Unlike many leading crypto platforms, with hundreds of cryptocurrencies listed, Coinmama has a small range of the top coins. Yes, Coinmama is a reliable company that comes with robust security and an easy-to-use platform that’s suitable even for beginners. The only issue is that Coinmama offers relatively high fees when purchasing coins with fiat money. As Coinmama’s fee structure is unclear, I wanted to test the fees for each of the above payment methods with $1000.
The amount of information hackers got from Coinmama was limited. Hackers got email addresses and hash passwords and no other information. Some other companies don’t even bother following up at all in the public sphere.
Coinmama is an easy, and convenient way to buy and sell cryptocurrencies instantly. Although ideal for novice users looking to get hold of digital currencies, you will need to look for another exchange in order to trade your coins, if you ever need to. For this reason, Coinmama exchange may not be a best choice for professional or serial traders.
Buy Bitcoin and Other Cryptocurrencies
- As of publication the affiliate program reward rate is 15% of Coinmama’s commission.
- However, it depends on how fast the payment is processed.
- Don’t forget to confirm your email address by clicking the link Coinmama send to your email!
- It’s good to note that the Coinmama team responds considerately to every Trustpilot review.
Of this, Coinmama’s fee came to £11.37 or 11.39%, making it the most expensive exchange I’ve reviewed for buying crypto. Coinmama’s simplicity and security make it a popular choice for beginners. Coinmama typically verifies accounts within 24 hours, although it might be faster sometimes. While you can expect a quick response, it’s best not to rush if verification doesn’t happen immediately. Altogether Coinmama is a reliable, established exchange and definitely one of the better platforms for the purchase of crypto. With the Coinmama loyalty program everyone is automatically enrolled, you don’t have to sign up for anything.
Plus they do not store your credit card information and cryptocurrencies are not held for customers. This makes it one of the safest crypto exchanges and one we confidently recommend. Coinmama’s credit card fees are higher than some other exchanges. However, it is worth noting that this is due to the ability to purchase through a credit card.
To complete the verification process, a user must provide their full name, home address, and a form of photo ID (passport, driver’s license). Additionally, new users must take a selfie while holding their ID and a piece of paper with the current date and ‘Coinmama’ written on it. The details provided by new customers are checked manually and can take anywhere from 30 minutes to a few hours to be confirmed. After changes were implemented fees are about 6.5%, which may still sound like a lot. However, if you look around at companies selling you Bitcoinwith credit card as a payment method, you’ll see that it’s basically the same fee everywhere.
If you are looking for more coin offerings, I would highly recommend checking out Coinbase. They offer 100+ coins and a user-friendly interface as well. Coinmama has a relatively high fee of 5% for using a credit card. A huge advantage of using Coinmama is that you CAN use your credit card, just keep this fee in mind when purchasing cryptocurrency from this exchange. While there are no monthly membership fees or other regular surcharges, Coinmama does have a kind of complicated fee structure that applies to each transaction. While you’ll need to get a crypto wallet from another company, the ability to buy and sell seamlessly and securely through Coinmama’s platform makes crypto trading easy and safe.
How to reach Coinmama customer support
While the ability to use credit or debit cards to buy crypto is convenient, it’s not cheap. You can get around this fee by using direct bank transfers which Coinmama doesn’t charge any additional fees for. Coinmama seeks to make buying and selling coins as easy and accessible as possible.
Limit level 1: buying limit up to $ 15,000
Coinmama’s fees are far from competitive, as our testing revealed significant discrepancies between its advertised rates and actual charges. The lack of clarity in its fee structure contributes to its reputation as one of the most expensive and least user-friendly exchanges. It offers easy-to-follow tutorials and explanations for beginners.
Coinmama Review 2025: Complete Beginners Guide
The Ledger Nano S, Trezor, and Coinbase Wallet can accept all digital tokens currently offered by the exchange. Once you successfully place an order you should receive your coins in your wallet within minutes. Coinmama is a secure platform primarily because it does not hold customer cryptocurrency assets. In other words you will need to supply a wallet address of your chosen cryptocurrency. Especially if you use one of these more expensive payment methods. You will have to factor in the exchange fees and the deposit method fees.
Reaching Level 3 involves contacting Coinmama’s support team and following their instructions. For beginners it might be good to have help from customer service. Since they are not familiar with exchanges and need a helping hand. You can of course offset the cost if you are eligible for their loyalty program. We will cover the loyalty program further down this Coinmama review. One of the drawback of Coinmama is that the fees are high.
- One of the disadvantages of the platform is the higher fees.
- It asks for details like your address and ID proof (passport or driver’s license) and lets you switch to your phone for a photo if needed.
- The platform to doesn’t custody assets for you, which means that any purchase you make is sent directly your wallet address of choice.
- It only displayed Bitcoin’s current price and offered a button to buy crypto, which redirected to Coinmama’s main buy screen.
In total, 8 of the top 20 cryptos are available on Coinmama. The Coin Bureau Editorial Team are your dedicated guides through the dynamic world of cryptocurrency. Depending on your loyalty level, they range from 0.99% to 3.90%.
Coinmama has consistently received positive reviews on Trustpilot, with many users praising their excellent customer service. While there are a few negative comments, they often stem from misunderstandings about KYC requirements. Coinmama does indeed have a KYC verification program that investors will need to complete before they can purchase cryptocurrencies on their platform. For anyone who wants to use a credit card or debit card to buy Bitcoin there is a full guide available on Coinmama’s website.
Coinmama allows you to buy only 10 coins, including Bitcoin (BTC) and Ethereum (ETH). When you compare this to other exchanges, such as Kucoin, that have more than 100 coins available, this is quite poor. However, its recent articles serve as educational content on the wider crypto industry instead of tutorials on the platform itself. The crypto swaps tool supports 500 tokens — well beyond the 82 tokens available on the main exchange. Coinmama’s £5.69 fee coinmama exchange review for a small sale of just £23.69 felt excessively high for such a small amount, a 24.06% fee! I appreciate the concept behind Coinmama, but its high fees make it an exchange I wouldn’t personally use.
To get Level 1 status, users must upload two documents, namely a valid ID issued by a national government and an image of yourself holding the ID and with a paper note. The note should contain the written word “Coinmama” with the specific date that the photo was taken on. To reach Level 2, you should submit a secondary ID, such as a utility bill or bank/credit card statement.