Coinmama Review

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Coinmama was founded in Israel and has proven their name as a reliable and trustworthy broker. Now it’s based in Slovakia where all of the operations occur. Since the opening in 2013, Coinmama served more than 1,500,000 customers from all over the world. At the moment, Coinmama has customers from more than 200 countries. It is one of the oldest Bitcoin exchanges online. Isn’t it impressive?

Coinmama doesn’t have any wallet implemented. That means all the funds go directly to an address which was provided on a purchase page. That allows to minimize or even void all losses in case of a breach or hack. Every purchase sets down directly to your pocket.

Coinmama presents its services for all the countries where Bitcoin is legal, or not restricted at least. So it is one of the most welcoming exchanges. However, only these states of the US are supported – California, Colorado, Florida, Illinois, Indiana, Kansas, Massachusetts, Michigan, Montana, New Mexico, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas.

Buy or Sell

Not so long ago Coinmama presented a new feature – sell. Now Europeans can put an order on the sale position and get money to their bank accounts by SEPA payment. It’s a simple and fast way to sell Bitcoin.

Not to mention buy feature which allows buying one of these cryptocurrencies – Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, Cardano, Quantum, and Ethereum Classic. Customers can select USD or EUR fiat currency for purchase.

Users can buy crypto using a debit card or make a bank transfer (SEPA). However, the bank option is available for Europeans only, and it excludes the UK.

Speed

Usually, orders are being processed within a few hours or even instantly. However, the account must be verified. Normally, Coinmama verifies an account within 2 – 24 hours, but sometimes due to the overload, it may take longer. Sometimes verification takes even a few days or more than a week. Since the crypto boom has calmed down a bit, Coinmama now states that the verification process is usually completed within one hour.

Limits

When an account is verified, users get $12,000 limit per business day. However, you should calculate buy and sell orders combined. For example, you put a buy order for $7,000 and the left limit is $5,000.

On the other hand, the limits were increased since the last time we checked the exchange and made this Coinmama review.

Verification process and privacy

From the very beginning, the exchange asks for some personal details, but then a purchase cannot exceed $150.

For bigger orders, Coinmama requires verifying your identity by providing one of these forms – ID card, passport or Driver’s License. Additional verification may be required if numbers get high (user will have to provide utility bill). And that means that Coinmama provides no privacy at all. On the other hand, it’s a normal practice from the exchanges which accept credit cards as a payment method.

Security

Coinmama has an SSL certificate as an option only, but while it does not offer wallet services, it is not necessary. However, no information about credit cards processing provided.

Conclusion

Coinmama is probably the simplest way to purchase Bitcoins using a credit card. A verification process isn’t hard one and you get decent monthly limits. Also, funds go to the wallet directly. Within the long lifetime, this exchange engaged its place and we don’t think that it’s going to change.  Stability, reliability, and trustworthiness – three things describing Coinmama.

Unfortunately, Coinmama offers Bitcoin and Ethereum only. There is no Litecoin or any other reputable cryptocurrency. We would love to see more digital assets as soon as possible. And would like to update this Coinmama review with that.

Update: Coinmama started supporting Litecoin and Bitcoin cash.

Update 2: Coinmama added Cardano to its supported cryptocurrencies list.

2018-12-12  update: Coinmama now supports BTC, ETH, XRP, LTC, BCH, ADA, QTUM, and ETC. Also, the exchange started to accept SEPA payments. 

Last update: 2019-04-03

Reviewed by Coinsmaniac