Coinmama Experience 2021: The Crypto Exchange Test

We present our Coinmama experience. What does the crypto exchange offer in the test, how high are the fees and is the offer secure? You can find the answers here in the review.

Coinmama is an exchange for cryptocurrencies that has been on the market since 2014. On the homepage, it advertises many payment methods, fast transaction speeds and extremely fast verification. In the test, we go into the Coinmama experience and other important information.

That was the reason why we did this test. Because even if the customers seem to be satisfied, it is also about what it looks like behind the scenes. Are there fees? What about customer support? Is Coinmama a scam?

Only then, when you have taken a closer look at the matter, can you finally say whether it is a recommendable exchange or not.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

Advantages and disadvantages of Coinmama at a glance

Pros:

  • Suitable for both beginners and professionals
  • User-friendly platform
  • Purchase by credit card

Cons:

  • High fees
  • Poorly accessible support
  • 2-FA only via e-mail
  • Sale not possible

The different verification levels show that they want to appeal to beginners on the one hand, but also to professionals who do not want to be restricted by any limit. In addition, Coinmama convinces with an extremely user-friendly platform, supports credit card purchases and clearly shows customers what the fees are.

Exactly when it comes to the Coinmama fees, the disadvantages already begin. The fees are relatively high compared to other marketplaces. In addition, there are always problems reaching customer support - often the servers simply go on strike, so you need a little patience.

The fact that 2-factor authentication is only possible by e-mail cannot be seen as an advantage either.

Coinmama Review - The offer

Coinmama-angebot

Cryptocurrencies or digital currencies - including Bitcoin (BTC for short), Monero (XMR for short), Ethereum or Litecoin (LTC for short) - are currencies whose transactions and payment flows are not regulated or influenced by financial institutions, such as central banks, or by state measures, such as governments.

This is also the reason why it is possible for transactions to be made between two users - there is no longer a link, which in the case of fiat currencies is the bank, for example. The costs incurred in the course of the transaction amount to just a few cents. Moreover, the transactions are completed within minutes.

Cryptocurrencies, such as bitcoin, can be bought and sold via various online platforms, including Coinmama. Platforms like Coinmama are also often referred to as exchanges.

Due to the fact that there are already an extremely large number of providers nowadays, one should be careful. Not every provider that offers trading in cryptocurrencies is reputable - there are also "black sheep" who want to pull money out of the pockets of ignorant traders. But how can you recognise platforms that pursue fraudulent intentions?

It is important to start by looking at the test results of independent portals and sometimes also for testimonials. If you look for testimonials on the internet, you will soon get an overview of how the platform works.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

Step by step instructions for trading at Coinmama

If you want to buy Bitcoin or Ethereum on Coinmama, you first have to register on the site. The registration will not pose any major challenges even for a beginner. The operators of Coinmama have made sure that all users who have no experience with crypto marketplaces are also addressed.

This means that registering on the site is not complicated and can be done within minutes - the Coinmama test also showed that there are no traps or other pitfalls that need to be considered in the course of registration.

Step 1: Registration

At the beginning, the user must enter personal data: First name, surname and e-mail address - subsequently, the user can choose a self-generated password. The country in which the user is located must also be specified in the course of registration.

Coinmama-Registrierung

Step 2: Selecting the payment method

At the beginning, the user has to enter personal data: First name, surname and e-mail address - subsequently, the user can choose a self-generated password. The country in which the user is located must also be specified in the course of registration.

Step 3: Verification

If one wants to purchase cryptocurrencies worth more than 150 euros, the customer must confirm his identity - that is, the verification of the account follows.

The verification takes place online - simply take a classic "selfie" of yourself and place the ID in a clearly visible position so that it can be determined that this is one and the same person. The identity card, passport or even driving licence can be used as proof of identity.

Then simply write "Coinmama" on a piece of paper. All three items are then captured in a snapshot and uploaded. The only important thing is that the picture has a minimum resolution of 300 dpi. The size must not exceed 8 MB. In addition, the user must ensure that the data on the ID document is easily recognisable and legible.

Verification can sometimes take up to two working days. This is because the verification is still carried out personally by a Coinmama employee.

If cryptocurrencies worth less than 150 euros are purchased, there is no verification.

coinmama-step2

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

Tips for buying bitcoins via Coinmama.

This is also the case when dealing with the Coinmama Exchange. If you want to buy bitcoin via Coinmama, you should check out the Coinmama experience beforehand.

On the internet, you can always find reports from traders who then report whether it is a recommendable provider, what should be paid attention to and whether there are sometimes downsides that should not be ignored under any circumstances.

The cryptocurrencies at Coinmama

In the beginning, you could only buy the cryptocurrency Bitcoin at Coinmama. Today, a broader range is available. The following cryptocurrencies can be purchased on Coinmama:

Surname

abbreviation

Bitcoin

BTC

Bitcoin Cash

BCC

Cardano

ADA

Ethereum

ETH

Ethereum Classic

ETC

Litecoin

LTC

QTUM

QTUM

Ripple

XRP

It should be noted that cryptocurrencies can only be bought and not sold.

Verification levels at Coinmama:

If you deal with the purchase of cryptocurrencies on Coinmama, you will notice at the beginning that there are so-called verification levels. This means that the purchase limit depends on the means of identification provided. If the account has been verified, it is possible to make daily purchases of around 5,000 US dollars. The monthly limit is 20,000 US dollars.

As already mentioned, Coinmama is available in 226 countries. Thus, Coinmama is also one of the largest marketplaces for cryptocurrencies as far as the area coverage of the offer is concerned.

Verification level 1:

Those who want to achieve the status of level 1 must provide their personal data - such as their first and last name, date of birth, address, telephone number and e-mail address - and subsequently also make a photocopy of an identification document (ID card, driving licence or passport), which is then sent to the company. The employee will check the data and then, provided there are no discrepancies, raise the purchase limit to 10,000 US dollars.

Verification level 2:

Level 2 is particularly interesting for those customers who want to buy cryptocurrencies worth more than 10,000 US dollars - the monthly limit here is 50,000 US dollars. Here, too, personal data - such as first and last name, date of birth, address, telephone number and email address - must be provided. In addition, an identity document must also be submitted. The difference to level 1? You have to hold up a picture of yourself and also show a document to the camera.

Verification level 3:

Verification level 3 is intended for those people who do not want to adhere to any limit. This means that the unlimited purchase of cryptocurrencies is possible here. So there are no purchase limits. At the moment, however, there is no information from the company about which requirements have to be fulfilled by the customers. If you want to have an account without limits, you should contact the help desk in advance.
It is also recommended to use 2-factor authentication in addition to the password. This increases security.

Please note that technical updates can always lead to changes. If you want to open an account, it is advisable to always follow the step-by-step instructions on the homepage.

The story behind the Coinmama Exchange

If you were still looking into the services of the provider Coinmama at the beginning of 2014, you will probably have remembered that the purchase of Bitcoins, a truly unknown cryptocurrency at the time, was possible with Western Union.

This special feature no longer exists today. If you compare Coinmama from 2014 with today's portal, you will quickly come to the conclusion that a lot has changed. This is also the case when you look at cryptocurrencies.

But what was probably the most important change that Coinmama has undergone to date? Nowadays, you can also buy bitcoin with your credit card via Coinmama. This is mainly because cryptocurrencies are not only better known today than in 2014, but also because there are more and more exchanges as well as brokers that accept credit cards.

So if you don't move with the times here, you will probably move with the times. Western Union may be an interesting idea that is still accepted by Coinmama today, but it is guaranteed not to be the most popular payment method when it comes to wanting to top up one's account on Coinmama's platform.

Coinmama (1)
Altcoin.io payment methods

Coin Mama: Buy coins with your credit card

If you want to buy bitcoins conveniently, simply and easily with your credit card, you should first take a closer look at Coinmama's offer. Beforehand, of course, you need to answer various questions:

How high are the Coinmama fees, are there Coinmama experiences on the internet that sometimes also allow a look behind the scenes and is the provider also reputable or would it be better to look for a Coinmama alternative (such as eToro), because there are various indications that suggest that the promises made by the provider cannot be kept.

Of course, the question also arises whether Coinmama is a scam. Because time and again one comes across reports on the internet of crypto marketplaces as well as exchanges that allegedly play with marked cards. Is that also the case here?

The fact is: Coinmama is a classic Bitcoin broker that has been on the market for several years and has its headquarters in Slovakia - more precisely: in Bratislava. In addition to the mother of all cryptocurrencies, bitcoin, you can also buy Ethereum (ETH for short). The purchase is made either in euros or US dollars - i.e. by means of fiat currency. It should be noted at this point that Coinmama can only be used for buying - selling is not possible.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

Coinmama: The features

coinmama-features

Coinmama is a classic marketplace for digital currencies. Here, users can easily buy cryptocurrencies, such as Bitcoin or Ethereum, with their credit card.

At this point, however, it must be mentioned that the broker does not provide its own wallet. This means that anyone who wants to buy Bitcoin coins via Coinmama must make sure that they already have a digital wallet. There are also different offers here, so it is advisable to make a comparison in advance.

Furthermore, Coinmama does not offer any money transfer or bill payment services. Coins cannot be sold on Coinmama either - you can only buy them here, so it is not an exchange but a pure marketplace. Anyone who buys coins and wants to sell them again directly via Coinmama should look for an alternative - this process is not possible here.

Coinmama: The security

Got Credit

First of all, the company is based in Bratislava, Slovakia - which means Coinmama is located in the European Union. Behind the marketplace is the company NBVInternational s.r.o - a subsidiary of New Bit Ventures Ltd. This company is registered with FinCEN (Financial Crimes Enforcement Network).

It was founded in 2013 and the parent company - New Bit Ventures Ltd - is based in Israel. The platform is currently available in 226 countries - including the USA. This is also the reason why payments can be made in all local currencies.

Coinmama has been around for several years - anyone interested in cryptocurrencies will certainly have come across the crypto marketplace's offerings at some point. The provider can also convince when it comes to Coinmama experiences that can be found on the internet.

In addition, there is also a 2-factor authentication - even if this is only possible by e-mail, this circumstance can still be rated as positive with regard to the security precautions.

coinmama-leadership

Coinmama: The payment methods

 Years ago, it was only possible to purchase with Western Union, but today Coinmama already accepts several payment methods.

Thus, the customer can make payments with his credit as well as debit card. The two credit cards Visa and MasterCard are accepted. Payments made with MasterCard or Visa are supported by the Simplex payment processor.

The option to buy cryptocurrencies with cash is still available - here, payment can be made via Western Union.

It should be noted that the bank account cannot be linked to the platform.

Coinmama: Customer service

Altcoin.io Customer Service

A chat is provided on the homepage - there is also a help desk and also the possibility that contact can be made by email. It should be noted at this point, however, that there is no telephone support. All those telephone numbers that can be found on the internet should not be called - they are not connected to the provider.

Anyone who calls such a number must assume that there are fraudsters on the other line.

Anyone who has a problem should use the live chat or the contact form.

Coinmama: The fees

Of course, it is also about how Coinmama fees are. After all, anyone who puts their money into cryptocurrencies doesn't want to put large amounts into fees. Of course, every purchase incurs fees - but the main issue is how high they actually are.

The fees at Coinmama are kept quite clear, there is only a deposit fee for credit card payments. All other deposits and withdrawals are free of charge. On the other hand, Coinmama charges a fair amount in trading fees, 5.9% per trade is one of the highest rates of all tested exchanges.

Here is a direct comparison with our broker test winner eToro:

To make crypto trading fees comparable, let's take the following example:

We would like to buy 1,000€ worth of Bitcoin with a credit card.
We hold our Bitcoin for one month and sell it again
For the sake of simplicity, we assume that the exchange rate does not change during the 30 days.
With these assumptions, we now go through the fees of the largest providers:

providers

etoro

Coinmama

Deposit

for free

5%

FIAT crypto conversion

for free

for free

Purchase fees

0.75%

5.5%

Holding fees

for free

for free

Sales charges

0.75%

not possible

Payout

5 USD

for free

Total fees

€ 19.20

€ 102.25

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro
Coinstar-App-Review

Is Coinmama a scam?

Every now and then, however, one comes across a few reports that sometimes suggest the suspicion that Coinmama is scam. First of all, the word "scam" is examined closely - sometimes people speak of scam if the verification takes too long or if high fees have to be paid.

The fact is: even if the fees are higher than with other providers, there is no question of Coinmama being scam or even fraud - there are extremely many indications that a serious offer is being made available here.

Coinmama - The conclusion

Coinmama is not a classic exchange, but a crypto marketplace. This means that the customer can purchase coins, but not sell them subsequently.


If you take into account the various test reports and test results of various independent portals, it is clear that the customer does not have to fear any fraudulent dealings here. 

Coinmama

Of course, you should always be careful when putting your money into the crypto market. However, this is mainly due to the volatile market and not to the platform.

The different verification levels, the user-friendly platform and also the fact that there are no indications to conclude that Coinmama is a scam are an advantage. However, one should not disregard the Coinmama fees. These are relatively high compared to other platforms.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

FAQ

What is Coinmama?

The provider is an online crypto marketplace where Bitcoin and Co. can be bought, but not sold.

Is it worth opening an account with Coinmama?

In our test, Coinmama was only moderately convincing. Especially the relatively high fees make Coinmama alternatives seem more attractive.

How much money should I invest?

The minimum deposit at Coinmama is set at €100. The amount of one's own investment should depend on one's own liquidity, as well as on the chosen asset and one's own risk appetite. In general, you should never invest money that you actually need elsewhere, as profits can never be guaranteed.

How long does a payout take at Coinmama?

The selected cryptocurrency becomes available as a seed immediately after payment.

What are the requirements for me to trade successfully at Coinmama?

You should always know what you are investing in. The provider provides an academy where you can constantly educate yourself and receive detailed information about all trading options. If you have the necessary know-how, as well as the necessary bit of luck from time to time, nothing will stand in the way of early profits.

About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.