Douglas Olsen
Coinmama is a cryptocurrency exchange platform that was founded in 2013 and is currently based in Israel. The platform offers its services in over 188 countries worldwide, excluding certain restricted areas such as New York and Afghanistan. To use Coinmama, users must provide a wallet address to receive their purchased cryptocurrencies. The platform supports various payment methods, including credit and debit cards, bank transfers, and digital wallets such as Apple Pay and Google Pay. While Coinmama caters to a wide range of users, international students looking to utilize the platform should ensure they meet the necessary requirements, including age and residency restrictions, as well as providing valid identification for verification purposes.
| Characteristics | Values |
|---|---|
| Number of supported countries | 188-190 |
| Supported regions | Not available in New York, Hawaii, Louisiana, and some international territories |
| Supported cryptocurrencies | 15-35 |
| Supported fiat currencies | 6-44 |
| Supported payment methods | Credit/debit cards, wire transfer (SEPA, Skrill, Neteller), Apple Pay, Google Pay |
| Wallet service | No |
| Verification required | Yes |
| User-friendly interface | Yes |
| Customer support | No live support |
| Security | Full encryption technology, 2FA, HTTPS certified |
| Fees | 0.99%-3.9% commission, 10%-15% for transactions around $1000 |
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What You'll Learn
Coinmama's international availability
Coinmama is a legitimate, registered, and reputable cryptocurrency exchange. It is a non-custodial platform, meaning it does not store users' crypto or fiat currencies, enhancing its security. The company is headquartered in Vancouver, Canada, and is operated by Wellfield Technologies. It was founded in 2013 and is currently based in Israel, with offices in both Israel and Canada. Coinmama is owned by NBV International, a subsidiary of New Bit Ventures Ltd.
Coinmama is available in 49 US states, excluding New York, Hawaii, and some other restricted areas. It is also available in over 188 countries worldwide, serving over 3 million customers. The platform supports 82 cryptocurrencies, 44 fiat currencies for trading, and over 500 tokens for crypto swaps. Some of the fiat currencies supported include USD, EUR, AUD, CAD, JPY, HKD, and more.
Coinmama has a rigorous verification process that requires users to submit proof of identification, such as a driver's license or passport. The platform also requires Know Your Customer (KYC) verification after the first purchase. This commitment to certifications and compliance with regulations ensures the safety of its users' accounts.
While Coinmama is available in most countries, it does restrict users from specific regions, including international territories such as Afghanistan, Belarus, Crimea, Cuba, Iran, North Korea, Russia, Syria, Venezuela, and more. These restrictions are likely due to regulatory and legal reasons, as Coinmama must comply with laws and regulations in different jurisdictions.
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Accepted payment methods
Coinmama is a Canada-based cryptocurrency exchange that was founded in 2013. It is a non-custodial platform that does not store payment details or hold cryptocurrencies. It is available to users in over 190 countries worldwide, excluding certain restricted areas such as New York, Afghanistan, North Korea, and Venezuela.
Coinmama offers a variety of payment methods for users to buy cryptocurrencies. These include:
- Credit cards: Coinmama allows users to purchase cryptocurrencies using their credit cards. It is important to note that Coinmama does not store credit card details at any time.
- Debit cards: In addition to credit cards, users can also use their debit cards to buy cryptocurrencies on the platform.
- Bank transfers: Users can also purchase cryptocurrencies directly from their bank accounts through wire transfers or SEPA transfers (for users within the EU).
Coinmama supports 44 fiat currencies for trading, including USD, EUR, GBP, HKD, AUD, CAD, JPY, and many more. The specific payment options may vary depending on the region and the supported fiat currency.
It is worth mentioning that Coinmama's fees are among the highest in the cryptocurrency exchange market, with fees ranging from 0.99% to 15% for transactions. These fees can vary based on payment methods, currencies, and loyalty levels.
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Verification requirements
Coinmama is a Canada- and Israel-based cryptocurrency exchange platform that allows users to buy and sell cryptocurrencies directly to and from third-party wallets. It supports 82 cryptocurrencies, 44 fiat currencies for trading, and over 500 tokens for crypto swaps.
Coinmama's account verification process is necessary to keep customers safe, fight fraud on the blockchain, and comply with local regulations. Verification is required for buying and selling crypto but not for crypto swaps.
To get started with the verification process, users must fill in their first and last name, email address, and country of residence. After receiving a confirmation email, users must complete a form with their address, phone number, and date of birth.
For Level 1 verification, users must provide a government-issued photo ID such as a passport or driver's license. Users must also write "Coinmama" and the current date on a piece of paper and take a photo of themselves holding that paper and the ID they've uploaded.
For Level 2 verification, users must provide a different government-issued ID than the one used for Level 1, such as a passport, driver's license, or non-driver's national ID card. Additionally, a utility bill in the user's name, no more than six months old, and tied to their home address is required. The KYC questionnaire must also be filled out and signed.
It is important to note that Coinmama is restricted in several regions, including certain US states and international territories.
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Supported cryptocurrencies
Coinmama supports 82 cryptocurrencies, 44 fiat currencies for trading, and over 500 tokens for crypto swaps.
Coinmama's supported cryptocurrencies include Bitcoin, Ethereum, Tezos, and Eos. The platform allows users to buy and sell cryptocurrencies directly to and from third-party wallets. It does not provide a wallet service, so users need to provide a wallet address to receive their purchased cryptocurrencies.
Coinmama also supports various 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 a user-friendly interface, making it accessible even for beginners in cryptocurrency trading.
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Fees
Coinmama is a non-custodial platform that does not store payment details, hold crypto, or store users' crypto or fiat. It is a simple platform for buying and selling cryptocurrency directly to and from third-party wallets. Coinmama supports 82 cryptocurrencies, 44 fiat currencies for trading, and over 500 tokens for crypto swaps.
Coinmama's fees are among the highest in the cryptocurrency exchange market. Fees can vary significantly based on payment methods and currencies, sometimes reaching between 10% to 15% for transactions around $1,000. The platform applies various fees for buying or selling cryptocurrency, and the fee structure is considered unclear. Coinmama's commission fee ranges from 0.99% to 3.90%, depending on the user's Loyalty Level. An additional "express fee" is charged for certain payment methods, including credit/debit card payments, Google Pay, Apple Pay, Skrill, and NETELLER.
On top of the commission fee, there are other fees to consider. For example, when sending cryptocurrencies like Bitcoin, Ethereum, and Dogecoin to someone else's wallet, you will need to pay a fee to the miners who validate transactions and maintain the blockchain. There is also a fee called "gas" that you pay when interacting with a smart contract. Different blockchains have different gas costs, with Ethereum being more expensive than Binance Smart Chain. Additionally, some exchanges charge a fee for withdrawing cryptocurrencies into your personal wallet.
Coinmama's Loyalty Program rewards users based on their cumulative purchases. By reaching higher tiers, users can save up to 25% on fees.
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Frequently asked questions
Yes, Coinmama is available in over 188 countries worldwide, excluding restricted areas such as New York and Louisiana in the US, Afghanistan, Cuba, North Korea, Russia, and more.
To get started with Coinmama, you must first create and verify your account. This involves providing proof of identification, such as a driver's license or passport. Once your account is verified, you can navigate the website to buy the cryptocurrency of your choice.
Coinmama is a user-friendly platform that is ideal for beginners looking to purchase their first cryptocurrency. It offers instant delivery of purchased coins into your account and supports various payment methods, including credit and debit cards, wire transfers, and digital wallets. Coinmama also has responsive customer service and provides crypto lessons through Coinmama Academy.
