• US Clients

  • Free Demo Account

  • Trading Platform

    Web Based Trading Platform

  • Number of Assets

    8

  • Types of Assets

    Cryptocurrencies

Full Review

Coinmama is a crypto exchange that specializes in buying and selling bitcoin and other crypto currencies with credit card and bank transfers, almost everywhere in the world.

When you think about your mama, hopefully you’ve got in mind someone who loves you, takes care of you, and helps you out in any way possible. Although Coinmama won’t make you dinner or do your laundry, they sure will help make buying Bitcoin, Ether and other cryptocurrencies a whole lot easier than others do.

In this Coinmama review, we’ll talk about why allowing a new onramp for US Dollars and Euros is so important. We’ll also discuss Coinmama fees, Coinmama verification, and our thoughts about Coinmama vs Coinbase. We hope you find this Coinmama review informative and thorough. Now without further ado, let’s get right into it.

What Is Coinmama

In short, Coinmama is a crypto exchange that allows you to buy bitcoin with US dollars, EUR, GBP, JPY, CAD and AUD. There aren’t that many places on the internet where you can do this, believe it or not.

While Coinbase still has its place, Coinmama can be better in aspects such as methods of payment and time to verification, and it continues to constantly improve, at least as far as certain customers are concerned. With Coinbase, a new user will have to open an account (which could take days), link a bank account, and wait more than a week in most cases for Bitcoin or Ether to arrive in their Coinbase account. This is a long time when waiting to start investing.

Coinmama, on the other hand, has scores of Bitcoins and Ether coins in an account, ready to transfer to your private wallet. Once you’ve made your payment with credit/debit card or bank transfer, you’ll only have to wait a period of minutes or hours for your new coins to arrive. This is much faster and more convenient than working with Coinbase.

If that sounds like a simple explanation, it’s because Coinmama is a simple service. They are a gateway business, to get you into Bitcoin, Ether as fast as possible, so you can hold long term, or trade these fundamental currencies for altcoins with more potential upside.

ACCOUNT INFORMATION

  • Minimum Deposit: $50
  • US Clients: ✔️
  • Trading Platform: Web Based Trading Platform
  • Number of coins: 10
  • Types of Assets: Cryptocurrencies

Coinmama is among the most convenient ways to buy Bitcoin and Ether in the world. People that need Bitcoin or Ether right away, without any headaches, will likely find that the processing costs are worth it.

Like with most exchanges, Coinmama’s fees may vary based on your payment method, and other circumstances. Fees start as low as 2.9%, include loyalty programs and in some cases you may be charged processing fees.

Apart From Coinmama, Why Is Buying Bitcoin and Ether So Difficult?

If we had a nickel for every time a new crypto trader asked why it’s so hard to buy Bitcoin and Ether…we’d have more fiat money to put into crypto.

Seriously though, buying Bitcoin and Ether takes time and knowhow to handle. This is because cryptocurrencies are a new kind of asset class tha t haven’t existed before.

Regulators have to pass new laws to make way for companies like Coinmama and Coinbase to operate. Apart from Coinmama and Coinbase, there are very few exchanges that trade US dollars for Bitcoin and Ether, specifically because of the regulatory burden required of these exchanges.

Another reason that it’s difficult to buy Bitcoin and Ether is because the market’s demand is high. Literally hundreds of thousands of new cryptocurrency investors spring into the market each day. Exchanges like Coinbase simply can’t keep up.

For this reason, we’re always happy to see new “onramps” (ways for people to bring fiat currencies into the crypto space). It takes some of the burden off of more familiar exchanges, and gets more people into crypto investments than would be able to do so otherwise. More Cryptocurrency Exchanges.

Coinmama Legit? Coinmama Safe?

Abbreviated questions like these are very common in Google trend searches, and we are happy to be able to answer in the affirmative in both cases. Coinmama is a legit company that provides a simple and premium service just as presented by the company. Coinmama Reddit is a good place to explore further user experiences. You won’t find many complaints.

Support Options

  • Email
  • Live Chat

How Do I Actually Buy Bitcoin and Ether with Coinmama?

At this point in this Coinmama review, you probably want to know how exactly to buy Bitcoin, Ether or other crypto currencies with Coinmama. We’ll share all of the necessary steps, and some pictures to explain things more clearly, below.

Start by going to Coinmama.com and inputting the information they ask for into the lines you see above. Try to use a unique username and password so that your account will be as safe and secure as possible. When you submit this content, Coinmama will send you a confirmation email.

This is the notification screen you should see, prompting you to check your email. If you don’t see the message in your primary email area, make sure to check the Spam folder. That’s where we found our’s!

When you return, you’ll be prompted to input some personal information, including where you live, and pictures of your government issued ID. This is standard when buying from an exchange. You have to put your official ID in (with a picture of your face beside) so that Coinmama can verify that you are who you say you are. Without this step, it would be easy for people to launder money through Coinmama, which is illegal.

Now you’re in your account, yet you won’t be able to buy Bitcoin or other crypto currencies until your account is manually verified by Coinmama. Once your account is verified, you’ll be able to link your bank account, or make an immediate purchase with credit or debit card.

On this screen, you’ll see easy packages of different amounts of Bitcoin. Choose the crypto currency you wish to buy and the fiat currency you wish to spend and select the package that suits you most or insert exact amounts on the right hand side text boxes.

Here is some more information on this page to explain the purchase process. It’s honestly pretty intuitive and straightforward, especially compared to using some other exchanges out there.[/su_note]

Broker Information

How to Create a Personal Bitcoin and Ethereum Wallet

There is no Coinmama wallet in which to store Bitcoin or Ethereum. When you set up your order for the first time, Coinmama sends your order straight to a wallet that you control on the internet or on your computer/device. But what is this wallet and how do you set one up?

First of all, every cryptocurrency in the world is stored in a wallet or some kind. However, these wallets aren’t the leather credit card burritos carried in your dad’s back pocket. These are pieces of digital software which control the “private keys” for your coins – secret codes that are processed from origin to recipient every time a coin is transferred.

When you buy a Bitcoin with Coinmama, they will never hold that coin for you. Instead, they will send it from the Coinmama Bitcoin wallet to your personal wallet in one single step. To complete this trade, of course, you must have an existing wallet before you transfer the money. There are many wallets. We happen to like Exodus – it’s free and intuitive. It also holds both Bitcoin and Ethereum, plus a bunch of other altcoins.

This is a Coinmama review, but to use Coinmama you’ll have to use a wallet like this. Download Exodus from Exodus.io. Inside, you’ll see tabs for Bitcoin and Ethereum. In both regions of the software, click “receive”. This will show you the public address for your Exodus Bitcoin wallet and Exodus Ethereum wallet.

If you want to buy Etheruem from Coinmama, copy your Exodus Ethereum address and paste it into the requested line on your Coinmama order form. Complete the rest of the order as already described. This will give Coinmama the information they need to deliver your Ethereum (or Bitcoin if you copied your Exodus Bitcoin wallet address) when your order is complete.

When your coins arrive in your Exodus wallet, they are now in your control to hold, spend, or transfer to another wallet. Keep your Exodus password safe and your coins should be safe too.

Coinmama FAQ

  • What is the Coinmama verification time?
    Coinmama accounts are verified manually and within minutes. This could take longer in times of high market demand.
  • Is there a Coinmama UK version?
    Coinmama US and UK customers use the same platform.
  • What’s Better, Coinmama or Coinbase?
    They both serve the purposes of different customers very well.
  • Is there a Coinmama App?
    No, yet their site is mobile responsive.
  • What are Coinmama Supported Countries?
    Coinmama surves 188 countries worldwide, so the chances are they serve your country. Here’s a list of restricted countries.
  • Are there educational resources available?
    Yes. If you are new to the world of cryptocurrency, Coinmama will provide you with all the information you need to start your journey.
  • What is the Coinmama Reddit Connection?
    Reddit is a place to discuss many things. Because Reddit’s user base skews younger, and because cryptocurrencies also tend to have a younger user base, it stands to reason that there would be a fair amount of conversation about Coinmama on Reddit. This is not unusual for exchanges like this.
  • Are Coinmama fees high?
    Coinmama’s fees are market standard. When buying with a credit card, fees are higher than other methods of payment yet as they do offer bank transfers which can save you a bit of money, you have the freedom to make your decision. For people wishing to get into crypto quickly, Coinmama’s service is well worth it.

Final Thoughts on Coinmama

We hope that this Coinmama review has been thorough and helpful. To sum up, we think Coinmama is a convenient and easy way for people to convert fiat currencies like US Dollars and Euros into Bitcoin and Ether, Eos, Tezos, and more. Coinmama is also a great place for new crypto traders to learn some of the ropes. In order to work with Coinmama you’ll have to set up your own wallet, and learn what an address is. This is pretty fundamental stuff, but you’d be surprised how many people would like to trade crypto, but haven’t yet wrapped their minds around these simple concepts.

Regardless of why you use Coinmama, we think you’ll find it fast and intuitive and the easiest way to get Bitcoin and/or Ether.

Coinmama description:

Coinmama is a crypto exchange that specializes in buying and selling bitcoin and other crypto currencies with credit card and bank transfers, almost everywhere in the world.

Coinmama Min deposit: $50

Payment Methods:

  • Credit card
  • Debit card
  • Bank transfers
  • SEPA/SWIFT