What is Coinmama?
Coinmama is a financial service business that makes buying digital currency "fun, fast and safe, from anywhere in the world". Since 2013 Coinmama has been on a mission to create the most simple financial service in the crypto space – spoken in a language you can understand, and backed by customer service you can count on.
Coinmama is an Israeli/Slovakian cryptocurrency exchange, best known for its long-term offering of "buy bitcoin with credit card and debit card". Over the years they’ve added more crypto coins and additional methods of payment such as SEPA and Swift bank transfers, making it really easy to buy bitcoin. Coinmama also offers high spending limits and verifies accounts quickly. Moreover, they claim that once a payment is approved, the coins are sent instantly. Coinmama also offers highly professional and friendly customer support.
2.1 million users from 188 different countries
On the date of last updating this review, 28 May 2020, the platform stated on its website that it had 2.1 million users from 188 different countries. This is very impressive in our opinion.
Coinmama offers a number of high volume traded coins for you to buy and/or sell, such as: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), Cardano (ADA), Qtum (QTUM), Ethereum Classic (ETC), Tezos (XTZ) and Eos (EOS).
Coinmama has a registration with the US Financial Crimes Enforcement Network (FinCEN) as a Money Services Business (MSB), through one of its group companies (New Bit Ventures Ltd). This allows Coinmama to accept US-investors as well.
Coinmama Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you.
Coinmama's purchase interface shows popular packages and/or the option to freely insert the exact amount of dollars (or EUR, GBP, CAD, AUD, JPY) you wish to spend or the amount of crypto you wish to buy. This purchase interface makes it very easy to understand if you’re new to crypto, yet it might not offer all the advanced buy/sell features more experienced traders look for. Here’s a peek at Coinmama’s interface:
Coinmama Trading fees
This particular platform is more a cryptocurrency store than a cryptocurrency exchange. They sell cryptocurrency from their own inventory, and do not facilitate transfers from one Coinmama-user to another. Accordingly, it is difficult to compare the fees charged by Coinmama with the industry average trading fee at a regular centralized exchange (0.20-0.25%).
Fees here start at 2.90% but vary substantially based on your payment method and certain other circumstances. For instance, buying crypto via SEPA-transfer is cheaper than buying crypto via credit card. If you buy crypto via SEPA-transfer at Coinmama, your total fee is normally 5.5%.
Coinmama Withdrawal fees
Coinmama doesn’t charge any additional fees to withdraw coins.
Coinmama is actually one of the first crypto exchanges in the world to have ApplePay as a payment option. This means that you can purchase crypto from Coinmama via ApplePay. An amazing development for sure. Transactions through ApplePay are both safer and quicker.
In addition to this, Coinmama also offer credit and debit cards as deposit methods (VISA & Mastercard) and bank transfers (Faster Payments (UK), Fedwire, SEPA, Sofort, and Swift).
All in all, Coinmama's rich plethora of available payment/deposit methods is really one of its strongest features.