Coinmama is one of the most popular digital currency exchanges in the world. And it’s available in several countries around the world. Furthermore it’s one of the most popular platforms to buy bitcoin and ether. But is Coinmama safe? You’ll get the answer below in my Coinmama review! Keep reading.
Coinmama, one of the oldest bitcoin brokers
Coinmama is a property of NBV International, a Czech company. And NBV International is a daughter company of New Bit Ventures, an Israeli company. In addition, the Coin Mama is registered with FinCEN, which is extremely positive for a digital currency broker! That’s for the background.
I used their services several times, when I needed to buy bitcoins rapidly with my credit card. And I was satisfied by their services. While their fees may be a bit high, if you have to buy bitcoins with your credit/debit card, this is definitely a good option.
However, you can’t sell your bitcoins on Coinmama. Because it’s a broker, not an exchange. I read on their FAQ that it’s coming soon, so wait and see!
Coinmama basic details
Because it’s important to know who you’re dealing with when buying cryptocurrencies.
How to register on Coinmama?
Coinmama is a professional bitcoin broker. So the registration process is clear and user-friendly. First of all, you need to click on this link. Then fill in the register form on the right with your email, first name, middle name and last name. Don’t forget to note your password and select your country. And click on Register.
Now you just need to confirm your email with the link they sent you by email. And you can start buying bitcoins right away.
The next step to increase your buying limits is to verify your account. To that end, you’ll need to send them a high quality image of one of your ID documents: Passport, ID card or driver’s license.
How to buy and sell altcoins?
Coinmama payment methods
Coinmama used to be very flexible with payment methods, offering Western Union. But now you can only buy bitcoins with a credit card or a debit card.
The advantage is that you can get your bitcoins instantly. And the drawback is that the fees are now higher…
Coinmama fees and transactions
I remind you that Coinmama is a broker, not an exchange. Therefore they sell at their own price, not at the market price. And their fee is 6.15% on each order, without including the additional fee for credit/debit card transactions… Which is 5.65%.
Coinmama buying limits
While it’s possible to buy some bitcoins with a limited verification (only giving your physical address), you’ll be limited to 150 USD. And if you go through their verification process, the limits are those of the payment processors:
- Credit card (daily): 5.000 USD/EUR
- Credit card (monthly): 20.000 USD/EUR
And the minimum amount you can buy is 60 USD.
The buying operations takes between a few minutes to an hour. And the support is always available on the website to answer any questions you may have and assist you. So this is a real plus, especially if you’ve just started investing in bitcoin.
Despite their fees being high, the fact that you can buy bitcoin by credit/debit card easily is appreciable.
Coinmama was one of the first sites to sell bitcoins by credit or debit card. The process is simple, secure, not very restrictive and very fast. Customer service is also very available and responsive.
- Fast delivery
- Good customer support
- High fees
- Bitcoin and ether only