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Coinmama review
Purchase crypto assets and have them sent directly to your wallet with Coinmama.
- Multiple fiat and payment methods accepted
- High fees for crypto purchases
Check out our full list of pros and cons or read on.
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6
Fiat currencies
10
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 |
Fedwire SEPA Google Pay SWIFT Bank card |
| 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) |
Pros
- Easy to use and navigate
- Variety of deposit methods
- Six fiat currencies accepted
Cons
- High fees
- Only 10 cryptocurrencies available
- Can only sell BTC
What is Coinmama?
Coinmama is a crypto broker exchange that was created in 2013. Based in Israel, Coinmama specializes 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 10 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 accepts a variety of payment methods for 6 different fiat currencies, and provides multiple purchase options for customers. Finder’s Coinmama review has all the information you need about the exchange.
- If this is your first exchange: Coinmama has really high fees and does not provide you with a wallet for your assets. It may be more complicated than you’d like for a first crypto purchase. There is limited selection of assets.
- If you’re switching exchanges: Coinmama is not really an exchange. You cannot deposit any crypto assets and the only thing you can sell is Bitcoin. You are likely better served with your current exchange or a competitor to Coinmama that has more selection and actual crypto trading pairs.
Pros and cons of Coinmama
Pros
- Easy to navigate
- Variety of payment methods accepted
- Multiple fiat currencies supported
Cons
- High fees
- Limited crypto selection
- Only BTC can be sold
- No crypto trading pairs
Verdict: Is Coinmama any good?
Coinmama is a very basic crypto exchange. There is no trading interface, only buy and sell options. There is a limited selection of cryptocurrencies for purchase, and only Bitcoin can be sold. Because purchases are direct to users’ wallets, the exchange is very secure as there is nothing to hack. However, fees for buying and selling are very high, especially compared to competitors. Unless you have a very specific reason to use Coinmama, there are other exchanges with more selection, lower fees and more features.
What to know about Coinmama
Coinmama is more of a brokerage than a crypto exchange. There are no wallets on the site, meaning that any purchase made is sent directly to the purchaser’s wallet address of choice. There are 10 assets available to buy, but you can only sell Bitcoin. Fees on buys made on Coinmama incur incredibly high fees of 2.93–3.9%. These also do not include any fees charged by your bank. There are many purchase options available, but considering the small crypto selection and high fees, there are likely better options for your needs.
Finder Ratings
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Coinmama’s supported cryptocurrencies
Coinmama offers 10 coins and tokens for traders to buy and sell on the exchange. Notably, Coinmama doesn’t support stablecoins like USDT or USDC, and is missing other top assets such as Solana, Terra and Polkadot. Below are all the digital assets available on Coinmama:
How to transfer fiat and cryptocurrency with Coinmama
Depositing fiat on Coinmama has varying wait times depending on the method used (see chart under “Fiat withdraw and deposit fees”). Coinmama accepts a variety of deposit methods and it is easy to find the interface. There are no crypto deposits or withdrawals, as all transactions deal directly with users’ personal crypto wallets. When users make a purchase they must provide a deposit address. When selling Bitcoin they must send it from their wallet to an address generated by Coinmama.
Coinmama Fees and costs
Coinmama has extremely high fees. In addition to there being minimum order amounts, Coinmama charges users 2.93–3.9% for crypto purchases. This does not include any additional fees charged by your bank. Selling Bitcoin to Coinmama incurs the same fee structure, and Bitcoin is the only asset you can sell on the exchange.
Fiat withdraw and deposit fees
Crypto withdraw and deposit fees
There are no crypto deposit or withdrawal fees. This is because Coinmama does not hold any users’ assets on the exchange. The only asset you can sell on Coinmama is Bitcoin. Selling Bitcoin incurs a fee of 2.93–3.9% depending on your loyalty program status.
What is it like to use Coinmama?
Coinmama has a very straightforward interface. This is due to there being no trading interface, just simple buy and sell options. Navigating the site is easy as there are limited options.
Getting started with Coinmama and KYC
Before being able to use Coinmama, users will need to undergo Know Your Customer (KYC). Once approved, traders can begin buying on Coinmama.
Coinmama Academy
Coinmama has a learning center called Coinmama Academy. Here users can learn about crypto wallets, staking and more.
Coinmama buying interface
Coinmama has a buying interface with multiple options. Users can select a set amount of fiat to spend or choose a custom amount.
Coinmama Loyalty program
There is a loyalty program on Coinmama that rewards users with discounted fees. In order to unlock the first level of discount users must spend US$5,000 over 90 days.
Coinmama help center
Coinmama offers a help centre for users in addition to a contact form. The help centre contains information on everything from getting started with blockchain to how to buy crypto.
Does Coinmama have good customer support?
Coinmama has a help center available to users, in addition to a contact form. There is also a phone number available but it is in California and is not toll free. Reviews of customer service on Trustpilot are good, with many stories of helpful, prompt support.
| Support offered | Wait times | |
|---|---|---|
| Contact us form | ✅ | Within the day, usually fast according to reviews |
| Live chat | 🅧 | 🅧 |
| Help center (articles) | ✅ | Instant |
| Phone | ✅ | Unknown |
List of services on Coinmama
There are very few services offered by Coinmama. The only options are buying supported cryptocurrency assets, and selling them Bitcoin. They plan to add more selling support in the future.
Buying on Coinmama
When buying any of the 10 coins and tokens available on Coinmama, there are multiple options. This includes buying in set fiat amounts, buying in custom amounts and a variety of payment options. Purchases are deposited directly into your personal wallet; no crypto is stored on Coinmama. Fees range from 2.93% to 3.9%.
Selling BTC on Coinmama
The only asset you can sell via Coinmama is Bitcoin. There is a fee of 2.93–3.9% for selling it to them. In order to sell them Bitcoin it is a direct wallet to wallet transaction. This means you send them your Bitcoin and they send you money to your destination of choice when the BTC is confirmed as received.
Is Coinmama safe: trust rating
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, and there is no insurance. The lack of both of those aspects is likely due to the exchange holding no funds for users.
Past hacks
Coinmama has been hacked in the past. However, it was solely a data leak. Coinmama disclosed that 450,000 email addresses and passwords were affected in 2019. There has never been a hack of crypto on Coinmama.
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. This is because it does not store user funds.
Frequently asked questions
Is Coinmama safe to buy Bitcoin?
Yes, Coinmama is a safe exchange to buy Bitcoin. However, fees are quite high.
Which country is Coinmama based?
Coinmama was founded in Israel but has offices in Ireland.
What are Coinmama fees?
Coinmama’s fees for both buying and selling are 2.93–3.9%.
Which is better: Coinbase or Coinmama?
Coinbase is likely better due to higher asset selection and lower trading fees. In addition, there are crypto trading pairs on Coinbase.
How do I withdraw money from Coinmama?
There are no direct fiat withdrawals on Coinmama as it does not hold fiat. If you sell BTC through Coinmama it sends the money directly to the payment destination you specify.
How to Sign up on Coinmama
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Frequently asked questions about Coinmama
Is Coinmama safe to buy Bitcoin?
Yes, Coinmama is a safe exchange to buy Bitcoin. However, fees are quite high.
Which country is Coinmama based?
Coinmama was founded in Israel but has offices in Ireland.
What are Coinmama fees?
Coinmama’s fees for both buying and selling are 2.93–3.9%.
Which is better: Coinbase or Coinmama?
Coinbase is likely better due to higher asset selection and lower trading fees. In addition, there are crypto trading pairs on Coinbase.
How do I withdraw money from Coinmama?
There are no direct fiat withdrawals on Coinmama as it does not hold fiat. If you sell BTC through Coinmama it sends the money directly to the payment destination you specify.
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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2 Comments
February 1, 2018
we are runing a company where we nee 100 btc on daily basis how much fee you will charge how much time will taken for getting 100 after payment process
February 16, 2018
Hello Adeel,
Thank you for reaching out to us.
A gentle reminder, we do not represent Coinmama or any of the companies that we feature in our pages.
Nevertheless, when buying BTC with Coinmama, depending on your payment method, they charge 5.5% for every transaction and another 5% if you are going to use a credit card. So, in the given example above, for every $1000 worth of Bitcoin purchase, there will be a $55 fee. Please also note that other fees like if you’ll use your credit card, CA and FOREX conversion (if applicable) are not yet accounted for.
Please click on the green ‘Go to site’ button above if you wish to be redirected to the official site of Coinmam and process your BTC purchase from there.
I hope this helps.
Please do not hesitate to reach out to us again if you have additional questions.
Cheers,
Ash