The ultimate Coinmama review – Is it legit or scam

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If you are going through the Coinmama review, you will know everything about how to use Coinmama platform, what are payment methods and fees, little bit of reputation and company status, how to buy Bitcoin and other altcoins, how to verify the account and increasing the limits and some comparison of the similar Coinmama alternatives.

Coinmama is established, Israel based cryptocurrency broker and exchange working cryptocurrency sphere since 2013 which enable buying Bitcoin and altcoins with traditional fiat currencies such as USD, EUR, CAD, AUD and GBP through popular fiat payment methods. Let’s dive into the ultimate Coinmama review,

Coinmama popularity, reputation, and Trustpilot score

Coinmama is 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 2017 peak of the cryptocurrency market, lot of exchanges stop the register new users on their platform but 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 include in this “ Coinmama review ” article, the Coinmama has taken the “Great” score review on the Trustpilot website. There are so many positive reviews in 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, Bitstamp, Cex.io, etc.  

Coinmama services

In this Coinmama review, the main purpose is describing the Coinmama Bitcoin broker service. There is a shortage the cryptocurrency exchanges and brokers who accept the Credit and debit card and fiat payment methods in a long period of time. In this case, Coinmama Bitcoin brokerage service is taking an important place. Coimama 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 through throughout the world.

There is no wallet including 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 Coinmama account and at least need 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.

Coinmama spending limits of the level 1 verification.

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.

Coinmama spending limits of the level 2 verification

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.

Coinmama spending limits of the level 3 verification

The overall spending limit is 1,000,000 USD for level 2 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, within US Coinmama not supports some of the states. You can find your country support or not through the served country list and restricted US states

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 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 cash advancement fee but Coinmama never involves with 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 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 additional exchange fee and It depends on the currency used to pay.

Coinmama customer supports

Coinmama provides excellent customer help and support service through 24/7. Also, there are separate guides for account verification, spending limits, fees and how to buy, etc.

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

Coinmama Pros

  • High spending limits up to 1Milion USD
  • Excellent customer support
  • Serving the 190 countries
  • Major payment methods support
  • Great security through the non-custodial wallet

Coinmama Cons

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

Major steps to buy Cryptocurrency with Coinmama

In this Coinmama review, you will learn to buy cryptocurrency with 3 simple steps. Here it is,

01.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 Coinmama account. Then click and confirm the link sent from the Coinmama.

Coinmama Registration form

02.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 both upload 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, verification form will review and confirm within a few minutes and It can take up too few hours.

03. Buy cryptocurrency with a selected payment method

After achieving verification level 1, you are ready to buy Bitcoin and altcoins. Click the “Buy” button on the main dashboard or select the Bitcoin or altcoin “Buy” of the main menu and go through the buying process.

How to buy Bitcoin with Coinmama?

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 amount or type the custom amount then hit the “Buy Now” button.

On next screen, you need to put your destination personal Bitcoin wallet under the “Enter your wallet address”. Then hit “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 Bitcoin or respected altcoin wallet address. Refer how to create secure Bitcoin wallet using Electrum. Here is summarize best Bitcoin wallets exists,

 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.

Credit or debit card selection

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 credit or debit card.

Coinmama credit card selection

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

Coinmama credit card details - coinmama review

That’s all within maximum 30 minutes, you will the ordered Bitcoins with credit or debit card.

Bank transfers(SWIFT) selection

There is fee 20GBP if the order amount less than the 1000USD and no fees are added above 1000USD. Your Bitcoin will receive within 3 days if you select the SWIFT transfers. As you can see the Bitcoin amount you are going to receiving.

Coinmama bank transfer

Now hit the “Buy with SWIFT” button. On the next screen agree to the Bank transfer terms and click “Next button”.

Agree to coinmama bank tranfer terms

On the next screen, As you can see the bank transfer details. Use that information to create bank transfer and also, you can print it.

coinmama bank transfer instructions - coinmama review

The same procedure will apply for the SEPA transfer as well as Wire transfers. If are ordered Bitcoin through the Bank transfer “pending order details” will display under the main dashboard.

How to buy Ethereum with Coinmama?

Above procedure “ buy Bitcoin with Coinmama ” will apply for the buy Ethereum with Coinmama.

If you are selecting the payment method as credit or debit card, ordered Ethereum amount will receive within a couple of minutes.

If you don’t have secure Ethereum wallet, refer the how to create secure Ethereum wallet. Also here is the list of best secure Ethereum wallets in 2019.

 WalletTypePriceMulti-currency
support
Website
Trezor oneTrezor OneHardware69 EURYesVisit
Ledger Nano SLedger Nano SHardware59 USDYesVisit
keepkey walletKeepkeyHardware79 USDYesVisit
MyEtherwalletMyEtheWallet WebFreeEther,
ERC 20
Visit
MycryptoMyCryptoSoftwareFreeEther,
ERC 20
Visit
MetamaskMetamaskBrowser ExtensionFreeEther,
ERC 20
Visit
TrustwalletTrust walletOnlineFreeYesVisit
coinbaseCoinbase walletOnlineFreeYesVisit
blockchainBlockchainOnlineFreeYesVisit

The same procedure will apply when you are buying any altcoin supported in Coinmama such as Ripple, Litecoin, Cardano, Ethereum Classic, QTUM, Bitcoin Cash. Altogether in this Coinmama review, step by step guides not provide for the altcoins.

How to convert Bitcoin into EUR through 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 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 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

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.com is 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. Same Coinmama fee will apply for credit card payment.

02. Cex

Cex.io is UK based, established cryptocurrency exchange and broker which 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.com 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.com is 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.io 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. Which supports 50+ countries including 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 registered broker in Slovakia jurisdiction but operates in Israel and It is completely legit. Until now Coinmama has reputed history and any SCAM behavior.

02. Can I send Bitcoin directly to 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

No, service is non-custodial.

04. What are the other altcoin buy other than Bitcoin and Ethereum

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

05. How much time taken the Coinmama verification process?

If you are correctly filling the form and correct document are uploaded, Level 1 verification receive with few minutes but It can take up too 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 Coinmama mobile apps

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 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 who can receive the respected cryptocurrency within half an hour with a credit card.


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