Coinmama Review

Platforms:
Platforms:
Website: CoinMama.com
Pro: No verification needed for up to 150$
Con: Digital Wallet needed to buy bitcoin
Supported Countries: 226 countries and 22 states in the US
Bitcoin Trading: No
Encryption: SSL
Fees: Moderate
Supported Payment Methods:
Languages: English, French, German, Italian, Spanish, Portuguese, Arabic and Russian
Company Location: Slovakia

Company Information 

CoinMama is operated by NBV International s.r.o. This company is owned by New Bit Ventures Ltd, with company registration number: 514907880.

This company is registered with FinCEN MSB and is a regulated money service business. CoinMama is a Slovakian company.

This Bitcoin company does not operate as a facilitator of trades between buyers/sellers, it sells Bitcoin from its own inventory.

 

How does CoinMama work?

It is easy to get started with CoinMama. The first step in the process is registering an account, and selecting the value of BTC that will be purchased. Clients must choose a method of payment. Debit cards and/or credit cards can be used to make online payments within minutes. The cash option is also available under the ‘other methods of payment’ tab. The instructions provide clear guidelines on how to purchase BTC. Once the payment has completed, clients can confirm the BTC wallet address by clicking on the respective link. The coins will immediately be delivered to your wallet once payment has been verified.

Who should use CoinMama and why?

Anyone who wants to buy Bitcoin is welcome to use the services of CoinMama. There are some regulatory requirements involved, including country of residence, and the rules governing digital currency purchases. If you are intending to sell Bitcoin, this feature is currently unavailable at CoinMama but will be coming soon.

Exchange Rate & Fees

Bitcoin prices are not governed by central banks, or governments. Therefore, each Bitcoin platform determines its own rate. Each price is inclusive of an 8.50% fee. Clients can easily see the average market rate for BTC sales by clicking on the respective Bitcoin index. There are other fees involved, notably debit card and credit card transaction fees. This amounts to 5% over and above the other costs, with a minimum of $10. This is tacked on after the payment option has been selected.

Supported Currency and Countries

Fortunately, clients can utilise all fiat currencies to purchase Bitcoin. Local currencies will be converted into EUR or USD, and more currency options are in the pipeline. Currently, CoinMama is operational in 226 countries and 22 states in the US.

How easy is it to use CoinMama?

The user-interface provides a straightforward registration for clients. Registration requires inputting certain sensitive information including email, password, name, and country. Next, agree to the terms and conditions of trade and establish an account. This trading platform is Comodo Secure, PCI Guard Security Scanned and GoDaddy.com certified. The moment payment has been received, CoinMama will deliver the Bitcoin to the client’s wallet.

Is CoinMama safe and reliable?

Yes. CoinMama is guaranteed safe and secure. Accounts must be verified by using at least 1 form of ID such as a driver’s license, international passport, or an ID card. The services provided by CoinMama are Comodo secure with SSL encryption technology and PCI Guard security scanned. No debit card or credit card information is saved in the CoinMama database. Plus, all sensitive information is fully encrypted and stored on secure servers. Customer privacy is a priority at CoinMama.

How Much Does It Cost to Use CoinMama?

CoinMama charges its own Bitcoin rate. It includes a fee of 8.50%, and when you use certain debit cards or credit cards, there is a payment processing fee of 5% added on.

How long does it take to purchase a Bitcoin with CoinMama?

Provided a user has registered an account, chosen a payment option and purchased Bitcoin, the transaction will be verified and then the BTC will be delivered.

CoinMama Customer Support

CoinMama customer support options include several forms of assistance. Business inquiries can be directed to the following address: business@coinmama.com, and account issues can be directed at: support@coinmama.com. Other options include the online contact form, and the help option with some of the top suggestions provided courtesy of Zendesk. A comprehensive FAQ section provides a search box and a knowledge base comprising multiple categories such as buying currency, verification, payment options, orders, wallet, affiliate program and other.

Supported Platforms

The CoinMama Bitcoin platform is supported on all browsers and devices (Android & iOS), Windows Phone, and others.

Special Features

CoinMama allows clients to complete their BTC purchases in 3 quick steps. These include account creation, verification for purchase, and placement of the first order. A wide range of payment methods is accepted, and there are locked crypto rates on BTC purchases. The daily spending caps on credit cards is €5000/$5000, and for Western Union is $5000/€5000. These limits are in force for 24 hours after an order is placed.

Clients Feedback

There are no TrustPilot reviews of CoinMama, however clients on multiple forums and review sites are praiseworthy of this Bitcoin platform. The services are fast and purchase information is readily available. Clients will be required to scan a utility bill or their ID to verify their address and identity.

Bottom Line 

Overall, CoinMama is highly effective at processing customer requests, responding to questions and comments, and handling ticket submissions. There is full encryption technology, but no BTC trading is possible. Unfortunately, no 2-factor authentication is available, and the credit cards include MasterCard and Visa. Clients can use cash, debit cards and credit cards to purchase BTC – a big advantage. Since 2-factor authentication (2 FA) is not required, scanned IDs and documents must be submitted.

Top 5 Bitcoin Brokers
Final Thoughts
Pros
  • CoinMama sells bitcoin out of its personal inventory
  • The transaction will always be between you and CoinMama
  • Fast bitcoin transactions
  • Credit card accepted
  • No verification needed for up to 150$
Cons
  • Digital Wallet  needed to buy bitcoin
  • Verification needed for purchase of more than 150$ worth of Bitcoins