Only a few years ago just a number of people heard about digital currencies. And now it’s highly popular and there are even various cryptocurruncies to buy and mine. As a result, a lot of brokers appear on the Internet.
Coinmama is such an exchange where you can buy well-liked Bitcoins, for instance. The site is based in Israel and has worked since 2013 providing useful, fast and simple financial service.
The broker’s credo or as the Coinmama calls it – DNA is: “Everything that’s good is built on strong values.” Thus, the service can be described by the following words: result-oriented, growing, simple, trustworthy, innovative, customer-centric, responsible.
Further, we’re going to investigate the company revealing all pros and cons, features, options available. So, keep reading the review.
Advantages & Disadvantages
Each broker site offers you something valuable and pleasant for using the service. Anyway, when it comes to money, it’s always a risk. That’s why, you’d better weigh options of crypto as well as check some issues not to lose a cent. Each coin has two sides. Herewith, we recommend you to look at the main advantages and disadvantages of Coinmama before making a decision.
| Advantages | Disadvantages |
|---|---|
|
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Platform Trading Features
Due to Simplex integrated into the system of Coinmama, you get immediate payment via Visa and MasterCard straight away the verification is completed (on average it’s about 10 minutes). What’s more, there is no buffer period for the first-time operations.
Coinmama has the Affiliate Program that promises some pleasant bonuses to get. Every customer can join it to gain some BTCs. They say that you can grab up to 15% of the platform’s commissions. All that for new customers you attract. The more successful referrals, the bigger rewards. It’s the way it works.
One more profit of the service is that everything is explained in simple words and instructions applied. Thus, after you have passed the registration there is 4 steps to follow to start buying crypto via the broker:
- Choose the amount of BTC/ETH and click “Buy Now”;
- Fill the payment form and follow the instruction;
- Complete the payment;
- Confirm your wallet address.
Available Countries and Currency
The company is the worldwide crypto broker. You can buy digital currencies in 226 countries. By the way, you can exchange Bitcoins and Ethereum, maybe others will be added soon. Transactions can be proceeded in the local currency, but still it’ll be displayed in USD and EUR.
Importantly, that the platform accepts and supports residence of the some US states as: AZ, CA, CO, FL, IL, IN, KS, KY, LA, MA, MD, MI, MO, MT, NV, NJ, NM, NC, PA, SC, TN, TX, VA, WI.
Payment Methods and Fees
The platform offers you to use Visa, MasterCard as well as pay with cash thru Western Union. You’re to pay 5.5% fee that is a charge to the company. Also, there can occur the additional fees depending on the method you choose:
| Methods | Fees | Transaction Time |
|---|---|---|
 |
5% | Immediately |
 |
5% | Immediately |
 |
depends on your bank | Immediately |
As you see, the taxes can be even heftier in case you pay with cash. It’s because of some banks consider buying of BTC/ETH as a cash advance and, therefore, it takes the charges. Note, that’s not a Coinmama’s ones. Just check if the bank adds advanced fees before buying the digital currency.
Note that if the payment was declined, then the taxes will be voided within 48 hours. It will be proceeded automatically.
Accounts and Limits
There are 3 verification levels for accounts. The limits you meet are based on them:
- Level 1 has a limit of up to $10,000 worth of bitcoin with credit/debit card
- Level 2 has a limit of $50,000
- Level 3 has NO LIMITS
Each account registered must be verified. To do that you have to provide some personal information and documents due to eliminate the risks of laundering of money. Get ready to send copies of your passport, ID-card, driver’s license as well as email, address, phone number.
Customer Support & Security
The platform assures total security of all your operations. Your personal info is encrypted and data about the transactions isn’t saved in the database of the company. No third parties are involved. FINCEN registered Coinmama and the site is a property of NBV International s.r.o..
If you need some help you can find answers in the FAQ section or refer to the customer service. It works on Sundays till Thursdays from 9:00 till 18:00 GMT+3 / 2 AM-10 AM EDT / 11 PM-7 AM PDT. You can contact the employees via email.
Conclusion
Coinmama is one of the oldest BTC brokers that seems to be legal and trustworthy with average 600,000 visitors per month. Here you can buy fractions of digital currencies via credit/debit cards, but such methods as PayPal and American Express are not available.
At the same time, you get direct buying without a middleman and fast transactions, but high fees and limits can spoil the experience. Anyway, the affiliate bonuses can’t but attract, of course if you join it.
Investigating the service, we’ve found as pros, so cons; and customers feedback is a bit of a mixed bag. However, it depends. You can compare the service with such exchanges as YoBit, CEX.io, Xcoins, BitPanda and others before making a final decision.