Coinmama: A Global Crypto Exchange For International Students

Coinmama is a cryptocurrency platform that was established in 2013 and is registered in Ireland and Slovakia. It is currently based in Israel and offers its services in over 180 countries worldwide, including the United States, Canada, the United Kingdom, Germany, France, Brazil, and South Korea. The platform supports various fiat currencies, such as USD, EUR, GBP, and more, and offers access to a wide range of cryptocurrencies. Coinmama does not provide a wallet service, so users must provide their own wallet address to receive their purchased crypto assets. The platform has a user-friendly interface, making it a popular choice for beginners, and has a strong focus on security and ease of use.

Coinmama's international availability

Coinmama is a Canada-based cryptocurrency exchange founded in 2013. It is the consumer-focused arm of Wellfield Technologies, which acquired the company in May 2022. Coinmama serves over three million customers across 190 countries worldwide, excluding restricted areas. The platform focuses on simplifying cryptocurrency purchases for beginners.

Coinmama supports 82 cryptocurrencies for purchase and claims to support over 500 cryptocurrencies through its crypto swap tool. However, most of these cannot be directly bought or sold on the platform. It offers nearly 50 fiat currency options for buying crypto, including USD, EUR, GBP, HKD, VND, and AUD. Only three currencies, namely GBP, EUR, and USD, are available for cashing out.

Coinmama accepts various payment methods, including bank transfers, Apple Pay, and wire transfers, Revolut, PayPal, SWIFT, and debit/credit cards. It does not store users' credit/debit card details or hold their crypto, reducing certain security risks.

Coinmama is not available to all US residents. It is only accessible in 49 states, excluding Hawaii and New York.

Payment methods

Coinmama, a Canada-based cryptocurrency exchange, offers a range of payment methods for users across the over 190 countries it serves. The platform supports nearly 50 fiat currencies for buying crypto and 44 fiat currencies for depositing funds. However, only GBP, EUR, and USD are available for cashing out.

Coinmama accepts payments via credit and debit cards, as well as direct bank transfers. It also supports specific fiat payment methods like Revolut, PayPal, and SWIFT. The platform does not store your credit or debit card details at any time.

Coinmama's fees vary based on payment methods and currencies. While the platform advertises a service fee ranging from 0.99% to 3.9%, depending on user loyalty levels, fees can sometimes reach between 10% to 15% for transactions around $1,000. The Loyalty Program rewards users based on their cumulative purchases, allowing them to save up to 25% on fees at higher tiers.

Supported cryptocurrencies

Coinmama is a Canada-based cryptocurrency exchange that offers its services in over 180 countries worldwide, excluding restricted areas. It is a non-custodial platform that doesn't store payment details or hold cryptocurrencies, reducing certain security risks. It provides access to 82 cryptocurrencies for purchase, which is limited compared to other centralized platforms. However, it stands out in fiat currency support, offering nearly 50 options for buying crypto, though only three (GBP, EUR, and USD) are available for cashing out.

Coinmama supports a wide range of fiat currencies, including USD, EUR, AED, AUD, AZN, BDT, BRL, CAD, CHF, CLP, COP, CRC, CZK, DKK, DOP, DZD, EGP, GEL, HKD, HUF, IDR, ILS, INR, JPY, KES, KRW, KWD, MAD, MXN, MYR, NGN, NOK, PEN, PHP, PLN, RON, SAR, SEK, SGD, THB, TND, TRY, UAH, VND, XAF, and ZAR. The platform offers four fiat payment methods (Revolut, PayPal, SWIFT, and debit/credit cards) and multiple cryptocurrencies, including the most well-known and oldest cryptocurrency, Bitcoin, as well as Ethereum, Litecoin, and Ethereum Classic.

Coinmama's fees are among the highest in the cryptocurrency exchange market, ranging from 0.99% to 3.9% based on user loyalty levels. However, fees can vary significantly depending on payment methods and currencies, sometimes reaching up to 15% for transactions around $1,000. The platform offers a loyalty program that rewards users based on their cumulative purchases, allowing them to save up to 25% on fees at higher tiers.

Overall, Coinmama provides a straightforward and reliable option for buying cryptocurrencies, catering to crypto novices with its simple and intuitive interface. It offers a broad range of fiat currencies and cryptocurrencies to choose from, making it a flexible and accessible platform for users worldwide.

Customer support

Coinmama is a Canada-based cryptocurrency exchange that was founded in 2013. It now serves over three million customers across 190 countries worldwide, excluding restricted areas. The platform offers 82 cryptocurrencies for purchase and claims to support over 500 cryptocurrencies through its crypto swap tool.

Coinmama claims to offer 24/7 customer support in English via email. However, one reviewer noted that they did not receive a response to an email sent over three weeks ago. The reviewer also tried to reach out via Facebook and LinkedIn but received no response. Additionally, no ticketing system, support resources, or customer support email was accessible while logged into the platform.

Coinmama's website invites users to send them questions on Facebook, Instagram, and Twitter or via email at [email protected]. The website also provides a contact form for users to submit queries.

Safety and security

Coinmama is a cryptocurrency exchange that serves over three million customers across 190 countries worldwide, excluding restricted areas such as North Korea. It was founded in 2013 and is based in Canada and Israel.

Coinmama's security measures include:

• Two-factor authentication (2FA), which is enabled by default and sends a one-time code via email. 2FA adds an extra layer of security to your Bitcoin wallet by requiring an additional verification step, such as a unique code generated by an app.
• A non-custodial model, which means that it does not store payment details or hold cryptocurrencies, reducing certain security risks.
• KYC (Know Your Customer) verification, which is required after the first purchase and involves standard steps such as ID verification, a video selfie, and address proof.
• A strong track record in the industry, with a focus on security.
• Compliance with regulations from financial authorities like the FCA.
• A privacy policy that ensures credit/debit card details are not stored at any time.

In 2019, Coinmama experienced a data breach where the emails, usernames, and hashed passwords of around 479,000 users were leaked. However, no funds or sensitive payment information were affected, and the platform implemented stricter security measures following the incident.

Frequently asked questions