Coinmama Cryptocurrency Exchange Review

Exchanges
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Coinmama History

Coinmama is one of the “old-timers” of the cryptocurrency world. This service appeared more than 5 years ago and all this time it successfully performs its main function – it provides services for customers to purchase bitcoins and ethereum with the help of bank cards. Coinmama appeared in 2013. For a long time, the Internet has argued about the territorial affiliation of this cryptocurrency exchange.

Some argued that it was registered in Israel, while others talked about Britain and Slovakia. In fact, supporters of each of these theories were right to some extent. Coinmama is officially registered in Slovakia. But it is owned by New Bit Ventures, headquartered in Israel. At the same time, the platform also operates in the UK, as well as in other 216 countries around the world. During its existence, Coinmama has shown itself as a reliable, customer-oriented resource whose reputation is not questioned.

Specifics of Work on Coinmama

As mentioned above, you can only buy cryptocurrency at Coinmama. If you need to sell Bitcoin or Ethereum, you should use another service. Another feature of the cryptocurrency exchanger is the affiliate program. Its meaning is that if a user attracts new crypto-enthusiasts to the crypto-exchange, he gets 15% commission paid to the service by the new client.

Bonus payments are made once a month and there is no limit on their amount. To register in affiliate, go to the appropriate section, enter your e-mail address, specify bitcoin wallet and come up with a password. After the registration, Coinmama will provide a unique referral link, which you will need to distribute to potential customers.

You can share it on your website, social networks, advertising networks, or through email marketing. Payments of afilliate bonuses are made only after three successfully closed orders from three different users. Also among the features of the cryptocurrency exchange is the ability to buy bitcoin and ethereum using a credit card.

Registration on Coinmama

To register on the cryptocurrency exchange, go to the web page and click Sign up. After that, the site will ask you to enter your email, name, country of residence and password. The crypto exchanger will send a confirmation email. It often goes to the “spam”, so it makes sense to check this section. After confirming the email, you will have to sign in to your account again.

In order to work with the site, registration is not enough and you will need to verify your account. In order to pass verification you need to click Verify your account in the account settings. Verification process is divided into three levels, which determine your cryptocurrency purchase limits.

At the first level, the cryptocurrency exchanger will ask for detailed personal information, including date of birth, phone number, address and ID information. From documents will do, foreign or national passport, driver’s license.

Coinmama will ask to confirm the veracity of the specified data. This is done by uploading scans of your documents. You will also be required to take a selfie with one of the identity documents and a photo with a piece of paper, on which the name of the cryptocurrency exchange will be written.

After that, the client will be allowed to buy $10,000 worth of cryptocurrency. To increase this limit, you will have to pass the second level. To do so, one must upload a document that verifies one’s residential address. These include, for example, a utility bill. The last level with a limit of $1 million is available to corporate clients.

Buying Cryptocurrency on Coinmama

When registration and verification are passed, we proceed directly to the purchase of cryptocurrency. On the main page of the cryptocurrency exchange you have a choice: bitcoin or ethereum. Decide what to buy and click on the name of the cryptocurrency.

Cryptocurrencies are purchased for dollars or euros. Immediately the site will provide the most popular amounts of buying cryptocurrencies among users. If they do not fit, scroll down and specify your own option. After that, click Buy.

If the transaction is the first time, Coinmama will ask to specify the payment details of the bank “plastic”. If transactions have been made before, it will ask which card to use to purchase the cryptocurrency. You will also need to enter the address of the wallet, to which the acquired funds will be sent. After confirming the transaction, the cryptocurrency will be sent to the specified wallet. Generally, the transaction takes about 20 minutes.

Coinmama Fee

Coinmama charges several fees. The first is 5.5% and is already included in the price of the cryptocurrency that the investor sees. Additionally, for credit and debit card transactions, a processing fee will have to be paid. It is set at 5% and will be shown after selecting a payment method.

Also the card issuing bank may charge a fee. Therefore, before buying bitcoin or ethereum, it is advised to ask the financial institution about possible fees. Moreover, although Coinmama indicates all prices in euros or dollars, it is possible to pay in other currencies. For example, with your ruble card. Only in this case will be the conversion of the ruble, for which the bank will also remove an additional fee. Monthly limits on the purchase of cryptocurrency are in the range from $10,000 to $1 million, depending on the level of verification of the investor. The minimum transaction amount is $60.

Security on Coinmama

Coinmama supports only bitcoin and ethereum purchases. The cryptocurrency exchanger does not act as an intermediary between investors, but sells cryptocurrency from its stocks. Cryptocurrency is not stored on the platform. It is sent immediately to the specified address. Accordingly, if an investor’s cryptocurrencies are not stored on the platform, hackers can’t get to them. As for the interface, it’s simple, clear and tasteful. It is also important that the site is fast and without “glitches”.

Pros
  • beginners are obviously welcome here.
  • the use of bank cards.
  • security of use.
  • a high level of support service.
Cons
  • large commissions;
  • a sparse list of supported currencies;
  • no opportunity to sell coins. Feedback from traders made it clear that if the developers of the exchange provided the ability to redeem coins, their customer base would expand significantly;
  • absence of a demo account.
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