Table of contents

Coinmama dashboard

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.

Payment methods

Payment methods screen coinmama
Coinmama supports the following payment methods:

  • Credit and debit card
  • Bank transfer (SWIFT)
  • Bank transfer (SEPA)
  • Wire transfers (for large amounts)

Privacy

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.

Limits

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

Fees

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.

Speed

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.

Security

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.

Reputation

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.

Coins available

Coinmama has a limited amount of cryptocurrencies available on their platform.
Bitcoin (BTC)
Ethereum (ETH)
Ethereum Classic (ETC)
Ripple (XRP)
Bitcoin Cash (BCH)
Litecoin (LTC)
Cardano (ADA)
QTUM (QTUM)



Customer support

They are very responsive and usually reply within 30 min to support tickets.

Countries and states not supported

Restricted countries or territories

Cuba
Crimea
Iran
Lebanon
Nigeria
North Korea
Palestinian Territories
South Sudan
Sudan
Syria

Restricted U.S. States

Florida
Hawaii
New Mexico
Oregon
Vermont

Restricted U.S. territories

American Samoa
Guam
Northern Mariana Islands
Puerto Rico
United States Minor Outlying Islands
Virgin Islands

Verifying on Coinmama

Step by step guide: How to verify your account on Coinmama.

1. Start the verification process

Welcome screen at Coinmama
When you have successfully signed up and logged into Coinmama you will see the following screen.
Click “Verify your account”.

2. Basic information

enter image description here
First you need to provide some basic information like, name, gender, address etc.

3. Upload documentation

Screenshot of document upload
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:

  1. Passport
  2. Drivers license
  3. 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

Documents are getting review
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.

1. Dashboard

Coinmama dashboard
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?

Choose cryptocurrency and the amount you want to spend
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

Enter 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

Coinmama payment methods
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

Credit card detail screen
Fill in your credit card details and proceed. Note that the fee is displayed at the right side.

6. Payment confirmation email

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

Wallet confirmed
Coinmama have now received your payment and they will now transfer the crypto to the wallet address that you specified.

8. Waiting

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.

9. Done!

Cryptocurrency transaction complete
Your cryptocurrency has arrived. You can also check the wallet that you specified.
Exodus wallet screenshot
In this case the bitcoins were transferred to an Exodus wallet.