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Coinmama put to the test: Experiences, comparison, review & fees

Brief information

Amount cryptocurrencies8 cryptocurrencies
Website languages:English
Support languages:English
Payment methods:Credit card, debit card, SEPA bank transfer
Advantages:✅ Very simple and self-explanatory user interface, especially for beginners.
✅ Direct purchase of cryptocurrencies with Euro by credit card, debit card or bank transfer
✅ Customer support: 24/7 - 24 hours and every 7 weekdays

>> Buy cryptocurrencies on Coinmama* <<

About Coinmama

Coinmama was founded in Israel in 2013 and has many years of experience in trading cryptocurrencies. The platform is owned by NBV International s.r.o., registered in Slovakia and a subsidiary of New Bit Ventures Ltd. #514907880. Both companies are regulated companies registered with FinCEN as Money Service Businesses. While the transactions are carried out by NBV International s.r.o., they are carried out by New Bit Ventures Ltd.

Since the launch of the platform, the user base has grown to over 1.3 million customers in over 200 countries, making it one of the largest cryptocurrency merchants in Europe. Coinmama exclusively provides a broker service for the purchase of cryptocurrencies. This means that Coinmama sells the cryptocurrencies directly to you, but does not offer any other services.

In contrast to classical cryptocurrency exchanges, where the platform acts as an intermediary between buyer and seller, Coinmama only sells coins such as Bitcoin and Ethereum and acts as a direct contractual partner in the purchase. The big advantage of the broker service is above all that the process is very simple and fast for the customer. However, the customer must already install a wallet during the purchase in order to be able to send the cryptocurrencies. Coinmama does not offer a wallet service.

What cryptocurrencies does Coinmama offer?

The platform offers a total of 8 cryptocurrencies. Compared to other cryptocurrency exchanges, Coinmama thus has a comparatively small selection of cryptocurrencies:

Coinmama costs and fees

Since there is no “central bank” that centrally determines the price of cryptocurrencies, every exchange and every broker has the possibility to set its own price. The price is set by Coinmama and includes a fee of 5.90 percent in addition to the market price. For an overview of the current market price we recommend our price overview for all cryptocurrencies.

In addition, the following additional fees may apply:

  • The payment processor charges an additional fee of 5.00% for the purchase of cryptocurrencies by credit card/debit card.
  • There is no processing fee when purchasing by bank transfer (SEPA). For SWIFT transfers, however, an additional processing fee of GBP 20 will be charged for orders under USD 1,000. There is no charge for orders over 1,000 USD.

How do I set up a Coinmama account?

Coinmama offers a huge advantage over some other merchants: It is possible to buy cryptocurrencies directly with Euro. To do this, you must first go to the official website and click the blue “Sign Up” button in the top right corner to register.

The first step is to set your email address, first and last name, your location and a password. When all fields are completed, click on the blue “Create Account” button.

Coinmama registration

With this step you automatically agree to the privacy policy and terms and conditions. If you want to read these documents, simply click on “Terms” or “Privacy”.

If you clicked on “Create Account”, you will be sent an email containing a confirmation link. You have to click on it to activate your account. Also check the spam folder, because the mail can be quickly sorted into the wrong folder. Once you have activated your account, you will be redirected back to Coinmama.com. Now you can log in to your account. Click on “Log in” in the upper right corner. Now enter your username and password and log in.

Afterwards you will be asked to verify your identity. You can use a valid identity card, an international non-US passport, a driver’s license or a residence permit. You must upload a copy of the front and back of your passport, driver’s license or passport.

Coinmama verification process

Furthermore you have to make a selfie, on which you hold up a sheet of paper, on which the current date and the name Coinmama can be clearly seen.

Coinmama account verification limits

Once you have done this, you can click on the blue button in the bottom right corner of “Send for Approval”. Then it usually takes a maximum of 24 hours to verify your documents (1-2 hours for us). Your daily trading volume will then be $15,000 (Level 1).

>> Buy cryptocurrencies on Coinmama* <<

Verification levels and purchase limits

Once you have completed the verification process described above, you are at verification level 1.

For the level 2 verification you need another (secondary) passport, which you also have to upload to Coinmama on both sides.

In addition to the above IDs, you will also need to upload an invoice as proof of your place of residence. Accepted invoices are electricity, cable, gas and sewage bills, as well as real estate tax assessments, account statements or credit card statements.

In addition, level 2 requires that you have purchased at least $9,900 worth of cryptocurrencies from Coinmama. Level 2 enables you to buy or sell $50,000 in cryptocurrencies every day.

Level 3 requires the completion of a short form. To receive this, you must contact Coinmama Customer Support. This final verification level allows you to buy or sell cryptocurrencies worth up to one million US dollars.

The Coinmama Wallet

Coinmama does not offer a wallet service and only sends cryptocurrencies to any wallet.

You must therefore set up a software or hardware wallet to receive the cryptocurrencies. Alternatively, you can simply send the coins to another cryptocurrency exchange with wallet, e.g. Litebit, Coinmerce or Binance.

For security reasons, we recommend that you use either a software wallet or a hardware wallet.

How can I buy cryptocurrencies on Coinmama?

At Coinmama you can buy cryptocurrencies with the following payment methods:

  • by credit card
  • with debit card
  • by bank transfer.

Deposits are accepted in all major currencies, i.e. you can pay with your local currency. However, prices are always displayed in USD or EUR. The minimum amount (the minimum) for a purchase of cryptocurrencies is currently 60 USD (or the equivalent in EUR).

This is how it works: First click on “Buy” in the navigation bar. Then you will see the following page:

Coinmama buy cryptocurrencies

Here you have to make three entries. First you have to select the cryptocurrency you want to buy (e.g. Bitcoin, Ethereum or Litecoin).

In the second step you select your national currency (e.g. Euro). The step is to enter in the bottom line the amount you want to buy, either in crypto (in the screenshot = LTC) or in Euro (EUR). Then you can click “Buy LTC“.

Now you will be redirected to a new page where you have to enter your wallet address.

buy crypto on Coinmama

If you don’t have a free Wallet for Litecoin, Bitcoin or any other Altcoin yet, just have a look at our wallet tutorials (click here!). There you will find instructions on how to install, set up and use wallets for various cryptocurrencies.

In the last step (after “Go to Payment”) you only have to follow the instructions how you want to pay. As soon as Coinmama has received your money, it will for example send the Litecoin to your wallet. Depending on the cryptocurrency and processing time within the blockchain, a short processing time may be added. Usually you should see your cryptocurrency on your wallet within two days.

>> Buy cryptocurrencies on Coinmama* <<

How can I sell cryptocurrencies on Coinmama?

The function does not exist with Coinmama yet very long. As a result, the sale of cryptocurrency is currently only possible for Bitcoin (as of June 2019). Coinmama offers you the opportunity to sell Bitcoin online via SEPA bank transfer and convert it into euros in just a few steps. The option is available in selected European markets. All you need is a Coinmama account and a SEPA bank account.

In the following countries this is possible: Andorra, Belgium, Bulgaria, Denmark, Germany, Estonia, Finland, France, Gibraltar, Greece, Ireland, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Austria, Poland, Portugal, Romania, San Marino, Sweden, Switzerland, Slovakia, Slovenia, Spain, Czech Republic, Hungary, United Kingdom, Vatican City, Cyprus.

This is how it works for us – sell Bitcoin on Coinmama:

  1. Log in to your Coinmama account and select “Sell“.
  2. Choose the Bitcoin amount you want to sell. You will then immediately see the Bitcoin-Euro exchange rate. Alternatively, you can enter a Euro amount that you would like to receive for your Bitcoins (see screenshot).
    Coinmama sell Bitcoin
  3. Then all you have to do is follow the instructions for entering your bank country, the IBAN (international account number) and your personal data. You have 30 minutes for the complete input.
    sell cryptocurrency on Coinmama
  4. The last step is to send the exact amount of Bitcoin (in a single transaction) to the wallet address provided by Coinmama. This works without problems by scanning the QR code from your Wallet app. As soon as Coinmama has received your BTC, the broker will transfer the agreed Euro amount to your bank account. This usually takes between 1 and 2 working days.

Coinmama test

Security and reputation

Especially in the financial sector it is essential to use a reliable broker. This can be affirmed with Coinmama. The two companies behind the Coinmama platform are registered as Money Service Businesses with the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN). In addition, the company has been in existence since 2013, which speaks for the broker’s reliability and experience.

Fees and payment methods

Trading cryptocurrencies is a lucrative business for companies, as they can set their own fees and prices. Therefore, you should check the purchase prices on other stock exchanges before investing. Like all exchanges, Coinmama also charges a premium.

This is not kept secret by Coinmama, but is publicly known. Coinmama is currently charging a fee of 5.9 percent on the market price. This is relatively expensive compared to other brokers. However, the company has made continuous efforts to reduce its fees as much as possible. Coinmama is also a very reliable partner for the quick purchase of cryptocurrencies.

The fees of the best broker in comparison
LitebitCoinmerceBitpandaCoinmamaCoinbase
Litebitcoinmercebitpanda logoCoinmamaCoinbase

Available in:

Europe

Available in:

Europe

Available in:

worldwide

Available in:

worldwide

Availbale in:

103 countries

Fees:

approx. 1-2%

Fees:

approx. 1-3%

Fees:

1,49%

Fees:

5,9%

Fees:

1,49%

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The support

The support of Coinmama is available in various forums and on social media, as well as via the Facebook page, e-mail and support tickets, as well as a live chat.

The response time is usually 2 hours. From our experience, the live chat (within the regular operating hours) and the Facebook Messenger are particularly suitable to receive very quick answers.

Hacker attacks

Coinmama suffered a significant privacy breach in February 2019 when data (email addresses and hash passwords) from over 450,000 customers were distributed on darknet. The incident occurred in the context of a cross-platform hack that also affected other websites.

Since Coinmama does not store any credit card information, however, no payment-relevant data was stolen. In addition, no cryptocurrencies were stolen. Coinmama merely asked the potentially affected users to reset their passwords at the next login.

Bottom line

Coinmama is one of the established suppliers for the direct purchase of Bitcoin, Ethereum, Litecoin and some other well-known cryptocurrencies. The broker is very reliable and fast in processing orders. If you want to buy cryptocurrencies by credit card or SEPA bank transfer, Coinmama is a very good option.

>> Buy cryptocurrencies on Coinmama* <<

Coinmama alternatives

If you are looking for another stock exchange, we would like to introduce you to some other crypto exchanges with which we have had very good experience.

Litebit is our top recommendation for you. The exchange offers 50 different cryptocurrencies for direct purchase by credit card, SEPA, SOFORT and much more. The customer support is really fantastic and always reachable. We have been a regular customer of the exchange for 4 years and are very satisfied. >> To the review of Litebit <<

Coinmerce offers over 100 different cryptocurrencies for purchase by credit card. Customer support is really good and always available. We have been a regular customer of the exchange for 2 years. >> To the review of Coinmerce <<

Binance is one of the largest exchanges worldwide and is considered to be particularly user-friendly and secure. Within just a few months, Binance has risen to become the largest exchange in terms of trading volume. It is also possible on Binance to buy Bitcoin, Ether and XRP directly by credit card.>> Read our review of Binance <<

eToro is also a well known cryptocurrency CFD broker offering both the purchase of “real” cryptocurrencies by credit card and the trading of cryptocurrency CFDs. You can use up to a double leverage to bet on the price of the cryptocurrencies. >> Read the review of eToro <<

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About Author

Jake Simmons

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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