- Services are provided in most countries
- Very reputable broker (one of the longest working exchange)
- Acceptance of Western Union
- High fees
- Poor privacy
- Monthly limits could be higher
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 500,000 customers from all over the world. It is one of the oldest Bitcoin exchanges online.
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.
Usually, orders are being processed within a few hours or even instantly. However, 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 few days or more than a week.
When an account is verified, users get $5,000 or €5,000 daily and $20,000 or €20,000 monthly for purchases made via Credit Card, and for Western Union, it’s – $5,000 or €5,000 per day.
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.
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.
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.
Reviewed by Coinsmaniac