No Regulation

Score

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/10

Coinmama

Israel

|

10-15 years

Suspicious Regulatory License|

Medium potential risk

https://www.coinmama.com/

Website

Rating Index
Influence

Influence

A

Influence Index NO.1

United States 4.28

Better than 98.33% exchange(s)

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A

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No effective regulatory information has been founded yet, please pay attention to the risks!

Exchange Info

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Company Name
Coinmama
Phone of the company
+1 (650) 600-9939
Company website
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Customer Service Email Address
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WikiBit Risk Alerts

1
Previous Detection 2024-04-20

It has been verified that this Exchange currently has no valid regulation, please be aware of the risk!

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Time Machine

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User Reviews

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5 ratings

Participate in evaluation
Scarletc
coinmama provides a user-friendly interface for purchasing digital assets like Bitcoin, Ethereum, and others.
2023-12-19 19:47
7
zeally
Coinmama is a cryptocurrency exchange platform that allows users to buy various cryptocurrencies using fiat currency. It provides a user-friendly interface for purchasing digital assets like Bitcoin, Ethereum, and others.
2023-12-19 19:13
2
FX1050238146
As a cryptocurrency enthusiast, my rating for Coinmama is that it does a better job than most exchanges in terms of security and customer support. But the transaction fees are on the high side, which is something that makes me conflicted.
2023-10-19 23:20
2
FX1127340201
I think Coinmama is great! Its trading interface is user-friendly and very intuitive. The Customer Support service is also exceptional, always answering my questions. One more thing to mention, this exchange ensures data privacy and is secure and reliable!
2024-04-10 16:07
5
花生米52459
I traded on the website of coinmama suggested by my friend and earned a lot. But it asked for 20% taxes when withdrawing. I found it was a scam.
2021-08-31 14:41
1
Aspect Information
Company Name Coinmama
Registered Country/Area Israel
Founded Year 10-15 Years
Regulatory Authority Unregulated
Numbers of Cryptocurrencies Available 13
Fees Taker fees range from 5.50% to 3.50%, Maker fees range from 4.50% to 3.00%
Payment Methods Credit card, Debit card, Bank transfer, Wire transfer, Apple Pay, SEPA, SWIFT, Faster Payments, Giropay, SOFORT
Customer Support Phone of the company+1 (650) 600-9939Company websitehttps://www.coinmama.com/Twitterhttps://twitter.com/coinmamaFacebookhttps://www.facebook.com/Coinmama/

Overview of Coinmama

Coinmama, founded around 10-15 years ago, operates without explicit regulatory oversight. Based in Israel, the exchange prioritizes security, employing industry-standard encryption and offline storage (cold wallets) to thwart cyber threats. Committed to KYC and AML procedures, Coinmama upholds transaction legitimacy. Offering access to 13 cryptocurrencies including Bitcoin, Ethereum, XRP, and more, the exchange's prices span from $46,303.26 for BTC to $0.06856 for DOGE. Trading volumes vary, with BTC at $34.8 billion and LTC at $600 million. The account setup involves email verification, personal data submission, identification uploads, and verification. Fees range from 5.50% to 3.00%, with credit card fees up to 6.5%. Coinmama supplements trading with educational resources, but users must independently research the volatile crypto market. Customer support is accessible through email and provided contact details, offering assistance for traders.

Cover

Pros and cons

Pros Cons
Supports credit cards, debit cards, bank transfers, and Apple Pay High fees for credit card purchases: 4.5% - 6.5%
No fees for cryptocurrency deposits or withdrawals Limited range of cryptocurrencies: 13
Well-known and established exchange Not regulated by any major financial authority
Offers limit orders, market orders, and stop-limit orders Withdrawals can take several days to process
Anonymous trading possible

Coinmama offers diverse payment methods, including credit cards, debit cards, bank transfers, and Apple Pay, while enabling fee-free cryptocurrency deposits and withdrawals. As an established exchange, it provides a range of order options and supports anonymous trading. However, the platform comes with high fees of 4.5% - 6.5% for credit card purchases and a limited selection of 13 cryptocurrencies. Additionally, Coinmama lacks regulation by major financial authorities, and withdrawals may have extended processing times.

Regulatory Authority

Coinmama appears to lack proper regulatory oversight at present. Caution is advised when dealing with this exchange due to the absence of verified regulatory information, which could pose potential risks for users.

Regulation

Security

Coinmama implements security measures to help protect user accounts and personal information. The exchange utilizes industry-standard encryption protocols to safeguard sensitive data and prevent unauthorized access. Additionally, Coinmama stores user funds in offline wallets, also known as cold storage, which helps to protect against hacking attempts or cyberattacks. This offline storage solution makes it more difficult for hackers to access and steal user assets.

Coinmama also enforces strict know your customer (KYC) and anti-money laundering (AML) policies. These policies require users to undergo a verification process, which helps to ensure the legitimacy of transactions and prevent fraudulent activities. By implementing these measures, Coinmama aims to provide a secure environment for users to trade virtual currencies.

It's important for users to take their own security measures as well. This includes setting up two-factor authentication (2FA) to add an extra layer of protection to their accounts, using strong and unique passwords, and being cautious of phishing attempts or suspicious links. By following these security practices and using a regulated and secure exchange like Coinmama, users can help protect their funds and personal information.

Pro

Cryptocurrencies Available

Coinmama provides access to a limited range of 13 cryptocurrencies. Noteworthy among them are:

  • Bitcoin (BTC)

  • Ethereum (ETH)

  • XRP (XRP)

  • Dogecoin (DOGE)

  • Uniswap (UNI)

  • Aave (AAVE)

  • Litecoin (LTC)

  • Cardano (ADA)

  • Polkadot (DOT)

  • Chainlink (LINK)

  • the prices range from $46,303.26 for BTC to $0.06856 for DOGE, with corresponding market capitalizations spanning from $862.8 billion for BTC to $4.3 billion for LTC. The 24-hour trading volumes vary between $34.8 billion for BTC and $600 million for LTC.

    trading

    Fees

    Taker fees range from 5.50% for volumes up to 50 USD, gradually decreasing to 3.50% for volumes over 1,000 USD. Maker fees range from 4.50% to 3.00% across the same volume ranges.

      Volume (USD) Taker Fee Maker Fee
      Up to 50 5.50% 4.50%
      50 - 250 4.50% 4.00%
      250 - 1,000 4.00% 3.50%
      Over 1,000 3.50% 3.00%
      Fees

      Payment Methods

    Coinmama does not charge any fees for cryptocurrency deposits or withdrawals. However, there are some fees associated with credit card and debit card purchases. For credit/debit card transactions above 50 USD (or equivalent in other currencies), the payment processing fee is 4.5% of the amount you wish to spend (USD, EUR, GBP, and JPY), and up to 6.5% for other currencies.

    Payment method Buy Sell Add cash Cash out Speed
    Credit card Yes Yes No No Instant
    Debit card Yes Yes No No Instant
    Bank transfer Yes Yes Yes Yes 1-3 business days
    Wire transfer Yes Yes Yes Yes 1-3 business days
    Apple Pay Yes No No No Instant
    SEPA Yes Yes Yes Yes 1-3 business days
    SWIFT Yes Yes Yes Yes 1-3 business days
    Faster Payments Yes Yes Yes Yes 1-3 business days
    Giropay Yes Yes Yes Yes 1-3 business days
    SOFORT Yes Yes Yes Yes 1-3 business days
    payment_method

    Compare to Other similar Brokers

    Coinmama offers 13 cryptocurrencies with a daily limit of up to 100 BTC, charging credit card fees between 4.5% - 6.5% and bank transfer fees of 0.99%. Coinbase supports 100+ cryptocurrencies, a daily limit of up to 50 BTC, and has a 3.99% credit card fee. Kraken provides 60+ cryptocurrencies, a daily limit of up to 100 BTC, and a 3.75% credit card fee, with a 0.0005 BTC bank transfer fee. Binance leads with 500+ cryptocurrencies, a daily limit of up to 100 BTC, and a 0.5% credit card fee, while bank transfers cost 0.1%. Coinmama has a $100 account minimum, while Coinbase has $25, Kraken has $0, and Binance has $0, with no promotions across these platforms.

    Feature Coinmama Coinbase Kraken Binance
    Cryptocurrencies 13 100+ 60+ 500+
    Amounts Up to 100 BTC per day Up to 50 BTC per day Up to 100 BTC per day Up to 100 BTC per day
    Fees Credit card: 4.5% - 6.5% Credit card: 3.99% Credit card: 3.75% Credit card: 0.5%
    Bank transfer: 0.99% Bank transfer: 1.49% Bank transfer: 0.0005 BTC Bank transfer: 0.1%
    Account minimum $100 $25 $0 $0
    Promotions None None None None

        Service

        Coinmama is a cryptocurrency exchange that allows users to buy and sell Bitcoin and other cryptocurrencies with credit cards, debit cards, and bank transfers. Coinmama also offers a non-custodial wallet that allows users to store their cryptocurrencies securely.

        Here are some of the key features of the Coinmama wallet:

        • Non-custodial: This means that users have full control over their private keys.

        • Secure: The wallet uses industry-leading security measures to protect users' funds.

        • Easy to use: The wallet is designed to be easy to use for both beginners and experienced users.

        • Multi-currency: The wallet supports a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

        In addition to its wallet, Coinmama also offers a number of other features, including:

        • A cryptocurrency exchange: Users can buy and sell cryptocurrencies on the Coinmama exchange.

        • A blog: Coinmama's blog provides news and information about cryptocurrencies.

        • A customer support portal: Coinmama offers a customer support portal to help users with any questions or problems they may have.

        Coinmama is a well-established and reputable cryptocurrency exchange that offers a variety of features to its users. The Coinmama wallet is a secure and easy-to-use option for storing cryptocurrencies.

        Here are some of the charitable and community projects that Coinmama is involved in:

        • Coinmama Gives Back: Coinmama donates a portion of its profits to a variety of charitable causes.

        • The Coinmama Foundation: The Coinmama Foundation is a non-profit organization that supports educational and research initiatives related to cryptocurrencies.

        • The Coinmama Community Fund: The Coinmama Community Fund is a program that provides grants to community-based projects that are working to promote the adoption of cryptocurrencies.

        Coinmama is committed to giving back to the community and supporting the growth of the cryptocurrency ecosystem.

    Coinmama APP

    Coinmama offers a mobile app available for both iOS and Android devices, allowing you to buy and sell cryptocurrencies on the go. Here's what you can expect:

    Features:

    • Buy and sell popular cryptocurrencies: Access Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and other supported coins directly from your phone.

    • Instant purchases: Get your crypto immediately after completing the transaction.

    • Easy-to-use interface: Manage your account, track prices, and initiate transactions with a user-friendly layout.

    • Secure login: Utilize two-factor authentication (2FA) for added security.

    • Multiple payment methods: Choose from various options like bank transfers, credit/debit cards, and local payment processors (depending on your region).

    • Track your portfolio: Monitor your holdings and transaction history directly within the app.

    Downloading the app:

    • iOS: [[invalid URL removed]]([invalid URL removed])

    • Android: [[invalid URL removed]]([invalid URL removed])

    Overall:

    The Coinmama mobile app provides a convenient way to buy and sell popular cryptocurrencies with a user-friendly interface. However, keep in mind its limitations and higher fees compared to some exchanges. Remember to do your own research and understand the risks associated with cryptocurrency before investing.

    app

    How to Buy Cryptos

    Buying crypto on Coinmama is a straightforward process. Here's a breakdown of the steps involved:

    1. Create an Account:

    • Visit the Coinmama website or download the mobile app.

    • Register for a new account by providing your email address, creating a password, and verifying your email.

    2. Verify your identity:

    • To comply with regulations, Coinmama requires identity verification. This usually involves submitting a government-issued ID and proof of address document.

    3. Choose your preferred fiat currency and desired cryptocurrency:

    • Coinmama supports various fiat currencies and popular cryptocurrencies like Bitcoin, Ethereum, Litecoin, and others.

    • Select the currency you want to use for buying and the crypto you want to purchase.

    4. Enter the amount you want to buy:

    • Specify the amount in your chosen fiat currency or the desired quantity of crypto.

    5. Choose your payment method:

    • Coinmama offers several payment options, including bank transfers, credit/debit cards, and local payment processors depending on your location.

    • Be aware that fees may vary depending on the chosen method.

    6. Review and confirm the transaction:

    • Double-check all details, including the amount, fees, and recipient address (if applicable).

    • Once satisfied, proceed with the payment.

    7. Receive your crypto:

    • Upon successful payment, your purchased crypto will be credited to your Coinmama wallet or the wallet address you provided.

    way

      Is Coinmama a Good Exchange for You?

    Coinmama excels in one specific area:Buying cryptocurrency with a credit card.Coinmama is one of the few regulated exchanges that allows users to purchase various cryptocurrencies directly using a credit card. This convenience can be appealing to beginners who want a straightforward way to enter the market.

    However, it's crucial to consider the drawbacks:

    Higher fees: Compared to other buying methods like bank transfers or debit cards,credit card purchases on Coinmama typically incur higher fees.

    Limited selection: Coinmama offers a smaller selection of cryptocurrencies compared to some other exchanges.

    Potential credit card limitations: Some banks may restrict or block cryptocurrency purchases using credit cards.

    Conclusion

    In conclusion, Coinmama presents users with advantages such as a relatively long operating history of 10-15 years and a wide array of available cryptocurrencies for trading, including Bitcoin, Ethereum, and others. The exchange also emphasizes security through encryption, cold storage, and strict KYC and AML policies. However, it lacks proper regulatory oversight, which might raise concerns among users. The platform offers a straightforward registration process, but its fee structure can be relatively high for certain transaction volumes. While Coinmama provides educational resources, users are advised to conduct independent research due to the volatile nature of the cryptocurrency market. The customer support is accessible through various channels, but the absence of regulatory transparency remains a notable drawback.

    FAQs

    Q: What cryptocurrencies can I trade on Coinmama?

    A: Coinmama supports a variety of cryptocurrencies including Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash, among others.

    Q: What payment methods are accepted on Coinmama?

    A: Coinmama accepts various payment methods such as credit and debit cards, SEPA, Faster Payments, SWIFT, and Apple Pay.

    Q: Does Coinmama have a registration process?

    A: Yes, Coinmama has a registration process that involves creating an account, verifying your email, providing personal information, uploading identification documents, completing the verification process, and then starting to trade.

    Q: Does Coinmama provide educational resources and tools?

    A: Yes, Coinmama offers educational resources and tools such as a blog and knowledge base to help users enhance their understanding of cryptocurrencies and trading.

    Q: Who can benefit from using Coinmama?

    A: Coinmama is suitable for beginner traders, investors seeking a wide range of cryptocurrencies, and traders who value regulatory oversight and security.

    Q: What are the fees associated with trading on Coinmama?

    A: Taker fees range from 5.50% to 3.50%, while maker fees range from 4.50% to 3.00% based on transaction volumes.

    question

    User Review

    User 1: I've been using Coinmama for a few months now, and overall, I'm quite satisfied with the exchange. The security measures they have in place give me peace of mind, knowing that my funds and personal information are well-protected. The interface is user-friendly and easy to navigate, which makes trading a breeze. I also appreciate the wide range of cryptocurrencies available for trade, allowing me to diversify my portfolio. However, I have found the customer support to be a bit slow in responding to my queries, which can be frustrating at times. Additionally, the trading fees are a bit on the higher side compared to other exchanges I have used.

    User 2: Coinmama has been my go-to exchange for a while now, and I have to say that the level of regulation and security they provide is top-notch. I feel confident in trading on their platform, knowing that they adhere to strict AML and KYC policies. The liquidity is also good, ensuring that I can execute my trades quickly and efficiently. The variety of cryptocurrencies available is impressive, giving me plenty of options to choose from. I've had a great experience with their customer support as well. They are responsive and helpful in resolving any issues I encounter. The only downside is that the trading fees can be a bit high, especially for larger transactions. Overall, I highly recommend Coinmama for its regulatory compliance, security measures, and wide range of supported cryptocurrencies.

    Risk Warning

    Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.