Coinmama evaluation and comparability 2019

Coinmama is a number one cryptocurrency brokerage firm that permits you to purchase a number of sorts of cryptocurrencies together with your bank card

Overview Abstract

Coinmama’s brokerage service permits you to purchase Bitcoin and different cryptocurrencies simply. The corporate just lately began specializing in buyer expertise and customer support in order that transactions are tremendous fast (consumer verification takes as much as one hour).

For rookies, this is a wonderful possibility for purchasing your first Bitcoin. Extra superior customers can use different buying and selling platforms to keep away from excessive charges.

Coinmama overview

Coinmama was established in 2013 in Israel and has since grown to serve over 1m prospects in over 180 international locations with over 30 staff. Immediately the corporate is registered in Slovakia whereas nonetheless owned and headquartered by New Bit Ventures in Israel.

On February 15th 2019, Coinmama reported that about 450,000 e mail addresses and hashed passwords of customers who registered till August fifth, 2017 have been stolen from their database. This comes as half of a bigger breach affecting 30 firms and a complete of 841 million consumer information.

Coinmama companies

Coinmama provides a brokerage service for Bitcoin and different cryptocurrencies. Because of this the corporate sells you the cash immediately versus a buying and selling platform the place you purchase the cash from different individuals.

The professionals of a brokerage service are primarily that the method is normally easier and quicker because you don’t must search for a purchaser by yourself. On the down facet, brokerage companies are normally costlier. In Coinmama’s case, the corporate has made ongoing efforts to scale back their charges as a lot as attainable. On the finish of this publish you may see how Coinmama compares to different exchanges.

The method of shopping for cash from Coinmama goes as follows:

Submit your order
Submit id verification paperwork
Submit cost
Get your cash immediately

As quickly as your cost clears, Coinmama sends you your cash. That is essential since typically a day or two can imply large worth fluctuations in worth and you find yourself shopping for cash for kind of than you initially meant. It’s also price mentioning that Coinmama “locks” the Bitcoin worth for you as quickly as you submit your order.

Coinmama currencies and cost strategies

In the intervening time Coinmama helps shopping for solely of the next cash:

Bitcoin (BTC)
Ethereum (ETH)
Ripple (XRP)
Litecoin (LTC)
Bitcoin Money (BCH)
Cardano (ADA)
Qtum (QTUM)
Ethereum Basic (ETC)

Coinmama accepts credit score or debit playing cards that’s issued by Visa or Mastercard. The corporate has just lately began accepting SEPA funds as nicely, with 0% processing charges.

Costs are denominated in EUR or USD.

Coinmama charges

The costs you see on Coinmama’s web site already embrace the corporate’s brokerage service charge of 5.9%. The bottom worth is calculated from TradeBlock’s XBX index.

On high of the said worth, you’ll need so as to add a 5% bank card processing charge. Because of this normally Coinmama’s worth can be round 10.9% above the market charge.

Coinmama shopping for limits

The minimal quantity of Bitcoins you should buy is $60 or the equal in EUR. The every day shopping for restrict is about to 5000 USD / EUR and the month-to-month restrict to 20,000 USD / EUR.

Every day limits final 24 hours from the second the order is positioned. Month-to-month limits is a shifting sum of the final 30 days.

With a purpose to make any sort of buy you’ll want to finish some type of id verification. There are Three ranges of verification, nonetheless, in response to Coinmama’s documentation, they don’t have an effect on the shopping for limits.

Stage 1 – Requires 1 legitimate authorities issued ID, a selfie of your self holding that ID and a notice with “Coinmama” and at the moment’s date written on it.

Stage 2 – That you must submit a secondary ID. Other than two of the above IDs, additionally, you will must add a utility invoice.

Stage 3 – Requires filling a brief type.

Coinmama supported international locations

Coinmama provides its companies worldwide except for sanctioned international locations and a number of other US states.

International locations supported:

Afghanistan, Aland Islands, Albania, Algeria, Andorra, Angola, Anguilla, Antigua and Barbuda, Argentina, Armenia, Aruba, Australia, Austria, Azerbaijan, The Bahamas, Bahrain, Barbados, Belarus, Belgium, Belize, Benin, Bermuda, Bhutan, Bonaire, Sint Eustatius and Saba, Bosnia and Herzegovina, Botswana, Brazil, Brunei Darussalam, Bulgaria, Burkina Faso, Burundi, Cambodia, Cameroon, Canada, Cape Verde, Cayman Islands, Central African Republic, Chad, Chile, Colombia, Comoros, Congo, Congo, the Democratic Republic of the, Prepare dinner Islands, Costa Rica, Cote D’Ivoire, Croatia, Curacao, Cyprus, Czech Republic, Denmark, Djibouti, Dominica, Dominican Republic, Egypt, El Salvador, Equatorial Guinea, Eritrea, Estonia, Ethiopia, Falkland Islands (Malvinas), Faroe Islands, Fiji, Finland, France, French Guiana, French Polynesia, Gabon, Gambia, Georgia, Germany, Ghana, Gibraltar, Greece, Greenland, Grenada, Guadeloupe, Guatemala, Guernsey, Guinea, Guinea-Bissau, Guyana, Haiti, Holy See (Vatican Metropolis State), Honduras, Hong Kong, Hungary, Iceland, India, Indonesia, Iraq, Eire, Isle of Man, Israel, Italy, Jamaica, Japan, Jersey, Jordan, Kazakhstan, Kenya, Kiribati, Korea, Republic of, Kuwait, Lao Folks’s Democratic Republic, Latvia, Lesotho, Liberia, Libyan Arab Jamahiriya, Liechtenstein, Lithuania, Luxembourg, Macao, Macedonia, the Former Yugoslav Republic of, Madagascar, Malawi, Malaysia, Maldives, Mali, Malta, Marshall Islands, Martinique, Mauritania, Mauritius, Mexico, Micronesia, Federated States of, Moldova, Republic of, Monaco, Mongolia, Montenegro, Montserrat, Morocco, Mozambique, Myanmar, Namibia, Nauru, Nepal, Netherlands, Netherlands Antilles, New Caledonia, New Zealand, Nicaragua, Niger, Niue, Norfolk Island, Norway, Oman, Pakistan, Palau, Panama, Papua New Guinea, Paraguay, Peru, Philippines, Pitcairn, Poland, Portugal, Qatar, Reunion, Romania, Russian Federation, Rwanda, Saint Barthelemy, Saint Helena, Saint Kitts and Nevis, Saint Lucia, Saint Martin, Saint Pierre and Miquelon, Saint Vincent and the Grenadines, Samoa, San Marino, Sao Tome and Principe, Saudi Arabia, Senegal, Serbia, Seychelles, Sierra Leone, Singapore, Sint Maarten, Slovakia, Slovenia, Solomon Islands, South Africa, Spain, Sri Lanka, Suriname, Svalbard and Jan Mayen, Swaziland, Sweden, Switzerland, Taiwan, Province of China, Tajikistan, Tanzania, United Republic of, Thailand, Togo, Tokelau, Tonga, Trinidad and Tobago, Tunisia, Turkey, Turkmenistan, Turks and Caicos Islands, Tuvalu, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States*, Uruguay, Uzbekistan, Vanatu, Venezuela, Viet Nam, Virgin Islands, British, Wallis and Futuna, Western Sahara, Yemen, Zambia.

US states supported

Arizona, California, Colorado, Florida, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Missouri, Montana, Nevada, New Jersey, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Wisconsin.

Coinmama buyer assist and critiques

Coinmama has an entire assist heart and likewise a devoted assist channel through e mail. Assist requests are normally answered inside 24 hours.

I additionally took a take a look at varied buyer critiques customers posted on-line – they weren’t encouraging. Having reviewed over 20 exchanges by now, I do know that when individuals go away critiques on-line it’s virtually all the time unfavorable critiques as a result of they’re pissed off about one thing. That’s why I make it a behavior to truly learn by way of the critiques and see what individuals are complaining about.

Nearly all of Coinmama’s unfavorable critiques complained about one factor – the id verification course of. Customers declare that Coinmama requests a ton of knowledge and in some circumstances rejects functions with out giving correct reason why.

From my very own expertise I can say that verification with Coinmama was comparatively simple, and sure, they require plenty of data. Nevertheless that is simply normal Know Your Buyer (KYC) and Anti Cash Laundering (AML) insurance policies most legit exchanges should adhere to. If you wish to learn some extra consumer critiques for your self head over to Bitrust.

Coinmama in comparison with different exchanges

Right here’s a brief comparability of Coinmama’s. brokerage service in comparison with different well-liked companies round.

Coinmama – Charges: 5.90%
CEX.io – Charges: 2.99%
Coinbase – Charges: 3.99%
Bitstamp – Charges: 5%

IMPORTANT – The charges said on this desk are for bank card buy solely. Additionally, some change have further charges on high of those said so it’s higher to check the ultimate worth of buy as a substitute (as seen beneath).

Coinmama vs. Coinbase

Coinbase fees a 3.99% charge for bank card purchases, which is decrease than the 5.9% Coinmama fees. In contrast to Coinmama, Coinbase helps solely a restricted variety of international locations world wide and is thought to have horrible assist.

Coinmama vs. Changelly

Changelly was identified to be probably the most costly companies you might use to purchase Bitcoin with a credit score. Nevertheless, evidently recently they’ve optimized their service to supply a extra aggressive supply. Changelly takes a 5% on high of the prevailing 5% cost processor charge. That is 0.9% cheaper from Coinmama’s complete charge. Additionally, evidently the change charge Changelly makes use of is cheaper than Coinmama’s, so general it can save you as much as 3% by utilizing their service.

Coinmama vs. Bitstamp

Bitstamp’s brokerage service is sort of an identical to Coinmama’s, with about 0.5% distinction between the companies. Each have good status. Bitstamp is among the oldest and most revered exchanges on the market so it’s a stable different for Coinmama. Additionally, identical to Coinmama, the change helps all kinds of nations worldwide.

Coinmama vs. Binanace

On the time of writing, Binance remains to be strictly a crypto to crypto change so there isn’t a manner to purchase cash on it with a bank card or a financial institution switch. Due to this it’s principally unattainable to check the 2 exchanges.

Step-by-step information

If you happen to’re contemplating utilizing Coinmama, I made a brief display screen seize of the entire course of that can assist you out.

Conclusion – Would I take advantage of Coinmama?

The quick reply is sure. Coinmama is a good firm and their assist is fairly good. Their solely draw back, for my part, is the excessive charges. Sadly, this will’t be averted when utilizing a bank card, however contemplating the immediate service it’s typically price the price.

When you’ve got the choice to make use of a SEPA switch relatively than a bank card that’s even higher because you’ll save 5% in complete charges.

All in all, the service is stable. If you happen to’ve had your personal expertise with Coinmama, I’d love to listen to about it within the remark part beneath.