Coinmama is one of the more popular bitcoin marketplaces that sells both Bitcoin and Ethereum to over 1,000,000 verified customers. Coinmama provides customers with the opportunity of buying Bitcoin or Ethereum with a credit card. The only obstacle that exists for a majority of users is the unavailability of Visa or Mastercard services in their country of residence.
About Coinmama Crypto Exchange
Table Of Contents
- 1 About Coinmama Crypto Exchange
- 2 Getting Started With Coinmama
Coinmama.com is a property of NBV International s.r.o., Boženy Němcovej 8, Bratislava 811 04, Slovakia, which is a daughter company of New Bit Ventures Ltd company #514907880. New Bit Ventures Ltd is a regulated entity registered as a Money Service Business # 31000084489239.
Coinmama is currently available in 226 countries worldwide, and accepts all local currencies. The website has been operating since 2013 and has provided Bitcoin exchange services for a healthy three years now. One great thing that users might find about Coinmama is the fact that they operate in some of the US states mentioned below:
Arizona, California, Colorado, Florida, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts Maryland, Michigan, Missouri, Montana, Nevada, New Jersey, New Mexico, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, and Wisconsin.
When compared to other major exchanges, Coinmama receives among the lowest number of monthly visitors. One of the major causes of this low figure is the fact that users can only buy BTC or ETH from the exchange, but no option is provided for selling. Also, Coinmama does not have a mobile application but all its services are accessible through the web browsers, and the exchange is yet to release an API for users to create custom applications that are compatible with the platform.
Unlike some other exchanges, Coinmama.com does not have a conventional trading platform/interface or trading tools such as charts. Users can only make simple buy orders. The exchange only supports the use of credit card but doesn’t accept bank wire and SEPA payments. Meaning, users do not have a wider choice of making payments.
Also, the exchange charges up to 12% fee per transaction, which is not so encouraging to users.
Coinmama accepts credit & debit cards from all countries around the world, placing no restriction to some users from any over others. The exchange is also notable for delivering the buy within minutes after the placement of the order without depending on any special order-matching algorithm for processing of orders, allowing users to make the most of advantageous price movements.
As a security measure, Coinmama holds no user funds but sells from its holdings.
The most amazing benefit of Coinmama is the fact that they offer a high daily buying limit of $50,000 for new signups, making the exchange’s limit multiple times higher than the limit of some of the leading exchanges in the world.
Major Features Of Coinmama Exchange
As stated earlier, to prevent the exchange from being a center of attack, Coinmama holds no user funds and instead sells bitcoins out of its own inventory. When you place an order, you provide a wallet address to which they can send your bitcoins or ether. Till date, there has never been an incidence of a hack, nor any security breaches on the exchange.
Coinmama ensures that customers’ payment details are not stored on the exchange server, should in case the exchange is a targeted for a hack. The system also ensures that proper encryption of the users’ personal information is done, and stored on dedicated secured servers.
Coinmama charges 5% fee for every credit or debit card deposit with a minimum deposit set at US$10. This charge is in addition to an exchange transaction fee of 6.3%, making Coinmama one of the most expensive exchanges available.
Coinmama currently accepts Visa and MasterCard strength from almost anywhere in the world. When using a credit or debit card, Coinmama accepts payment in either USD or EUR whichever of the two local fiat currencies the buyer prefers. The exchange promises to add more local currencies in the future.
The exchange has a detailed FAQ section that provides answers to most common questions. Furthermore, the support team also responds to questions on blogs and social media pages. Also, the exchange has a dedicated news and updates section on the main page that gives users an update on the recent events on the platform and the cryptocurrency world in general.
Customers can contact Coinmama’s Customer Care number through +1-800-261-6932 and contact them through their business email at [email protected] If you need help for account related issues, you can also send them through [email protected]
Ease of use
Coinmama claims to be the Easiest, safest, and the fastest exchange to purchase Bitcoin and Ethereum in the world. The exchange was built with a sleek design, free of ambiguities, and user-friendly interface. It is easy for both newbies and professional traders to interact conveniently with the exchange.
Getting Started With Coinmama
The process for buying Bitcoin or Ethereum on Coinmama is pretty straightforward. Like most exchanges, Coinmama requires identification to buy.
First, you need to create an account on the website. This requires your name, email address, and country of residence. However, you must be verified before you can make any purchase from Coinmama. Verification requires you to provide Coinmama with proof that you are exactly who you say you are. You do this by uploading a copy of your passport or driver’s license.
Creating an account with Coinmama
The first step we need to take is to head on to their website coinmama.com and click on “Register” which can be found in the upper right corner of the homepage.
To create an account, you need to provide your email address, a password for the account, your complete name (first, middle, last) and your country of residence. Once you have provided everything that is required to create an account, head on to your registered email and confirm your account.
Once an account is created and you have successfully logged into your new Coinmama account, you will be logged in and see a similar picture as shown above.
This shows your account page and everything that you need to know in regards to purchasing coins from them. The landing page should show you all of your orders.
Coinmama Account Verification
Right after your registration, you’ll be given an unverified account. In order to transact and start purchasing Bitcoins or Ethereum, you first need to verify your account.
A verified account is achieved by providing sensitive information to the exchange website. Information needed is your complete address, country of residence, city of residence, and documents to prove your identity. In general, the more information you provide about your identity, the more you can buy from them.
The maximum limit for level 1 is 10,000 USD. To get your account out from being UNVERIFIED, you only need to provide one government issued ID. Here are the accepted ID’s:
Note that submitting ID’s means that you need to upload clear pictures of your ID showing the front and back of it.
- National ID Card
- Driver’s License
The limit for level 2 account is 50,000 USD. In order for an account to reach level 2, you need to get your account to level 1 first. You need to submit an additional ID prior to what you already submitted for level 1 to get your account upgraded to level 2. Accepted ID’s are just the same as the ones mentioned above. Now apart from the mentioned second ID requirement you need to provide the following:
- Utility Bill (Water, Electricity bills) showing your name
- A picture (selfie) of you holding any of the submitted ID’s
There is no restriction to the number of trades you can execute with this level. According to Coinmama, level 3 account holders can purchase up to 1 Million US Dollars’ worth of Bitcoin. You can contact the support team on the details of how to upgrade your account to level three if need be.
Making Purchase from Coinmama
Now that we know how to create an account, the next process would be to know how to buy coins from them. You have two options, buy Bitcoins or Ethereum. For example, purposes, we will be talking about how to purchase Bitcoin as the process is just the same for the two.
To purchase any amount using your credit card you first need to complete your profile. Completing a profile would raise your account limits, which brings us to our next subtitle.
Click on “Buy Bitcoins” and you will be redirected to the purchasing page as shown below:
On the purchasing page as shown in the diagram above, choose the amount of Bitcoin or Ethereum you are willing to buy.
Note: There are pre-made packages wherein you just need to click on and get that amount of Bitcoin, or as shown below, you can manually slide the bar which is located below and enter a specific amount needed or depending on the budget you have on hand.