Coinmama was founded in 2013, which means this company has nearly one decade in the crypto industry. This vendor allows you to buy and sell over a dozen cryptocurrencies using a wide variety of payment methods. Coinmama prides itself on being a one-stop shop for all your crypto needs. The website is very easy to use, which is something people who are new to crypto will appreciate. There are also handy features, such as calculators and an “Academy,” from which beginner traders can benefit.
Pros and Cons
Pros
- Wide Range Of Payment Options
- Easy To Use
- 12+ Cryptocurrencies
- Loyalty Program Available
Cons
- High Fees Than Other Crypto-Sellers
Recommended For
Coinmama is recommended for traders of all experience levels. The cryptocurrency industry can be volatile, and there are a lot of coins from which to choose. Therefore, we’d recommend that you conduct your own research before deciding you want to buy and sell this digital currency. If you do sign up with Coinmama, you’ll have the benefit of calculators, a user-friendly platform, and educational resources. While we suggest you have some base knowledge of crypto, Coinmama is not a vendor that is unfriendly to newcomers.
Regulated By
- Central Bank of Ireland (Ireland)
- FinCEN
- FINTRAC (Canada)
Top Features
- Many Payment Options. With this vendor, you can skip some of the more complicated processes behind cryptocurrency, such as mining, and just buy the coins directly from Coinmama. You can also sell your coins, too. One highlight of this vendor is that it allows a wide range of payment methods with which clients can conduct transactions. You can use credit/debit card, Apple Pay, Bank Transfer, and more.
- Wide Range Of Cryptocurrencies. There are thirteen cryptocurrencies from which to choose with Coinmama. You can buy coins like: Bitcoin, Ethereum, Dogecoin, Uniswap, Aave, Chainlink, Ethereum Classic, Bitcoin Cash, and other coins.
- Multiple Calculators. Coinmama has a “Crypto Calculator” that lets you check your coin’s rate and make your purchase in one easy process. There is also a “Bitcoin” and “Ethereum” calculator for those who want to check updated rates on those coins. According to Coinmama, these calculators are fast and knowledgeable, telling you what you want to know in a millisecond so you can decide whether to buy or sell.
- Coinmama Academy. For those looking to learn more about the crypto industry, Coinmama Academy provides an introduction to topics surrounding the fundamentals of crypto, different things to know about each kind of coin, and more. The “What Is” and “How To” articles will no doubt be helpful to trading beginners.
- Business Program. White Glove Service at Coinmama helps “high-net-worth individuals” and business build long-term crypto portfolios. To get started with this investment program, go to https://www.coinmama.com/business and fill out your information. From there, the vendor will be in contact with you.
- Loyalty Program. As discussed further in the “Pricing” section, Coinmama has a Loyalty Program that provides three levels of discounts for fees. These levels include “Crypto Curious,” “Crypto Enthusiast,” and “Crypto Believer.” This system is not unlike the tiered accounts that traditional brokers offer, as those too provide greater benefits to higher spenders.
Overview
- Type of Broker Direct-Sale of Cryptocurrency
- Regulation & Licensing Central Bank of Ireland (Ireland), FinCEN, FINTRAC (Canada)
- Clients Accepted from Globally, Excluding Sanctioned Jurisdictions
- Assets Offered 13 Cryptocurrencies (BTC, ETH, DOGE, and more)
- Platforms Available Web, Mobile
- Mobile Compatibility Android
- Payment Types Accepted Credit/Debit Card, Bank Transfer, Apple Pay, SEPA, Google Pay, Skrill
Account Types
|
Coinmama Account |
|
|
Features |
Access To Crypto Buying/Selling |
|
Account Currencies |
USD, EUR, GBP, CAD, AUD |
|
Available Leverage |
N/A |
|
Minimum Deposit |
N/A |
|
Commission Per Trade |
Market Rate Based On XBX + 2.3%; Commissions Up To 3.9% On Buy Transactions & Up To 0.9% On Sell Transactions. Commissions Fees Vary Based On “Loyalty Level” (Explained In Pricing Section Below). |
|
Decimal Pricing |
N/A |
|
Trading Instruments |
BTC, ETH, DOGE, UNI, AAVE, LINK, ETC, BCH, COMP, EOS, LTC, OMG, WBTC, LRC, NMR |
|
Min. Lot Size Per Trade |
Varies Based On Coin |
|
Spreads |
N/A |
|
Demo Account |
No |
|
Swap/Rollover Free |
N/A |
|
Copy Trading Support |
No |
Trading Platforms
- Coinmama Web
- Coinmama App
Trading and Investment Tools
- One Click Trading Yes
- Trade off Charts N/A
- Email Alerts Yes
- Mobile Alerts Yes
- Stop Order N/A
- Market Order N/A
- Trailing Stop Order N/A
- OCO Orders N/A
- Limit Order N/A
- 24hr Trading Yes
- Charting Package N/A
- Streaming News Feed No
Compliance & Regulation
Coinmama is regulated by the Central Bank of Ireland (Ireland), FinCEN, and FINTRAC (Canada). Its FinCEN registration number is 31000172638926, and its VAT number is 3698206VH.
Fees & Commissions
- Rollover Fee N/A
- Margin Interest N/A
Pricing
The Coinmama market rate is XBX + 2.3%. That is the calculation on which the basic fees are based. Then, there is a commission fee of as much as 3.9% on Buys and up to 0.9% on Sells. If you are using a credit or debit card, there is a 5% momentum fee. But, if you’re making a transaction using a SEPA transfer, you will incur no additional fee.
In general, commissions fees range from as low as 0.99% to up to 3.9%, but that depends on your Loyalty Level. Level one is Crypto Curious, and there is no discount on fees. There is also no required spending threshold. If you’re a Crypto Enthusiast, you’ve spent $5,000 over a period of ninety days, and that entitles you to faster customer support, as well as fee discounts of 12.5%. If you’re at the highest tier, that means you are a Crypto Believer. To be eligible for this status, you need to have been buying coins with Coinmama for thirty days. You also must have spent $18,000 over 90 days or $50,000 over a lifetime. Being a Believer entitles you to the fastest customer support. In conclusion, while there are fees with Coinmama, your Loyalty Level can offset some of these charges.
Service Details
- Supported Languages English+
- Customer Service By Coinmama
- Customer Service Hours 7:00am – 01:00am (UTC/GMT)
- Email Response Time Within 48 Hours
- Telephone Orders No
- Personal Account Manager No
Reliability & Security
In addition to offering a lengthy help page on how to avoid common online scams regarding crypto, Coinmama also offers its users two-factor authentication. The 2FA feature lets you double check that your wallet info and address are correct. 2FA is an extra layer of protection that is as much as 99% effective in deterring thieves from stealing your coins or account information.
User Experience
There have been quite a few reviews on Coinmama from users on aggregate websites. Listed below is customer feedback from a few of these sites and, as you can see, peoples’ opinions on Coinmama tend to trend positively (with a few exceptions).
- NerdWallet: 2.5/5
- Google Play: 2.9/5 (App Rating)
- TheBalance: 3.5/5
- 99Bitcoins: 8.5/10
- TrustPilot: 4.2/5
- Fool: 2/5
- G2: 3.5/5
- Investopedia: 3.5/5
- FXEmpire: 5/5
- CryptoVantage: 4.3/5
- Cryptowisser: 3.6/5
Final Thoughts
Overall, Coinmama is a good place to skip mining and other complicated processes and simply buy or sell cryptocurrencies. The three-level Loyalty Program is a huge benefit to clients, as it can help offset some of the fees this vendor charges. With nine years of experience in the industry, Coinmama is a solid contender in the crypto industry.
Contact Info
Shoham 5, Ramat Gan 5251001, Israel
FAQs
Q: How do I know how to get verified on Coinmama?
A: The Coinmama help center has a lengthy group of articles that will help you move through the various levels of verification. This vendor takes verification seriously. For more information, go to https://support.coinmama.com/hc/en-us/categories/360000839593.
Q: Why was my application declined?
A: According to Coinmama, there are two main reasons why your application might have been declined. Firstly, the vendor could have reviewed your data, including your uploaded documents, and was unable to verify who you were. Or, conversely, they might have reviewed your application and decided it didn’t meet their risk management standards. When an application is permanently declined, that decision is not only final, but Coinmama cannot disclose their reasoning behind it.
Q: Is there an affiliate program with Coinmama?
A: If you become a Coinmama affiliate, you might be able to make some commission. For more information on joining this program, go to https://support.coinmama.com/hc/en-us/categories/360000824414.
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