CoinMama

coinmama review

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SUPPORTED COINS:

Bitcoin (BTC)

Etherium (ETH)

FEATURES

  • Fees: 5.5% + 5% for credit card
  • Supported countries: 226 countries worldwide
  • Payment methods: Credit/debit card, cash

Pros

  • Live pricing in US dollars and euros
  • Buy fractions of a bitcoin
  • Easy to review all your order
  • Buy direct from the site – no middleman
  • Multi-language site.

Cons

  • Cannot sell bitcoin through Coinmama, only buy
  • Does not accept PayPal, American Express or Discover
  • Can’t link to your bank account to expedite new purchases
  • No smartphone app

CoinMama Overview

How does Coinmama work?

The process of buying Bitcoin on CoinMama is fairly simple. First, you create yourself an account on the CoinMama website.

The required info for your CoinMama account will include your name, email address, and country of residence. You can buy anywhere from .01 bitcoin to multiple bitcoins depending on your verification status.

In order to get verified, you must have your own digital wallet and complete a verification process. Verification requires you to provide Coinmama with proof of identity. You provide proof of identity by uploading a copy of your passport or driver’s license. (Verification requirements may be updated overtime).

The first verification status on CoinMama will allow you to buy up too $10,000 worth of bitcoin. 

Which Cryptocurrencies Can I Buy On CoinMama?

You can buy bitcoin and etherium (ETH) on with USD CoinMama. Etherium (ETH) is the the second most popular cryptocurrency after bitcoin. Many advanced investors are highly interested in Etherium.

You cannot sell your bitcoin or cryptocurrency back to Coinmama. Nor can you exchange your currency with other people on CoinMama’s network. The company says a sell-side function is “coming soon.” For anyone who wishes to sell their cryptocurrency, your coins must be transfered to another exchange in order to do so!

Which Countries Can CoinMama Be Used In?

CoinMama is currently available in 226 countries worldwide and accepts all local currencies from these countries.

Which U.S. States Can CoinMama Be Used In?

A limited amount of US States can use CoinMama Coinmama only allows residents of the following US states to transact:

  • Arizona
  • California
  • Colorado
  • Florida
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Michigan
 
  • Missouri
  • Montana
  • Nevada
  • New Jersey
  • New Mexico
  • North Carolina
  • Pennsylvania
  • South Carolina
  • Tennessee
  • Texas
  • Virginia
  • Wisconsin
 

What Kind Of Payment Methods Are Accepted By CoinMama?

  • Visa
  • Mastercard
  • Cash (via Western Union transfer)

Coinmama exchange supports payments made by Visa and Mastercard credit or debit cards via the Simplex payment system. You may also pay by cash by using Western Union. Coinmama does not let you link your bank account and does not support any other wire transfers.

CoinMama Costs & Fees

The company charges a 5.5% transaction fee for each purchase. There is an extra 5% credit card payment processing fee for all purchases made with credit cards. Simplex is Coinmama’s credit card processors name.

 Fee
Transaction fee5.5%
Credit card purchase fee5%
Cash advance fee**

*Note: According to Coinmama, some banks and credit card issuers consider buying bitcoin to be the same as a cash advance. If your bank charges you for a cash advance, you will receive cash advance fees which will be much more than your regular credit card interest. If you get charged for a cash advance, this is not a Coinmama fee. Make sure your credit card doesn’t add on any cash advance fees when you buy bitcoin. If they do, you might be able to get a refund by disputing the charges.

Cost Of Purchasing $1,000 of Bitcoin On Coinmama

Let’s go over the actual cost of purchasing from CoinMama if you wanted to buy $1,000 worth of bitcoin from them.

Coinmama PurchaseRateCost
BitcoinReal-time$1,000
Coinmama fee5.5%$55
Credit card purchase fee5%$50
Cash advance feeDependent on bank or credit card issuerUnknown
Exchange rate feeCoinmama prices are set in USD and Euros. If you are using another currency, your bank or credit card may assess a currency exchange fee.Unknown
TOTAL KNOWN COST $1,105

It will cost you approximate $1,105 to buy $1,000 worth of bitcoin with a credit card using Coinmama if the 5% credit card processing fee is still included. It might even be more, if you are charged with a cash advance fee by your credit card company.

What is a rate lock?

The price of bitcoin can drastically change within a short amount of time. So much so, that some sellers may actually change your order even after the transaction is registered. This is not the case with Coinmama. Coinmama “locks” the cryptocurrency rate to the rate at the time of you purchasing. As a result, you will receive exactly the amount of bitcoins you ordered, even if the prices go up or down in between the time you placed the order and receive the currency. This assurance does come with a cost though. Coinmama’s price, while competitive, is typically not the lowest out there.

How soon can I get my bitcoin?

It can typically take a few hours until you receive your bitcoin assets, despite the straightforward process. First, it can take the blockchain a few minutes to confirm a transaction(this is something that will remain regardless of where you buy bitcoin). Then, your credit card company may take up to several hours to confirm payment. You must also confirm your digital wallet address. Here are a few of the following factors you can consider that will dictate how quickly you will receive your bitcoin.

  • Time for bank or credit card processor to verify funds
  • Time for you to confirm your digital wallet address
  • Time for the blockchain to confirm each transaction

Fortunately, Coinmama is selling from its personal holdings, unlike other service providers or brokers, and this significantly expedites processing time.

Are there any transaction limits?

Coinmama has limits based on cash purchase, credit card purchase, and verification status. There is a daily limit of 5,000 USD/EUR per day, whether paying with cash by Western Union transfer, or credit card. If you are paying with a credit card, you are limited to 20,000 USD/EUR per month.

What about lifetime purchase limits?

Coinmama places limits based on what it terms “verification levels”. There are three levels:

  • Level 1: $10,000 limit
  • Level 2: $50,000 limit
  • Level 3: No limit

For Level 1 status, Coinmama requires each user’s name, address, date of birth, email, phone number and a photocopy of a verifying document, typically a passport or national ID or government-issued driver’s license. It can take Coinmama from several hours up to an entire day to review your documents and verify your status.

If you want to purchase more than $10,000 in bitcoin – Level 2 status – you must provide a copy of both your passport and driver’s license, or similar identifying documents. Not just one. Coinmama may even require you to upload a selfie of yourself holding these documents.

Ready to go bigger? Level 3 status has no total purchase limits. To get to Level 3, you must contact Coinmama support directly and they will provide further instructions.

Note: Total purchase limits based on verification levels do not alter the daily and monthly spending caps.

Is there a minimum purchase?

Yes, the minimum you can buy is $60 although the lowest amount of bitcoin Coinmama sells is 0.1 bitcoin, which is currently priced above $60. This effectively means the minimum purchase is whatever is the listed price of 0.1 bitcoin.

Is it safe to use Coinmama?

Coinmama is a registered money service business based in the Slovak Republic. The company has been offering bitcoin for sale for several years. Coinmama is considered a reputable place to transact bitcoin purchases, however as with all things digital – particularly with everything crypto – there is always an element of risk.

Customer support

Coinmama offers support via email only. Although the site’s FAQ and service desk support documents are reasonably understandable and can be helpful.

Coinmama Pros & Cons Once Again

Pros

  • Live pricing in US dollars and euros
  • Buy fractions of a bitcoin
  • Easy to review all your orders
  • Buy direct from the site – no middleman
  • Multi-language site

Cons

  • Cannot sell bitcoin through Coinmama, only buy
  • Does not accept PayPal, American Express or Discover
  • Can’t link to your bank account to expedite new purchases
  • No smartphone app.

How To Start Using CoinMama

To get started with Coinmama, register for an account on the platform’s website. It’s then just a matter of choosing which cryptocurrency you’d like to buy, complete payment and confirm your wallet address.

Before buying bitcoin – or any digital currency – you will also need to have a secure digital wallet. Once this is completed, you can store your bitcoins there and use this wallet to purchase goods and services online. It’s also useful to learn more about bitcoin and blockchain.

This review of Coinmama should not be interpreted as a recommendation to invest. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Historic performance is no guarantee of future returns. Before investing you should obtain advice and decide whether the potential return outweighs the risks.

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CoinMama Is A Fast An Easy Way Of Buying Bitcoin With Credit Card

By reading reviews about CoinMama bitcoin wallet and exhchange, you will be able to make the best choice for your needs! Different types of cryptocurrency wallet websites offer different types of advantages and exchange systems. See cryptocurrency wallet reviews to help you make the best choice for a wallet!