Coinmama Review: With the recent boom in cryptocurrencies, everyone is will to grab their share of profit.
Initially Buying Bitcoin took a lot of time and efforts but Coinmama made the process swift by allowing Credits cards as a payment mode.
So Today I’m going to give you a complete review of Coinmama, the site which changed the way people used to Buy Bitcoins.
So without any further ado! Let’s get started with our review.
- 1 What is Coinmama?
- 1.1 In which Countries Coinmama is Available?
- 1.2 Which are the Cryptocurrencies offered by Coinmama?
- 1.3 What are the Payment modes on Coinmama?
- 1.4 What are the charges/fees?
- 1.5 What are the Purchase Limits?
- 1.6 What is the minimum purchase on Coinmama?
- 1.7 How Much time does it take to get my Bitcoin?
- 1.8 How is the Customer Support?
- 1.9 What about Security & Reliability?
- 1.10 Pro & Cons
- 1.11 How to get started on Coinmama?
- 2 Coinmama Review
- 3 Pros
- 4 Cons
What is Coinmama?
Coinmama has pioneered in selling Bitcoin and Ethereum readily to anyone who has a credit/debit card. Here you can Buy Bitcoin directly from the site without any middleman in between. This makes the purchase really prompt and reliable.
Moreover, Coinmama only allows to Buy crypto and does not have any feature to sell them. Also, they do not provide a web wallet, thus you need to enter your Wallet Address where you wish to receive the funds.
In which Countries Coinmama is Available?
This is one of the most asked questions, so let’s see in which countries you can use Coinmama to Buy BTC and ETH.
Currently, CoinMama is available in 217 countries which includes United Kingdom, United States, India, Dubai, Srilanka, Spain and much more. You can checkout the complete list of available countries here.
However, Coinmama supports only a handful states in U.S.A. :
- South Carolina
- New Jersey
- New Mexico
- North Carolina
They also accept all local currencies which makes it one of the most widely used Bitcoin Buying site in the world.
Which are the Cryptocurrencies offered by Coinmama?
Currently, Coinmama sells Bitcoin and Ethereum only but there are going to add many more cryptocurrencies very soon.
I would also like to add that in a recent interview, Company representative stated that they will soon introduce Sell option for users. Thus Coinmama would become a place for Buying & selling cryptocurrencies.
What are the Payment modes on Coinmama?
There are only a few ways to buy crypto at Coinmama:
- Credit Card
- Debit Card
- Cash (Western Union)
You can use both Master and Visa powered cards. However, there is no option to do wire transfer or link your bank account.
What are the charges/fees?
|Credit Card Fee||around 5%|
|Cash Advance Fee||Negotiable|
Coinmama charges a flat 5.5% on every transaction and in addition to it, you will be charged around 5% as your credit card fee.
CoinTip: Sometimes your credit card company might charge you with Cash Advance Fee for which you can raise a dispute and might get the refund.
What are the Purchase Limits?
Purchase limits and Verification level goes hand in hand for buying BTC on Coinmama.
Coinmama has a daily limit of:
- Daily limit: 5,000 USD/EUR
- Monthly limit: 20,000 USD/EUR
Moreover, There are 3 levels of verifications for lifetime transaction limit and each allows you to buy bitcoin up to a certain amount.
Level 1: It allows purchases up to $10000 and you have to submit your basic details like Name, Phone number, email and a government-issued ID.
Level 2: It allows purchases up to $50000 and you need to submit a Passport and Driving License or a similar ID proof. You might also be asked to click a selfie holding your ID proof, for added security.
Level 3: If you are willing to go big and eyes to purchase BTC worth more than $50000, then you need to contact coinmama’s customer support at email@example.com and ask them the required procedure.
What is the minimum purchase on Coinmama?
Not everyone goes and buy 1 bitcoin at a time. So, Coinmama allows users to purchase Bitcoin in fractions and the minimum purchase is worth $60.
How Much time does it take to get my Bitcoin?
When I purchased Bitcoin on Coinmama, it took 30 minutes to reflect the funds in my Bitcoin Wallet.
But here are a few things on which the time depends:
- Confirming the payment by credit card company
- Confirming your Bitcoin wallet address
- Confirming the transaction on Blockchain
Since Coinmama is not a broker and sells the cryptos from their own inventory, it saves a lot of transition time.
How is the Customer Support?
Customer Support of Coimama is available through Email only. So if you face any issue you can straight away write down to firstname.lastname@example.org and you will get a response within 24 hours.
What about Security & Reliability?
Coinmama has been around for more than 4 years now and till now no illegal activity has been recorded in their name. Coinmama is a registered company and has millions of happy customer.
Moreover, it does not have 2-factor authentication and work only on regular password protection.
However, I find this site to be very reliable and safe as I have never faced any issues with it.
Pro & Cons
- Available Worldwide
- Real-time Price
- Easy for Beginners
- Does not allow to store crypto
- Does not allow to sell
- Does not accept Paypal
How to get started on Coinmama?
As you know all the nitty gritty of Coinmama, now its time to grab some Bitcoins. You just need to create an account, verify it and Buy Bitcoins.
But before you Buy Bitcoins, just get yourself a secure Bitcoin wallet.
2. Register as a New user by entering Name, Email ID etc.
3. Now verify your account here
4. Once your account is completely verified, its time to Buy Bitcoin/Ethereum.
That’s it! You will soon receive BTC/ETH in you verified wallet address.
So, This is it for today.
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