Who exactly is Coinmama?
Coinmama Review and Comparison Guide
Coinmama is a major cryptocurrency brokerage company that allows you to purchase several types of cryptocurrencies with the support of plastic card games, debit card games, or bank transfers (SEPA, Skrill, and also Neteller).
Users also have all the chances to use Apple Pay and also Google Pay. In this review, we will tell you about the company and its offers, as well as compare it with other major brokers.
Coinmama Review Summary
The Coinmama brokerage service allows you to freely acquire bitcoin and other cryptocurrencies together with the support of plastic card games, debit card games, SEPA, Skrill, and Neteller and also started 1 firm that assists with Apple Pay to acquire bitcoin.
The company pays special interest to work together with customers and also their service, for this reason, transactions are very fast (user verification takes approximately thirty minutes).
For beginners, this is a great way to acquire your 1st Bitcoin. The most advanced users have every chance to use other trading platforms to save on transaction fees.
To acquire an in-depth analysis of Coinmama, don’t stop reading this post. See what we have to say:
- Who is Coinmama?
- Coinmama’s Services
- Currencies and Payment Methods
- Fees
- Buying Limits
- Restricted Countries
- Coinmama Support and UserReviews
- Coinmamavs. OtherExchanges
- Frequently Asked Questions
- Conclusion – Is Coinmama Legit and Safe?
Who exactly is Coinmama?
Coinmama was formed in 2013 in Israel and since then has grown to serve over 3 million customers in 188 countries with over 35 employees. Today, the company is headquartered in Vancouver, Maple Leaf Country, and is managed by Wellfield Technologies.
Coinmama service
Coinmama provides brokerage services for bitcoin and other cryptocurrencies. This means that the firm sells coins directly to you, as opposed to a trading platform, where you purchase coins from other people.
The advantages of brokerage services are that this move is easy as well as fast, since you do not need to find a consumer independently. Together with another edge, brokerage services are usually more valuable.
In the case of Coinmama, the firm is making continuous efforts to minimize the price of its services. At the end of this post, you will be able to look at how Coinmama compares to other exchanges.
Fees
Coinmana’s special commission depends on the payment method that you prefer for your transaction. Their website does not have any specific commission data.
This publication in the Coinmama help work is one issued act. However having tested several order standards independently, we were able to compile certain information.
Primarily generally, commissions are similarly changing due to this fact, the particular cryptocurrency you are acquiring. USDT (ERC20) seems to have the lowest commissions than these, which we outline below.
Below is the information about the commissions that I have acquired in the presence of testing different Ethereum purchases. It is similar, that in the presence of the purchase of a plastic or debit card is charged a special commission in the amount of ten percent.
Skrill and Neteller – approximately eleven percent. Bank transfer SEPA and Giropay – approximately 8%. Place in the type that this was my test of ETH purchases.
In the presence of the acquisition of Tether (USDT) special commission existed a little further. In addition to the shown cost, there is a small net special commission in the amount of vapor $.
Limits in acquisition
Coinmama has canceled the concept of verification degrees. But for users still function limits in the acquisition. This Coinmama help note shows important data about the limits in purchase.
The smallest amount in which it is possible to buy bitcoin is 5 $ United States of America and for tokens ETH, ERC-20, and DOT – Ten $ United States of America.
For plastic as well as debit mushan the largest aggregate of one transaction is the Twentieth 000 $ United States of America. This has no daily or monthly limits.
Skrill and Neteller have a transaction limit of Two hundred 000 USD and also this kind of day limit. Bank transfer has a transaction limit of Ten 000 USD and also a monthly limit of 1 000 000 USD.
Narrow States
Coinmama gives its service according to the whole society, because of the exclusion of the states staying near the penalties, as well as the 3 states of the United States of America. Certain states are also served by a third bypass, but not directly by Coinmama.
States and also frames of the United States of America are not withheld:
Country, Afghanistan, Belorussia, Peninsula, Kubika, Persia, Country, Country, Country, State of Kndr, Severe Island, Krai, Russian Federation, Saharan Arabian Democratic State, Country, State of Ossetia, Warm Country, Country, Country, Country, Voroshilovgrad and also Yuzovka (areas in Ukraine), Country.
New York (part of the United States of America), Island (part of the United States of America), and State (part of the United States of America).
The cleanest list of countries and states, admission to which is reduced, can be found in the Coinmama help note.
Coinmama help and feedback from users
At Coinmama there is a full support base and also a dedicated help path according to e-mail, as well as an active conversation. As a rule, the requirements for help are answered within 24 hours.
We also investigated various user feedback published on the Internet. Having analyzed 10-odd exchanges, we understand that if the public keeps feedback on the Internet, this is almost always negative feedback, because they are angry about something.
For this reason, we have taken because of the principle of reading the feedback and also looking at what the community can complain about. Most of the negative feedback about Coinmama concerned 1 – persona control movements.
Users claim that Coinmama is charging an abundance of data, and in certain cases rejects orders without explaining the factors.
According to my experiment, I can note that the check-in Coinmama existed relatively ordinary, and also certainly, they call for a lot of data.
But this is in general only the usual strategy “That you know your client” (KYC) and “Anti-Money Laundering” (AML), which most of the exchanges are obliged to comply with.
Coinmama received an “excellent” rating from Trustpilot. Most of the positive feedback praises the work of the website’s help. Coinmama’s help agents quickly report explanations to Trustpilot, responding to various criticisms as well as complaints from users.
Coinmama in comparison with other exchanges
See a brief comparison of Coinmama’s brokerage services along with other common services.
Coinmama vs. Coinbase
Coinbase charges an unsustainable commission for purchases made with plastic cards and also does not show its commissions in advance. In contrast to Coinmama, Coinbase holds a narrow number of states according to the whole society and also is popular for its terrible help.
Coinmama vs. Changelly
Previously, Changelly was famous equally as the only one with the most expensive services to purchase Bitcoin together with the support of plastic card games. But it seems that in the final period, they have improved their service and also give the most competitive price.
Changelly’s special commission due to the acquisition of plastic cards is dependent on this or that payment microprocessor you prefer to fulfill the order.
Play together with different payment processors in the order screen, and also change the zones of different cryptocurrencies. Certain ones seem to have slightly the lowest fees.
Coinmama vs. Bitstamp
Brokerage service Bitstamp is almost similar to Coinmama. Both have an excellent reputation. Bitstamp is one of the oldest as well as most revered exchanges, for this reason, it is considered to be the right candidate for Coinmama.
In addition, as well as Coinmama, the market holds a wide range of states according to the whole society.
Coinmama vs. Binance
Binance allows you to buy cryptocurrency with a credit card, either through itself or through third-party providers such as Simplex. The exchange rate provided by Binance is similar to that of Coinmama.
Some claim that Binance has an easier KYC process, but I’ve experienced the opposite.
FAQ
How long does it take to verify on Coinmama?
Coinmama states that its verification team members work around the clock and the process should take about 30 minutes.
Does Coinmama accept bank cards?
Coinmama only accepts Visa and Mastercard cards. Please note that American Express, Discover, and PayPal are not accepted.
Does Coinmama require an ID?
Yes. You will need to show your ID to verify your account. This can be anything from a driver’s license to a passport. For a full guide on what forms of ID are required in each country, check out this Coinmama support article.
How do I buy Bitcoin on Coinmama?
The process of buying coins on Coinmama is as follows:
- Go to the Coinmama website and click the “Sign Up” button in the top right corner.
- Provide proofofidentity.
- Click “Buy” and select “BTC” from the “You Receive” list.
- Select a payment method from the “You Spend” section.
- Decide on the amount you want to purchase and click “Continue”.
- Submit yourpaymentinformation .
- Receiveyourcoinsinstantly .
Once your payment has cleared, Coinmama
Sends you your coins. This is an important feature to keep in mind, as sometimes a day or two can mean significant price fluctuations. To protect both parties from this, Coinmama “locks in” the Bitcoin price for you as soon as you submit your order.
Conclusion – is Coinmama legal and safe?
The short answer is yes. Coinmama is a reputable company and their support is pretty good. The only downside, in my opinion, is the high fees. Unfortunately, you can’t avoid this when using a credit card, but given the speed of service, it’s sometimes worth it. If you have the option to use not a credit card but alternative payment methods such as ACH, bank transfer, SEPA, Neteller or Skrill, it’s better as you will save on fees. Overall, the service is trustworthy. If you have your own experience with Coinmama, I’d love to hear about it in the comments section below.