CoinMama is the brand name of New Bit Ventures LTD, an Israeli exchange which was started in 2013. In United State, it is registered with FinCEN but it runs its operations from Ra’anana, Israel. CoinMama is brokerage so all transaction will be between you and CoinMama. The company is known for its fast transactions using Credit/debit cards and High buying limits. In this post, we will share the detailed review of CoinMama.
Does CoinMama offer its services in your country?
CoinMama offers it services worldwide except some sanctioned countries and states. CoinMama also offer its services in some US States like Arizona, California, Colorado, Florida, Illinois, Indiana, Kanas, Kentucky, Louisiana, Massachusetts, Maryland, Michigan, Missouri, Montana, Nevada, New Jersey, New Mexico, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and Wisconsin.
CoinMama receives almost 0.6 million visitors per month and a high percentage of them are from United States, UK, Canada, Israel, and France.
CoinMama allows you to buy 150 USD worth of Bitcoins without uploading a scan of your driving license or passport. However, if you want to spend more you will have to go through the verification process. In the verification process, you will submit your Full Name, date of birth, gender, address, credit/debit card number. You will also need to upload the scan of front and back side of your driving license or national ID Card.
Limit & Liquidity
CoinMama offers some of the highest buying limits among brokerage firms who accept credit cards. The fully verified account can buy up to 5000 USD worth of Bitcoin daily and monthly limit is up to 50,000 USD. if you need to buy more, you can contact support they can assist you.
CoinMama have one of the fastest transaction. Initial verification takes less than 15 minutes and after verification, coins will be instantly transferred to your wallet.
How to create CoinMama account and Buy Bitcoins?
Setting your Account and buying Bitcoins on CoinMama is very easy, all you have to follow is the following steps
- You can register your account by providing your Email, your password, First and Last Name and selecting your country.
- Select create an account and you are all set to buy the Bitcoins.
- Select the number of Bitcoins you want to buy and click “Buy now”
- Select your method of payment; cash or credit/debit card.
- Enter the Credit card details. If you want to pay cash then choose western union as a payment method.
- Complete the payment and confirm your wallet Address by clicking the link in confirmation email.
- Once payment is received and verified, CoinMama will transfer the coins to your wallet.
Usually, it takes few hours to verify your process. Also make sure to submit clear photos of your driver license or passport or National ID because if your photo isn’t clear, CoinMama can reject your application.
How secure is CoinMama?
CoinMama doesn’t keep any of user funds online and instead sell coins using its inventory. So once you paid the amount, coins will be transferred to your personal wallet so in this way CoinMama is more secured.
However, your credit/Debit card and personal information are very sensitive and CoinMama uses state of the art encryption technologies to keep your personal data secure. The company also use dedicated servers to keep your information. In 2017, CoinMama hasn’t experienced any attacks which are admirable.
Transfer Fees in CoinMama
CoinMama is one of the most expensive exchange. It charges ~6% as a transaction fee and additional ~5% for every credit/debit card deposit you make. Coinbase charges ~3.75% and BitPanda charges ~5% as a transaction fee.
CoinMama also has a dedicated FAQ section which is fully organized. You can contact customer support by submitting the ticket on CoinMama website and you can also contact them via email at firstname.lastname@example.org. For business inquiries email at email@example.com.
CoinMama is one of the most trusted brokerages in the world and it offers high buying limits. It also offers very responsive customer support and they get back to you within 24 hours. The only downside can be for CoinMama is their slow process in holidays, sometimes it takes up to 48 hours to verify your information but sometimes it also takes few hours to verify your information. Otherwise, CoinMama enjoys the reputation one of the most trusted brokerages for Bitcoin trading. If you have no issue with paying a slightly high transaction fee and want the fast transaction then we will recommend you to try CoinMama. You can also learn about other Bitcoin trading places on our website.