Coinmama Review 2023: Complete Beginners Guide

In the past, one of the trickiest aspects of purchasing Bitcoin and other digital assets was the complexity of navigating the buying and selling process without wanting to rip your hair out.

Moreover, few cryptocurrency exchanges provided fiat currency conversions, and Bitcoin (BTC) and Ethereum (ETH) transactions could be slow and costly. The market certainly needed a simple solution, and Coinmama, an established cryptocurrency exchange, provides the answer for novice and experienced crypto enthusiasts alike.

Coinmama is a “Fiat Gateway, ” meaning anyone can exchange fiat currencies for a cryptocurrency. It's not the only crypto exchange providing this service. Still, what makes Coinmama different? Let's find out.

Summary

Coinmama launched in 2013 and has become a popular cryptocurrency exchange with millions of registered and active users. The platform offers multiple payment methods, fast-track verification and three levels of account. In addition, customer support is available 24/7 via a live chatbot or email.

Moreover, Coinmama has an up-to-date blog with articles covering market trends and featured cryptocurrencies listed on Coinmama.

Pros and Cons of Coinmama Crypto Exchange

Pros

• Good range of payment options
• Coinmama self-custody wallet
• High Spending Limits
• User-friendly platform
• 24/7 customer support
• Coinmama Academy

Cons

• Credit card fees can be high
• Transaction fees are higher than some alternative providers
• Limited range of cryptocurrencies

Coinmama has a 4.5* Trust Pilot Rating. Image Source: Coinmama

Above all, if you're considering joining Coinmama, this Coinmama review will help you decide if it's the best crypto exchange for you, and we will cover a step-by-step account opening process. In addition, we will explore the platform's security, customer support and feedback, fees and overall user experience.

Primarily, Coinmama's mission is to simplify how people buy Bitcoin (BTC) and help people gain control of their money. Moreover, Coinmama has a global community and provides services across 190 countries, with over 3,400,000 users since its inception.

You can buy Ethereum (ETH) or Bitcoin (BTC) with a credit or debit card or, if you prefer, via a wire transfer. In addition, you can sell Bitcoin (BTC) in select markets

“Buy & sell crypto instantly. Join the world's friendliest crypto exchange.”
(source: Coinmama)

Testimonial

“Splendid experience that is continuing. Simple. I opened an account recently to buy Bitcoin. Several email correspondences were needed to get up and going. They were and are SPLENDID! Five stars for customer service.”
Robert G (source: Coinmama)

The Pros of Using Coinmama

The Coinmama crypto exchange offers multiple benefits to traders, most of which are competitive with other platforms, and some options are better.

Good Range of Payment Options

You can make payments on Coinmama with a wide range of options: –

• Credit or Debit card (there is a 5% credit card transaction fee)
• Bank transfer (SEPA)
• SWIFT
• Wire transfer
• Apple Pay & Google Pay
• Skrill & Neteller

Please note that Apple Pay, Google Pay, Skrill and Neteller all have platform fees to pay on top of Coinmama fees.

Coinmama Self-Custody Wallet

The Coinmama wallet enables instant Ethereum (ETH) and Bitcoin (BTC) transactions, and it's easy to set up and control your digital assets. The wallet is available for download to iOS and Android, and you retain control of your private keys.

“The safest way to buy, sell, send and receive Bitcoin and other Cryptocurrencies. The Coinmama Crypto Wallet is non-custodial.”

“You have full control of your private keys. You can buy, store, send, and receive crypto all within the app.” (source: Coinmama)

If you are in the market for a cryptocurrency wallet, be sure to check out our picks for the most secure crypto wallets.

High Spending Limits

Coinmamas spending limits are generous depending on your account level: –

Account Transaction Limit       

• Level 1: $15,000
• Level 2: $50,000
• Level 3: $1 million

Daily Credit Card Buy Limits

• Level 1: $5,000
• Level 2: $5,000
• Level 3: $7,500

Daily Bank Transfer Buy Limits

• Level 1: $15,000
• Level 2: $30,000
• Level 3: $50,000

User-Friendly Platform

Navigating transactions on some cryptocurrency exchanges is like trying to learn computer science at a degree level in one afternoon. Therefore, it's refreshing to find a crypto exchange like Coinmama that does its best to simplify everything for the first-time crypto user.

Likewise, registration is easy for new accounts, and all instructions on the Coinmama platform are straightforward to understand and implement.

24/7 Customer Support

Above all, Coinmama prides itself on providing excellent customer support with the user experience at the forefront of its efforts. To that end, there is a dedicated support team with a promise of a 24-hour response time to customer emails and a chatbot.

“Support that WOWS” (source: Coinmama)

Coinmama Academy

If you're genuinely a novice to cryptocurrencies, finding information from the mass of online content is tricky. The Coinmama Academy is super beginner friendly. If you're a total newbie, start with a simple question like “What is Bitcoin?” It might seem simple to you and me, but it's helpful for a genuine novice. They may not understand Bitcoin or how it works.

“Your complete resource for cryptocurrency and blockchain-related information.” (source: Coinmama)

The Academy covers the crypto basics, and you should quickly acquire some impressive knowledge to show off to your non-crypto friends.

The Cons of Using Coinmama

There are very few cons to opening an account and trading with Coinmama, but we noted the following three points from our user research.

Credit Card Fees Can Be High

You may prefer using your debit card because Coinmama charges a 5% fee for credit card transactions. However, many other crypto exchanges charge similar credit card payment fees.

Transaction fees Are Higher Than Other Providers

Coinmama's transaction fees can be a bit high, and finding details of these costs on the website is somewhat tricky. Buy transactions incur a 3.90% fee, and 0.9% on selling transactions.

We advise monitoring fees because whatever payment provider you use also charges a fee. For instance, You'll pay 4.9% for Apple Pay transactions, 1.5% for Neteller transactions, 2.99% for Skrill fees and 5% for credit card transactions. These costs can quickly escalate.

Limited Range Of Cryptocurrencies

Although having a limited range of cryptocurrencies may seem like a downer, Coinmama's listed cryptos are well-known, established and reputable, such as Bitcoin (BTC), Ethereum (ETH) and stablecoins USDC and USDT (Tether).

Some cryptocurrency exchanges list hundreds of crypto tokens, such as Gate.io, with 1,400 cryptos listed. However, do you need thousands of coins or prefer trading selected cryptos with good liquidity and trading volume?

Everything considered, Coinmama is a good exchange and a great choice for new users. If you are on the search for your next crypto exchange, consider checking out our top exchanges articles where we list some of the best crypto exchanges in the industry.

The following list is Coinmama's Cryptocurrency range: –

1. USDC
2. Link (LINK)
3. Bitcoin (BTC)
4. Ripple (XRP)
5. Aave (AAVE)
6. Uniswap (UNI)
7. Ethereum (ETH)
8. USDT (Tether)
9. Dogecoin ( DOGE)
10. Bitcoin Cash (BCH)
11. Ethereum Classic (ETC)

(Listed Coinmama cryptocurrencies April 2023)

Opening an Account with Coinmama

There are three levels of Coinmama accounts, and each requires different verification before users can purchase on the platform.

1. Level 1 Verification Requirements:
   1. A government ID (passport, driver's licence etc.)
   2. A photograph of the user holding the government ID and a note with the date and “Coinmama” written on it
2. Level 2 Verification Requirements:
   1. Upload a secondary proof of identity and an up-to-date utility bill
3. Level 3 Verification Requirements:
   1. Complete a level 3 form on the Coinmama website

Once Coinmama approves your account, you are ready to get started.

How to Purchase on Coinmama

Click on the “Buy” tab at the top of the Coinmama website.

Choose the cryptocurrency you wish to buy from the dropdown list: –

Decide on the amount to purchase and click “Buy Now.” After that, your newly purchased coins will appear in your chosen crypto wallet.

A Look at the Buy Bitcoin Process. Image via Coinmama

Once the payment details are accepted, the crypto will be sent to your Wallet address immediately. If for whatever reason your order aborts, Coinmama reverses the money into your bank account within 48 hours.

For security reasons, Coinmama does not store your credit card details on their servers. Coinmama also uses Trust Guard and Comodo to ensure your security. Both security specialists use 256-Bit SSL encryption on pages that contain private information.

Selling your cryptocurrencies is as easy as reversing the buying process. You can review your buy and sell orders in the “Orders” tab as shown below:

For the average trader and crypto investor, Coinmama provides what you need. For institutional and top-level traders, Coinmama also offers a VIP service.

Coinmama Over-the-counter (OTC) Desk

Coinmama provides an OTC trading service for wealthy individuals, businesses and institutions. These customers have access to high liquidity and a personalised one-on-one Success Manager.

The Coinmama website states that no matter the trade volume, clients can expect “secure, professional, and instant execution and settlement services.” (source: Coinmama)

The Coinmama success managers are highly-experienced traders who are happy to help clients by sharing their knowledge and expertise in trading the crypto markets.

So, we've established that Coinmama is easy to use, secure and reliable, and has a service for wealthy clients. Still, how does the platform compare to other established and reputable cryptocurrency exchanges? Let's take a look at that now.

Coinmama vs Binance

Changpeng Zhao founded Binance in 2017. Zhao is an entrepreneur with a track record of startup success. Within 180 days, Binance was the largest cryptocurrency exchange by trading volume and has retained its position in the market.

Coinmama and Binance are different beasts. Still, both provide live chat and email support, have a good reputation and require account verification.

Binance has over 380 cryptocurrencies listed, whereas Coinmama has only 11 (April 2023). Both exchanges have a good range of fiat currencies.

Binance fees vary per payment method and location. For example, fees are 2% for debit or credit card transactions instead of 5% for Coinmama.

Coinmama boasts a user base of almost 3.5 million, and Binance dwarfs those figures with 90 million registered users worldwide. Binance has a U.S specific site.

Does size matter? Not necessarily. Every cryptocurrency investor or trader has a preferred exchange, which will likely be true for you.

In the 1960s, Avis car rental company launched an advertising campaign, “We Try Harder.” Second worldwide to Hertz car rentals, Avis's marketing campaign appealed to the hearts of the car rental market as one that works harder to care for its customers.

Coinmama appears to prioritise customer satisfaction, and the reviews back up their promise.

Testimonial

“A platform to rely on! Coinmama support team member Malcom helped me solve the problem I was having with ease. Malcolm answered every email I sent. It was great to know I can rely on them with help and ease.”
Mark W
Happy 5* Coinmama customer (source: Coinmama)

You can find out what makes Binance the “King of Exchanges” in our Binance review.

Coinmama vs Swissborg

Established in 2017, Swissborg is a beginner-friendly blockchain-based wealth management platform with over 700k registered users and a blog and education academy.

“Go from Fiat to Crypto in an instant!” (source: Swissborg)

Firstly, Swissborg has 16 fiat currencies, over 50 cryptocurrencies and a smartphone crypto trading app. Secondly, it has a native crypto utility token CHSB listed on Coin Market Cap in the top 170 cryptocurrencies.

Similarly to Coinmama, Swissborg aims to simplify the complex world of crypto asset trading, and the platform provides a user-friendly interface.

“SwissBorg is Europe's leading trusted, secure and reliable crypto app.” (source: Swissborg)

A unique feature of Swissborg is the launchpad, where you can discover unique investment opportunities. Likewise, the SwissBorg Series A is a successful early-stage investment platform with over 16,500 investors, 1m registered users and over 21M raised.

Primarily, there are enough differences between Coinmama and Swissborg to make both options attractive for crypto enthusiasts and investors. Ultimately, you decide which crypto exchange you prefer because they are all established, secure and unique.

Coinmama Provides a Good Range of Services. Image Source: Coinmama

You can find out what makes SwissBorg one of the best platforms for unique crypto-centric investment products in our dedicated SwissBorg review.

Coinmama Review: Conclusion

To sum up, Coinmama has an excellent customer service reputation, which is unusual for many cryptocurrency exchanges.

Browse TrustPilot for dozens of other crypto exchanges, and you'll find red-faced, angry customers stomping on the one-star button and leaving poorly spelt, aggressive reviews. Coinmama, however, has an impressive 4.5-star Trust Pilot review rating, something the platform can, quite rightly, be proud of because it's what it set out to achieve.

Admittedly some Coinmama fees are a bit higher than other exchanges, however, overall, from a customer experience viewpoint, Coinmama is getting a lot of things right. Above all, the platform has a good range of fiat currency options and some of the top cryptocurrencies listed. In addition, now the self-custody Coinmama wallet is available; users have total control of their keys, data, and assets.

Likewise, the VIP service adds another dimension to Coinmama's reputation for serving customer needs.

Coinmama differs from Binance (the big boy) and Swissborg (the specialist). It's an established exchange, small enough to take care of its customers and big enough to provide a reliable range of services and popular cryptocurrencies.

Above all, we hope Coinmama maintains its reputation as one of the best user-friendly crypto exchanges for beginners and experienced traders who want a platform that offers exceptional support, trading volume, and a secure wallet.

👉 Sign Up to Coinmama Today!

FAQs

How long does it take Coinmama to send my crypto once I've paid?

Coinmama sends your crypto within minutes after confirmation of your payment and wallet address.

Is Coinmama as good as Binance?

Above all, it's a personal choice. Both exchanges offer 24/7 customer support, but Binance is the world's leading cryptocurrency exchange by trading volume. The platform provides over 380 cryptocurrencies compared to only 11 with Coinmama. However, Coinmama lists well-known and popular coins with good liquidity.

Can I use a credit or debit card to buy Bitcoin?

Yes, you can use a credit or debit card to buy Bitcoin.

What fiat currencies does Coinmama accept?

Coinmama accepts all fiat currencies.

Does Coinmama offer international services?

There are only a few restricted territories, but you can access Coinmama services in over 188 countries.

Does Coinmama store my credit/debit card details in its system?

No, Coinmama does not store your credit/debit card details.

What is Coinmama's commission fee?

Depending on the loyalty level in your account, Coinmama's commission fee is from 0.99% to 3.9%.

How does Coinmama secure my data?

Coinmama is GDPR compliant. Above all, your personal information and documentation are securely encrypted.

Can I sell Bitcoin at Coinmama Exchange?

Yes, you can buy and sell Bitcoin.

Is Coinmama Safe?

Above all, Coinmama does not store your debit or credit card details, and, likewise, users must verify their identity before purchasing cryptocurrencies, including address details and a valid ID.

Moreover, we recommend creating a strong password for your account. Although Coinmama uses 256=Bit SSL, it does not have 2-factor authentication (2F). In addition, Coinmama is a centralised exchange, which means (as with all centralised exchanges) there is a risk of a single point of failure.

Is Coinmama a regulated exchange?

Coinmama is a registered Money Services Business with FinCEN (Financial Crimes Enforcement Network) and FINTRAC (Financial Transactions and Reports Analysis Centre of Canada).

Featured Image via Fotolia & Coinmama

Jan Barley

Jan is a direct response copywriter, SEO writer & case study specialist. She lives in the Cotswold's UK with two rescue dogs. Jan became interested in cryptocurrencies in 2016, starting with a small portfolio of coins. Jan is fascinated by human behaviour & is qualified in Applied Neuroscience, Consumer Neuroscience & Neuromarketing, CBT, NLP & TA. Currently, she is studying Behavioural Economics & loving it."

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