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

Coinmama Review

Founded in 2013, Coinmama is one of the more established cryptocurrency platforms in the blockchain space. 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 an onboarding platform, a great place to buy cryptocurrencies like Bitcoin, Cardano and Ethereum.

It’s also possible to sell cryptocurrencies on Coinmama, however the payout can only be made via a SEPA bank transfer which is 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
  • Coinbase Pro
    • Some of the lowest fees available for US and EU customers
    • Possible to buy bitcoins for 0% fees
    • Run by Coinbase
  • Kraken
    • Great liquidity and low fees
    • Supports most countries
    • Trusted exchange, started in 2011

Who Can Use Coinmama?

Whenever you’re evaluating a new cryptocurrency exchange it’s always important to ask who can use it. Due to cryptocurrency laws and regulations which change depending on which country you’re in, or which state, sometimes services are not available.

Coinmama is widely available throughout Europe. In fact any cryptocurrency trader or investor in Europe can use Coinmama, save for those who live in Crimea.

Finally we come to the list of countries that cannot use Coinmama at all. Here is the list of restricted countries:

  • Cuba
  • Crimea
  • Iran
  • Israel
  • Lebanon
  • North Korea
  • Palestinian Territories
  • South Sudan
  • Sudan
  • Syria

Also, the following American states cannot use Coinmama:

Buying Fees

Buying cryptocurrency on Coinmama is pretty simple. You decide how much you want to buy and then Coinmama will give you a quote on that purchase. They usually charge about a 5% fee over spot. So for example, if one Bitcoin is currently $10,000 then the cost to purchase it on Coinmama would be $10,500.

That’s a fairly steep price especially when you consider the implication. 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.

Trading Pairs

Traders who use the Coinmama platform can purchase:

  • Bitcoin
  • Bitcoin Cash
  • Ethereum
  • Ethereum Classic
  • Ripple XRP
  • Cardano
  • Litecoin
  • QTUM

Deposit Methods

Being a Euro-centric platform Coinmama supports nearly half a dozen different currencies. Traders can buy Bitcoin and Ethereum or any other crypto using the following currencies:

  • USD
  • EUR
  • GBP
  • CAD
  • AUD

Buying With a Credit Card

Since Coinmama is a trusted and established exchange they’re definitely a great platform where you can buy crypto with a credit card.

One thing that you should look at before buying, however, is what price Coinmama is clearing the sale at. For instance, sometimes platforms will say that they only charge a small commission for purchasing crypto with a credit card but then they will give you a bad deal on price, I.e. $7,000 per Bitcoin rather than the $6,812 that it’s currently trading at.

That being said, Coinmama charges between a 4.9-5.9% fee to buy with a credit or debit card.

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
  • Coinbase Pro
    • Some of the lowest fees available for US and EU customers
    • Possible to buy bitcoins for 0% fees
    • Run by Coinbase
  • Kraken
    • Great liquidity and low fees
    • Supports most countries
    • Trusted exchange, started in 2011

KYC & Buying Limits

As with most other legitimate exchanges Coinmama does have a mandatory KYC requirement. In order to buy cryptocurrency on their platform you’ll need to:

  • Create an account
  • Submit a copy of a government ID. That can be a driver’s license, passport or other national ID
  • Take a picture of yourself holding a piece of paper with the current date and “Coinmama” written large enough to be legible

Again, these are fairly standard KYC requirements that many cryptocurrency exchanges are now enforcing.

Level 1

Max lifetime buy of $15,000 and a daily buy limit of $5,000 for a credit card and $12,000 for a bank transfer.

Level 2

Max lifetime buy of $50,000 and a daily buy limit of $5,000 for a credit card and $30,000 for a bank transfer.

Level 3

Max lifetime buy of $1,000,000 and a daily buy limit of $7,500 for a credit card and $30,000 for a bank transfer.

There is also a minimum buy level on Coinmama of $50 USD or the equivalent in whichever currency you’re using to buy Bitcoin.

Security Record

Coinmama’s security record is interesting. They’ve never actually had any cryptocurrency stolen from the platform, which is good, but hackers were able to steal the personal data of nearly half a million customers.

The data beach happened early in 2019 and affected 450,000 accounts in all. Thankfully credit card information was not stolen but rather email addresses and passwords for Coinmama accounts. The theft was part of a larger attack which affected more than twenty websites and more than half a billion records.

Since Coinmama delivers bitcoin directly to your wallet, it’s very unlikely the exchange could get hacked and lose user funds in the process.

Not your keys, not your crypto. A hardware wallet like a Ledger Nano X is always a great option for keeping your crypto safe.

Coinmama Customer Support

Coinmama does not have a customer support phone number that traders can call nor do they list a physical location for their headquarters.

They do however have a customer support email address that people say is extremely helpful.

Coinmama Loyalty Program

If you plan on using Coinmama frequently you might want to consider signing 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 worth of cryptocurrency in any given 90 day period. Crypto enthusiasts can save 12.5% on fees.

Crypto Believer

Anyone who purchases $18,000 or more over a 90 day period can qualify for a 25% reduction in fees. Also, once an investor purchases more than $50,000 worth of crypto on Coinmama they will automatically become a crypto believer for lifetime.

Coinmama Affiliate Program

In addition to the loyalty program Coinmama also offers an affiliate program.

If a new trader signs up using your affiliate link you can earn 15% of the commission! Here is an example taken directly from Coinmama’s website.

“If your referred client bought 1,000 USD worth of BTC and Coinmama earned 55 USD in commission, you will receive 8.25 USD. This happens every time they buy!”

Conclusion

Coinmama fills a specific niche in the cryptocurrency industry; it’s a platform designed almost exclusively for the buying and selling of crypto.

If you need a simple, intuitive platform with good customer service to buy crypto on then Coinmama may be the perfect fit. They have a good safety record and have been around for seven years which is a long time in the cryptocurrency ecosystem.

Also, and this is really important, Coinmama’s biggest advantage is that they’re a non-custodial platform. That is, they don’t hold onto their customer’s cryptocurrency. This is a big advantage because it forces traders to store their crypto off of the exchange.

Coinmama is already widely available throughout the world and 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 at this moment, there’s no harm in opening an account in case you change your mind later on.

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
  • Coinbase Pro
    • Some of the lowest fees available for US and EU customers
    • Possible to buy bitcoins for 0% fees
    • Run by Coinbase
  • Kraken
    • Great liquidity and low fees
    • Supports most countries
    • Trusted exchange, started in 2011

Rating: 4.6

Buy Bitcoin at Coinmama

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