Coinmama

Coinmama

  • Slovakia

  • Buy/Sell from the platform

  • Coinmama.com

  • Since 2018

Coinmama
In Social Media:
Intuitive Ease of use,  Enough secure,  Anonymously trading

Coinmama is a Slovakia-based exchange platform known as one of the fastest and easiest ways to buy Bitcoin or Ethereum with a credit or debit card. The platform is available in over 210 countries (including some of the US states) and sells BTC or ETH to its users, accepting Visa, MasterCard, and Western Union payments.

Coinmama is best for those wanting to buy cryptocurrencies via credit card, but who are willing to pay a 5.5% exchange fee on top of 5% payment processing fee. The platform also provides a cash payment option via Western Union. Lifetime purchase limits vary from 10,000 to 1,000,000 USD according to the user's verification level. The platform has clean, intuitive design and is fairly easy to use.

Crypto Currencies Support

Traditional Currency Support

  • Euros (EUR)
  • US Dollar (USD)

Language Support

  • English
  • French
  • German
  • Italian
  • Russian
  • Spanish

Country Support

  • Australia
  • Canada
  • China
  • European Union
  • Hong Kong
  • Japan
  • Most Africa
  • Most of Asia
  • Most of Eastern European Union
  • Most of Latin America
  • Most of the Middle East
  • New Zealand
  • Norway
  • Russian Federation
  • Singapore
  • Switzerland
  • Turkey
  • United Kingdom of Great Britain and Northern Ireland
  • US partial

Platforms Systems

  • Web Interface

Coinmama security levels are exceptionally high. They offer 2FA and a withdrawal white list option. They use an elastic multi-stage wallet strategy ensuring that 80-90% of funds are kept offline and secure. Also, for withdrawals, users are required to pass an enhanced verification process providing proof of the validity of their identification documents.

Summary:

2 Factor Authentication
No
Funds Insured
No

Coinmama belongs to a Slovakian firm, NBV International s.r.o., which is affiliated with an Israeli firm, New Bit Ventures Ltd. There is a lot of secrecy about the company founders. The only information available on the Coinmama site is that New Bit Ventures Ltd is a regulated entity registered as a Money Service Business. The amount of scam allegations they receive is likely due to this secrecy.

Summary:

The Coinmama platform sells BTC and ETH to its users and claims to be a fast and easy way to purchase cryptos with a credit card. Recent customer reviews however, mention slow or declined transactions. We recommend using this platform with caution. Keep in mind the fees you need to pay: 5.5% to the exchange and an additional 5% for payment processing if you pay by credit card.

Ease of use
Intuitive
Transaction Fees
5,50%
Deposit/Withdrawal Fee
N/A
Deposit/Withdrawal Fee c For Bank Transfer
N/A
Deposit/Withdrawal Fee For Credit Card
N/A
Deposit/Withdrawal Fee Charged For 3rd party Payments
N/A
Anonymous Trading
Yes

Deposit/Withdrawal Options:

Deposit using credit card, Send/Receive Crypto

Functionality:

The Coinmama web platform sells ETH and BTC to registered users, allowing them to pay with Visa or MasterCard or through a 3rd party service (Western Union). There are 4 verification levels with different lifetime purchase limits. The platform doesn't offer an API or mobile app, but they plan to add other features, such as allowing users to sell cryptos and supporting more coins.

Most common
customer complaint:

Delays in payment processing, bad customer support, scam allegations