With cryptocurrencies like Bitcoin and Ethereum continuing to surge in both popularity and price, more and more people are wanting to get their hands on the stuff. As demand has increased, a number of outlets have been set up to cater for the crypto-hungry crowds. One of these is Coinmama – a site where you can quickly purchase Bitcoin and Ethereum that we’ve reviewed below.
Coinmama Review: Key Information
Founded in 2013, Coinmama has been a long-time choice for consumers wanting a fast way to purchase cryptocurrency via credit/debit card. The company was the first to offer this method of payment and have grown rapidly as a result of this accessibility. The site is available for almost everyone, serving 226 countries and the majority of U.S. states.
Unlike exchanges such as Kraken or GDAX, Coinmama is a buy-only outlet serving consumers that want to purchase major cryptocurrencies (Bitcoin and Ethereum) to send to their wallet of choice. The price is based on current market values, with Coinmama’s 6.15% fee included in this pricing. For credit/debit card transactions, the payment processor will charge an additional 5.65% service fee. According to their FAQs, users will soon be able to sell cryptocurrencies at Coinmama.
|Site Type||Easy Buy Methods|
|Company Location||Bratislava, Slovakia|
|Buy Methods||Credit/Debit Cards|
|Sell Methods||"Coming Soon"|
|Available Cryptocurrencies||Bitcoin, Ethereum|
How to Use Coinmama to Buy Cryptocurrencies
1) Register and Verify Your Email Address
Fill out the registration form on the homepage of www.coinmama.com. You’ll need a valid email address, password, full name and country of residence. You will receive an email from Coinmama that directs you to the verification link.
2) Submit Required Info and Proof of ID
Go to ‘My account’ and click on the ‘Verify your account’ tab. You’ll need to complete your residential info and provide your phone number. Proof of a valid, government-issued ID is also required – a passport, driving license or national ID card are all accepted. Upload pictures of the front and back:
3) Purchase Your Cryptocurrency
Once your ID has been accepted, you can buy Bitcoin and Ethereum by going to the ‘Buy Bitcoin/Ethereum’ tab. Select the amount you’d like to purchase and provide your wallet’s address (more info on wallets available here). After you’ve input your payment details and they’ve been accepted, your cryptocurrency will be sent to the specified wallet immediately.
Is Coinmama Safe?
When dealing with financial transactions online, it’s important to use a site that is safe and secure. Coinmama is a reputable company with a secure website that is protected by Trust Guard and Comodo. Both security specialists have confirmed that 256-Bit SSL encryption is actively used on pages that contain private information.
Coinmama is a property of NBV International s.r.o. – a daughter company of New Bit Ventures Ltd – company #514907880. New Bit Ventures Ltd is registered as a Money Service Business with FinCEN – view the certificate here.
Personal Account Security
Coinmama does not currently offer two-factor authentication. For maximum security, use a password that contains lowercase and uppercase letters as well as numbers and symbols.
You can get in touch with Coinmama’s support team at [email protected] – a member of staff should be in contact within 24 hours. For answers to FAQs, you can head to https://www.coinmama.com/faq which should resolve any general queries. There is also an interactive ‘Help’ function on the site (located at the bottom right of the page) where you can search for required information. Social media users can contact Coinmama through their Facebook page.
Your purchase amounts depend upon your verification level. Level 1 requires proof of one valid government-issued ID and allows total purchases of up to $10,000. Level 2 requires a secondary ID uploaded along with either a utility bill or a selfie of you holding your ID – maximum limit is raised to $50,000 for this level. For unlimited purchase amounts, you must contact [email protected] to request level 3 verification.
The minimum purchase is $60. There are also daily and monthly limits for all users – the former is capped at 5,000 USD/EUR, while the latter is capped at 20,000 USD/EUR. Daily limits last 24 hours from when the order is placed.
Coinmama currently does not offer an exchange, so users looking to sell their cryptocurrency or withdraw it as fiat money must transfer it elsewhere.
Coinmama operates in 226 countries worldwide, making it one of the most widely accessible sites to purchase cryptocurrency. Only U.S. residents in the following states can use their services: Arizona, California, Colorado, Florida, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Michigan, Missouri, Montana, Nevada, New Jersey, New Mexico, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and Wisconsin. For a full list of eligible countries, click here.
Coinmama Review Summary
True to Coinmama’s slogan, using their site is certainly one of the easiest ways to buy digital currency. For users that quickly want to purchase Bitcoin or Ethereum via credit/debit card and avoid the long wait times of bank transfers, it is a good choice. Having your digital currency sent immediately to your own wallet rather than being stored on the site is also a big positive. For customers interested in purchasing lesser known cryptocurrencies, buying large amounts or actively trading, you’re better off heading to an exchange.
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ABOUT THE AUTHOR
ABOUT THE AUTHOR
With a background in professional poker, George became interested in cryptocurrency after looking for potentially lucrative investment opportunities. He now spends a lot of time navigating through the wealth of misinformation on altcoins in order to decide which will be the next addition to his portfolio.