Coinmama is one of the most famous bitcoin marketplaces that sells both Bitcoin and Ethereum to over 1,000,000 verified customers. The exchange provides customers with the opportunity of buying Bitcoin or Ethereum with a credit card. However, the only obstacle that exists for a majority of users willing to use the services offered by this exchange 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 situated in Slovakia, It is a daughter company of New Bit Ventures. New Bit Ventures Ltd is a regulated entity registered as a Money Service Business.
At present, Coinmama is available in 226 countries worldwide, and accepts all local currencies from these countries. The website has been in operation since 2013 and has provided Bitcoin exchange services for a over three years from now. One thing great that users might find about Coinmama is the fact that they accept 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 is recorded to be from the exchanges that receives the lowest number of monthly visitors, probably due to some restrictions posed by the governments on the use of credit/debit cards, or due to the stringent conditions on the use of cryptocurrencies.
Another of the major causes of this low figure it the fact that users can only buy BTC or ETH from the exchange, no other cryptocurrency can be bought, and option is provided for selling both the BTC and ETH being sold to customers. Another reason could boil down to the fact that, at the time of writing, Coinmama does not have a mobile application which in could enable users to have more access to the exchange. All its services are restricted to be accessible through the web browsers. Also, the exchange does to release a 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 nor trading tools such as charts. Users can only make simple buy orders, since buying of cryptocurrencies (BTC and ETH) is the only available option.
Another major difference when compared to other exchanges is the fact that Coinmama 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, unlike they do have in other platforms. Also, the exchange charges up to 12% fee per transaction, which is not so inspiring to users.
Coinmama accepts credit & debit cards from all the supported countries around the world, placing no restriction to some users from any over others, unlike some exchange platforms that place restrictions on some countries, even when they claim them to be from the accepted regions.
The exchange is also notable for delivering the buy orders 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 astounding 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 several times higher than the limit of some of the foremost exchange platforms in the world.
Major Features Of Coinmama Exchange
As stated earlier, to prevent the exchange from being a focus of attack, Coinmama holds no user funds. Instead, the exchange sells bitcoins out of its own inventory. When a customer places an order, the system is designed in such a way that the BTC or ETH bought will be sent directly to the wallet provided to the exchange. Till date, there has never been an incidence of a hack, nor any security breaches on the exchange.
Another security measure employed in protecting the customers is that, Coinmama ensures that customers’ payment details are not stored on the exchange server, should in case the exchange is a targeted for a hack. Also ensures the system 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.
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 scalable design, free of uncertainties, and user-friendly interface. It is easy for both newbies and professional traders to interact expediently with the exchange.
At present, Coinmama supports Visa and Master Cards 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. However, 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. 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].
Getting Started With Coinmama
The process for buying Bitcoin or Ethereum on Coinmama is pretty straightforward. Like most exchanges, Coinmama requires you to complete identification process to buy BTC or ETH from the exchange. At first, you need to create an account on the website by providing your name, email address, and country of residence. The verification process simply 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.
1. Creating an account with Coinmama
The first step we need to take is to head on to their website www.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 all required data has been provided, the next step is to confirm the account.
Once an account is created and you have successfully logged into your new Coinmama account, you will 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.
2. 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 can be achieved by providing sensitive information to the exchange website. Information needed is your complete address, country of residence, city of residence, and some documents to prove your identity. In general, the more information you provide about your identity, the more level of verification you can attain, and the more you can buy from Coinmama.
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
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.