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Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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    5. Coinmama Review 2024: Features...

    Coinmama Review 2024: Features & Fees

    coinmama review

    Coinmama Review: Our Opinion

    Coinmama cryptocurrency exchange offers a limited selection of cryptocurrencies that advanced users may find restrictive.

    The cryptocurrency exchange, however, offers a wide range of payment methods to purchase crypto including bank transfer for all supported regions

    That said, Coinmama charges high fees per transaction when compared to other cryptocurrency exchanges like Binance or Kucoin. 

    It also has very little to no standout features beyond crypto purchases. 

    You won’t find staking rewards, NFT support, yield farming, leveraged trading, etc on the crypto exchange. 

    It is simply for beginner crypto investors and traders who want to buy or sell Bitcoin in exchange for fiat currency. 

    Important Risk Warning: Investing in and/or trading CFDs, financial instruments, commodities, and other assets involves a significant level of risk. There is a possibility of losing all the funds you have deposited. Prior to engaging in any such activity, it is essential that you fully understand and acknowledge the associated risks. Please be advised that Skrumble.com does not offer investment or any other form of advice. The information provided in our review should not be construed as financial advice in any way.

    An Overview of Coinmama

    coinmama review homepage

    Coinmama was founded in 2013 as a cryptocurrency exchange that allows users to buy and sell Bitcoin from anywhere around the world. 

    It is registered as a Money Service Business with FinCEN in Dublin, Ireland under the name Cmama Ltd. 

    The Coinmama Group was co-founded by Nimrod Gruber, Laurence Newman, and Ilan Schuster. And was originally a bitcoin-only exchange allowing users to buy and sell the digital currency but it has since accepted over 50 other cryptocurrencies including Ethereum and Litecoin. 

    The cryptocurrency exchange was one of the first platforms to support the buying of bitcoins with credit or debit cards. It was also the first crypto exchange to integrate Apple Pay as a payment method. 

    Coinmama currently serves over 2.5 million users from more than 190 countries. 

    The crypto exchange’s primary product offered is the sale of bitcoin and other digital currencies allowing users to facilitate transactions via credit card, debit cards, bank transfer, Apple Pay, Google Pay, and much more. 

    Coinmama also buys bitcoin from users in exchange for Euros, with a transfer of funds to the trader’s SEPA bank account. 

    To purchase crypto on the platform, Coinmama under regulation requires that users register and undergo KYC Verification.



    Coinmama Review: Unique Features

    Coinmama OTC desk

    coinmama otc desk

    Coinmama offers Over-the-Counter trading to institutions, businesses, and high-net-worth individuals who need greater liquidity and customized service. The OTC trading desk is available to individuals who wish to trade $50,000 or more on Coinmama.

    The OTC service enables Coinmama to meet the trading needs of these individuals to prevent any effect their large orders may have on the market if placed independently. 

    Coinmama offers secure, professional, and instant execution and settlement services for all over-the-counter trades. 

    OTC clients have access to a personal 1-on-1 success manager/account manager with robust trading experience. The manager shares their expert knowledge with the OTC client when needed. Success managers do not offer crypto trading advice. 

    Asides from Bitcoin, the Coinmama OTC desk offers traders dozens of popular cryptocurrencies. More cryptocurrencies are constantly added to the supported cryptocurrencies for the OTC desk. 

    Currently, the OTC desk supports the following fiat currencies; USD, CAD, AUD, EUR, and GBP. 

    Coinmama offers OTC clients the ability to secure their coins with ultimate self-custody storage suited to their needs. This ensures that the security of the large volume of cryptocurrencies being traded is not affected. 

    The crypto exchange also offers OTC clients multiple funding methods. 

    To join the Coinmama VIP/OTC service, you need to fill out a form on the Coinmama website. The information required on the application form includes your name, email, country, and how many cryptocurrencies you intend to buy. 

    You also need to specify if you are a business or an individual. 

    Once you submit the allocation form, the Coinmama team will contact you. 

    Coinmama Loyalty

    Coinmama Loyalty is a three-tiered program designed to reward active traders by lowering their trading fees by up to 25%. 

    The program is based on maintaining a cumulative minimum purchase amount of either 5,000 USD or 18,000 USD over a rolling 90-day period or by reaching a lifetime purchase amount of 50,000 USD. 

    Enrollment into Coinmama Loyalty is easy and automatic. All you need to do is to sign up for a Coinmama account, get verified for purchase, and start buying or selling cryptocurrency. Once you reach the required minimum, your savings will be given to you in the form of a crypto bonus when you check out. 

    Below are the tiers of the Coinmama Loyalty program:

    • Crypto Curious: Traders in this tier are new Coinmama users who are just testing the Bitcoin waters. Coinamama Happiness Heros (customer service) are on standby and accessible to the Crypto Curious at any time when they need help buying and selling cryptocurrencies on the platform. 

    • Crypto Enthusiasts: Traders in this category enjoy reduced fees and can save up to 12.5% on Coinmama fees. They also enjoy fast-track customer support from Coinmama Happiness Heroes. To maintain your Enthusiast loyalty level, you need a cumulative purchase amount of 5,000 USD over a rolling 90-day period. Your savings appear as a crypto bonus when you check out. 

    • Crypto Believer: Crypto Believers save 25% on Coinmama fees. They also enjoy VIP customer support from Coinmama Happiness Heroes. To be an eligible Coinmama crypto believer, you need to have been purchasing crypto on Coinmama for at least 30 days. To maintain your crypto believer status, you need a cumulative purchase amount of 18,000 USD over a rolling 90-day period or a lifetime purchase amount above 50,000 USD.

    Coinmama Mobile App

    The Coinmama app is a crypto wallet app that allows you to buy and store your digital assets. With the mobile app, there is no third-party custody, no intermediaries, and no customer deposits. 

    The mobile wallets support several cryptocurrencies including stablecoins like USD Coin and Tether which can be used to mitigate volatility. 

    The Coinmama mobile app has an intuitive interface and it is available to users in over 190 countries. 

    The app offers an intuitive market feature that allows you to follow the latest cryptocurrency developments.

    You can also get key information about top crypto assets on the go. Coinmama constantly updates its price graphs to reflect the price movements of supported cryptocurrencies. 

    Asides from sending and receiving Bitcoin, Bitcoin Cash, and other cryptocurrencies, the mobile app allows you to import a crypto wallet from another app to Coinmama. It also allows you to send crypto from another Ethereum, USD Coin, or a Bitcoin wallet app to your account. 

    You can also buy crypto in-app and have your coins instantly deposited into your wallet

    The Coinmama mobile app supports several payment methods including credit card, debit cards, Google Pay, Apple Pay, bank transfer, etc. 

    The app also offers flexible spending limits which allows you to buy crypto at your pace. You can start with as low as $50 or buy up to $5M at a time. 

    To prevent losing access to your funds, Coinmama allows you to back up your private keys to your device. This allows you to be able to access your funds if you lose your recovery phrase or device.

    Coinmama Crypto Price Tools 

    buy crypto coinmama


    Coinmama offers 3 crypto price tools: the Coinmama Bitcoin Price Calculator, Ethereum Price Calculator, and Cryptocurrency Calculators

    These price tools allow you to instantly convert crypto to fiat rates to the fiat currency of your choice. 

    Coinmama price tools support over 50 fiat currencies. The prices displayed on the price tools are updated every 60 seconds. 

    The Coinmama Cryptocurrency Calculator covers 60 cryptocurrencies to fiat currencies using live prices updated every minute. 

    The Bitcoin and Ethereum price calculator allows you to view live rates and buy Bitcoin all in one place. This tool allows you to see the cryptocurrency rates in your preferred fiat currency, this makes it easier for you to judge prices and decide when to buy. 

    To see the rate, simply enter the Bitcoin or Ethereum amount you would like to calculate or enter the fiat amount you would like to convert to Bitcoin or Ethereum. 

    The Bitcoin or Ethereum price displayed in the Coinmama Bitcoin and Coinmama Ethereum calculator does not include Coinmama’s commission fee. 

    Note: While the Bitcoin and Ethereum currency calculator displays the BTC and ETH rates in your preferred currency, orders to buy Bitcoin or Ethereum are processed in EUR, GBP, USD, AUD, or CAD. 

    Cryptocurrencies Available on Coinmama

    cryptocurrencies coinmama

    The Coinmama exchange supports just over 50 cryptocurrencies. Supported cryptocurrencies include Bitcoin, Ethereum, Tether, USD Coin, Dogecoin, XRP, Uniswap, Aave, Chainlink, Ethereum Classic, Bitcoin Cash, Compound, EOS, Wrapped Bitcoin, Loopring, Numeraire, etc.

    Coinmama Review: Fees

    The Coinmama exchange charges users 2 types of fees on its platform: payment processing fees and Coinmama fees. Users will also have to pay blockchain network fees when transferring cryptocurrency to an external wallet address.

    Service Fees or Payment Processing Fees

    Coinmama imposes a variety of service fees in the form of commissions for handling your transaction. These charges encompass payment processing fees, along with a Coinmama service fee.

    Payment Processing Fee

    This payment processing fee is a unified charge by the automated clearing house network, electronic check provider, credit card issuer, interchange, and any other banking institution cost required to process a payment. 

    This fee varies based on the payment method in use:

    • Credit Card or Debit Card: For all debit or credit card transactions over 50 USD or the equivalent in other supported currencies, Coinmama charges a processing fee of 4.5% of the amount you intend to spend in EUR, JPY, USD, or GBP. For other currencies, it charges up to 6.5%. Other amounts are charged a flat fee between 2 to 3 USD. 

    • Skrill and Neteller: The payment processing fee for these funding methods depend on the amount you’re willing to spend. The higher the amount the lower the fee required to process your payment. 

    • Other Payment Methods: For payment solutions like SPEI, AstroPay, Giropay, Webpay, PSE, PIX, and SPEI, have individual payment processing fees they charge. So you’ll need to check the commission details on the transaction before executing an order.

    The Coinmama Fee

    The Coinmama platform charges a fee that applies to all supported payment methods. This, it states, is to provide the required infrastructure to monitor Coinmama account cybersecurity and have their customer support available 24/7. 

    That said, the first credit card and debit card transaction is free as it is promotional and Coinmama does not take a fee. However, network fees and payment processing fees apply. 

    For when it does charge Coinmama does not disclose the exact fees in its fee schedule. However, it does display a fee breakdown in the checkout summary when you’re placing an order.

    Blockchain Network Fees

    The miners or validators charge blockchain network fees for confirming transactions in the blockchain. This fee varies depending on the demand for the specific cryptocurrencies. 

    It is also charged per transaction and isn’t dependent on the amount you’re spending

    The fee applies to every blockchain payment method.

    Coinmama Review: Payment Methods

    The Coinmama exchange supports a wide range of payment methods with the popular options being credit card and debit card, Skrill and Neteller, and Bank transfer

    Coinmama accepts payment through other deposit methods including Giropay, AstroPay, PIX, Khipu, PSE, SPEI, and WebPay

    Below are listed the transaction limits of each popular payment option:

    • Credit Card and Debit Card: The credit card and debit card deposit option has a minimum transaction amount of 4 USD and a maximum amount per transaction of 20,000 USD. Users can also access unlimited daily transaction limits. 

    • Skrill and Neteller: This funding method has a minimum amount per transaction of 20 USD and a maximum amount per transaction of 200,000 USD. There’s also a max daily limit of 200,000 USD. 

    • Bank Transfer: With bank transfer, there’s a minimum amount per transaction of 5 USD and a maximum transaction amount of 10,000 USD with a monthly limit of 100,000 USD. 

    It’s important to note that Ethereum, DOT, and ERC-20 tokens have a separate minimum amount of 10 USD for each transaction. 

    In addition, the transaction limits are permanently set and cannot be increased. Limits are also not reset on the 1st day of a month but are calculated daily for the period of the last 30 days. 

    That said, if you want to transact with higher amounts you’ll need to email vip@coinmama.com.

    Coinmama Review: Security

    The Coinmama exchange is operated by Cmama LTD. Cmama LTD is a regulated Money Services Business regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Financial Crimes Enforcement Network (FinCEN). 

    As part of its regulatory requirements, Coinmama carries out certain Anti-Money Laundering and Know Your Customer procedures. 

    Coinmama does not provide any type of crypto storage. When you make a purchase, you need to provide a wallet address to receive the digital currency. All crypto deposits are made once the wallet address is confirmed.

    Coinmama requests customers to confirm their crypto wallet address before sending crypto. Customers are also required to verify their accounts before placing any orders or increasing their spending limits. 

    Coinmama implements several security measures to protect users’ information and prevent unauthorized use of users’ information. 

    Coinmama Exchange minimizes fraud by verifying every user that trades on the platform. Coinmama does not keep any crypto on hand and does not store users’ credit card, debit card, or bank information on its website or servers. 

    All client personal information is encrypted. That said, Coinmama experienced a data breach in 2019 that affected over 450,000 users.

    Staking Rewards

    Coinmama does not offer any form of staking services.

    Coinmama Review: Supported Countries

    Coinmama allows users in over 190 countries to buy Bitcoin and other cryptocurrencies using a credit card, debit card, or wire transfer. 

    While Coinmama is available in the rest of the United States, it is not available to users in New York, Louisiana, and Hawaii

    Coinmama is also not available to the residents of 20 different countries. Restricted countries include Afghanistan, Iran, Cuba, Crimea, Northern Cyprus, Syria, South Sudan, North Korea, Russia, Yemen, Sudan, Belarus, Abkhazia, Iraq, Myanmar, Palestine, Somalia, Sahrawi Arab Democratic Republic, Luhansk and Donetsk (regions in Ukraine), and South Ossetia.

    Coinmama Review: Opening a Coinmama Account

    sign up coinmama

    To create a Coinmama account go to coinmama.com/signup.

    Next, enter your email address then click the Create Account button at the bottom of the page. 

    Coinmama will send you a verification email with a One-time passcode 

    You’ll have to confirm your email address by entering your one-time password.

    Next, you have to verify your account to place your first order. 

    To do so, upload your identity documents first. 

    Next, upload a selfie of you holding the identity document you just uploaded and a paper note that says “Coinmama” with today’s date on it. 

    To be verified Coinmama requires that both show clearly in the selfie. 

    Wait for the verification team to go over your documents

    The verification process typically takes around 30 minutes. 

    That’s it! You’ve successfully created your Coinmama account.

    Trading Experience

    The trading experience on Coinmama is user-friendly and basic. It offers few trading options and does not support crypto-to-crypto swap transactions

    To initiate a transaction, you just need to click the buy or sell button in your online dashboard or mobile app.

    Coinmama Review: Customer Service

    Coinmama offers customer support from 7:00 am – 01:00 am (UTC/GMT). You can contact the customer support team known as the Happiness Heroes by submitting a request or via its dedicated support channel via email at support@coinmama.com

    You can also chat with Coinmama’s AI bot Emma by clicking on the chat button located at the bottom-right of your screen. 

    Coinamama also has a help center, an academy as well as a blog where users can find answers to most of their questions about the platform.

    Coinmama Review: Customer Satisfaction

    Coinmama has a user-friendly interface that is great for beginners. The Coinmama customer support team also offers good service to users. 

    The exchange has a 4.4-star rating on Trustpilot.

    Coinmama Review: Does Exchange Offer Education?

    Yes, Coinmama offers an exhaustive education center called the Coinmama Academy. The platform offers a vast amount of educational resources about everything cryptocurrency. 

    It covers topics on aspects like staking, miner fees, NFTs, Decentralized Finance, and much more. 

    Coinmama Review: Is Coinmama Right for You?

    The Coinmama exchange is right for crypto beginners and traders who want a platform where they can simply buy and sell cryptocurrency using fiat currency and with popular payment methods.

    It isn’t for advanced or experienced traders looking for a cryptocurrency exchange with a large selection of cryptocurrencies, cheap fees and a broad range of trading tools like charts, margin trading, futures, p2p trading, etc.

    Coinmama Review: Conclusion

    Coinmama can best be described as a basic crypto platform with high fees and popular payment methods for crypto purchases including credit and debit cards. 

    However, Coinmama does have reliability going for it as it is one of the oldest crypto exchanges in the world. 

    It has also never been hacked for funds but has experienced a data breach, which may make some users not feel secure.


    Most frequent questions and answers

    Coinmama charges a range of fees with its payment processing transaction fees getting up to 6.5% of the purchase amount. 

    There are also undisclosed Coinmama fees that you’ll only see at checkout. Coinmama charges high fees when compared to its competitors.

    Yes, you can use Coinmama in the United States as it is available in 48 states excluding New York, Louisiana, and Hawaii

    Coinmama is a real cryptocurrency exchange that was founded in 2013. 

    Yes, just like most cryptocurrency exchanges, Coinmama has a wallet that allows you to hold purchased crypto.

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