Coinmama Exchange Review: Legit or a Scam?

What Is Coinmama?

Coinmama is a great option for everyone looking for an authoritative cryptocurrency exchange to start cryptocurrency trading. On the crypto market, Coinmama is known as one of the best crypto exchange platforms for beginners in the industry due to the simple interface and the offered possibility to buy crypto with a credit card.

Nevertheless, Coinmama draws the attention of more experienced users as well. The platform offers trading with 10 of the most demanded digital currencies and a great variety of payment methods.

The Coinmama crypto exchange is accessible for citizens of a large number of countries (over 188). The platform is especially popular among users from the US and the UK.

Coinmama, as well as any other crypto exchange, has its strong and weak points and specific peculiarities; so, it is reasonable to familiarize yourself with the Coinmama exchange review before signing up.

Read our Coinmama review 2022 to find out all the necessary information and make your choice. 

Coinmama Team

The Coinmama cryptocurrency exchange was established in 2013 by Nimrod Gruber and Ilan Schuster. The platform was founded in Israel, but today, it is registered in Slovakia. The Coinmama main office is located in Israel as the platform is regulated by the local company New Bit Ventures.

The Coinmama exchange is a middle-size platform. The exchange team consists of around 30 workers. However, they successfully serve and support more than 2 million customers from all over the world. Moreover, the crypto exchange continues to evolve and grow.

Coinmama Review Summary

Coinmama Advantages and Disadvantages

Key Features

To decide if you want to use the brokerage service of the Coinmama UK crypto exchange, it is reasonable to familiarize yourself with Coinmama UK reviews. In addition, you can find out basic information about the company peculiarities from the short list of main characteristics:

The Coinmama cryptocurrency exchange has a quite high market rate and is considered to be one of the best options for beginners in the crypto trading niche.

Coinmama Products & Services

There is information about products and services provided by the Coinmama crypto exchange.

Coinmama Exchange

The Coinmama crypto exchange successfully provides its trading activity since 2013. The Coinmama platform functions as a cryptocurrency broker, just like the majority of crypto exchanges.

Cryptocurrency trading on the Coinmama crypto exchange is approachable for users from over 188 countries, including citizens of the UK and the US.

The Coinmama cryptocurrency exchange offers a quite short list of digital currencies available for trading (only 10 options). However, the offered list includes the most demanded digital currencies, such as Bitcoin, Bitcoin Cash, Litecoin, Ethereum, etc.; so, it allures a lot of traders. Moreover, the offered cryptocurrency selection is appropriate for newbies in the trading niche.

In addition to the list of available digital currencies, there is a range of fiat currencies accessible for Coinmama customers. Thus, the platform gives the possibility to provide cryptocurrency trading with GBP, USD, EUR, CAD, AUD, and JPY. Such a peculiarity also characterizes the platform as a perfect one for beginners who do not have their own crypto funds yet.

One of the most attractive features of the Coinmama crypto exchange is its wide variety of payment methods for deposits and withdrawals. For crypto trading on this platform, it is possible to use a credit and debit card Visa and MasterCard, bank transfers SEPA and SWIFT, Apple Pay, Google Pay, Sofort, Fedwire, FasterPayments.

To start using the service of the Coinmama crypto exchange, you need to register first. Then, you can start trading with your first purchases and sales.

Cryptocurrency trading on the Coinmama platform is quite simple. The process consists of several easy stages:

Therefore, the Coinmama crypto exchange is a great option for beginners as well as experienced traders or businesses that need fast crypto solutions.

Coinmama Wallet

The Coinmama crypto exchange does not provide a crypto wallet. On one side, it seems to be a disadvantage of this platform, but a lot of traders find this feature quite attractive. The point is that the platform does not hold or store any of customers’ funds. So, there is no risk to lose all coins in the case of a hacker attack on the exchange website or illegal actions of the company itself.

So, if you want to trade on the Coinmama platform, you need to have a third-party wallet provider. It does not make the trading process more complicated. All you need to do is just fill in the wallet address when buying or selling cryptocurrency.

Merchant Solutions

The use and implementation of cryptocurrency merchant solutions into the service of a crypto exchange allow customers to buy digital currencies with credit and debit cards. Such a possibility is available for Coinmama registered users. Customers can acquire any offered cryptocurrency with Visa and MasterCard cards. Merchant solutions are used by crypto exchanges to simplify and accelerate buying crypto.

Coinmama Trading Platform

How to Trade on Coinmama?

To start cryptocurrency trading on the Coinmama exchange, every user needs to sign in and pass a fast verification procedure. Only registered users can provide crypto trading on the website.

When you already have a personal Coinmama account, you can make your first deposit and trade.

The process of buying cryptocurrency on Coinmama is simple, and it consists of several mandatory steps:

Moreover, the Coinmama crypto exchange carries a service of Bitcoin Calculator, which is very convenient for traders. Such a calculating program is used to convert fiat to BTC; so, customers do not have to waste their time and effort on the conversion. The Calculator functions in real-time.

It is reasonable to use this service before starting crypto trading. Bitcoin Calculator helps to plan your investments, check the current situation on the crypto market, and make your trading activity safer.

Spot Trading

The Coinmama crypto exchange provides quite a simple transaction flow, which implies crypto buying and selling directly from the platform. Such a simple transaction system allows Coinmama customers to choose the amount they want to acquire (the amount of digital currencies as well as fiat currencies).

In addition, the platform offers fractional shares of Bitcoin; so, users can make purchases for as low as $50 worth of Bitcoin based on its current spot trading price.

Margin Trading

The Coinmama crypto exchange does not carry the service of margin trading. So, Coinmama users cannot use the platform’s funds for trading. Coinmama does not give margins because it is more beneficial for the company to cooperate with solvent customers.

Moreover, the lack of margin trading on Coinmama can also save traders from non-perspective deals. Crypto trading is always more solid and safer when you deposit with your own funds.

Coinmama Futures and Derivatives

Futures and derivatives are often used by exchanges to provide hedging or trade speculation. Futures imply special financial contracts with obligations to provide certain deals at definite dates and for a determined price. Such activity is quite popular in the crypto market.

However, at the moment, there is no specific information about the plans of Coinmama to carry such contracts for open trading.

Which Countries Does Coinmama Support?

The Coinmama cryptocurrency exchange is considered to be an international crypto platform because the company supports 190 countries.

Today, the company is officially registered in Slovakia. Coinmama’s main offices are located in Ramat Gan, Israel, and Dublin, Ireland.

The list of supported Coinmama countries includes Afghanistan, Aland Islands, Albania, Algeria, Andorra, Angola, Anguilla, Antigua and Barbuda, Argentina, Armenia, Aruba, Australia, Austria, Azerbaijan, The Bahamas, Bahrain, Barbados, Belarus, Belgium, Belize, Benin, Bermuda, Bhutan, Bonaire, Sint Eustatius and Saba, Bosnia and Herzegovina, Botswana, Brazil, Brunei Darussalam, Bulgaria, Burkina Faso, Burundi, Cambodia, Cameroon, Canada, Cape Verde, Cayman Islands, Central African Republic, Chad, Chile, Colombia, Comoros, Congo, Congo, the Democratic Republic of the, Cook Islands, Costa Rica, Cote D’Ivoire, Croatia, Curacao, Cyprus, Czech Republic, Denmark, Djibouti, Dominica, Dominican Republic, Egypt, El Salvador, Equatorial Guinea, Eritrea, Estonia, Ethiopia, Falkland Islands (Malvinas), Faroe Islands, Fiji, Finland, France, French Guiana, French Polynesia, Gabon, Gambia, Georgia, Germany, Ghana, Gibraltar, Greece, Greenland, Grenada, Guadeloupe, Guatemala, Guernsey, Guinea, Guinea-Bissau, Guyana, Haiti, Holy See (Vatican City State), Honduras, Hong Kong, Hungary, Iceland, India, Indonesia, Iraq, Ireland, Isle of Man, Israel, Italy, Jamaica, Japan, Jersey, Jordan, Kazakhstan, Kenya, Kiribati, Korea, Republic of, Kuwait, Lao People’s Democratic Republic, Latvia, Lesotho, Liberia, Libyan Arab Jamahiriya, Liechtenstein, Lithuania, Luxembourg, Macao, Macedonia, the Former Yugoslav Republic of, Madagascar, Malawi, Malaysia, Maldives, Mali, Malta, Marshall Islands, Martinique, Mauritania, Mauritius, Mexico, Micronesia, Federated States of, Moldova, Republic of, Monaco, Mongolia, Montenegro, Montserrat, Morocco, Mozambique, Myanmar, Namibia, Nauru, Nepal, Netherlands, Netherlands Antilles, New Caledonia, New Zealand, Nicaragua, Niger, Niue, Norfolk Island, Norway, Oman, Pakistan, Palau, Panama, Papua New Guinea, Paraguay, Peru, Philippines, Pitcairn, Poland, Portugal, Qatar, Reunion, Romania, Russian Federation, Rwanda, Saint Barthelemy, Saint Helena, Saint Kitts and Nevis, Saint Lucia, Saint Martin, Saint Pierre and Miquelon, Saint Vincent and the Grenadines, Samoa, San Marino, Sao Tome and Principe, Saudi Arabia, Senegal, Serbia, Seychelles, Sierra Leone, Singapore, Sint Maarten, Slovakia, Slovenia, Solomon Islands, South Africa, Spain, Sri Lanka, Suriname, Svalbard and Jan Mayen, Swaziland, Sweden, Switzerland, Taiwan, Province of China, Tajikistan, Tanzania, United Republic of, Thailand, Togo, Tokelau, Tonga, Trinidad and Tobago, Tunisia, Turkey, Turkmenistan, Turks and Caicos Islands, Tuvalu, Uganda, Ukraine, the United Arab Emirates, the United Kingdom, the United States*, Uruguay, Uzbekistan, Vanatu, Venezuela, Viet Nam, Virgin Islands, British, Wallis and Futuna, Western Sahara, Yemen, Zambia.

It is important to take into account that although the Coinmama exchange provides the same service for every region, there are local peculiarities in diverse countries, which can cause some restrictions.

List of Banned Countries by Coinmama

Although the list of supported countries is quite long, there are also regions where Coinmama is not approachable. The list of banned countries includes:

Coinmama also is not accessible for users from such US States as New York and Hawaii.

How to Get Started with Coinmama in the UK?

Registration Process

If you want to join crypto trading on the Coinmama platform, it is necessary to pass a registration procedure first. Consider that it is impossible to start trading avoiding signing up.

Coinmama carries easy and fast registration process, which includes several simple steps:

The whole procedure will take only a few minutes.

Verification

Does Coinmama Require KYC?

The Coinmama crypto exchange requires KYC verification passing from its customers to assure the highest level of security for workers and clients as well.

To pass the Coinmama verification procedure, you need to prepare:

Consider that secondary ID is not appropriate for verification.

Identity verification begins when you have entered personal information for account creation.

You need to put in the details of your identification document.

Consider that you can undergo a verification procedure with a desktop version of the platform as well as with a mobile one.

You need to take three photos. The first one is the photo of the front of your document, the second is the document back, and the third one should be a picture of you holding your document and a piece of paper with written Coinmama and a date. Then, you need to upload these photos.

Your verification should be approved by the platform, and then, you will get access to trading.

Account Types

Sometimes, crypto platforms provide the possibility for customers to use their exchange without passing a verification procedure. Coinmama has a purpose to ensure first-class security for the platform; so, every customer needs to be verified. So, Coinmama does not provide such account type as Basic.

Basic Account

Coinmama does not offer Basic accounts, which do not require identity verification.

Verified Account

The crypto exchange supports only verified types of personal accounts. Such a policy assures a high-class security level of personal data and funds. To receive a verified account, a user needs to pass the whole procedure of identity verification.

Deposit and Withdrawal Options

How to Buy Crypto on Coinmama?

Crypto trading includes two main processes: depositing and withdrawal. To make a deposit on the exchange, you need to:

To provide Coinmama withdrawal, you need to follow this instruction:

The fastest withdrawal period is roughly 24 hours. Such withdrawal time is available for those who choose SEPA bank transferring among several other payment options.

Cryptocurrencies Supported on Coinmama

Coinmama supports digital currencies as well as fiat currencies; so, the platform is appropriate for every crypto enthusiast and beginner.

Coin Support

Coinmama offers not a great currency selection. The platform provides only 10 options:

Nevertheless, such a limited currency collection is compensated by the fact that Coinmama offers trading with the most demanded cryptocurrencies.

Fiat Support

Coinmama accepts fiat currencies for trading:

Fees

Coinmama Trading Fees

Trading fees are Coinmama charges, which customers need to pay the platform for its service. Coinmama fees are divided into Coinmama withdrawal fees and deposit fees.

Coinmama charges from 2.38% to 3.83% for buying. The amount is defined by the loyalty level. Thus, there are three levels: Curious (3.83%), Enthusiast (3.10%), and Believer (2.38%).

Fees for crypto selling vary from 0.91% to 1.87%. Due to the Coinmama loyalty scheme, there is a selling commission fee for each level as well. For Curious, the fee is 1.87%, for Enthusiast ­ 1.39%, and for Believer – 0.91%.

Coinmama Deposit Fees

Coinmama fees could be different due to the chosen payment option. If you deposit with credit or debit cards, you need to pay the Coinmama transaction fee of 5%. If you choose another payment option, an exchange fee would be 5.5%.

There are some other definite fees. For example, when the transaction is below $1,000, there is a flat fee ­ $27/£20. You can reduce your fees as well. If you make $5,000 in purchases over 90 days, your sales fee can be reduced by 12.5%.

Coinmama Withdrawal Fees

Coinmama does not provide withdrawal fees.

Coinmama Limits

Coinmama provides maximum and minimum trading limits, which are distinct for different payment methods.

The platform provides a minimum depositing limit per day, which is $/€/£5,000. The monthly sell limit is $/€/£20,000, and buying limit is $/€/£15,000.

Coinmama provides a minimum amount of BTC you can purchase, which is 60 USD (or the equivalent in other currencies).

Buying Limits

Buying limits depend on the verification level. There are three levels and three limits:

Regulation and Security

Is Coinmama Safe?

Is Coinmama legit and safe? Yes, it is. The company is officially registered and provides its activity in accordance with international standards.

Coinmama provides a high-quality security system due to the complicated verification process.

In addition, Coinmama provides the system of cookie consent, which allows increasing the security level as well.

Is Coinmama Regulated?

Cmama LTD operates the Coinmama activity. Cmama LTD is a special company (Money Services Business) registered with FinCEN and FINTRAC

Could Coinmama Be a Scam?

Is Coinmama scam or is Coinmama fraud? No, Coinmama is a reputable company with multi-year experience. Its activity is regulated and transparent.

Was Coinmama Hacked?

Coinmama was hacked once. In 2019, the platform suffered a security breach, due to which, 450,000 emails and passwords were stolen.

Coinmama Apps

Desktop App

Coinmama provides a desktop version of the platform; so, you can use it on computers or laptops.

iOS App

Coinmama does not carry a mobile app for the iOS system.

Android App

Coinmama does not provide a mobile app for Android devices.

Though, it is possible to use the browser version in the mobile format.

Customer Support and User Reviews

Coinmama carries constant customer support. You can contact the team on social media or by email. Additionally, the website has two categories ­ Blog and Help, which are useful if you have any questions.

Coinmama Alternatives

The main Coinmama alternatives are Coinbase, Paxful, CEX.IO, Binance, etc.

Coinmama vs. Coinbase

Coinbase offers a bigger number of cryptocurrencies and lower fees. Though, Coinmama supports more countries. Additionally, Coinmama’s client support is much better than Coinbase’s one.

FAQ

Is Coinmama a Wallet?

No, Coinmama is a crypto exchange. To trade on this platform, you need to register a separate electronic wallet.

How Do I Deposit on Coinmama?

To deposit on Coinmama:

How Do I Create an API?

Coinmama does not support an API verification method.

How Can I Buy Cryptocurrency with Coinmama P2P?

Follow this simple instruction to buy cryptocurrency with Coinmama P2P:

How Can I Buy Cryptocurrency with Crypto.com P2P?

To buy crypto with Crypto.com P2P, you need to:

How Do I Start Leveraged Trading on Coinmama?

Coinmama does not provide leveraged trading. You can trade only with your own funds.

Can I Withdraw Money from Coinmama?

Yes, to withdraw money from Coinmama:

Can I Buy Bitcoins on Coinmama?

Yes, it is possible to buy Bitcoins on Coinmama. In addition, on Coinmama, you can purchase other 9 cryptocurrencies, including Ethereum, Litecoin, Bitcoin Cash, etc.

How Do You Buy Bitcoins on Coinmama?

To buy Bitcoins on Coinmama:

Any Questions?

If the information in the Coinmama review is not enough and you want to find out something else about the Coinmama crypto exchange, our team is ready to help you. You can contact us and ask your questions.