Coinmama

Overview of Coinmama

Coinmama, founded around 10-15 years ago, operates without explicit regulatory oversight. Based in Israel, the exchange prioritizes security, employing industry-standard encryption and offline storage (cold wallets) to thwart cyber threats. Committed to KYC and AML procedures, Coinmama upholds transaction legitimacy. Offering access to 13 cryptocurrencies including Bitcoin, Ethereum, XRP, and more, the exchange's prices span from $46,303.26 for BTC to $0.06856 for DOGE. Trading volumes vary, with BTC at $34.8 billion and LTC at $600 million. The account setup involves email verification, personal data submission, identification uploads, and verification. Fees range from 5.50% to 3.00%, with credit card fees up to 6.5%.

Pros and cons

Security

Coinmama implements security measures to help protect user accounts and personal information. The exchange utilizes industry-standard encryption protocols to safeguard sensitive data and prevent unauthorized access. Additionally, Coinmama stores user funds in offline wallets, also known as cold storage, which helps to protect against hacking attempts or cyberattacks. This offline storage solution makes it more difficult for hackers to access and steal user assets.

Coinmama also enforces strict know your customer (KYC) and anti-money laundering (AML) policies. These policies require users to undergo a verification process, which helps to ensure the legitimacy of transactions and prevent fraudulent activities. By implementing these measures, Coinmama aims to provide a secure environment for users to trade virtual currencies.

It's important for users to take their own security measures as well. This includes setting up two-factor authentication (2FA) to add an extra layer of protection to their accounts, using strong and unique passwords, and being cautious of phishing attempts or suspicious links. By following these security practices and using a regulated and secure exchange like Coinmama, users can help protect their funds and personal information.

Cryptocurrencies Available

Coinmama provides access to a limited range of 13 cryptocurrencies. Noteworthy among them are: Bitcoin (BTC) \ Ethereum (ETH) \ XRP (XRP) \ Dogecoin (DOGE) \ Uniswap (UNI) \ Aave (AAVE) \ Litecoin (LTC) \ Cardano (ADA) \ Polkadot (DOT) \ Chainlink (LINK)

The prices range from $46,303.26 for BTC to $0.06856 for DOGE, with corresponding market capitalizations spanning from $862.8 billion for BTC to $4.3 billion for LTC. The 24-hour trading volumes vary between $34.8 billion for BTC and $600 million for LTC.

Fees

Taker fees range from 5.50% for volumes up to 50 USD, gradually decreasing to 3.50% for volumes over 1,000 USD. Maker fees range from 4.50% to 3.00% across the same volume ranges.

Payment Methods

Coinmama does not charge any fees for cryptocurrency deposits or withdrawals. However, there are some fees associated with credit card and debit card purchases. For credit/debit card transactions above 50 USD (or equivalent in other currencies), the payment processing fee is 4.5% of the amount you wish to spend (USD, EUR, GBP, and JPY), and up to 6.5% for other currencies.

Compare to Other similar Brokers

Coinmama offers 13 cryptocurrencies with a daily limit of up to 100 BTC, charging credit card fees between 4.5% - 6.5% and bank transfer fees of 0.99%. Coinbase supports 100+ cryptocurrencies, a daily limit of up to 50 BTC, and has a 3.99% credit card fee. Kraken provides 60+ cryptocurrencies, a daily limit of up to 100 BTC, and a 3.75% credit card fee, with a 0.0005 BTC bank transfer fee. Binance leads with 500+ cryptocurrencies, a daily limit of up to 100 BTC, and a 0.5% credit card fee, while bank transfers cost 0.1%. Coinmama has a $100 account minimum, while Coinbase has $25, Kraken has $0, and Binance has $0, with no promotions across these platforms.

How to Buy Cryptos

Buying crypto on Coinmama is a straightforward process. Here's a breakdown of the steps involved:

1. Create an Account:

Visit the Coinmama website or download the mobile app.

Register for a new account by providing your email address, creating a password, and verifying your email.

2. Verify your identity:

To comply with regulations, Coinmama requires identity verification. This usually involves submitting a government-issued ID and proof of address document.

3. Choose your preferred fiat currency and desired cryptocurrency:

Coinmama supports various fiat currencies and popular cryptocurrencies like Bitcoin, Ethereum, Litecoin, and others.

Select the currency you want to use for buying and the crypto you want to purchase.

4. Enter the amount you want to buy:

Specify the amount in your chosen fiat currency or the desired quantity of crypto.

5. Choose your payment method:

Coinmama offers several payment options, including bank transfers, credit/debit cards, and local payment processors depending on your location.

Be aware that fees may vary depending on the chosen method.

6. Review and confirm the transaction:

Double-check all details, including the amount, fees, and recipient address (if applicable).

Once satisfied, proceed with the payment.

7. Receive your crypto:

Upon successful payment, your purchased crypto will be credited to your Coinmama wallet or the wallet address you provided.

Is Coinmama a Good Exchange for You？

Coinmama excels in one specific area:Buying cryptocurrency with a credit card.Coinmama is one of the few regulated exchanges that allows users to purchase various cryptocurrencies directly using a credit card. This convenience can be appealing to beginners who want a straightforward way to enter the market.