Choosing a reliable service to buy cryptocurrency can be overwhelming, given the vast selection available. Coinmama, a seasoned player in the crypto space, has garnered millions of satisfied users worldwide. This review explores what sets Coinmama apart, its features, fees, and overall legitimacy.
Table of Contents
- What is Coinmama?
- Key Features
- Team Background
- Licenses and Regulation
- Services Offered
- How It Works
- Fees and Limits
- Affiliate Program
- Customer Support
- Pros and Cons
- Is Coinmama Legit?
- FAQ
- Final Verdict
What is Coinmama?
Coinmama is a brokerage service established in 2013, headquartered in Dublin, Ireland. Unlike traditional exchanges, Coinmama directly sells cryptocurrency from its wallets, eliminating third-party intermediaries. It operates in 190 countries and 43 U.S. states, serving over 2.3 million users.
Key Features
- Direct Crypto Sales: Buys/sells from its own reserves.
- Multiple Payment Options: Credit/debit cards, bank transfers, and Apple Pay.
- Global Access: Available in most countries (exceptions apply).
- 10 Supported Cryptos: Includes BTC, ETH, LTC, and more.
- Instant Transactions: Purchases completed within minutes.
Team Background
Founded by Nimrod (COO) and Laurence, Coinmama’s team comprises 30+ crypto experts focused on simplifying crypto purchases. Their combined industry experience ensures a seamless user experience.
Licenses and Regulation
Operated by Cmama Ltd. (a subsidiary of New Bit Ventures), Coinmama is registered with FinCEN (#31000172638926), adhering to KYC/AML policies.
Services Offered
For Individuals
- Daily limit: $15,000 via bank transfer.
- Requires ID verification.
For Businesses
- Bulk purchases ($100,000+) after application.
How It Works
- Sign Up: Provide email and country.
- Verify ID: Upload government ID and selfie.
- Buy/Sell Crypto: Select asset, enter wallet address, and complete payment.
Restricted Countries: Cuba, Iran, North Korea, Syria, and parts of the U.S. (e.g., New York).
Fees and Limits
- Purchase Fee: Up to 3.9% + 2% market rate.
- Sell Fee: 0.9%.
- Card Fee: 5% "momentum fee."
Account Levels:
- Level 1: $5,000/day (card), $15,000/day (bank).
- Level 4: Higher limits via VIP support.
Affiliate Program
Earn 15% commission on referrals’ purchases. Payouts require 3+ successful orders/month.
Customer Support
- 24/7 Live Chat: Instant responses.
- Help Center: Detailed guides.
- Phone Support: U.S. number available.
Pros and Cons
Pros:
- Fast transactions.
- High limits ($30,000).
- Strong security.
Cons:
- High fees.
- Limited crypto options.
Is Coinmama Legit?
Yes. Despite a 2019 security breach, Coinmama has since enhanced protections and maintains a 4.3/5 on Trustpilot.
FAQ
Q: How long does verification take?
A: Minutes.
Q: Can I buy crypto without registering?
A: No—ID verification is mandatory.
Q: Does Coinmama have a wallet?
A: No; use external wallets.
Final Verdict
Coinmama excels for beginners prioritizing ease and speed, though experienced traders may seek lower-fee alternatives.