Category Jumptlist  
Jumptlist

    Warning: Invalid argument supplied for foreach() in /home/sportst7/public_html/bestbitcoinwallets.com/wp-content/themes/quadrum-theme/includes/top.php on line 241

Coinmama Review

Coinmama Review

Coinmama provides quick buy services where customers purchase Bitcoin and Ethereum cryptocurrencies via credit and debit card. Based in Slovakia, the platform was launched in 2013 in an attempt help new buyers enter the market.

About Coinmama

So you’re thinking of buying some Bitcoin then? In this review, you will find out more about Coinmama and learn how to use its features. test

Coinmama Key Facts

LocationBratislava, Slovakia
Established2013
Buy OptionsCredit Card
Sell OptionsN/a
Cryptocurrencies AvailableBitcoin, Ethereum

Click here to visit Coinmama

Pros and Cons of Coinmama

Pros:

  • One of the quickest ways to start buying Bitcoin and Ethereum.
  • No need to understand market trading.
  • Credit card payments are straightforward and painless.
  • No in-house wallet reduces the amount of 3rd party trust in Coinmama.
  • Coinmama is establishing a decent reputation, having served over 500,000 customers.

Cons:

  • Credit card fees are expensive at 5%.
  • You need to know how to set up a wallet elsewhere to receive funds.

Is Coinmama Safe?

Coinmama’s service makes it just as safe as buying any other product online. An issue within the cryptocurrency community is trusting your funds with 3rd party companies. Since Coinmama doesn’t provide wallet services this negates any problems, leaving you free to deposit funds directly to a specified wallet.

The website does operate 256-Bit SSL encryption which actively runs on pages containing private data. A lack of two-factor authentication is a slight worry as nosey intruders might rifle through your recent transactions. Freshly inputting credit card details for each buy does stop any unwarranted payments being made.

Overall, security threats are lessened with the platform design as it’s up to you to keep funds secure.

How to Buy Bitcoin with Coinmama

Signing up with Coinmama takes almost no time at all. Small purchases will be authorised without verification meaning you will have Bitcoins in no time. Before starting a transaction at Coinmama a Bitcoin wallet is needed. (To read our guide to Bitcoin wallets, click here.)

Step 1. Sign up with Coinmama here by entering your details and a strong password

Step 2. Click buy

You will arrive at your account with a buy button at the top.

Step 3. Input Bitcoin amount

Select a predetermined price or use the slider to choose a custom amount.

Step 4. Choose payment method

Click credit card, you may have the option to use Western Union in some countries.

Step 5. Enter wallet address and credit card details

Funds will be set to that wallet address upon the card payment confirmation. (Find out more about Bitcoin Wallets in our guide)

How to Buy Ethereum with Coinmama

Buying Ethereum with Coinmama is exactly the same process. All you need to do is select your chosen Ether on the buy tab.

How to Sell Bitcoin with Coinmama

Selling Bitcoins back to Coinmama is not yet possible. It’s slightly confusing as they do have a ‘sell’ tab which is not yet active. The team keep promising this feature but it has yet to arrive.

What Countries Is Coinmama Available In?

Coinmama has very few restrictions on service availability around the world. At the moment it can operate to 217 countries. The access is pretty much universal all you need is a credit card, an email address and a Bitcoin or Ethereum wallet.

Find the full uninterrupted list of countries here.

Coinmama Fees

As cryptocurrency fees go, Coinmama is definitely high on the spectrum. Using credit card purchases always incurs expenses far exceeding the bank transfer option on platforms like Coinbase and Xapo.

The fee is a flat 5%, so a $500 transaction costs $25. It is a little disheartening to pay this price but it’s the trade-off for convenience.

Coinmama’s exchange rate is also a little eye-watering sitting about 5.50% above market value. Once again this is an industry standard for the type of service. Many easy buy exchanges hover around the 10% mark with credit card buy.

How Much Can You Buy and Sell with Coinmama?

For unverified accounts with no personal details, the limit is $150 dollars. This amount is easy to lift with simple verification. However, you can move up to $10,000 by registering a photo id on your account.

If you’re going big then limits of $50,000 and $1,000,000 are on offer. You may want to think twice about transactions of that size with a credit card. Operating bitcoin purchases in this way makes it virtually untenable. It’s better to use exchanges like Coinbase and GDAX which provide a myriad of options to drastically reduce fees.

Using Coinmama as a Wallet

Coinmama does not offer wallet or storage options. You must have a Bitcoin or Ethereum wallet elsewhere in order to complete a transaction. During the buying process, you will be asked to input the public address of your receiving wallet. In the event that this data is missing it will just leave the transaction pending.

Alternatives to Coinmama

There are many alternatives to Coinmama many of which offer varying degrees of functionality.

BitPanda and Coinbase provide quick buy options with credit cards similar to the Coinmama service. New buyers might like Coinbase which includes a full wallet solution.

Local Bitcoins makes brings buyers and sellers together to try and match people with similar transaction needs.

CEX.io is a platform for more advanced traders who want to work on a trading market with low fees on large orders.

Summary

Coinmama is geared to serve a very particular customer – those who are new to cryptocurrency. You will get on well with the service if you are distinctly looking for an easy way to buy Bitcoin or Ethereum. For low budget first time trades, the fees might be quite manageable. The volatile nature of Bitcoin may even make the 10% fee not relevant. You might easily make your money back after a quick price jump.

The need to go and find a wallet elsewhere does bring another challenge for new buyers. This should be learnt about soon rather the later anyway. If you are really serious about storing Bitcoin then it’s wise to look at hardware wallets like Ledger and Trezor.

Building a strong cryptocurrency portfolio takes plenty of research and you will learn a lot if you do decide to use Coinmama. Beyond that use a mindful approach to buying Bitcoin and enable yourself to make the most suitable trades.

JOIN THE BESTBITCOINWALLETS.COM NEWSLETTER
I agree to have my personal information transfered to AWeber ( more information )
Join over 3,000 visitors who are receiving our newsletter to learn how to protect their precious cryptocurrency.
We hate spam. Your email address will not be sold or shared with anyone else.
Neal

Neal

Interested and invested in Bitcoin since 2016. Sports trader and matched bettor since 2014. Loves the new, developing financial world. This is our second chance.

Ease of Use
18out of 5
Fees
16out of 5
Customer Service
16out of 5
Security
14out of 5
Visitors Vote
0out of 5

Overview

Coinmama is geared to serve a very particular customer - those who are new to cryptocurrency. You will get on well with the service if you are distinctly looking for an easy way to buy Bitcoin or Ethereum.

4

4 out of 5
Good

Tags assigned to this article:
buy bitcoinbuy ethereumcoinmama

Related Articles

How to Buy Bitcoin with Coinbase

Coinbase is the world’s most popular place to buy and sell Bitcoin. Fast and simple, it makes buying your first Bitcoin a breeze.

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*