Coinmama review 2020
Coinmama is a very trusted crypto exchange which has been around since 2014 located in Slovakia. They have all the top cryptocurrencies and are supporting more than 190 countries, so they are a good alternative if you are not from some of the western countries.
Coinmama supports the following payment methods:
- Credit and debit card
- Bank transfer (SWIFT)
- Bank transfer (SEPA)
- Wire transfers (for large amounts)
Coinmama requires verification of minimum level 1, which means you have to provide identification documents, either passport, drivers license or residence permit.
If you prefer full privacy Coinmama is not the place for you.
Minimum trade size on Coinmama is 100 USD.
|Verification level 1
Spending limit for account: $15,000
|Verification level 2
Spending limit for account: $50,000
|Verification level 3
Spending limit for account: $1,000,000
|Credit card Daily limits||$5,000 / 5 transactions||$5,000 / 5 transactions||$7,500 / 5 transactions|
|Credit card Monthly limits||$15,000 / 20 transactions||$30,000 / 20 transactions||$40,000 / 20 transactions|
|Bank transfer Daily limits||$12,000 / 10 transactions||$30,000 / 10 transactions||$30,000 / 10 transactions|
|Bank transfer Monthly limits||$15,000 / 50 transactions||$30,000 / 50 transactions||$100,000 / 50 transactions|
Coinmama charges a 5% fee when buying bitcoin with a credit card. However they are very transparent about it. Whereas other companies hide the fees.
It is worth considering doing a SEPA transfer if you are in Europe as that is for free. If you do a bank transfer (SWIFT) with amounts higher than $1000 are free as well. Lower than $1000 costs £20.
Coinmama is a brokerage and doesn’t not have their own wallet solutions. This means that once you have bought your cryptocurrency you can expect a bit of waiting until your crypto is transferred via the blockchain. Depending on the cryptocurrency, the amount and how busy the network is it can take up to 3 hours.
Coinmama is in general secure. However there are a number of things worth mentioning. They don’t have a 2FA solution, meaning your account is only protected by a password. As Coinmama doesn’t hold your funds it is not that critical, however your personal data is held with Coinmama.
Coinmama is in general considered as a reliable and legit company that you can trust. It has been operating for a long time and is doing business in 190 countries. Therefore it is considered by many as they support countries that big players don’t support.
Coinmama has a limited amount of cryptocurrencies available on their platform.
Ethereum Classic (ETC)
Bitcoin Cash (BCH)
They are very responsive and usually reply within 30 min to support tickets.
Countries and states not supported
Restricted countries or territories
Restricted U.S. States
Restricted U.S. territories
Northern Mariana Islands
United States Minor Outlying Islands
Verifying on Coinmama
Step by step guide: How to verify your account on Coinmama.
1. Start the verification process
When you have successfully signed up and logged into Coinmama you will see the following screen.
Click “Verify your account”.
2. Basic information
First you need to provide some basic information like, name, gender, address etc.
3. Upload documentation
Afterwards you will need to provide documentation that you are who you say you are. This is standard KYC for most crypto companies.
You have to provide of the following 3 documents:
- Drivers license
- Residence permit
As well as a selfie of yourself where you hold a message on a piece of paper together with the provided identification document you provided above. All of this is a bit cumbersome however it is required more or less everywhere in the crypto industry so there is no way around it.
4. Wait for confirmation
After submitting you just have to wait for an email confirming that your documents have been reviewed and confirmed. This is a manual step, but it usually doesn’t take long.
Once your account has been verified you are ready to purchase your first bitcoin, ethereum or ripple.
Buy bitcoin on Coinmama with credit card
Step by step guide: How to buy Bitcoin with credit card on Coinmama.
The first thing you see when you have logged in on Coinmama is the dashboard, from here you click “Buy”
2. What cryptocurrency to buy?
In this step you will have to decide on: What coin to buy? How many you want? How many euros you want to spend? Coinmama has pre made some choices for you. Or you can specify the exact amount you want to buy. Minimum amount is $100.
3. Add your wallet address
In this step you will have to put in the wallet address that your cryptocurrencies should end up in. If you don’t already have a wallet you can read
my guide. Coinmama recommends Exodus which is a good choice - very easy to set up.
It is very important that if you buy bitcoin then you have to enter your bitcoin wallet address from exodus. If you buy ethereum or another crypto then you have to enter the wallet address for that coin.
Paste the wallet address into the textfield and proceed to payments.
4. Choose payment method
Here you can choose the payment option you would like to use. For this guide we use credit card but as you can see in the screenshot, credit card is the most expensive payment method, however it is instant. If you are not in a hurry bank transfer is definitely preferable.
5. Credit card details
Fill in your credit card details and proceed. Note that the fee is displayed at the right side.
6. Payment confirmation email
Now you just need to confirm the email that Coinmama sent you and the cryptocurrency should be on its way.
7. Wallet confirmation
Coinmama have now received your payment and they will now transfer the crypto to the wallet address that you specified.
Your cryptocurrency is now being transferred over the blockchain and that can take between a bit of time depending on various things, like transaction size, cryptocurrency as well as how busy the blockchain network is.
Your cryptocurrency has arrived. You can also check the wallet that you specified.
In this case the bitcoins were transferred to an Exodus wallet.
Bitpanda is the leading crypto exchange in Europe with more than 1 million users. You can trade more than +30 cryptocurrencies, gold, silver and other metals.