Coinmama review

  • 5.5% Trading Fees
  • $60 Minimum Desposit
  • 5.5% Deposit Fees
  • 3/5 Security
Website :
Established : 2013
Support :
Country : Slovakia
U.S. Clients Allowed : Yes
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Coinmama is a cryptocurrency exchange which has been operational since 2013. Coinmama is registered in Slovakia but is owned by New Bit Ventures Limited with headquarters in Israel. Exchange offers its services to customers in most countries round the globe, and is operational in 24 US states. Contrary to many competitors, Coinmama provides customers with an opportunity to purchase Bitcoin and Ethereum directly from Credit or Credit cards. Also it offer possibility to transfer funds for cryptocurrency purchases using Western Union. However, the downside is that it does not provide platform for trading and has no peer-to-peer transaction environment. Instead, all cryptocurrencies you buy with your card are transferred directly from the company, which makes Coinmama significantly secure and more transparent. Coinmama has earned reputation as one of the easiest ways to buy cryptocurrencies like Bitcoin and Ethereum with nothing but credit card, lifting the heavy burden of education and cumbersome transaction processes of the client’s shoulders. Company allows customers to purchase 150$ /EUR worth of cryptocurrency without full identity verification.

Coinmama Account Verification

Notwithstanding the foregoing, in order to make the purchase of higher amounts of cryptocurrencies, users will have to confirm their identity with copies of official government issued ID. This is necessary for compliance with KYC and AML policies. Also users are required to fill verification form including full name, date of birth, gender and credit/ debit card number. Coinmama will ask you to submit both sides of the document. Pictures have quality requirement – they should not be blurry and have valid dates (like credit card expiry date). We although would like to highlight here that Coinmama has a very good compliance department – most of the documents are usually processed within 1-2 hours since the submission.

Coinmama Trading platform

coinmama exchange

As we have already mentioned in the first paragraph of our Coinmama review, Coinmama offers very limited functionality. In contrast to exchanges like PrimeCrypto or Bittrex which provide users with professional trading platform powered with a full set of tools and studies, Coinmama’s options are limited to the possibility of buying Bitcoin and Ethereum directly from the company’s personal inventory. Users simply proceed to create an order by selecting how much Bitcoins or Ethers they want to buy, putting their wallet address and then finalizing transaction with credit card details once the checkout page comes up. Once the payment is complete, the payment processing system will process the transaction and send coins to user’s wallet. Coinmama has a minimum purchase requirement 0.1 BTC. Another thing that users have to remember before dealing with Coinmama is that they don’t provide personal wallets for storage. Instead, users have to provide details of their own wallet.

Coinmama fees

Coinmama charges customers quite hefty fees comparison to those charged by the majority of competitors. A 5.5% fee is charged per transaction, plus additional 5% fee is charged upon each credit /debit card transaction. In addition, customers may be charged a Cash Advance fee by their bank or card issuer depending on whether the financial institution views the transaction as a ‘cash’ transaction. All in all, users should be ready for total of 10% when making cryptocurrency purchases with Coinmama. Below you can see a detailed break-down of how much a purchase of $2000 worth of Bitcoin will cost you

coinmama fees

Deposits and Withdrawals

Users can proceed with depositing and withdrawing funds using one of the following methods:

  • Credit/debit cards: You can make payments on Coinmama using MasterCard or VISA cards. VISA/MasterCard Payments are supported by the company’s Simplex payment processor.
  • Cash: You can buy cryptocurrency from Coinmama via Western Union transfer. Unfortunately, there is no way to link your bank account to Coinmama

Is Coinmama safe?

Although Coinmama is well behind competitors in terms of user base and number of transactions, they are officially registered with FINCEN in the US as a money service business. Also, due to the fact that Coinmama makes almost immediate transfer of purchased coins to users’ wallets it is very unlikely to become targeted by hackers. Coinmama have greatly simplified the whole process by having no peer-to-peer exchange between users so they simply make their cash on commissions they charge per transaction, which to some extent justifies why fees are so high. Although, we have not been able to track any complaints on Coinmama’s security system.


Coinmama offers some advantages, including purchases with Credit Card or Western Union, direct transfer of coins from company’s own inventory and safe and transparent environment. On the other hand, Coinmama is unlikely to capture the interest of professional traders who are used to full platform functionality with charts and technical studies. Another disadvantage is that platform is limited to buyers only, so selling whatever you buy from Coinmama will require account with some other exchange.

Coinmama vs. Prime Crypto


sends coins to the user’s own wallet, which is not a service currently provided by Prime Crypto.

Prime Crypto…

Offers much better payment options and better value on deposits, withdrawals and trading.

  • Bitcoin
  • Ethereum
Alen Mathews

Alen Mathews

Alen is a professional cryptocurrency trader. His commitment to help potential investors to choose the right broker is unmatched. Alen successfully tested numerous cryptocurrency exchanges which helped him gain precious knowledge and insight necessary for understanding how to compare them properly. Alen has also been very active scoping for comments online to deliver unmatched user experience to potential investors.


BrokersCurrenciesRatingMinimum DepositSupport
0.001 BTC

Coinmama vs. Prime Crypto


sends coins to the user’s own wallet, which is not a service currently provided by Prime Crypto.

Prime Crypto…

Offers much better payment options and better value on deposits, withdrawals and trading.