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Coinmama exchange – July 2021 review

Should you buy bitcoin, Ether or other leading cryptocurrencies on Coinmama? Our review can help you decide.

Founded in 2013, Coinmama aims to make it quick and easy for users to exchange their fiat currency for cryptocurrency. This popular cryptocurrency marketplace allows users to buy bitcoin (BTC), Ether (ETH) and three other leading digital currencies with their credit or debit card.

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Fiat currencies

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Cryptocurrencies

Details

Product Name Coinmama Cryptocurrency Marketplace
Fiat Currencies USD, EUR, AUD, CAD, GBP, JPY
Cryptocurrencies BTC, ETH, ETC, BCH, LTC, ADA, QTUM, XRP, XTZ, EOS
Deposit Methods Bank transfer
Credit card
Cryptocurrency
Debit card
Trading Fee 2.9-3.9% (depending on loyalty level)
Deposit Fees Credit card: 5%
Withdrawal Fees None
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

What is Coinmama?

Coinmama is a global online marketplace designed to make it as simple and straightforward as possible to buy digital currency. Founded in 2013, it’s helped more than 1 million people in 188 countries buy crypto coins and tokens using fiat currency. Coinmama is a subsidiary of Slovakian company NBV International s.r.o., which is based in Bratislava and is a daughter company of money service business New Bit Ventures Ltd.

You can buy bitcoin and other currencies on Coinmama by completing the following steps:

  1. Register for an account. You’ll need to provide your name, email address, country of residence and proof of ID.
  2. Enter transaction details. Specify which digital currency you want to buy and how much you want to purchase.
  3. Choose your payment method. Select the credit or debit card you will use to pay for the transaction.
  4. Fill out the payment form. Provide your card details and follow the prompts.
  5. Complete payment. The final step is to submit your payment and confirm your cryptocurrency wallet address.

Which cryptocurrencies can I buy and sell?

Coinmama users can buy seven cryptocurrencies through the platform:

  • Bitcoin (BTC)
  • Ether (ETH)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • Cardano (ADA)
  • Qtum (QTUM)
  • Ethereum Classic (ETC)
  • Ripple (XRP)

Coinmama users in many locations can also sell Bitcoin through Coinmama with high limits and 0% processing fees to receive money directly to their bank account.

Go to Coinmama's website

Available countries

Coinmama is currently available in more than 180 countries worldwide, including Canada, and it also accepts all local currencies. A full list of supported countries is available on the Coinmama website.

Which payment methods are accepted?

  • Visa credit/debit cards
  • Mastercard credit/debit cards
Go to Coinmama's website

How much will it cost me to use Coinmama?

The company charges a 5.9% transaction fee for each purchase. However, credit card and debit card transactions attract an additional 5% fee from Coinmama’s payment processors. It’s also worth checking with your bank or card issuer beforehand to find out whether you will also need to pay a cash advance fee for the transaction.

Fee
Transaction fee5.9%
Credit card purchase fee5%
Cash advance feeVaries (may be charged by your bank or card issuer)

Case study: Buying $1,000 of bitcoin on Coinmama

Let’s consider the actual cost if you wanted to buy $1,000 worth of bitcoin through Coinmama. (FYI, at the time of writing in August 2018, the price of one bitcoin is just above $8,100.)

Coinmama PurchaseRateCost
BitcoinReal-time$1,000
Coinmama fee5.5%$55
Credit card purchase fee5%$50
SEPA bank transfer0%$0
Exchange rate feeCoinmama prices are set in USD and euros. If you are using another currency, your bank or credit card may assess a currency exchange fee.Unknown
TOTAL KNOWN COST$1,105

It will cost you at least $1,105 to buy $1,000 worth of bitcoin using Coinmama. It might even be more, if you are assessed a cash advance fee or a fee for using a currency other than US dollars or euros.

What is a rate lock?

The price of bitcoin and most other digital currencies can fluctuate wildly. To avoid any problems that this may cause, Coinmama “locks” the crypto rate at the time of purchase. This means you will receive exactly the amount of coins or tokens you ordered, regardless of whether the price went up (or down) between the time you placed the order and when you receive your coins.

How soon can I get my cryptocurrency?

There are a few key factors that affect how long you’ll have to wait before you can access your funds:

  • Time for bank or credit card processor to verify your payment
  • Time required for you to confirm your digital wallet address
  • Time for the blockchain to confirm each transaction

Once your payment has been approved and you have confirmed your wallet, Coinmama usually sends the coins within 10 minutes. You’ll then have to wait for the relevant blockchain to confirm the transaction, which may take another 10 minutes.

Are there any transaction limits?

The minimum amount you can purchase in any one transaction with Coinmama is US$60 or equivalent. Daily and monthly transaction limits also apply as follows:

  • Daily limit: 5,000 USD/EUR
  • Monthly limit: 20,000 USD/EUR

Is it safe to use Coinmama?

Coinmama is a registered money service business based in Slovakia. The company has been selling digital currency since 2013 and employs a couple of key security measures to help ensure the safety of customer funds. These include encrypting personal details and documents and never storing customer credit card details on its website or servers.

However, there’s always an element of risk when buying cryptocurrency online, so make sure to exercise normal safety precautions.

Customer support

Coinmama offers support via email (support@coinmama.com) and zendesk. However, it also offers an online help centre with answers to a wide range of frequently asked questions.

Coinmama pros & cons

Pros

  • Live pricing in US dollars and euros
  • Makes it easy to buy crypto using your credit or debit card
  • 5 digital currencies offered
  • Buy direct from the site – no middleman
  • Buy crypto in more than 180 countries worldwide

Cons

  • Does not accept PayPal, American Express or Discover
  • High fees
  • No smartphone app

Compare Coinmama against other exchanges

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Bitbuy Digital Currency Exchange
Cryptocurrency, Interac e-Transfer, Wire transfer
CAD

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cryptocurrencies

Get a $20 bonus when you open an account and deposit at least CAD$250. T&Cs apply.
At this Canada-based cryptocurrency exchange, you can fund your account in CAD via Interac eTransfer and bank wire.
Netcoins Exchange
Netcoins Exchange
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Buy Bitcoin and 5 other cryptocurrencies instantly using this straightforward broker.
CoinSmart Cryptocurrency Exchange
Credit card, Debit card, Interac e-Transfer, Bank Wire, Bank Draft
CAD

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cryptocurrencies

Get a $20 bonus in BTC when you open an account and deposit at least CAD$100. T&Cs apply.
Buy and sell cryptocurrency quickly and easily, with instant verification and 24/7 customer support, on this Canadian exchange.
Gate.io Cryptocurrency Exchange
Cryptocurrency
USD, EUR, GBP, HKD, SGD, AUD, CHF, MXN

267
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A feature-rich exchange with over 700 tokens including derivatives, yield farming and lending products.
NDAX Cryptocurrency Exchange
Bank transfer (ACH)
CAD

10
cryptocurrencies

Get a $10 bonus when you open an account and deposit at least CAD$100. T&Cs apply.
NDAX is a Canada-based digital asset exchange with CAD currency pairs and with options for advanced traders.
Binance Cryptocurrency Exchange
Bank transfer (ACH)
USD, AUD, GBP, EUR, RUB, TRY, NGN, UAH, PHP, CZK & 20+ more

306
cryptocurrencies

Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: As of September 2019, US-based users can only trade USD on the American dollar onramp of Binance, Binance.US.
UK residents: In addition to normal crypto trading services, Binance offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
CA residents: Binance is not available for Ontario-based users.
Coinberry Cryptocurrency Exchange
Credit card, Debit card, Interac e-Transfer, Wire transfer
CAD

6
cryptocurrencies

Get a $20 bonus when you buy or sell at least CAD$50 in digital currency. T&Cs apply.
Buy and sell cryptocurrency with Canadian dollars on this beginner-friendly Canadian exchange.
Crypto.com App
Credit card, Cryptocurrency, PayPal, TransferWise, SEPA
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR & 9+ more

145
cryptocurrencies

Get 0% fees on credit/debit card purchases for 30 days after signup.
Buy 80+ cryptocurrencies, earn up to 8% on holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.
Gemini Cryptocurrency Exchange
Bank transfer (ACH)
USD, AUD, CAD, EUR, GBP, SGD, HKD

41
cryptocurrencies

Trade bitcoin, Ethereum and more at a US-based exchange where payments can be made in USD.
KuCoin Cryptocurrency Exchange
Cryptocurrency, PayPal, Wire transfer, Credit or Debit Card, SEPA
USD, EUR, GBP, RUB, CNY, AUD, KRW, JPY, TRY, VND & 40+ more

238
cryptocurrencies

Finder Exclusive: Get up to 10 USDT in trading fee rebates for signing up and making a deposit, and up to 30 USDT in trading fee rebates after buying with fiat. T&Cs apply.
Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
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Next steps

First, carefully review Coinmama’s features to decide if you want to make a purchase through the platform. If you want to get started with Coinmama, register for an account on the platform’s website. It’s then just a matter of registering for an account, choosing which cryptocurrency you’d like to buy, completing payment and confirming your wallet address.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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