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Coinmama Review 2024: Features, Pros, and Cons

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If you need a quick way to buy crypto, Coinmama might be what you’re looking for. With Coinmama, you can instantly buy digital assets with anything from a bank transfer to Apple Pay, making it one of the most convenient crypto brokers on the market.

However, is Coinmama truly the right option for your crypto investing needs?

In this Coinmama review, we’ll take a look at how the platform operates and its various pros and cons. That way, you can see if Coinmama is all that it’s cracked up to be.

Coinmama Logo


on Coinmama’s website

Quick Summary: Coinmama is a cryptocurrency platform where users can buy and sell crypto with a credit card, debit card, or bank transfer. Coinmama serves more than 190 countries and territories around the world. 

Promotion: None


    • Buy crypto with a credit card
  • Orders filled in minutes
  • Competitive loyalty program
  • High spending limits
  • User friendly interface


  • No app or wallet
  • High fees
  • Limited crypto selection

What Is Coinmama?

Founded in 2013, Coinmama is a cryptocurrency exchange operating out of Dublin, Ireland (the company is owned by New Bit Ventures LTD, based in Israel). The firm was established as a way to make Bitcoin and other cryptocurrencies as accessible as possible.

Coinmama currently has more than three million clients in more than 180 countries. The company provides a simplified way for anyone to trade popular cryptocurrencies with the push of a button.

Coinmama Homepage
Source: Coinmama

How Does Coinmama Work?

If you want to use Coinmama, you must create and fund an account. Here’s a look at how Coinmama works.

Getting Started

To use Coinmama, you first need to verify your eligibility for the platform. The company operates in most countries around the world. However, Coinmama is not currently available in the states of New York or Hawaii.

If you are eligible to open a Coinmama account, you’ll need to gather some personal information and documents before you apply. All Coinmama investors are required to provide personal information, including:

  • Full name
  • Phone number
  • Email address
  • Date of birth
  • Physical address

Additionally, you must submit a copy of your valid government-issued photo ID (note that, for US residents, this must be a driver’s license, not a passport). You must also upload a selfie of you holding that ID.

Submitting this information to Coinmama makes you eligible for Verification Level 1. If you want to increase your spending limits on Coinmama (more on that in a bit), you may want to apply for Verification Level 2 or 3. To do so, you’ll also need to provide: 

  • A second government-issued photo ID
  • A copy of a recent utility bill or a recent bank statement
  • A completed KYC (Know Your Client) questionnaire

Opening an Account

To open an account, simply go to the company’s website – note that Coinmama doesn’t have a mobile app – and click the button to sign up. 

You’ll be prompted to enter your personal information and verify your email address. After, you’ll upload copies of your government-issued ID and take a selfie.

Once that’s set up, your account must be verified before you can buy crypto. The verification process can take anywhere from 15 minutes to a few days.

After your account is verified, you’ll need to connect it to an external crypto wallet because Coinmama does not offer wallet services. So, you’ll need to set up a personal hot or cold wallet to use the platform.

Coinmama Sign Up
Source: Coinmama

Funding Options

One of the primary features of Coinmama is its many account funding options. The firm supports several other payment methods, including:

  • Fedwire Wire Transfer (USD)
  • SWIFT Global Transfer (GBP)
  • SWIFT Fast Payment Transfer (GBP)
  • SEPA Transfer (EUR)
  • SEPA Instant Transfer (EUR)
  • Open Banking Transfer (GBP)
  • Skrill (EUR)
  • Credit and Debit Cards (Visa and Mastercard only)
  • Apple Pay
  • Google Pay
  • Crypto Transfers (BTC only)

However, note that each of the company’s supported funding options has different fees, minimum order sizes, and transaction speeds. 

For example, all bank transfers have a $250 minimum order size and some can take five business days to process. Wire transfers have a $500 minimum. Finally, most other funding options have a $100 minimum order size.

Cryptocurrencies Available on Coinmama

With Coinmama, you can buy several popular coins, including:

But keep in mind that you currently can only sell Bitcoin (BTC) on the platform. If you want to sell any other coins, you’ll need to do so with a different broker or exchange.

Coinmama How Does it Work
Source: Coinmama

Coinmama Features

Coinmama boasts a selection of features for the keen crypto trader. These are some of the features you can look forward to if you use the platform.

Minimum Deposit$50
Spread FeeXBX + 2%
Commission Fees2.93% to 3.90% (buy) and 2.93% to 3.90% (buy)
Number of Cryptocurrencies9
Supported CryptocurrenciesBTC, BCH, ETH, ETC, ADA, LTC, XTZ, XRP and DOGE
Supported Countries170+ including USA (except Hawaii and New York), Canada and UK
Account Types AvailableTaxable
PromotionMobile (iOS / Android)
SupportEmail ([email protected]), Support Tickets and Phone, California only (+1 650 600-9939)

Trade Cryptocurrencies

Coinmama is primarily a place to buy cryptocurrencies. However, Coinmama is not a traditional exchange. 

When you buy crypto from the company, you’re not trading with another investor. Rather, you’re purchasing crypto directly from Coinmama’s inventory.

In addition to crypto purchases, Coinmama also lets you sell Bitcoin in exchange for USD or EUR. As of the time of writing, the company doesn’t allow you to sell other cryptocurrencies.

Instant Transactions

One of the key benefits of Coinmama is its super-fast transaction speeds. Since the firm sells its crypto assets to investors, it can process transactions as soon as they’re confirmed. 

This makes purchases on Coinmama much faster than they would otherwise be on an exchange where buyers must be matched with sellers.

However, there are downsides to purchasing directly from a company like Coinmama. In particular, Coinmama tends to have higher prices than other brokers because it bases its coin prices on the XBX Index + 2%. This is different from exchanges where you usually pay the exchange’s market price plus a spread fee (which can be quite small).

Coinmama Crypto Calculator
Source: Coinmama

Loyalty Program

Coinmama offers a loyalty program that offers rewards for your crypto purchases. There are three loyalty levels within the program:

  • Crypto Curious – All accounts automatically qualify for this loyalty level. There are no discounts at this level.
  • Crypto Enthusiast – If you maintain a cumulative purchase amount of $5,000 in crypto over a rolling 90-day period, you can save up to 12.5% off the price of your Coinmama orders.
  • Crypto Believer – Investors with more than $18,000 in crypto purchases over a rolling 90-day period or a lifetime purchase amount over $50,000 can save 25% off their crypto orders.

Do note that your loyalty program savings appear as a crypto bonus when you process a buy order – not as a discounted price on your order.

Business Program

For institutional investors that want to buy more than $100,000 in crypto at a time, Coinmama offers a business program. This program includes access to: 

  • Personal Coinmama consultants and security experts
  • Compliance guidance for your corporate investments
  • Discounted fees of 2.5% for the entire service

Signing up for the business program requires an application. So, contact the firm directly to learn more about eligibility requirements and to open an account.

Multiple Payment Methods

Most crypto brokers and exchanges only support a limited number of funding options. But, with Coinmama, you can buy coins using a slew of payment methods, including:

  • Bank transfers
  • Wire transfers
  • Credit and debit cards
  • Apple Pay
  • Google Pay

Coinmama’s inclusion of Apple Pay and Google Pay is particularly groundbreaking. Coinmama was one of the first to support these payment options, making it a pioneer in alternative crypto purchasing methods.

Coinmama Buy Bitcoin
Source: Coinmama

High Spending Limits

Coinmama offers very high spending limits. These spending limits are determined based on your account verification level and are as follows:

Verification Level 1Verification Level 2Verification Level 3
Total Transaction Limit$15,000$50,000$1,000,000
Daily Credit & Debit Card Max Order Size$5,000 (max 5 orders per day)$5,000 (max 5 orders per day)$7,500 (max 5 orders per day)
Daily Wire & Bank Transfer Max Order Size$15,000 (max 10 orders per day)$35,000 (max 10 orders per day)$50,000 (max 10 orders per day)
Monthly Credit & Debit Card Spending Limit$15,000 (max 20 orders per month)$30,000 (max 30 orders per month)$40,000 (max 30 orders per month)
Monthly Wire & Bank Transfer Spending Limit$15,000 (max 50 orders per month)$50,000 (max 50 orders per month)$100,000 (max 50 orders per month)

There is a Verification Level 4 available for very active investors. Contact the firm directly for more information on how to apply.

Coinmama Pricing & Fees

If there’s one area where Coinmama doesn’t quite impress, it’s in terms of the platform’s confusing fee schedule. Here’s what you need to know:

Transaction Fees

All crypto buy orders at Coinmama are processed using the coin’s current going rate on the XBX Index, plus a 2% fee.

Coinmama also charges a commission fee. This commission fee varies based on your loyalty level and is as follows:

  • Crypto Curious – 3.81%
  • Crypto Enthusiast – 3.34%
  • Crypto Believer – 2.86%

Keep in mind that you may also need to pay a network fee when transferring your coins to your personal crypto wallet.

The company also charges commission fees for Bitcoin sell orders based on your loyalty levels. These commissions are:

  • Crypto Curious – 3.90%
  • Crypto Enthusiast – 3.41%
  • Crypto Believer – 2.93%

Payment Method Fees

Coinmama also charges fees based on your chosen payment method. Currently, Coinmama doesn’t charge fees for bank or wire transfers. However, it charges a 2.5% fee for Skrill payments and a 5% fee for credit cards, debit cards, Apple Pay, and Google Pay purchases.

Coinmama Security & Insurance

When it comes to security and insurance, Coinmama is a bit of an outlier in the crypto broker and exchange industry. That’s because, while the firm offers encryption and two-factor authentication on all accounts, it never actually stores your cryptocurrencies.

Since Coinmama doesn’t offer wallet services, the security of your assets is under your control. As such, anyone using Coinmama needs to have a quality crypto wallet.

However, we should mention that Coinmama experienced a security beach in 2019. During this breach, hackers gained access to information about 1.4 million Coinmama investors.

Nevertheless, Coinmama doesn’t store client crypto or any client payment methods, so no funds were lost in the breach. But it’s something to keep in mind before opening an account.

Coinmama Buy Ethereum
Source: Coinmama

Coinmama Customer Support

If you have an issue with your Coinmama account, you can quickly access answers to most common questions on the firm’s detailed online help pages. Additionally, the company offers email-based customer support.

That being said, Coinmama doesn’t have phone-based support. But it does offer expedited customer service for accounts at the Enthusiast and Believer loyalty levels.

Coinmama Pros

  • Wide range of supported countries
  • Opportunities for very high spending limits
  • Supports many different payment options
  • Quick transaction processing speeds
  • Instantly transfers purchased coins to your personal wallet
  • Available in most countries
  • Supports multiple fiat currencies
  • No additional fees on bank transfer purchases

Coinmama Cons

  • Very high transaction and trading fees
  • Large minimum order sizes
  • Requires photo ID verification for all accounts
  • Not available in all 50 US states
  • Can only sell Bitcoin (BTC)
  • No mobile app available
Coinmama Buy Cardano
Source: Coinmama

Coinmama Alternatives

Not sure that Coinmama is right for you? Here are two Coinmama alternatives to consider.


Coinbase is one of the world’s largest crypto exchanges. It supports trades of more than 50 cryptocurrencies using basic and advanced trading terminals. Additionally, Coinbase offers multiple extra features, like crypto staking and a way to earn free crypto by watching videos.

When compared to Coinmama, Coinbase’s major advantage is that it generally charges lower fees. That being said, Coinbase has lower limits than Coinmama and its transactions can be slower to process. Read our full Coinbase review to learn more.


Gemini is a US-based crypto exchange that prioritizes security above all else. With Gemini, you can trade more than 40 cryptocurrencies on either a basic or advanced exchange. The firm also offers interest on crypto held in your account. Gemini also has a credit card that offers up to 3% back in crypto rewards.

As is the case with Coinbase, fees on Gemini tend to be lower than with Coinmama. However, Gemini has much lower deposit and trading limits than Coinmama and it’s only available in about 50 countries. Read our full Gemini review to learn more.

Coinmama LogoCoinbaseGemini
Our Rating




Trading Fees2.93% to 3.90% (buy & sell) and XBX + 2% (spread fee)Up to 0.50%Up to 1.49%
Supported Cryptocurrencies956+40+
AppsNoneMobile (iOS and Android)Mobile (iOS and Android)
PromotionsNone$5 worth of free BTCGet $10 worth of BTC (*after buying or selling $100)
Margin TradingNoNoNo

Who Is Coinmama For?

Coinmama is an ideal platform for investors that need a way to quickly buy crypto using a range of payment methods. Since the firm doesn’t offer a wallet service, it’s also best for traders that already have a personal wallet.

However, Coinmama’s fees are some of the highest in the industry, so it’s only suitable for investors that are willing to pay a premium for convenience. But Coinmama also offers very high trading limits, so it’s great for investors that want to buy large quantities of digital assets.

Coinmama FAQ

Here are our answers to some of your most commonly asked questions about Coinmama.

Is Coinmama Safe?

Coinmama is a well-known crypto broker that places a high emphasis on client safety. However, the firm never stores your payment details or your cryptocurrencies, so the safety of your digital assets depends on the security of your personal crypto wallet.

Where Is Coinmama Registered?

Coinmama is registered in multiple countries under the name Cmama Ltd. This is the daughter company of New Bit Ventures Ltd, which is based in Israel. Additionally, Cmama Ltd. is headquartered in Ireland and is registered as a Money Service Business in the US.

In A Nutshell

  • Account Minimum: $50 minimum deposit
  • Fees: 2.93% to 3.90% (buy & and sell) and XBX + 2.00% for spread fees
  • Promotion: None
Coinmama Logo

on Coinmama’s website

Final Thoughts

If you’re on the lookout for a convenient way to buy crypto, Coinmama is worth considering. There are few platforms out there that make crypto purchases as straightforward and speedy as Coinmama, especially if you want to buy large quantities of digital assets.

Of course, this convenience comes at a cost, and anyone using Coinmama should be prepared to pay hefty fees for the service. But if speed and efficiency are key parts of your investment strategy, Coinmama should be toward the top of your list.

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