Coinmama offers access to 80+ cryptocurrencies in an OTC market. The minimum deposit (except for Skrill and Neteller) and minimum trade size are $5 and $50, respectively. The platform provides services in 48 US states.
Coinmama; Exchange Information and Background
Coinmama was founded by Nimrod Gruber and Laurence Newman in 2013. The company is headquartered in Vancouver, Canada.
The platform was acquired by Wellfield Technologies in 2022. It has raised $2.4M in funds from multiple investors, including Mindfulness Capital (Hong Kong) and iAngels.
Coinmama Exchange Specifics
The crypto exchange provides various services, including Buy/Sell, Swap, and Trade.
Exchange | Coinmama |
Launch Date | 2013 |
Levels | Crypto Curious, Crypto Enthusiast, Crypto Believer |
Trading Fees | From 0.99% to 3.90% |
Restricted Countries | New York, Louisiana, Abkhazia, Afghanistan, Belarus, the Central African Republic, Crimea, Cuba, the Democratic Republic of the Congo, Ethiopia, Iran, Iraq, Lebanon, Libya, Mali, Myanmar, Nicaragua, North Korea, Northern Cyprus, Palestine, Russia, the Sahrawi Arab Democratic Republic, Somalia, South Ossetia, South Sudan, Sudan, Syria, Venezuela, Luhansk and Donetsk, Yemen, Zimbabwe |
Supported Coins | 80+ |
Futures Trading | No |
Minimum Deposit | $5 |
Deposit Methods | Bank Transfer, Skrill, Neteller, VISA, MasterCard, Google Pay, Apple Pay, Crypto |
Withdrawal Methods | Bank Transfer, SEPA, SWIFT Crypto |
Maximum Leverage | 1:1 |
Minimum Trade Size | $50 |
Security Factors | 2FA, No storage of users’ funds, Not storing payment details |
Services | OTC Market, Swap |
Customer Support Ways | Live chat, Email |
Customer Support Hours | 24/7 |
Fiat Deposit | Yes |
Affiliate Program | Yes |
Orders Execution | Market |
Native Token | No |
User Level and Fee Reduction
Coinmama has implemented a loyalty program with 3 tiers offering discounts on trading fees based on 90-day spending.
Loyalty Level | Fee Discount | Required Spend | Faster Support |
Crypto Curious | 0.0% | $0 | No |
Crypto Enthusiast | 12.5% | $5,000 in 90 days | Yes |
Crypto Believer | 25% | $18,000 in 90 days or $50,000+ lifetime | Yes |
Coinmama Fees Explained
The exchange charges spread on trading pairs in addition to a level-based commission. Key points about Coinmamma fee structure:
- Trading commission: from 0.99% to 3.90%
- Payment fee: Express fee for Credit/Debit Card, Google Pay, Apple Pay, Skrill, and Neteller payments
In this Coinmama review, we must mention that the trading commissions are higher than the industry average. Frequent traders might want to consider other alternatives to save on trading fees.
Listed Digital Assets on Coinmama Exchange
The platform boasts supporting a wide selection of 500+ digital assets for swapping.
However, when you log in to your account and attempt to make an order, only 80+ cryptocurrencies are available, including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Dogecoin (DOGE)
- Ethereum Classic (ETC)
- Tether (USDT)
- USD Coin (USDC)
Futures and Margin Trading
Coinmama is a half centralized and half decentralized platform focusing on Crypto OTC market. The exchange doesn’t offer leverage options. However, it claims that CFD trading will be available soon on the platform.
Coinmama Registration and Verification
While the account opening process is simple, Coinmama has a thorough KYC procedure in 2 levels.
- Visit the exchange’s official website
- Click “Sign Up”
- Enter your email address
- Provide the verification code sent via email
- Fill out the personal information form
- Provide front and back photos of your ID document
- Upload a selfie holding ID document and a hand-written “Coinmama” + date for KYC level 1
Note that you’ll be asked to complete the KYC procedure after finalizing your order. However, the exchange claims that up to a certain limit and depending on other risk factors, buying crypto without ID verification might be possible.
Is Coinmama Exchange Safe?
In this Coinmama review, we must mention that the platform was breached in 2019, compromising the account information of 450,000 users, according to Yahoo Finance.
However, the platform has implemented various security measures since the incident to answer the growing concerns, including:
- Not storing payment details
- No storage of customers’ funds
- 2 factor authentication
Coinmama Payment Methods
In addition to Crypto transactions, the platform supports 47 fiat currencies, such as USD and EUR. Available deposit options on Coinmama:
deposit Method | Minimum Deposit |
Credit/Debit Cards (Visa, MasterCard) | $5 |
Bank Transfer | $5 |
Skrill/Neteller | $20 |
SWIFT/SEPA | N/A |
Apple Pay/Google Pay | N/A |
The exchange also offers alternative funding methods, such as Giropay, Astropay, PIX, Khipu, WebPay, PSE, and SPEI. The only options for fiat withdrawals on Coinmama are Bank Transfer, SWIFT, and SEPA.
User Satisfaction
Online reviews indicate that the platform is quite reliable. Here are Coinmama’s scores on different platforms:
Reviews.io | 2.9 out of 5 based on 87 reviews |
Trustpilot | 3.8 out of 5 based on 885 comments |
Comments on the Coinmama Trustpilot profile are mostly positive, with 80% being 4-star and 5-star. Only 18% are negative (1-star and 2-star).
Coinmama Investment and Growth Plans
At the time of writing this Coinmama review, the platform doesn’t offer Staking or Copy/Social Trading services. However, its website indicates that the Staking program will be launched soon.
Writer's Opinion and Conclusion
Coinmama provides Buy, Sell, and Swap services for digital assets. Transactions up to a certain limit (not specified) are KYC-free. The platform supports Netteler, Skrill, and SWIFT as payment methods. The exchange has a score of 3.8 out of 5 on Trustpilot.