Introduction
Coinmama is a bitcoin broker based out of Israel. They specialize in allowing customers around the world to buy cryptocurrency using debit or credit cards.
They were established in 2013 and according to their website they offer a “fast, safe and fun way to buy a digital currency from anywhere in the world”.
Coinmama is owned by New Bit Ventures Ltd and is operated by NBV International, a company registered in Slovakia. They also have a registered entity in Ireland called Cmama Ltd based in Ballsbridge, Dublin.
The company’s CEO since September 2019 is Sagi Bakshi and the co-founder Nimrod Gruber is now in the COO position.
Overview of Coinmama
Is Coinmama safe?
Since its launch in 2013, Coinmama hasn’t had any security breaches. This isn’t surprising since they don’t custody user crypto and instead, send funds directly to users’ own personal wallets. This makes coinmama less of a target for attacks than other exchanges that store users’ coins.
Coinmama is also registered with FinCEN in the US as a money service business ( MSB). The MSB Registration number is 31000084489239.
Nevertheless, there are some negative reviews on Trustpilot that should be considered.
Coinmama supported cryptocurrencies
They recently added 2 new crypto-currencies, Eos and Tezos due to high demand, rounding up our crypto-currency list to 10 different currencies. At the time of writing, the following cryptocurrencies are supported:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Qtum (QTUM)
- Ethereum Classic (ETC)
- Tezos (XTZ)
- Eos (EOS)
Coinmama Fiat Currency
The following Fiat currencies are supported:
- USD
- AUD
- CAD
- GBP
- EUR
- JPY
Payment methods
Coinmama supports debit card, credit card, Swift, SEPA bank transfers and ApplePay!
Apple Pay
Coinmama just launched ApplePay together with Apple.
Coinmama is the first bitcoin exchange to offer iPhone users the seamless experience of buying crypto with ApplePay, making transactions quicker and safer than ever
Coinmama Spending Limits
Coinmama now requires verification for all purchases due to KYC regulations.
They have three tiers of verification. No purchase can be made without a basic level 1 verification. Level 1 has a 5,000 USD daily limit and a 15,000 max account limit. For more visit here.
Coinmama Verification
Once you’ve created an account, you’ll be requested to verify it. For level 1 you will need to upload a government-issued ID and a selfie with your ID and paper note reading “Coinmama” and today’s date on it. Verification is fast when you upload the correct documentation. Make sure the image and text are clearly readable and your entire face is in the picture
Pros & cons
- Pros
- Convenience. you can use your debit or credit card to buy cryptocurrency directly from the website
- Non-custody. Your coins are sent to your personal wallet and not stored in Coinmama.
- User friendly. Website is user friendly and not complicated
- Global. Coinmama operate in a lot of countries, including ireland
- ApplePay. Coinmama is the first bitcoin exchange to offer iPhone users the seamless experience of buying crypto with Apple Pay
- Cons
- Fees. Coinmama has quite high fees. The rate is based on the XBX Index, plus a 5.90% fee .For credit/debit card transactions, there is an additional 5.00% processing fee. For more up to date info see Coinmama Fees and Charges.
- No trading features. Unlike exchanges like Kraken and Bianance, there are no trading options available.
- Limited altcoins available. Only 10 coins in total are available.
- No app. Currently there is no Coinmama app available
Conclusion
Coinmama is global accessibility, easy to use, and offers convenient credit and debit card purchases. The high fees, limited coins, and lack of trading options mean it’s not the right choice for everyone. It could be very appealing for first-time buyers. It also has a relatively long history so they must be doing something right.
If you’re interested in buying Bitcion for cash, then you can always check out one of our Bitcoin ATMs.
If you’re looking for trading features then we suggest you check out platforms for day trading cryptocurrencies.
