Best for Buying Bitcoin and Ethereum
You will be hard-pressed to find an easier way of buying Bitcoins than Coinmama. It delivers a hassle-free buying platform with high purchase volumes even for its lowest level of account verification.
Coinmama’s user interface is very simple and intuitive, the fees are competitive, their customer support is helpful and accessible 24 hours a day and, best of all, the sign up and transaction times are very fast. The rapidly increasing popularity of cryptocurrency has caused so much congestion with other brokers and exchanges that some of them are taking weeks to sign up new customers and complete transactions. Some have even had to temporarily suspend new user registration due to overload. Coinmama has avoided the traffic jams thanks to their large and dedicated team. You won’t need to spend unnecessary amounts of time waiting and worrying. They only sell Bitcoin and Ethereum but that’s okay – once you have Bitcoin you can easily swap it for a different crypto coin. Since many of the more obscure coins can only be obtained by trading one crypto for another, Bitcoin gives you access to the entire market.
Ease of Use
One of the things that make Coinmama a popular exchange in the Bitcoin community is its ease of use. It features a credit card payment option that enables users from all over the world get their hands on Bitcoin and Ethereum whenever they want using their local currencies. The verification process is slightly demanding, a good thing in our opinion, and successive levels of account verification allow you to get higher purchase volumes. There is also a Western Union option so you can still buy even if you don’t have a card. It has a straightforward user interface that is intuitive for beginners in an industry poorly served when it comes to ease of use websites.
One of the biggest advantages that Coinmama has compared to its competitors is the fact that it enables you to buy Bitcoins and Ethereum using Visa and Mastercard credit and debit cards from countries across the globe. You can also use cash with Western Union deposits, which is quite convenient.
Coinmama has its own Bitcoin exchange rate that includes a 5.50% transactional fee, which is pretty much within the range you would expect on other platforms. There is also a 5% fee for debit and credit card transactions.
Coinmama’s support section has a large FAQ and the ability to send questions and disputes directly to a member of their customer service team. Most users report that response times are fast and solutions are effective. If anything goes wrong with a transaction, Coinmama staff will help you resolve the issue or refund your money.
Coinmama is currently available globally and as long as you have a Visa or MasterCard you can use its services. However, there are a couple of rules and regulations that you may have to comply with from your side depending on where you live. Residents of certain states or countries with prescribed foreign assets laws may be unable to enjoy all the functions of Coinmama. But as long as you play by the rules, Coinmama will accept all local currencies with pricing displayed in USD or EUR.
Signup and Verification
After signing up with your email address you will need to verify to Coinmama that you are legit. All you need is a government-issued ID like a driver’s license or passport. If you’re using an ID card you’ll need to upload two photographs, one of the front of the card and one of the back, making sure the text is clearly readable. If you’re using a passport then the photo page is all they need. Then you’ll need to upload a selfie of you holding your ID document and a piece of paper that says “Coinmama” and the day’s date. Make sure that the text on the ID document is also clearly readable in the selfie, and that the picture isn’t blurry. Otherwise your application will be rejected and you’ll have to waste a bunch of time redoing it. Send that off and Coinmama staff will evaluate it and verify the account. Verification can take less than half an hour if you send the required info during normal business hours. Otherwise it could take up to twelve hours.
Coinmama accounts with level one verification have a minimum purchase amount of 60 USD and a maximum limit of 10,000 USD. The next two levels of verification raise the buying limits to 50,000 and 1,000,000 USD respectively.
A review is never complete until we check out what the community has to say. Most of Coinmama’s users have had a good experience using its platform. It features a drop-dead simple Bitcoin buying process and boasts a good reputation online thanks to its transparency. Apart from the slightly high fees and the lack of a trading platform, it seems like Coinmama has built a niche for itself. They are specializing on one thing only, and that is selling Bitcoin and Ethereum conveniently to its users.
Security issues are reduced with Coinmama because it does not come with a Bitcoin or Ethereum wallet. They are also not offering a trading feature like its competitors. You withdraw your digital assets directly to your own wallet after buying. The most secure type of wallets are “hardware wallets” which are like USB sticks you use to store your digital currency offline. The Trezor and Ledger are the two industry leaders. We hope the tears don’t flow from an exchange getting hacked but don’t take the chance. It’s a good idea to keep your own coins in your own wallet if you’re not actively trading them on an exchange. Coinmama only sells cryptocurrency to clients and does not buy them back. Coinmama prioritizes security and privacy and has servers that feature a high level of encryption to keep your information safe.
Coinmama is not only legit and safe, but also user friendly, especially for newcomers in the cryptocurrency world. It promises to reduce its fees further and, given its trustworthy track record, you can count on it to implement some positive changes in the future as technology develops. Would we use Coinmama to buy Bitcoin or Ethereum? Absolutely, we would and we do. After all, the transaction fees are unavoidable no matter which platform you buy from.
- Fast registration and verification
- Straightforward user interface
- Fast and secure transactions
- Responsive and helpful customer support
- High purchase volume via credit card
- Available in almost all countries and territories
- High purchase volume via credit card
- Ability to pay with Western Union transfers
- Slightly high transaction fees
- Does not come with a mobile app
Ease of Use