CoinMama Exchange Review: Buy Bitcoin & Ethereum with Credit Card

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Categories:Exchanges Reviews

As Bitcoin and other cryptocurrencies become mainstream, investors are increasingly looking to purchase these digital assets in the most efficient way.

CoinMama is a cryptocurrency exchange founded in 2013. CoinMama is registered in Slovakia but is owned by New Bit Ventures Ltd., headquartered in Israel. It makes buying digital currency anywhere in the world fast, secure and fun.

Currently operating in Israel. It operates in 188 countries around the world and operates in 24 U.S states. It provides users with a platform to buy Bitcoin and Ethereum using credit and debit cards. However, Coinmama does not provide a cryptocurrency trading platform or allow users to sell cryptocurrencies. Instead, all cryptocurrencies purchased by the customer are transferred directly from the shares held by the company, making the transaction safer than some competitors.

Registration & Verification

Fill in the registration form on the home page of CoinMama. You need a valid email address, password, full name and place of residence. You will receive an email from CoinMama indicating you to the verification link.

Enter “My Account" and click on the "Verify Your Account" tab. You will need to fill in your residency information and provide your phone number. You also need to show a valid government-issued ID card - a passport, driver's license or ID card. Need to upload photos on both sides.

Once your ID is accepted, you can purchase Bitcoin and Ethereum via the "Buy Bitcoin/Ethereum" tab. Choose the amount you want to buy and provide the address of your wallet. After you enter your payment information and accept them, your cryptocurrency will be sent to the specified wallet immediately.

Supported Currencies

Cryptocurrency

  • Bitcoin (BTC)
  • Bitcoin Cash
  • Ethereum (ETH)
  • Cardano (ADA)
  • Ripple (XRP)
  • Qtum (QTUM)
  • Litecoin (LTC)
  • Ethereum Classic (ETC)

Fiat Currency

  • USD
  • EUR

Deposit Methods

Cash, Credit card, Debit card, SEPA

Security

As of October 2017, CoinMama has not experienced any security breaches. That's quite impressive when compared to Coinbase, who did have one early, yet major hack on their exchange.

SSL

CoinMama is a reputable company with a secure website protected by Trust Guard and Comodo. Both security experts have confirmed that 256-bit SSL encryption is often used on pages that contain private information.

Company Legitimacy

CoinMama is a property of NBV International s.r.o. – a daughter company of New Bit Ventures Ltd. New Bit Ventures Ltd is registered as a Money Service Business with FinCEN – view the certificate here.

Account Security

CoinMama does not currently offer two-factor authentication. For maximum security, use a password that contains lowercase and uppercase letters, as well as numbers and symbols.

 

FEES

CoinMama is one of the most expensive exchanges. You will be charged a 5% fee for each credit or debit card you deposit, with a minimum deposit of $10. This fee is based on an exchange rate of 6.3% on the exchange. This brings the total cost to 10.9%.

In contrast, Coinbase charges 4% for credit card and debit card transactions, 1.49% for transactions from Coinbase wallet, and 1.49% for direct purchases from bank accounts.

 

Main Features

  • Buy with Credit Card: We accept any credit or debit card from VISA or MasterCard
  • Fast-track Verification: Upload your documents, and they will review them within the hour
  • Global Coverage: CoinMama accepts credit & debit cards from all countries around the world (over 180 nation states). This is a significant advantage compared to larger exchanges such as Coinbaseor Bitstamp
  • Safe and Secure: Your data is encrypted, they hold no user funds but sells from its holdings. Such setups make CoinMama significantly more secure.

 

Summary

While CoinMama does offer many benefits to users, including global accessibility, purchase of credit and debit cards for immediate access to Ethereum and Bitcoin, and higher daily purchase limits, it also has some drawbacks. This platform is only used to purchase gold coins. Most exchanges allow users to trade coins, so the utility of CoinMama is fairly basic. So far, CoinMama only supports Bitcoin and Ethernet, although developers say they want to add more cryptocurrencies in the future, there is little evidence that CoinMama has any immediate plans to support other currencies.

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