Coinmama is a simple platform that facilitates the purchase of Bitcoin (BTC) and a small range of other cryptocurrencies with credit cards and wire transfer. In addition, Coinmama recently added support for SEPA/bank transfer purchases for European customers, opening the platform to even more users.
The platform has been in operation since 2013 and has a user base of well over 1.5 million dedicated customers in over 190 countries, thanks to its efficient service. serving over 190 countries. As far as online exchange platforms go, Coinmama is one of the most user-friendly and offers a verification process that is noticeably faster than most of its competitors.
As it stands, Coinmama offers a total of 8 different cryptocurrencies for purchase on the platform, these are: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Qtum (QTUM), Ripple (XRP), Ethereum Classic (ETC), Bitcoin Cash (BCH) and Cardano (ADA). Coinmama has also pledged to add new digital assets if they see significant demand for them.
However, the speed and simplicity of Coinmama do come at a compromise — fees. Currently, Coinmama charges a higher fee than many other competing traditional or high volume exchanges, because of this, buying from Coinmama best suits those in a hurry, rather than trying to get the absolute best bang for their buck.
Coinmama also differs from other cryptocurrency trading platforms in that it doesn’t provide its own wallet services. Because of this, we recommend using a cryptocurrency hardware wallet, such as the Ledger Nano S or KeepKey.
Buying Cryptocurrency on Coinmama
Step 1: To start buying cryptocurrency using Coinmama, you will need to first register an account by providing a valid email address, a secure password along with your name and country. The signup and login buttons are found on the top right corner of the landing page, or simply click the following link: https://www.coinmama.com/signup.
Step 2: Once you have completed registration, you will need to complete a short verification process. Until this is completed, you will not be able to purchase or sell cryptocurrencies such as Bitcoin (BTC) on Coinmama.
Typically, the verification process takes about an hour to complete, after which your account will be verified and ready to begin purchasing crypto.
There are three account verification levels on Coinmama, you must achieve at least LEVEL 1 verification to be able to begin using the platform.
With LEVEL 1 verification, your spending limit will be set to $15,000/€15,000 per month, this is increased to $50,000/€50,000 at LEVEL 2, and $1,000,000/€1,000,000 at LEVEL 3. To complete LEVEL 1 verification, you will need to provide proof of identity, such as your national ID, passport or driver’s license.
Step 3: On Coinmama, Bitcoin and other cryptocurrencies can be purchased as preconfigured amounts of $100, $500, $1,000, or $3,000. Alternatively, you can enter custom amounts at the bottom of the page near the ‘Buy BTC’ button, this button will change to say ‘Buy X’ depending on the cryptocurrency you are purchasing.
Note: SWIFT purchase modes are available only for non-Europe and UK customers. Coinmama charges zero processing fees for SWIFT purchases over $1,000 and a flat 20 GBP fee for anything below that.
Step 4: For the purposes of demonstration, we will buy $100 worth in Bitcoins by pressing ‘Buy Now’ under the $100 preset option.
This will bring the BTC wallet entry page where you will need to enter the destination address for your BTC — this is where the BTC will be sent after your payment is complete, so you will need to generate these using your external wallet or hardware wallet.
Note: You must complete the order within 30 minutes of pressing the ‘Buy BTC’ button. The timer for order expiration can be seen on the top right corner of the page.
Step 5: Once you have entered the correct address, click the ‘Go to Payment’ option to pull up the payments page.
Upon entering the correct card information, the ‘Pay Now’ button will be enabled and you will be able to make your payment to Coinmama. Following this step, you may be redirected to provide a 3D secure code by your bank, this will need to be entered before the payment is processed.
Step 6: Once the payment is completed, a new page will load up and confirm the payment. At this stage, you will be prompted to verify the BTC address that you entered in Step 4.
Once you have verified your wallet address, Coinmama will then sent your cryptocurrency within 10 minutes to the wallet address you provided, and your order will then be complete.
Image credits: Coinmama