Coinmama review 2023

Our verdict

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.

• Ratings methodology - how we rate 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 rating 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.

Coinmama pros and cons

Pros

• 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.
• 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.
• Has served customers for nearly a decade. Coinmama was founded in 2013 and has served its users well, with no major reported issues.
• Complies with the Financial Crimes Enforcement Network regulations in the US. FinCEN is the peak body for regulating cryptocurrency exchanges in the US which requires Coinmama to comply with laws and regulations that are intended to provide certain protections for users.
• Trade with multiple fiat currencies. Coinmama allows you to trade with 6 currencies including USD, EUR, AUD, CAD, GBP, JPY.

Cons

• 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.
• 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.
• Only 18 cryptocurrencies supported. Coinmama supports a smaller variety of assets than some of its competitors. This isn't necessarily a bad thing, but if you're looking for a large range of altcoins you may want to compare other platforms.
• Not available to all US residents. Coinmama is only available in 49 states. You can not use Coinmama if you are a resident of New York
• No live chat or phone-based customer support. Coinmama does not have a live customer support service. Instead you will need to consult the FAQ or contact Coinmama via email, which may take several days to receive a reply.

About Coinmama — company background

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 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 18 cryptocurrencies, but some notable assets are missing. Namely, BNB, Lido Staked Ether and Cardano, which are in the top 20 cryptos by market cap. In total, 10 of the top 20 cryptos are available on Coinmama.

Popular assets on Coinmama

• See all Coinmama crypto assets

  • BTC
  • ETH
  • XRP
  • BCH
  • EOS
  • LTC

  • USDT
  • ETC
  • OMG
  • DOGE

  • LRC
  • LINK
  • NMR
  • UNI
  • USDC

  • WBTC
  • COMP
  • AAVE

Coinmama fees

Coinmama uses a maker taker fee structure for spot market trading. Instant purchases incur a separate fee.

Type	Fee
Maker	0.99% to 3.90%
Taker	0.99% to 3.90%

Maker fee explained. A maker fee is the fee charged when you propose an order for other traders to take. In other words, this fee is charged when you place a limit order to sell an asset, but that order is not filled immediately.

Taker fee explained. A taker fee is a fee charged when a buy order is matched immediately with a sell order on the books. This is the fee charged when you place a market buy order.

Coinmama deposit methods

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 proof of identification). This can take quite a long time. The reason for this is Coinmama's commitment to certifications, and compliance with regulations and insurers.

1. Get started
   After selecting the Get Started button, fill in the create account form.
2. 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.
3. 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.
4. Start trading
   After all that is processed, you're ready to trade on Coinmama.

Create Coinmama account

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 centralized 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.

Coinmama customer support

You can use Coinmama's help center to help troubleshoot issues.

If you need to contact someone from Coinmama, you can do so via a contact form or via email.

Reviews of customer service on Trustpilot are good, with many reporting helpful, prompt support.

How to reach Coinmama customer support

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