Coinmama · Score/Overall Summary

Coinmama is one of the first crypto exchanges that emerged on the market. More specifically, this company started out back in 2013, right with the emerging of the cryptocurrencies. What is especially interesting about Coinmama, is the fact that this is not your average crypto-exchange platform. As a matter of fact, Coinmama is an exchange broker which is rather different from a regular exchange marketplace, such as Kraken for example.

The main difference is the fact that exchange brokers hold and sell cryptocurrencies directly via fiat currencies. On the other hand, exchange marketplace is all about matching buyers and sellers, independently. Consequently, this convenience, along with the speed and simplicity is what makes Coinmama what on of the most sought after crypto platforms.

Pros
Cons
  • Instant Transactions
  • Exchange Broker Company
  • Safe & Secure(FINCEN regulated)
  • Fast Account Verification
  • Credit/Debit Card Crypto Purchases
  • Lacking Professional Trading Tools
  • Lacking Cryptocurrencies
A Quick Brief od Coinmama

While the owners of Coinmama(NewBit Ventures) reside and operate from Israel, Coinmama is actually registered in Dublin, Ireland. Ever since the start of Coinmama, is it one of the first ever to offer crypto purchases with both credit and debit cards. This convenient option is what naturally caught the attention of many customers. For that matter, if you add the fact that Coinmama is also a broker exchange, you get quite a unique platform. Today, the company is available in 188 countries. And 43 US states, for that matter. That availability means many customers, and for that matter Coinmama has 2.3 million worldwide. One thing that may divide traders is the lack of pro trading tools, as well as the lack of crypto coins.

While this will definitely turn down many veteran traders, newbies and amateur traders are in for quite a treat. It seems like the guys from Coinmama went with the concept less is more, and it is definitely paying off. Most users of Coinmama love the fact that this ‘small’ exchange is packing top-notch features, and instant credit card payments. If you add the safe and secure part, than you get quite a formidable platform.

Features of Coinmama

You should expect quite a decent offer from Coinmama, features wise. While it definitely lacks certain tools, it also comes with quite a few convenient options. One such option is the direct crypto purchase via any of your cards. Another benefit for a small exchange is that you get extra attention, and less confusing features. Meaning that if you are starting out, or you need a simple platform just for purchasing only the hottest coins, than you can definitely go with Coinmama. Just take a look at what you can expect to find at this broker exchange:

  • Plethora of Payment Options
  • Verified Cryptocurrencies
  • High Spending Limit
  • Instant Transactions
  • Instant Verification
  • Rewarding Loyalty Program
  • Credi/Debit Card Purchases
Coinmama Trading

Trading with Coinmama is very easy and intuitive. In fact, the whole purpose of Coinmama is to be simple, yet efficient. As such, this trading platform is mainly used for begginner traders. The main reason for that is due to the lack of many professional features that experienced traders relly upon. That being said, there are also serious traders who use Coinmama as well. Mainly for storing and instant crypto purchases.

And that is pretty much it. So if you are looking for a platform with hundreds of coins and many pro features, than Coinmama may not be for you. However, take a look at the trading options you will find at Coinmama bellow:

  • Loyalty Reward Program
  • Buy/Sell Crypto
  • Blog Page
  • Affiliate Reward Program
  • Help Center

Probably the best and coolest feature here is the Loyalty Program. More specifically, the longer you store your coins with Coinmama, the more you climb the loyalty ladder. For that matter, there are 3 different loyalty levels, and as you reach each level, the rewards are getting bigger. Moreover, as you increase the level, you need to satisfy certain cumulative minimum purchase amount in order to remain on the level. This is done in a rolling 90-day period:

  • 1st LevelCrypto Curious: For all new users.
  • 2nd LevelCrypto Enthusiast: 12.5% fee savings; fast customer service; 5000 over 90 day cumulative purchase
  • 3rd LevelCrypto Believer: 25% fee savings; instant customer service; min. 30 days crypto purchases; 18.000 over 90 day cumulative purchase or 50.000 lifetime purchase
Mobile Trading

Unfortunately, this is another area you will find that Coinmama is falling behind. While you can certainly access the Coinmama platform via your mobile device browsers, the company itself still doesn’t have an official mobile app. Something that is imperative, and as such should become one of the ultimate goals of the company.

Commissions & Fees

Considering that cryptocurrencies are not subject to the usual banking regulations, they enable each provider to personally set the fee amount. As a result, the fees at Coinmama are the same as the ones at TradeBlock XBX Index. In other words, the fees at this exchange will differ depending on the service that the user requires.

Moreover, Coinmama will determine the fee of a certain service depending on the payment method and the loyalty level of the customer as well. That being said, you can expect the prices with a slight 2% deviation, and a maximum of 3.90% commission fee.

Buy Order Fees

For buy orders conducted with bank transfers, there are no fees whatsoever. However, each transaction that comes with a fixed rate is subject to an additional momentum fee of 5%. It is good to mention that the fee will be added to the total order amount depending on the payment card the customer will use. Customers should have in mind that all SWIFT bank transfers come with a minimum order of 1.000. While users can still make an order even below 1.000, they should be aware of the flat 20 GBP fee.

Sell Order Fees

Coinmama sets its sell fees and rates by using TradeBlock XBX Index. Moreover, they add a 2% market rate and operate with a selling fee that ranges between 0.9% and 1.9%. As soon as the user selects the type of currency (crypto or fiat), the fee will be automatically calculated depending on the loyalty level. As a result, Coinmama comes with a three-tier loyalty program. In there, the more you trade with crypto, the bigger your savings. Consequently, as soon as you advance to the next tier, you receive a 90-day minimum purchase requirement in order to maintain your new status.

Take a look at the three Coinmama loyalty tiers below:

Beginner Coinmama

  • Gain automatic access to the Crypto Curious level.

Crypto Enthusiast

  •  Comes with a 1.4% fee, with possibility to save up to 12.5% of the transaction’s final price.
  •  Requires deposits of $5.000 over a span of 90 days in order to maintain the status.

Crypto Believer

  • Comes with a 0.9% fee, with the possibility to save up to 25% of the transaction’s final price.
  • Requires deposits of $18.000 over a span of 30 days in order to maintain the status.
  • Minimum 30 days of trading activity.

 

How to Deposit & Withdraw Funds With Coinmama

This is one section that won’t disappoint. Especially if you take into account the plethora of convenient and safe payment methods that Coinmama offers. For that matter, transactions via this exchange are basically instant, and with very favorable fees. While you can purchase only a limited number of crypto coins, you can be sure that each belongs to the top-tier class.

Depositing with Coinmama is very easy and fast. For that matter you can use Fedwire, SEPA Instant, SEPA, SWIFT, Open Banking(UK SWIFT), Bank Card, Apple Pay and Google Pay. Moreover, there are no fees with most options, except credit/debit cards, Apple and Google Pay, who have a 5% express fee. Furthermore, the minimum amount you can deposit to purchase crypto is 100. Payment time varies for all banking options, with most of them being instant, or under 1 hour. You may find SEPA to take up to 24 hours, SWIFT up to 3 business days, and Fedwire up to 2 business days.

Withdrawals with Coinmama are very similar to deposits. This means that you can use pretty much the same options to sell and withdraw your funds. However, have in mind that when you sell you will be subject of a certain fee. This fee is calculated via the formula XBX Index average + 2% (standard derivation) + our sell fee of 0.9-1.9%. However, should choose Bitcoin for selling, the fee amount will be automatically calculated and applied to the loyalty level you currently are. In oter words, you get 1.9% as Curious, 1.4% as Enthusiast and 0.9% as a Believer. Just have in mind that the minimum amount you can sell is the Bitcoin or cryto equivalent of 200.

Staking

Unfortunately, Staking is one of those trading options that are not available at Coinmama. As we said several times already, Coinmama is mostly for instant transactions and beginners. And as such, it certainly lacks several key features which are a must for any professional trading platform. And staking is one of those convenient options. We can only hope that the company will change their approach in the future, and implement a couple of these usefol features.

Coinmama Customer Service

Being small, easy to monitor and simple have certain benefits as well. One of those benefits is definitely the attention you are getting from the Coinmama customer service. While the Coinama customer team have good reputation overall, it is with extreme care that they serve their loyal customers. Especially since their whole affiliate and loyalty programs are revolving around impeccable customer service. As such, you can expect the usual 24/7 care, only with special attention to detail that you won’t find anywhere else. However, if there is one thing we dislike about the customer service, is the fact that they only communicate via email.

Yes, they operate 24/7, but it really is something when you can just pick up the phone, or chat via a live chat. Regardless of that, it is always a pleasure when you come across a genuinely helpful customer team such as the Coinmama team.

Final Thoughts

Well, you may find Coinmama lacking several features that giants such as Binance or CEX.io possess. Professional tools and features, which are just unimaginable for traders who make a living out of trading crypto. But that is not to take anything from the quality of Coinamama. This broker exchange is unique since it offers a slightly different approach and more direct purchase options via fiat currencies. On top of that, Coinmama is operating with the utmost safety and transparency. Also, the customer service is one of the best among the exchanges. Especially if we compare to certain big-dogs which will keep you waiting for a reply. One thing we must point out at Coinmama is the lack of cryptocurrencies. It only offers 10 at the moment.

And while they are all top-notch and well-known, it certainly won’t hurt to expand that department. This, along with the lacking of pro trading tools is what mostly deters serious traders from this exchange platform. But, 2.3 million people worldwide, and 188 countries later, it seems like simplicity and quality go well hand in hand. We recommend this especially if you are a beginner, since rarely you will find such a simple, yet quality product.

FAQ

How long does it take for my bitcoins to reach my wallet address after I pay?

– If you have both your wallet and payment addresses verified/confirmed, Coinmama will send you the digital coins within 1 hour.

Is Coinmama a wallet, and can I use an Ehtereum/Bitcoin wallet?

– Coinmama serves as a platform for trading and obtaining cryptocurrencies. As such, Coinmama does not operate as a wallet provider. However, Coinmama can send your funds to any wallet that you request.

Are there any fees with Coinmama?

– Being that this is a decentralized economy, there are no fixed rates. Meaning that each provider will set its rates. Coinmama tailors its fees parallel with the XBX + 2%. Moreover, Coinmama charges a 3.90% commission fee on all buy transactions. For sell transactions, this amount is 0.9%. For credit/debit cards, Coinmama will charge you a 5% momentum fee. SEPA bank transfers require no additional fee. The same goes for SWIFT bank transfers. However, it is fair to mention that with SWIFT transfers there is a minimum fee of 20 GBP on all orders below 1000 USD. Orders above 1000 USD are not subject to fees.

What currencies can I use at Coinmama?

– While Coinmama accepts all currencies, the rate is in USD, EUR, GBP, CAD, AUD, and JPY. Just have in mind that should you opt to pay with a different currency, there is a chance your bank will charge you with an exchange fee.

Where is the base of operations of Coinmama?

– Coinmama operates from Dublin, Ireland. Specifically, the Coinmama platform is operated by Cmama Ltd. and operates as a daughter company of New Bit Ventures Ltd. company #51490788. Coinmama is registered with FinCEN (#31000172638926) as Money Service Busine.

Go to Coinmama