Coinmama : Easiest way to buy and sell cryptocurrencies

What is Coinmama?

Coinmama, which was found in 2013, is a cryptocurrency exchange/broker where you can buy cryptocurrencies. This exchange is located in Israel. Coinmama lets you buy cryptos with a debit card or a credit card. Coinmama verifies every one of their users in order to keep their account safe and minimise fraud. The cryptos that you can purchase with coinmama are:

  • Bitcoin
  • Ethereum
  • Litecoin
  • Ethereum Classic
  • Ripple
  • Eos
  • Qtum
  • Bitcoin Cash
  • Tezos
  • Cardano
  • Coinmama is not similar to Coinbase Pro or any other exchanges. Coinmama is like a exchange broker (like eToro who is a multi-asseted broker company) who sells cryptocurrencies personally to you in exchange for fiat money.

Coinmama Logo
Photo Credit – Coinmama.com

Pros and Cons of Coinmama

Pros

  • Instantly get your favourite cryptos

As soon as you purchase cryptocurrencies with Coinmama, you cryptos will directly be sent to you.

  • Lots of payment options

Coinmama allows you to purchase cryptos with a lot of payment methods through your cards. You can choose the following payment methods:

Faster Payments – 0% additional fee and delivery within 1 business day.

Credit or Debit card VISA Mastercard – 5% momentum fee and delivery is instant. Locked rate and instant delivery.

SEPA Bank Transfer (EU banks only) – 0% additional fee and delivery within 1 business day.

Sofort – Direct Bank Transfer

Worldwide Bank Transfer (SWIFT) – This payment is only available if your purchase is above 1,000 USD.

Wire Transfer (US Domestic) Fedwire – This payment is only available if your purchase is above 3,900 USD.

  • Available in 180+ countries

This service is available in over 180 countries. There also are some countries that Coinmama does not support. Visit Coinmama for a full list and more information on which countries Coinmama supports as well as the countries that it does not support.

  • User-friendly

Unlike other platforms, this platform is very user-friendly and has all its processes explained in very easy steps. You might just get shocked by looking at all the graphs, charts and a whole page of order books and trading history. Just visit Coinbase Pro to get what I am talking about. Unlike those platforms, Coinmama does not make things seem complicated. All the processes are simple. This does not mean that Coinbase Pro is bad, it just means that it is for advanced users.

  • Debit card and Credit card

With Coinmama, you can use your debit or credit card ( native fiat currency) to buy cryptocurrency directly from the website. This is one good feature of Coinmama as other websites just ask you to purchase cryptos like bitcoin through other cryptos like litecoin.

Cons

  • Less cryptos available; only famous ones are there

Coinmama does not support a lot of cryptocurrencies; only 10 including BTC, ETH, LTC and XRP. This is very bad compared to other exchanges that offer more than 50 cryptocurrencies.

  • Less features

Coinmama only has the features of buying, selling and signing up. It only operates in the US and EU whereas Coinbase operates in the US, EU, AF, AS and Australia. Coinmama doesn’t offer a mobile app or an analytics tool. Coinmama also doesn’t have any options for earning whereas Coinbase does.

  • Fees for credit card

Coinmama has a certain amount as additional fes. Although its best feature is that it accepts credit and debit cards, it can also be a disadvantage as it charges fees. This fee is added on top of your order amount after you choose the card method payment. On a transaction with a locked crypto rate and instant delivery, there is an additional 5.00% express fee. This fee is added on top of your order amount after you choose the card method payment. Visit the lots of payment options in the advantage section above to know the fees for cards. Visit Coinmama Fees to know more about fees and charges.

Coinmama Screens
Photo Credit – Coinmama.com

Registering to Coinmama

Here are the steps to open an account in Coinmama:

Step 1

The first thing that you have to do in order to sign up is go to the official coinmama website and click on the sign up button located at the top right of the page. Or just click here to directly go to the sign up page.

Step 2

Once you have clicked on the sign up page, it will take you to a page that says “Join Coinmama today”. Your next step is to enter all the required information. That is, email, password and your country of residence. Click on the “Yes! Send me discounts, promotions & security updates by email” button if you want to receive them. It will say that you have to be above the age of 18 to sign up. It says “By signing up, I confirm that I am at least 18 years old, and I agree to the Terms and Privacy Policy”. Then click on the “Create Account” button to create an account.

Step 3

After you have created your account, Coinmama will ask you to take the verification process. You should make sure that you have the following nearby:

  • A piece of paper and a pen or pencil
  • Government-issued ID
  • Your mobile phone with a working camera

Then click on the “Complete my Profile” button.

Step 4

Now, after you have completed that, enter your First Name, Middle Name (If any), Last Name, Date Of Birth (DOB) and gender. Then click on the “Next” button. This will then take you to your personal information setup page. Fill that up and click on the “Next” button.

Step 5

You then have to upload a few documents in order to complete the KYC process. You should make sure that you have the following nearby:

  • A piece of paper and a pen or pencil
  • Government-issued ID
  • Your mobile phone with a working camera

Then click on the “Let’s Go” button.

Step 6

You have to choose your country and ID type. There will be a dropdown box for the ID type. You then have to enter your ID number and ID expiration. Then click on the “Next” button.

Step 7

In this step, you will have to upload your documents. You can also use your desktop or just continue with your mobile. In this guide, we will look at the desktop method. You now have to upload your passport. Carefully ensure that:

  • Every single corner is visible.
  • The text is clear.
  • Upload a coloured image that is unaltered

Then click on the “Looks Good” button

Step 8

Your next step is to take a selfie with your ID. The photo must contain the exact same copy that you have uploaded. Make sure that you also hold a piece of paper with the word “Coinmama” along with the current date. Also make sure that your face, text and image is clearly visible. To get verified, both must be in the selfie. Once you have uploaded your selfie, click on the “Looks good” button.

Step 9

Now, you will receive a confirmation link that will be sent through your mail. Go to your mail and click on the “Confirm Your Email” button. The document verification usually takes around 30 minutes however, at peak times, the verification process might take a few hours.

That’s it, you are finished, you’re on your way to buy crypto!

Account limits for buying and selling

Coinmama has different account levels through which you can buy a certain amount of cryptocurrency. The levels are verified only to fight against fraud, to find out who you are and to find out where you came from. Accounts are normally verified within a couple of hours, so you will just need to wait until you receive an email.

The higher account you get, the more cryptocurrency you can buy and sell. These account levels are committed to only by the amount of information that you provide. You can only go to the next level if you have reached your spending limit. Beginners will upload documents to receive Level 1 verification. When they have reached the spending limit, they will upload documents for a Level 2 account. It’s the same case for level 3. Here is a list of what you can do with each different levels:

Level 1

  • Daily bankcard buying limit – $5,000 / 5 orders
  • Daily fund transfer buy and sell – $15,000 / 10 orders
  • Monthly bankcard buying limit – $15,000 / 20 orders
  • Monthly fund transfer buy and sell – $15,000 / 50 orders

Level 2

  • Daily bankcard buying limit – $5,000 / 5 orders
  • Daily fund transfer buy and sell – $35,000 / 10 orders
  • Monthly bankcard buying limit – $30,000 / 30 orders
  • Monthly fund transfer buy and sell – $50,000 / 50 orders

Level 3

  • Daily bankcard buying limit – $7,500 / 5 orders
  • Daily fund transfer buy and sell – $50,000 / 10 orders
  • Monthly bankcard buying limit – $40,000 / 30 orders
  • Monthly fund transfer buy and sell – $100,000 / 50 orders

Sign up to Coinmama to start buying cryptos now.

To make purchases of $100,000 USD or more at a single time, join Coinmama Business. After you have clicked the link, fill out the form to begin the application process.

If you are looking for higher amounts, contact [email protected]. This link will take you through mail.

Coinmama alternatives

A few alternatives to Coinmama are:

Coinbase Pro

Coinbase

Cex

eToro

Gemini

Bitpanda

Kraken

Luno

Binance

Disclaimer: Digital Wallets News does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

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