Forthright Review and Comparison of Coinmama

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Coinmama is the top ranked brokerage company that authorizes you to purchase variety of Cryptocurrency with the help of your credit card.

Review Synopsis

The brokerage service of Coinmama lets you purchase Bitcoin and various other cryptocurrencies using easy methods. The company has recently commenced to focus on the customer service and customer experience so that the transactions are seamless and super quick where the user verification takes up to an hour.

If you are a beginner, this platform is an ideal option for you to purchase your first Bitcoin. For more advanced users, they can use the other trading platforms for avoiding high fees.

To get through the detailed review of Coinmama, stick with this article till the end. Here is the list of things that are covered in this article:

  • Coinmama Précis
  • Services Offered By Coinmama
  • Payment Methods of Coinmama
  • Coinmama Pricing
  • Purchasing Limits of Coinmama
  • Countries Supporting Coinmama
  • Customer Support and Feedback
  • Coinmama versus Other Platforms
  • Step By Step Beginner’s Guide
  • Conclusion – Our Take On Coinmama
  • Coinmama Précis

Coinmama is a recent brokerage company serving the most important brokerage services. Being established in Israel in the year 2013, it has served over 1 million customers in over 180 countries having over 30 employees. Lately, the company is registered in Slovakia while it is headquartered in Israel by New Bit Ventures.

According to the Coinmama’s reports released on 15th of February, 2019, about 450,000 email addresses and hashed passwords of the users who have registered themselves until 5th of August, 2017 being stolen from their database. This has affected 30 companies and 841 million user records.

  • Services Offered By Coinmama

Coinmama is a brokerage firm supplying brokerage services for various cryptocurrencies including Bitcoin. This implies that Coinmama sells you the coins unlike the traditional form of the other platforms where you purchase the coins from other people.

There is only one major advantage and disadvantage of Coinmama. The advantage is that the procedure provided by the Coinmama is pretty simple and quicker as compared to the other platforms as you do not have to look for buyers in the website from your own. On the contrary, the disadvantage of Coinmama is that the brokerage service is relatively more expensive. The company has already taken measures to reduce their fees to a much great extent. At the end of the post you will be able to find out the comparison between Coinmama and other platforms.

The procedure to purchase coins from Coinmama is as follows:

  • Submission of your order
  • Submission of identity verification documents
  • Submission of payments
  • Receive your instant coins

The sooner your payment gets cleared; Coinmama delivers your coins to you. The website follows this rule strictly as it knows that a delay of a day or two could lead to wide price fluctuations and you end up purchasing coins for more or less of the price than you originally had intentions to. It is a worth mentionable event that Coinmama instantly “Locks” the Bitcoin price once you submit your order.

  • Payment Methods of Coinmama

Currently, Coinmama supports the purchase of only the below mentioned coins:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Cardano (ADA)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Litecoin (LTC)
  • Qtum (QTUM)
  • Ripple (XRP)

Coinmama accepts credit or debit cards issued by Mastercard or Visa. Lately, the company has also started to accept SEPA payments with 0% processing fee. The prices are denominated in USD or EUR.

  • Coinmama Pricing

The pricing that are displayed on the website of Coinmama is inclusive of the company’s brokerage fee of 5.9%. The base price that is the price excluding the brokerage fee is calculated from TradeBlock’s XBX index.

If you are purchasing coins using your credit cards, you will have to pay an extra 5% amount as the processing fee. This refers that the Coinmama’s price will be a little above the market rate that is about 10.9%.

  • Purchasing Limits of Coinmama

The nominal amount of Bitcoins that you can purchase from Coinmama is $60 or the equivalent in Euros. The daily purchase limit is set to 5000 USD or Euros while the monthly limit is set to 20,000 USD or Euros. The daily limits last for 24 hours once the order is placed. The monthly limits are an in motion sum of the last 30 days.

Identity verification is a mandatory process if you are attempting to make any type of purchase. According to the Coinmama documentation, there are three levels of verification that do not affect the buying limits.

  • Level 1: The first level of verification requires one valid ID issued by the Government, a selfie of yourself holding the proof of your identity and a note with Coinmama and the date of verification written on it.
  • Level 2: You are required to submit a secondary ID and also upload a utility bill.
  • Level 3: You need to fill up a precise form.

 

  • Countries Supporting Coinmama

Coinmama offers worldwide service except the sanctioned countries and various US states.

  • List of Countries Supported:

Afghanistan, Aland Islands, Albania, Algeria, Andorra, Angola, Anguilla, Antigua and Barbuda, Argentina, Armenia, Aruba, Australia, Austria, Azerbaijan, The Bahamas, Bahrain, Barbados, Belarus, Belgium, Belize, Benin, Bermuda, Bhutan, Bonaire, Sint Eustatius and Saba, Bosnia and Herzegovina, Botswana, Brazil, Brunei Darussalam, Bulgaria, Burkina Faso, Burundi, Cambodia, Cameroon, Canada, Cape Verde, Cayman Islands, Central African Republic, Chad, Chile, Colombia, Comoros, Congo, Congo, the Democratic Republic of the, Cook Islands, Costa Rica, Cote D’Ivoire, Croatia, Curacao, Cyprus, Czech Republic, Denmark, Djibouti, Dominica, Dominican Republic, Egypt, El Salvador, Equatorial Guinea, Eritrea, Estonia, Ethiopia, Falkland Islands (Malvinas), Faroe Islands, Fiji, Finland, France, French Guiana, French Polynesia, Gabon, Gambia, Georgia, Germany, Ghana, Gibraltar, Greece, Greenland, Grenada, Guadeloupe, Guatemala, Guernsey, Guinea, Guinea-Bissau, Guyana, Haiti, Holy See (Vatican City State), Honduras, Hong Kong, Hungary, Iceland, India, Indonesia, Iraq, Ireland, Isle of Man, Israel, Italy, Jamaica, Japan, Jersey, Jordan, Kazakhstan, Kenya, Kiribati, Korea, Republic of, Kuwait, Lao People’s Democratic Republic, Latvia, Lesotho, Liberia, Libyan Arab Jamahiriya, Liechtenstein, Lithuania, Luxembourg, Macao, Macedonia, the Former Yugoslav Republic of, Madagascar, Malawi, Malaysia, Maldives, Mali, Malta, Marshall Islands, Martinique, Mauritania, Mauritius, Mexico, Micronesia, Federated States of, Moldova, Republic of, Monaco, Mongolia, Montenegro, Montserrat, Morocco, Mozambique, Myanmar, Namibia, Nauru, Nepal, Netherlands, Netherlands Antilles, New Caledonia, New Zealand, Nicaragua, Niger, Niue, Norfolk Island, Norway, Oman, Pakistan, Palau, Panama, Papua New Guinea, Paraguay, Peru, Philippines, Pitcairn, Poland, Portugal, Qatar, Reunion, Romania, Russian Federation, Rwanda, Saint Barthelemy, Saint Helena, Saint Kitts and Nevis, Saint Lucia, Saint Martin, Saint Pierre and Miquelon, Saint Vincent and the Grenadines, Samoa, San Marino, Sao Tome and Principe, Saudi Arabia, Senegal, Serbia, Seychelles, Sierra Leone, Singapore, Sint Maarten, Slovakia, Slovenia, Solomon Islands, South Africa, Spain, Sri Lanka, Suriname, Svalbard and Jan Mayen, Swaziland, Sweden, Switzerland, Taiwan, Province of China, Tajikistan, Tanzania, United Republic of, Thailand, Togo, Tokelau, Tonga, Trinidad and Tobago, Tunisia, Turkey, Turkmenistan, Turks and Caicos Islands, Tuvalu, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States*, Uruguay, Uzbekistan, Vanatu, Venezuela, Viet Nam, Virgin Islands, British, Wallis and Futuna, Western Sahara, Yemen, Zambia.

  • Supported US States:

Arizona, California, Colorado, Florida, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Missouri, Montana, Nevada, New Jersey, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Wisconsin.

  • Customer Support and Feedback

Coinmama has a working and complete help centre along with a dedicated support channel through email. All the support related issues and queries are addressed within 24 hours.

If you closely go through the reviews and feedback of various customers who have posted online, you would be able to find out yourself that most of the reviews and feedbacks are discouraging. This is because the customers who come and put negative contents are the ones who have faced certain issues and are complaining about it. This is not only the case of Coinmama, but also several other Cryptocurrency platforms. Thus, we have reviewed over 20 such platforms to find out the problems with Coinmama.

The majority of the negative views on Coinmama were based on one particular thing which is the verification process. According to the negative reviews, Coinmama asks for a huge amount of information in it has been found that in some cases also rejects the application without providing any reasons.

But it has also been found out that though Coinmama asks for a ton of information, yet, it provides you easy and quick processes. This information is a standard form of Know Your Customer (KYC) and Anti Money Laundering policies (AML) which almost all valid exchanges must follow. You can read more reviews online in Bitrust.

  • Coinmama versus Other Platforms

In this segment we are providing you a brief comparison of Coinmama brokerage service with the other well-known services you can spot.

Note: The fees mentioned in the table are for the credit card purchase only. Some exchanges have additional charges on top of the ones stated here. Therefore, it is better you refer the final purchases that will be mentioned next.

  • Coinmama versus Binance: Binance is a strict Cryptocurrency to Cryptocurrency Thus it does not allow you to purchase coins either through bank transfer or with a credit card. Due to this reason it becomes impossible to compare both the exchanges.
  • Coinmama versus Bitstamp: There is almost negligible difference between Coinmama and Bitstamp. Both the services possess good reputation. Bitstamp on the other hand is the most reputed one as it is one of the oldest exchanges and the best alternative for Coinmama. Both the exchanges support variety of countries worldwide.
  • Coinmama versus Changelly: One of the most expensive services you could perhaps use to buy Bitcoin with a credit card was Changelly. But lately, they have lowered down their services for better competitive offer. Changelly charges a 5% payment processing fee and also an extra 5%. But this is 0.9% cheaper than total Coinmama fee. However, it can be understood that the exchange rate Changelly utilises is way cheaper than Coinmama and as a result you can save up to 3% using Changelly’s services.
  • Coinmama versus Coinbase: While Coinmama charges 5.9%, Coinbase charges 3.99% which is much lower than the former. Both Coinmama and Coinbase support a limited number of countries worldwide and are also reported to have the most unpleasant support.
  • Step By Step Beginner’s Guide

To go though the step by step guide using the Coinmama platform, you can check out the videos trending on YouTube.

  • Conclusion – Our Take On Coinmama

Coinmama is a reputable firm and have a pretty good support. The only thing that is a problem is its high fees. Sadly, you cannot avoid the fees when purchasing your credit card. But the services you receive are worth every penny. Therefore, Coinmama is recommended.

If you want to save 5% in total fees, you should go for SEPA transfer.

We would like to listen out to your take on Coinmama in the comment section.

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