4.5 out of 5 based on 6 reviews.Overall rating:
|Features||Real-time price calculator; Affiliate system|
|Deposit Fees||Cryptocurrency deposits: 0%; credit card fee: 5%|
|Trading Fees||Yes (5.50%)|
|Withdrawal Fees||Yes (5% credit card fee)|
|Tradeable Coins||Bitcoin (BTC) Ethereum (ETH)|
- Supports different payment methods: credit/debit card, cash
- There is an extensive FAQ section that clearly addresses most possible issues
- Supports most countries worldwide
- The developers are still working on website translations for non-English users
- Only two types of cryptos are available
- You can only buy coins at Coinmama, there is no selling option
- High fees
- No mobile app
Coinmama.com is an exchange that operates since 2013. From the company’s FAQ, we have found out that the company is registered in Slovakia. Due to the fact that Coinmama accepts credit cards, it provides trading services to customers from almost all corners of the world. Here you can purchase bitcoins and ether for cash. However, be prepared to pay an additional 5.00% fee. Also, don’t forget that your bank might apply its own transaction fees.
Purchasing bitcoins or ether from Coinmama, you may take advantage of pre-made packages or choose the amount of coins you want to buy manually depending on your budget.
Before getting your coins, you have to complete an account. Accounts at Coinmama have different limits which depend on the verification level you have. What are they? The very first level is an unverified account you get right after registration. Purchasing possibility activates only after you verify your account. The higher levels of verification are achieved by providing more personal information to the website. This includes full address, documents scans and other details that prove your identity. The amount of coins you are allowed to buy grows proportionally to the information you share.
Pros and cons
Coinmama’s positive features:
- The exchange supports a wide range of countries the number of which is limited to unavailability of Mastercard or Visa in certain places
- Coinmama allows Western Union payments
- The service works fast, transferring coins right after the payment is made
- The highest daily purchasing limit is $50,000 for users of the second level and up to 1 million dollars for those who have the third level, which is one of the highest limits available on the market
And some weak sides of Coinmama:
- Customer support is available only via email (no online chat or phone is available), which makes communication significantly slower
- Coinmama has relatively high fees
- The website doesn’t provide any charts, graphs or other trading tools
- Mind that Coinmama only sells bitcoins and ether to you, but don’t buy your cryptocurrency
- The service doesn’t have a mobile application
- Only two currencies are available: ethereum and bitcoin
Generally, the most significant minus of using Coinmama is its high fees. If you are going to buy coins with your credit card, you will have to pay a significant commission and this downfall cannot be avoided now. Thus, the exchange is reliable and hopefully will make its fees lower in the future.