Coinmama is a bitcoin broker based in Israel. They specialize in selling bitcoins for credit card to nearly anyone in the world.

We may receive compensation when you use Coinmama. This post contains affiliate links. Disclosure.

Pros
  • Service available in many countries
  • High limits for buying bitcoins with a credit/debit card
  • Fast and responsive customer service
Cons
  • High fees for buying with a credit/debit card
Buy Bitcoin at Coinmama

This is a complete Coinmama Review.

If you are trying to find out if Coinmama is the best exchange for you, you are on the right page.

We cover everything from supported countries to the fees you’ll pay as well how to make your first purchase.

Read on…

Coinmama Review | Background

Founded in 2013, Coinmama is one of the more established cryptocurrency platforms in the blockchain space.

Their US operations are run under New bit ventures, LLC. This entity is regulated by FINCEN.

They have an experienced team and largely cater to a European clientele.

Some people hear that Coinmama is an exchange and they think that they can use Coinmama to trade cryptocurrencies.

For example, switch from Ethereum to Bitcoin. This isn’t really the case however.

Coinmama doesn’t actually allow its clients to exchange cryptocurrencies.

Instead, Coinmama is a great place to buy cryptocurrencies like Bitcoin, Cardano and Etherum with dollars.

When you use Coinamam, you aren’t even trading with others users.

You are buying from and selling to Coinmama directly.

Coinmama sells cryptocurrencies out of its personal inventory. The transaction will always be between you and Coinmama.

It’s also possible to sell cryptocurrencies on Coinmama.

But, the payout can only be made via a SEPA bank transfer, limited to European customers.

More information can be found on Coinmama’s website.

Coinmama Compared

This table compares Coinmama to other popular exchanges.

  • Popular Exchanges
  • Coinbase
    • High liquidity and buying limits
    • Easy way for newcomers to get bitcoins
    • "Instant Buy" option available with debit card
  • Coinmama
    • Works in almost all countries
    • Highest limits for buying bitcoins with a credit card
    • Reliable and trusted broker
  • eToro
    • Supports Bitcoin, Ethereum & 15 other coins
    • Start trading fast; high limits
    • Your capital is at risk.

    This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.

Who Can Use Coinmama?

Whenever you’re evaluating a new cryptocurrency exchange, it’s always important to ask if you can even use it in the first place.

Due to cryptocurrency laws and regulations, some or all Coinmama services may not be available to you.

Coinmama is widely available throughout Europe.

Any cryptocurrency trader not living in any of the countries, US states, or territories below can use Coinmama.

Here is the list of restricted countries:

Coinmama prohibited countries and states

  • Cuba

  • Crimea

  • Iran

  • Israel

  • Lebanon

  • North Korea

  • Palestinian Territories

  • South Sudan

  • Sudan

  • Syria

The following American states cannot use Coinmama:

The following American territories cannot use Coinmama

  • American Samoa

  • Guam

  • Northern Mariana Islands

  • Puerto Rico

  • United States Minor Outlying Islands

  • Virgin Islands

Buying Fees

coinmama fees

Buying cryptocurrency on Coinmama is pretty simple.

You decide how much you want to buy.

Then Coinmama gives you a quote on that purchase.

Coinmama calculates fees as a percent of the spot price.

Their commission is as high as 3.9% using SEPA bank transfers.

If you use a credit card, they add a 5% “momentum fee”.

If you use SWIFT, there is a minimum fee of £20 added onto all transfers ≤$1,000 USD.

Just assume you will pay about 5% over spot when using Coinmama.

So for example, if one Bitcoin currently has a spot price of $10,000, then the cost to purchase it on Coinmama will be about $10,500.

That’s a fairly steep price. In order to turn a profit, you’ll need Bitcoin to go above $10,500.

Other trading platforms like Coinbase tend to charge a bit less than 5%.

However, their fees depend on what payment method you use.

Supported Coins

Traders who use the Coinmama platform can purchase the following digital currency:

  • Bitcoin (BTC)

  • Bitcoin Cash (BCH)

  • Ethereum (ETH)

  • Ethereum Classic (ETC)

  • Cardano (ADA)

  • Litecoin (LTC)

  • Tezos (XTZ)

Unfortunaly, Coinmama no longer offers QTUM, ripple (XRP), EOS, or XTZ.

Deposit Methods

Coinmama will accept any fiat currency via bank account transfer.

But being a Euro-centric platform, Coinmama displays crypto prices using the following currencies:

  • USD

  • EUR

  • GBP

  • CAD

  • AUD

Apple Pay and Faster Payments are also supported by Coinmama.

Users can also deposit digital currency to their Coinmama wallet address. This allows user to sell bitcoin or other cryptocurrency.

Buying With a Credit Card

Coinmama is well-known as a platform that accepts Bitcoin purchases using credit cards (such as Visa or Mastercard).

Coinmama charges a 5% “momentum” fee to buy with a credit or debit card. Like most credit card bitcoin buys, it comes with high fees.

Coinmama Compared

This table compares Coinmama to other popular exchanges.


  • Popular Exchanges
  • Coinbase
    • High liquidity and buying limits
    • Easy way for newcomers to get bitcoins
    • "Instant Buy" option available with debit card
  • Coinmama
    • Works in almost all countries
    • Highest limits for buying bitcoins with a credit card
    • Reliable and trusted broker
  • eToro
    • Supports Bitcoin, Ethereum & 15 other coins
    • Start trading fast; high limits
    • Your capital is at risk.

    This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.

Buying Limits

Level 1

  • Max lifetime buy of $15,000
  • Dailycredit card buy limit of $5,000
  • Daily bank transfer buy limit of $12,000

coinmama level 1

Level 2

  • Max lifetime buy of $50,000
  • Dailycredit card buy limit of $5,000
  • Daily bank transfer buy limit of $30,000

coinmama level 2

Level 3

  • Max lifetime buy of $1,000,000
  • Dailycredit card buy limit of $7,500
  • Daily bank transfer buy limit of $30,00)

There is also a minimum buy level on Coinmama of $50 USD.

coinmama level 3

KYC

coinmama verification

Coinmama has a mandatory KYC requirement.

In order to buy cryptocurrency on their platform you’ll need to go through the cerification process:

  • Create an account

  • Submit a copy of a government ID. This can be a driver’s license, passport or other valid government ID. Sometimes a utility bill is also required.

  • Take a selfie.

These are fairly standard KYC requirements that many cryptocurrency exchanges are now enforcing.

How Long Does Coinmama Verification Take?

Coinmama verification is some of the fastest in the industry. Usually, Coinmama takes about 10 minutes to verify your account. In some cases, it could take several days.

It really depends on how busy their verification team is.

Other exchanges can take between 24 and 72 hours.

Level two and three take 6 hours on average - still incredibly fast.

If you arent willing to go through this verification, you can find out how to buy bitcoin without verificiation.

Security Record

coinmama security

Coinmama’s security record is interesting.

They’ve never actually had any cryptocurrency stolen from the platform.

But hackers were able to steal the personal data of nearly half a million customers.

The data beach happened early in 2019. It affected 450,000 accounts in all.

Thankfully, credit card information was not stolen.

Instead, email addresses and passwords for Coinmama accounts leaked.

The theft was part of a larger attack on twenty websites and half a billion records.

Since Coinmama delivers btc directly to your wallet, a hack cannot result in loss of user funds.

A hardware wallet like a Ledger Nano X or a Trezor Model T is always a great option for keeping your crypto safe.


COMPARISON

ledger nano x folded

Ledger Nano X

  • SCREEN:
  • RELEASED: 2019
  • PRICE: $119
ledger nano s illustration

Ledger Nano S

  • SCREEN:
  • RELEASED: 2016
  • PRICE: $59
trezor model T

TREZOR T

  • SCREEN:
  • RELEASED: 2018
  • PRICE: $159
Trezor One

TREZOR One

  • SCREEN:
  • RELEASED: 2013
  • PRICE: $59

coinmama support

Coinmama Customer Support

Coinmama does not have a customer support phone number.

They also don’t list a physical location for their headquarters.

They do have a customer support email address that is very helpful.

Coinmama Loyalty Program

  • Table of Contents

If you plan on using Coinmama frequently, you might want to sign up for their loyalty program.

Coinmama pays its clients back in lower commission fees as well as cryptocurrency bonuses. Currently there are three loyalty program levels.

Crypto Curious

Those just signing up for the platform, no discounts.

Crypto Enthusiasts

Frequent customers who purchase $5,000 or more in a 90 day period. Crypto enthusiasts can save 12.5% on fees.

Crypto Believer

Anyone who purchases $18,000 or more over 90 days get 25% off in fees.

Also, once an investor purchases more than $50,000 will automatically become a crypto believer for life.

Conclusion

Coinmama fills a specific niche in the cryptocurrency industry.

It’s a platform designed for the buying and selling only.

coinmama features

If you need a simple platform with good customer service to buy crypto on then Coinmama may be the perfect fit.

They have a good safety record. They’ve been around for 10 years. And they are very reliable.

Most importantly, Coinmama’s biggest advantage is that it is a non-custodial platform. That means they don’t hold onto their customer’s cryptocurrency.

Coinmama is widely available throughout the world.

As long as you don’t live in a restricted area, you can register for an account now!

Even if you don’t plan on buying Bitcoin now, there’s no harm in opening an account.

Coinmama Compared

This table compares Coinmama to other popular exchanges.

  • Popular Exchanges
  • Coinbase
    • High liquidity and buying limits
    • Easy way for newcomers to get bitcoins
    • "Instant Buy" option available with debit card
  • Coinmama
    • Works in almost all countries
    • Highest limits for buying bitcoins with a credit card
    • Reliable and trusted broker
  • eToro
    • Supports Bitcoin, Ethereum & 15 other coins
    • Start trading fast; high limits
    • Your capital is at risk.

    This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.

Rating: 4.6

Buy Bitcoin at Coinmama

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