Coinmama Review: Bitcoin Exchange Legit or Scam?

Coinmama Review: Let’s analyze one of the main bitcoin exchanges in the market, its payment methods and main advantages and disadvantages.

In this Coinmama review, we will analyze the main aspects of using of the most popular bitcoin and alt coin exchange services. Learn how to open an account on Coinmama, its payment options and verification requirements in the review below.

coinmama review

Coinmama is one of the most popular digital currencies exchanges available. Let’s analyze its main advantages below, and compare Coinmama service with some of our favorite Bitcoin exchanges.

Coinmama Overview

Coinmama is one of the most popular websites to buy Bitcoin and Ethereum using credit cards, debit cards and cash. The company is registered in Israel and is also registered at FinCEN, which is extremely positive for any digital currency exchange.

The company is one of the most flexible ones when it comes to payment methods, and also verification requirements. Below we will explain how Coinmama works when it comes to this two important aspects.

Coinmama has gained popularity since 2014, and its currently one of the most popular websites to buy Bitcoin and Ethereum.

Coinmama Exchange Comparison Table

Let’s compare the deposit options of Coinmama with other major bitcoin and alt coins exchanges:

ExchangeCard DepositBank Deposit*Currencies 
YesYesBTC, ETHCheck Website
NoYesVariousCheck Website
YesNoBTC, ETHCheck Website
YesYesBTC, ETH, LTCCheck Website

Coinmama – Payment Methods

As we know, the payment methods one of the most important aspects when it comes to purchasing bitcoin or other digital currencies. Different users in different locations may prefer a given payment method. While in many cases, you may also have pretty limited payment methods for a number of reasons, restricting your options to purchase digital currencies.

Coinmama accepts credit and debit cards (MasterCard and Visa) and cash as their payment methods. You can use Western Union and MoneyGram to buy both Bitcoin and Ethereum with cash on Coinmama.

You can buy digital currencies on Coinmama using most currencies, however, the value will be converted to EUR or USD. Coinmama is planning to implement more currencies on its website.

Click here to open an account at Coinmama.

Coinmama – Fees

Now, let’s analyze fees for buying Bitcoin on Coinmama. Fees vary a lot among different crypto currencies exchanges, and you should understand the fee structure of every bitcoin exchange.

Coinmama fees for credit or debit card purchases are of 5%. It is a a pretty reasonable fee for credit card purchases, and most exchanges practice similar fees. Even if there are other companies with cheaper fees than Coinmama, its overall service puts it among the best services to buy bitcoin currently.

Coinmama – Other Cryptocurrencies

Coinmama currently works with Bitcoin and Ethereum available for purchasing. It is important to mention that the digital currency marketing is still changing, and it can be possible that exchanges add other crypto currencies on their websites as they get popular.

Click here to buy Bitcoin at Coinmama.

Click here to buy Ethereum at Coinmama.

Coinmama – Verification

Privacy is one of the biggest advantages of cryptocurrencies. However, many exchanges require different levels of verification involving your credit card, bank account, residence and identification.

Coinmama itself works with different levels of verification. Every level of verification has different requirements. The higher is your purchase limit, the higher is the verification documents or data you must provide to Coinmama.

One of the best advantages of Coinmama is that the lowest verification level at Coinmama does not require sending any documents of a photo ID. You can buy up to 150 US dollars worth of Bitcoin or Ethereum at Coinmama by credit or debit card without any verification.

ll you have to do is fill a form with your basic data and purchase the Bitcoins or Ethereum at Coinmama right away.

coinmma verification

If you want to increase your buying limits above 150 dollars, you will need to provide documents to Coinmama. The second level of verification will allow you to buy up to 10,000 USD at Coinmama. You will need to provide a photo ID for Coinmama, such as a passport, a national ID card or a driver’s license.

There are other verification levels, and the highest is for purchases of up to 1 million dollars.

How to Open an Account at Coinmama

Opening an account at Coinmama and starting buying Bitcoins is a simple process. As mentioned above, you can even buy digital currency up to 150 USD instantly, without any verification.

All you need is an email account to start buying Bitcoin or Ethereum at Coinmama.

Click here to open an account at Coinmama

Coinmama – Support

Support is also a very important aspect when dealing with a digital currency exchange. Coinmama support is basically done by a ticket system. You can write an email from inside or outside your Coinmama account.

I would like Coinmama support to be more flexible, with an online chat and telephone number clearly available on the website. In my opinion in this Coinmama review, I believe that their support is the point in which this website can improve the most compared to other companies selling Bitcoin.

Coinmama Pros

  • No verification for up to 150 USD purchases.
  • Low verification requirements for purchases up to 10,000 USD.
  • Available for most countries to buy Bitcoin and Ethereum with credit or debit card.
  • Possibility of buying digital currencies with cash via Western Union.

Coinmama Cons

  • Only Bitcoin and Ethereum available.
  • No payment options involving bank transfer.
  • No option at the moment to sell bitcoins and withdraw fiat currencies at Coinmama.

Coinmama Verdict – Legit or Scam? Is it Safe?

Coinmama is one of the biggest website selling Bitcoin and Ethereum and has a good overall reputation online. I can certainly affirm that Coinmama is not a scam. Coinmama is also pretty safe, and the possibility of buying bitcoin without verification up to $150 is definitely good for new customers.

Even if Coinmama is pretty safe, make sure you take your security measures when transmitting personal data online. Despite Coinmama being a legit company, you should always understand the fee structure and the prices offered for digital currencies at Coinmama or any other website.

Coinmama – Alternatives

If you considering trading bitcoins but would like to check other alternatives, this list below is just what you need.

CEX.IO

CEX.IO is one of the biggest digital currency exchanges, based in Europe. You can buy Bitcoin and Ethereum at CEX.IO using credit and debit cards, as well as bank transfers.

Click here to check how to buy bitcoins at CEX.IO

LocalBitcoins

LocalBitcoins is the largest peer to peer bitcoin trading website. In local bitcoins you buy and sell bitcoins to users from your country or region. This results in cheaper transaction fees in most cases. The disadvantage is that you can’t use a credit card to buy on Localbitcoins.

Click here to check how to buy bitcoins at Localbitcoins

 Coinbase

Coinbase is the largest bitcoin exchange in the world. It has a simple system to buy and sell bitcoins and you can also use a credit card, just like in CEX.IO. The disadvantage of Coinbase is that it is available for much less countries than CEX.IO.

Click here to check how to buy bitcoins at Coinbase

HitBTC

HitBTC is another exchange to be considered when you are looking for digital currencies. The biggest advantage of HitBTC is that it has a very wide range of cryptocurrencies to buy and trade. HitBTC offers the mainstream currrencies like Bitcoin, Ethereum and Litecoin, but also less known currencies with great potential for growth.

Click here to check how to buy digital currencies at HitBTC

BitQuick.co

One of the most popular websites to buy Bitcoin.

Click here to open an account at BitQuick.co

Did you like this Coinmama review? Have you used Coinmama before? Leave a comment below telling your experience.


Description: Coinmama Review: Let’s analyze one of the main bitcoin exchanges in the market, its payment methods and main advantages and disadvantages.

Rating: 4.6 out of 5


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