Coinmama review
- Fiat currencies
- 6
- Supported assets
- 16
Our verdict
Purchase crypto assets and have them sent directly to your wallet with Coinmama.
Coinmama is a nearly decade-old peer-to-peer crypto exchange.
As a peer-to-peer exchange, Coinmama brokers deals directly between buyers looking to purchase crypto with fiat currency and sellers looking to sell their crypto for fiat currency.
Coinmama allows you to purchase crypto using a host of different payment options ranging from bank transfers to Apply Pay to wire transfers.
To use Coinmama, you have to know how to set up a self-custodial crypto wallet, as your crypto purchases are sent directly to you. The private keys for your crypto are never held in Coinmama’s custody.
Transactions fees on the platform are high, so unless you have a specific reason to use Coinmama, you may be better off using an exchange with lower fees.
Pros
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Simple UI. If you’ve already set up a non-custodial crypto wallet, then Coinmama is easy to use. The platform’s UI is simple and streamlined.
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Crypto purchases sent directly to a non-custodial wallet. Coinmama doesn’t custody any digital assets for customers. You must set up a non-custodial wallet if you plan to use the platform.
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Has served customers for nearly a decade. Coinmama was founded in 2013 and has served its users well, with no major reported issues.
Cons
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High fees. Coinmama’s commission fees range from 0.99% to 3.90%, depending on how much you spend within a 90-day period on the platform.
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Can only sell BTC on the platform. While you can purchase multiple crypto assets on Coinmama, you can only sell Bitcoin (BTC) via the platform.
Details
Product details
| Product Name | Coinmama Cryptocurrency Marketplace |
| Fiat Currencies | USD, EUR, AUD, CAD, GBP, JPY |
| Cryptocurrencies | BTC,ETH,USDT,USDC,XRP,DOGE,UNI,AAVE,LINK,ETC & 6 more |
| Deposit Methods |
Credit card Debit card Apple Pay Google Pay |
| Trading Fee | Buy and sell: 2.93–3.9% |
| Deposit Fees | 0–5% |
| Withdrawal Fees | N/A (assets are sent to user’s wallet directly) |
Ratings methodology - how we scored Coinmama
| Supported cryptocurrencies | ★★★★★ |
| Transferring money or assets | ★★★★★ |
| Fees and costs | ★★★★★ |
| Ease of use | ★★★★★ |
| Customer service | ★★★★★ |
| Features | ★★★★★ |
| Staking/earn | ★★★★★ |
| Trustworthiness/security | ★★★★★ |
How we rate our crypto exchanges and platforms
Finder's editors objectively assess each platform across a spectrum of performance metrics using a system of 1 to 5 stars, which are designed to help you assess a crypto platform's strengths and weaknesses. You can read our full methodology here.
Our score and selection of the best crypto exchanges is based on the same criteria as our annual Crypto Trading Platform Awards, updated by our editorial team throughout the year to reflect changes in the market.
About Coinmama — company background
Coinmama is a crypto broker exchange that was created in 2013.
Based in Israel, Coinmama specialises in fiat-to-crypto purchases where assets are deposited directly into users’ wallets. The exchange holds no assets on the platform, making it unappealing to hackers.
Traders can buy 16 cryptocurrencies but can only sell Bitcoin through Coinmama. Fees are high for purchases and sales. However, it is a secure platform that has successfully helped over 3 million users purchase digital assets in 188 countries.
Coinmama is more of a brokerage than a crypto exchange. The platform to doesn't custody assets for you, which means that any purchase you make is sent directly your wallet address of choice.
Listed Coinmama crypto exchange assets
Coinmama supports over 16 cryptocurrencies, but some notable assets are missing. Namely, BNB, Solana and Lido Staked Ether, which are in the top 20 cryptos by market cap. In total, 9 of the top 20 cryptos are available on Coinmama.
Popular assets on CoinmamaCoinmama fees
Coinmama charges a fee for 0–5% deposits.
Coinmama deposit methods
- Credit card
- Debit card
- Apple Pay
- Google Pay
How to sign up on Coinmama exchange
Before you can even get started trading on Coinmama, you have to go through the rigorous verification process (which usually involves providing proof of identification). This can take time. The reason for this is Coinmama's commitment to certifications and compliance with regulations and insurers.
- Get started
After selecting the Get Started button, fill in the create account form. - Set up payment
Before you can start trading, you have to add your bank account to your Coinmama account. There are several options to choose from, so choose the option most compatible. - Provide identification
Before you can make withdrawals and increase your transaction limits, you must submit proof of address and some additional identification. Use either a passport or a driver's license for this. - Start trading
After all that is processed, you're ready to trade on Coinmama.
Is Coinmama safe?
Coinmama is a regulated exchange that holds no user assets. This makes it secure as there is nothing to hack other than user data. There have been no security audits of the exchange.
Past hacks. Coinmama was hacked in 2019. However, it was solely a data leak. Coinmama disclosed that 450,000 email addresses and passwords were affected.
Security audits. There have been no security audits performed on Coinmama. The company allows users to set up 2-factor authentication, SMS alerts and other account security measures.
Insurance. Coinmama has no insurance, because it doesn't store user funds.
Keeping your crypto secure
All centralised exchanges, including Coinmama, are vulnerable to counterparty risks like hacking, theft and insolvency. Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds. We've shared some of our top picks below.
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 9,000+ |
Supported assets 30,000+ |
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Price (USD) $149 |
Price (USD) $179 |
Price (USD) $49.99 |
See more of the best crypto wallets
Coinmama customer support
Coinmama offers support via email only. However, the site’s FAQ and service desk support documents are reasonably comprehensive and easy to understand.
Coinmama has a help center available to users, in addition to a contact form. Reviews of customer service on Trustpilot are good, with many stories of helpful, prompt support.
How to reach Coinmama customer support
- Contact form
- Help center articles
- Phone
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Alternatives to Coinmama
Frequently asked questions
Evan Finder
Writer
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