily orders 510
Maximum number of monthly orders 2050

Coinmama level 3 verification

To become level 3 user, Coinmama will ask to fill the additional form. For that, you need to contact Coinmama’s customer support.

Check out the Coinmama level 3 verification, spending limits. The overall spending limit is 1,000,000 USD for level 3 users.

Limits and amount of ordersCredit/debit cardBank transfer
Daily spending limit (USD) 7,500 30,000
Monthly spending limit (USD) 40,00 100,000
Maximum number of daily orders 510
Maximum number of monthly orders 2050

Note: There is a minimum order amount which is 60USD for all levels.

Coinmama supported countries

Currently, Coinmama serves the 190 countries worldwide but few of the countries do not support as well. Also, some of the US states do not serve.

Here is the list of restricted countries that are Cuba, Crimea, Iran, Israel, Lebanon, North Korea, Palestinian Territories, South Sudan, Sudan, Syria.

Here is the list of restricted US states that are Florida, Hawaii, New Mexico, Oregon, Vermont.

Coinmama payment methods and fees

Coinmama supports the Credit/debit card payments, SEPA transfer (EU banks), SWIFT transfers, Wire transfers, etc.

Note: The USD, EUR, GBP, CAD, AUD currency used to display the rate of Bitcoin and altcoins.

Coinmama credit card fee

It charges a 5% processing fee of the total transaction amount, which fee adds when selecting the payment method like credit/debit card.

Also, the bank or card issuer may charge an extra fee as a cash advancement fee but Coinmama never involves that, in case ask the bank before making any order.

Let’s consider, you are going to buy 100USD worth of Bitcoin with credit/debit card. Coinmama charges 5USD as a processing fee. In this case, you will pay 105 USD to buy 100USD worth of Bitcoin.

Bank transfer fee

The SEPA transfers and faster payment transfers are free of charge. For the SWIFT transfers, Coinmama charges 20GBP the order amount below the 1000USD and in other cases, there is no fee if the order amount above 1000USD.

Note: If your card or bank uses a different currency than USD, AUD, EUR, GBP, CAD, a bank may charge an additional exchange fee and It depends on the currency used to pay.

Coinmama customer support

Coinmama provides excellent customer help and supports services 24/7.

Also, there are separate guides for account verification, spending limits, fees, and how to buy Bitcoin and other altcoins supported, etc.

You can contact the Coinmama’s support team through email, submit a ticket or Facebook page.

Coinmama pros

  • High spending limits up to 1Milion USD
  • Excellent customer support
  • Serving the 190 countries
  • Major payment methods support

Coinmama cons

  • Relatively high fees for credit/debit card purchases
  • No mobile apps
  • Bitcoin sell feature only for EU region with SEPA transfer

How to buy Bitcoin or any Crypto on Coinmama?

In this Coinmama review, you will learn to buy cryptocurrency in 6 simple steps. Here it is the step by step guide,

Step 1. Create new Coinmama account

First, go to the Coinmama website and as you can find the “Sign up” button. Fill the form with the correct information. Hit “create account” after filling the form correctly. After that, go to the mailbox which you use to create the Coinmama account. Then click and confirm the link sent from the Coinmama.

Coinmama Registration form

Step 2. Verify the account

After confirming the email address, log in to the new Coinmama account. It will automatically prompt the account verification screen. First, you need to fill the personal info form, then Coinmama will ask to upload both photo ID or driver’s license or passport and a clear visible selfie holding ID and Piece of paper written the word “Coinmama” and “today date”.

Here is a sample of selfie which will accept?

Coinmama sample selfie

Within business hours, the verification form will review and confirm within a few minutes and it may take up too few hours.

Step 3. Select currency and amount

Click the “Buy” button on the main dashboard or select the Bitcoin “Buy” of the main menu.

On the next screen, select Bitcoin under buy a cryptocurrency and select the currency under the pay with your preferred currency.

After that, select the amount or type the custom amount then hit the “Buy Now” button.

Step 4. Copy and Paste your personal Bitcoin wallet

On the next screen, you need to put your destination personal Bitcoin wallet under the “Enter your wallet address”. Then hit the “Go to payment” button.

Enter bitcoin wallet address

Coinmama does not provide the hosted online wallet service meaning bought Bitcoin or altcoin will direct to the user’s personal wallet. In this case, you need to create a Bitcoin or respected altcoin wallet address. Refer how to create a secure Bitcoin wallet using Electrum. Here is the best Bitcoin wallet that can be used in 2020,

 WalletTypePriceMulti-currency supportWebsite
Trezor oneTrezor
Hardware69 EUR and 149 EURYesVisit
Ledger Nano SLedgerHardware59 USD and 119 USDYesVisit
keepkey walletKeepkeyHardware79 USDYesVisit
electrumElectrum
DesktopFreeNoVisit
bitpayBitpaySoftware and MobileFreeBTC, BCHVisit
edge appEdgeMobileFreeYesVisit
coinbaseCoinbase walletOnlineFreeYesVisit
blockchain walletBlockchain walletOnlineFreeYesVisit

In this step, you can select preferred payment methods to go ahead.

Step 5. Select a payment method

If you are using the Credit or debit card as a payment method, It adds the processing fee 5% of the total amount in this step. Also, you will receive the Bitcoin instantly with a credit or debit card.

Coinmama credit card selection

Now hit the “Buy with card” button. On the next screen fill the card details and hit “Pay now”. 

Step 6. Complete the transaction

Here is the, credit card transaction window.

Coinmama credit card details - coinmama review

Here is the information to complete the Bank transfer.

coinmama bank transfer instructions - coinmama review

The same procedure will apply for the SEPA transfer as well.

The same procedure will apply when you are buying any altcoin supported in Coinmama such as Ethereum, Ripple, Litecoin, Cardano, Ethereum Classic, QTUM, Bitcoin Cash.

How to convert Bitcoin into EUR on Coinmama?

Currently, Coinmama sells service only available within the EU region and it supports converting Bitcoin to EUR.

Hit “Sell” from the main menu. Then type the amount of Bitcoin you want to convert the EUR and hit “Sell”.

Convert Bitcoin to EUR through coinmama

On the next screen fill the bank details. Hit the next button.

Coinmama bitcoin sell - bank details

On-screen, select “Exchange or person”. If you select the exchange, then specify the exchange.

Select from where fund come

Agree to term and click the “Next” button. On the next screen, you can see the wallet address. Send your Bitcoin into this wallet address and wait to receive the fiats.

Bitcoinaddress in sell

Best Coinmama alternatives

There are few exchanges and brokers can be used as Coinmama alternatives. In this Coinmama review defines 5 best trusted and legit for Coinmama alternatives.

01. Changelly

Changelly is an instant cryptocurrency exchange operating since 2015 which supports 140 cryptocurrencies. Changelly supports worldwide users for buying Bitcoin and altcoin with a credit card and instant crypto to crypto exchanging where no wallet services provided.

The same Coinmama fee will apply for credit card payment.

02. Cex

Cex.io is the UK based, established cryptocurrency exchange and broker operating since 2013.  Cex.io served worldwide and It supports buying Bitcoins and altcoins with a credit card and Bank transfer and also, served fiat withdrawal through credit/debit card, bank transfer, etc.

The relatively low fee is charged by Cex.io for credit/debit card cryptocurrency buying.

03. Coinbase

Coinbase is US-based, cryptocurrency exchange and broker which supports the US, Canada, Australia, Singapore, UK, and EU region.

Coinbase supports buy Bitcoin and altcoin with a credit card, bank transfers also, it enables the fiat withdrawal through PayPal. Relatively low fee than the Coinmama fee structure for credit/debit card payments.

04. Bitpanda

Bitpanda is a cryptocurrency exchange and broker based Austria and It serves within the European region. The special thing is Bitpanda supports so many payment methods such as credit/debit, bank transfers, Skrill, Neteller, Sofort, etc. Relatively low fee than the Coinmama.

05. Bitit

Bitit is a cryptocurrency broker and exchange which provides instant, easy and secure cryptocurrency buy/sell with major payment methods such as credit/debit card, SEPA transfer, and cash vouchers.

Bitit supports 50+ countries including the US, UK, Canada, Australia, Japan, New Zealand, EU countries. Relatively low fees than the Coinmama exchange.

Frequently Ask Question – Coinmama review

01. Is Coinmama legit or scam?

Coinmama is a registered broker in Slovakia jurisdiction but operates in Israel and it is completely legit. Until now Coinmama has reputed history and does not report any SCAM behavior

02. Can I send Bitcoin directly to the crypto exchange?

Yes, you can send ordered Bitcoin or altcoin into the cryptocurrency exchange or your personal wallet.

03. Is Coinmama having a native wallet

Coinmama does not support the native wallet and completely non-custodial. Never, Coinmama stores your digital assets.

04. What are the altcoins to buy other than Bitcoin and Ethereum?

You can buy Litecoin, Bitcoin Cash, Ethereum Classic, Ripple, Cardano, and Qtum with credit or debit cards, and bank transfers.

05. How much time taken the Coinmama verification process?

If you are correctly filling the form and correct document is uploaded, Level 1 verification receives within a few minutes but it may take up to a few hours. Ultimately, If you are done seriously, you can own your Bitcoin with 1 hour.

06. What are Coinmama minimum and maximum spending limits with USD through credit/debit card?

Coinmama minimum order amount is 60$, Maximum amount depends on the verification level. Level 3 users can buy up to 10Million USD.

07. Is there a Coinmama mobile app?

There are no mobile apps for Android or iOS but in future Coinmama may release a mobile app for Android and iOS

Conclusion – Coinmama review

Overall Coinmama is an established, popular and trusted Bitcoin and altcoin exchange and broker serving 190 countries around the world.

Considering the fees, which relatively high compared with competitors such as Cex.io, Coinbase, Bitpand, and Bitit but It has unique features such as fast customer support, non-custodial feature, high spending limits, etc.

As a conclusion, someone wants to buy Bitcoin with a credit/debit card first option to watch is Coinmama without any hesitation.

Coinmama

4.75

Ease of use

4.8/5

Supported countries

5.0/5

Customer support

4.8/5

Payment Methods

4.8/5

Fees

4.5/5

Pros

  • High spending limits
  • Excellent customer support
  • Serving the 190 countries
  • Non-custodial wallet

Cons

  • No mobile app
  • Selling only in EU

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