Coinmama Review: Broker with Tradition


Coinmama is one of the oldest Bitcoin brokers. Now the also sell ethereum. The company is based in Israel and they specialize in selling and buying bitcoins using a credit card. Their services are available to almost anyone worldwide. There are also high limits for buying bitcoins via debit or credit card. On the other side, Coinmama fees for buying with debit and credit cards used to be a bit higher than the fees at some other cryptocurrency exchange platforms. 

There have been many changes in the cryptocurrency industry, especially since 2014. It has become very easy to buy and sell digital currencies with your credit or debit card. This is mainly due to the fact that major companies such as Simplex have allowed brokers and exchanges to verify users with significantly less risk.

This new feature has been warmly welcomed by users worldwide. Without this method, users would be bound to some old methods like going to a Western Union counter and depositing money there. Therefore, Coinmama broker integrates Simplex in their system which allows users to deposit money with MasterCard or Visa credit and debit cards. The platform facilitates the whole process of selling and buying Bitcoins and Ethereum as one of the leading brokers in the industry. The company is proven to be reliable and trustworthy and you can see that the entity is registered as a Money Service Business.

Payment Methods and Fees

Coinmama website is available in several languages including Russian, Spanish, Italian, French, English, and German. When it comes to the supported countries it should be noted that the company offers its service to users worldwide, but, for example, in the US some states banned cryptocurrencies (like Hawaii), each state has its own regulations, but with many of them Coinmama works successfully. In order to start trading on the platform, you have to register and provide personal information including first and last name, country, and email.

As soon as you register and verify your account, you are ready to go. The company’s site is security scanned as well as GoDaddy certified, so users can rest assured that Coinmama is legitimate and reliable. It also means that you can expect no leaks from Coinmama website regarding your personal information. The website employs the latest SSL encryption, so you know your personal information is kept strictly between the website and you.

Since the website is available in several languages it enables people from all over the world to use this service. As we already mentioned, the platform accepts MasterCard and Visa credit and debit cards. Credit Card is the most popular payment methods used at Coinmama. However, Coinmama charges higher fees in comparison to some other platforms like Coinbase or CEX.IO.

But the company has been reducing their fees drastically throughout a year. Currently the rate is at the level of 6.30% as opposed to previous 10%. And they keep working in that direction. However, it should be noted that the fee depends on user’s country as well as the purchase size. Fees, in fact, are significantly lower mainly thanks to credit cards. The overall process has become more advanced so the fees are lower. It may seem that a fee is too high, but companies have great expenses in order to fight against fraud and chargebacks. Coinmama CEO once stated that the company is aware of the fact that their commission is considered pretty high to the average customer, but they are looking for ways to lower the commission and to give their customers more value for their money.

Availability of Cryptocurrency

Coinmama provides one of the easiest ways of buying Bitcoins. The company was launched back in 2013 and it has been leading the industry ever since. The company was one of the first in the industry offering great Bitcoins opportunities. There are many benefits of the platform, especially when it comes to the availability of cryptocurrencies. You can be sure that there is always a regular supply of virtual currencies at Coinmama. In other words, no matter a number of Bitcoins you need, Coinmama will provide that amount and you won’t be wasting any time. There are some Bitcoin platforms that can’t respond always to the Bitcoin demand, but that is not the case at Coinmama.

In order to buy Bitcoins, you can use your debit and credit cards. On the other hand, if you use a credit card you should know that this takes some time, so prepare to wait. Coinmama team is greatly aware of the fact that people want an easy and fast way of buying Bitcoins, so they made sure that their service is qualified as both fast and easy to use.

Even though there are higher fees and commissions, the platform is still highly recommended. For instance, when you are trying to purchase Bitcoins at some lower rates, you may end up waiting for bank wire to be credited to your account, or your bank can even block the transfer entirely. On the other hand, you will never experience something like this at Coinmama since the platform will send you Bitcoins immediately after you confirm your payment. It should be noted that Coinmama has no hidden charges, but you may be charged a certain fee by your credit card processor. However, Coinmama is not responsible for those charges when you pay with your debit or credit card.

Coinmama converts fiat currencies of EUR and USD to Bitcoins so you don’t have to worry about converting your money since Coinmama does that for you. You can see the current price of Bitcoin at their website. When it comes to the limits and liquidity, Coinmama really offers some of the highest limits among brokers which accept credit cards. In fact, the broker allows up to $5,000 worth of Bitcoins to be purchased per day and Bitcoin in the worth of $20,000 to be purchased per month.

Customer Support and Security

Coinmama is one of the first Bitcoin brokers in the industry. The platform has been selling Bitcoins via debit and credit cards for longer than any other platform. It allows users to buy less than $150 worth of Bitcoins without providing an ID or any proof of identity.

If you are thinking of purchasing more over this amount worth BItcoins, you will have to provide full identity verification. It should be noted that the initial verification can take several hours but the process will be done in less than 24 hours. After the user registration and the initial verification process is over, all following purchases will have bitcoins delivered immediately.

When it comes to the Coinmama customer support, you can contact them via email which is provided on the website. There is also the live chat option. However, it is not available 24/7. On the other hand, it is an indication that Coinmama is very serious about communication with users as well as dealing with issues and problems of their users. In order to contact Coinmama customer support department, you have to state your name as well as your address or simply log in using Google or Facebook.

There is a greatly enhanced security at Coinmama. Security includes the certification like GoDaddy as well as security scanned badge. The company also holds anEVV SSL encryption certificate from Comodo which indicates that the website is continuously protected and scanned. Coinmama has a great potential, and most likely it will become more competitive in the near future. The platform has been in the industry for more than four years, and there are still improvements to come.
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