Coinmama Review 2022

Coinmama Review Summary

Coinmama is a cryptocurrency brokerage that is regulated by FinCEN, the U.S. Treasury bureau. Coinmama offers a wide variety of cryptocurrencies and doesn't charge extra for withdrawals. However, it does ask for a proof of identity and address before transferring funds. While this seems like an unnecessary extra step, the process is very safe and secure. Moreover, the platform supports multiple languages. For security, Coinmama follows the KYC compliance regulations, which are the highest security and privacy standards. These regulations require you to provide proof of your identity and address. This helps the crypto exchange to combat fraud and keep your account safe. Once you've signed up, you'll be able to withdraw your coins immediately. If you decide to sell your cryptocurrency, you can easily do so through Coinmama.

Coinmama review
What Do Coinmama Offer?

👑 Cryptocurrencies BTC, ETH, ETC, BCH, LTC, ADA, QTUM, XRP, XTZ, EOS
📈 Securities tradable 10 cryptocurrencies
💵 Cost per trade 2.9-3.9% (depending on loyalty level)
💬 Customer service Email : Yes, Phone support : Yes, live chat : Yes.
💰 Desposit Fees Credit card: 5%
💰 Withdrawal Fees Fees vary
💰 Payment Methods Bank transfer (ACH)
🔋 Mobile app IOS App : Yes, Google Play Android App : Yes

Initially, Coinmama only offered trading via Bitcoin, but gradually started adding more digital currencies that suited its decentralized standards. It has now expanded its list to include more digital currencies like Litecoin, Ethereum, XRP, as well as many others that offer promise and suit its criteria.

Coinmama is a cryptocurrency platform that was founded in 2013 the current Founder is Nimrod Gruber's. Coinmama has headquarters in RAMAT GAN, Israel and offers the buying and selling of over 10 cryptocurrencies to customers all over the world. Buying and selling cryptocurrency can be done online. If you are looking to trade crypto using your mobile phone, Coinmama offers native mobile apps to buy and sell cryptocurrencies, directly from your phone.

You can use exchanges to trade one cryptocurrency for another like Bitcoin to Dogecoin. With Coinmama you can also exchange your cryptocurrency with fiat currency, such as the UK Pound or US Dollar.

Coinmama Review

Coinmama Review

Risk warning : Trading cryptocurrencies is high risk. When trading CFDs losses may exceed deposits.

Coinmama review
Coinmama Best For

Coinmama works best particularly for active retail traders seeking to trade as well as store multiple digital currencies, as it offers an element of convenience. The platform also happens to be a viable option for institutions and businesses looking to utilize digital currencies, and it allows traders to convert one digital currency to another.

Coinmama review
Coinmama Advantages

Following are the advantages of using Coinmama:

  • Coinmama has been in business longer than 2 years
  • Coinmama offers a wide range of fiat currencies.
  • Coinmama offers Livechat support.
  • Coinmama offers phone support.
  • Coinmama offers email support.
  • Coinmama offers an Android Google Play Store mobile app.

Easy UI

Coinmama is considered one of the simplest platforms for cryptocurrency investing. You can easily register and deal in digital currencies within minutes. Coinmama also offers a learning platform that rewards users with cryptocurrencies to learn about how they work.

Wide Crypto Selection

Coinmama has an impressively extensive range (over a hundred and growing) of digital currencies that you can trade, not to mention the most popular ones like Bitcoin, Cardano, Solana, and many more. This is in stark contrast to other financial applications or brokers that offer the promise of cryptocurrency trading but provide only a few of the most popular coins.

High Liquidity

High liquidity guards investors from price slippages in a market that is already volatile. Coinmama currently ranks among the highly liquid exchanges.

Opportunities For Earning

Coinmama offers an entire course of tutorials and exams as a means of educating users about digital currency trading as well as some of the digital currencies being offered. Taking classes also earns you certain digital currencies.

Cryptocurrency Custody

Contrary to brokers focused on trading, Coinmama enables traders to take custody of their cryptocurrency assets for themselves. Coinmama provides its cryptocurrency wallet, but traders can bring their wallets. This way, traders can pick the solution that suits them the most.

Staking Rewards

Coinmama also enables traders holding digital currencies with them to take part in staking rewards. Staking is similar to earning interest with a bank account. This, however, comes with different risks. Staking generates revenue from traders’ holdings as they are utilized for validating transactions in a digital currency. Coinmama shares that type of reward with its traders. Coinmama takes care of the technical side, and the extra coins are sent to the trader’s account on an established schedule.

Coinmama review
Coinmama Disadvantages

Following are the disadvantages of Coinmama:

  • Coinmama does not offer PayPal as a payment method
  • Coinmama does not offer Neteller as a payment method
  • Coinmama does not offer Skrill as a payment method
  • Coinmama charges withdrawal fees

Insufficient Variety Of Altcoins

Although Coinmama has a vast variety of altcoin choices for beginner investors to interest themselves in. Those seriously wanting to trade in altcoins may not find a good selection there.

Higher Fees And Their Lack Of Transparency

Coinmama has higher fees compared to other exchanges. Its fee structure can also be confusing. If you are using Coinmama ‘s basic platform, you will not be able to find a schedule before you proceed to place a trade.

Coinmama review
Coinmama Cryptocurrency Choice

Coinmama allows you to trade around 10 digital currencies including BTC, ETH, ETC, BCH, LTC, ADA, QTUM, XRP, XTZ, EOS and many more.

Coinmama review
What Cryptocurrencies Are On Coinmama

Coinmama has 10 cryptocurrencies available to registered users. These cryptocurrencies include BTC, ETH, ETC, BCH, LTC, ADA, QTUM, XRP, XTZ, EOS.

Coinmama review
Coinmama Stablecoins

Coinmama offers its own stablecoin called Coinmama. Stablecoins are meant to mitigate volatility in relation to digital currencies like Bitcoin. Stablecoins are usually pegged to stable reserve assets like the US dollar or gold. Traders can buy stablecoins on Coinmama.

Coinmama review
Coinmama Altcoins

Coinmama has a decent variety of altcoins for traders to choose from with over 10crypto assets including alt coins listed on Coinmama.Coinmama has a decent variety of altcoins for traders to choose from with over .

Coinmama review
Trading Cryptocurrency With Coinmama

Different cryptocurrencies at Coinmama come with different limitations and set withdrawal amounts. You may only be able to trade some with fiat currencies like the US dollar. Some may also be restricted in some countries. Users can buy cryptocurrencies via debit card. They can also purchase crypto with funds in their Coinmama wallet.

Coinmama Crytocurrency To Crytocurrency Trading

Coinmama has upwards of 10 cryptos available in multiple regions of the world.

Coinmama Crytocurrency To Fiat Currency Trading

Coinmama review
Coinmama Cryptocurrency Custody And Ownership

Coinmama allows users to take custody of their cryptocurrency assets themselves. Users can either use Coinmama’s crypto wallet, or their own. Coinmama also has over 6 fiat currencies available including USD, EUR, AUD, CAD, GBP, JPY all accessible to registered users.

Coinmama review
Coinmama Staking Rewards

Coinmama enables customers holding crypto to take part in staking rewards. It is similar to interests in a bank account; however, it comes with its risks. This generates revenue from a user’s holdings because they are used to authorize crypto transactions. That revenue is shared with customers.

Coinmama review
Coinmama Fees

Coinmama Users will have to pay a 2.9-3.9% (depending on loyalty level) trading fee as well as deposit fees of Credit card: 5% when buying and selling cryptocurrency with Coinmama.

Coinmama review
Coinmama Network Fee

Outgoing Coinmama transactions to outside crypto addresses normally require a network fee, also known as a mining fee. This ensures the processing of transactions on crypto networks. This fee is then forwarded to crypto miners, the systems processing the transactions.

Coinmama review
Coinmama Trading Commissions

Trading commissions at Coinmama work similarly to traditional share dealing fees. That means users have to pay a variable commission. The standard trading commission at Coinmama is 1.49 percent, so users will have to pay this percentage when they buy or sell a digital currency.

Coinmama review
Withdrawal Fees

With Coinmama standard cryptocurrency to fiat withdraw fees varies by cryptocurrency, instant cash-out of your Coinmama account. A withdrawal fee of (Fees vary) may also be required for certain 3rd party payment methods instead of using cleared bank funds.

Coinmama Currency Conversion Fees

Coinmama charges a percent flat fee on all currency conversions which you will have to factor into your crypto trading.

Coinmama Payment Methods

The payment methods offered at Coinmama are Bank transfer (ACH). Coinmama also offer wallet, wire transfer, crypto conversion, ACH transfer, and credit transactions.

Coinmama review
Coinmama Withdrawal Methods

If you have cryptocurrency or traditional fiat currency in your Coinmama account and want to withdraw it, you must use the same payment method that you used to deposit it. This is because of anti-money laundering legislation.

Coinmama review
Withdraw Fiat Currency From Coinmama

Users can withdraw their digital currency from Coinmama to fiat at any time through an ACH transfer. Such transfers usually take 1-2 working days to complete. Coinmama also allows instant cash-outs that run twenty-four-seven, to cards or bank accounts in exchange for extra fees (1 percent).

Coinmama review
Coinmama Security

Contrary to holding cash in a traditional bank, cryptocurrency is not secured under federal laws. Coinmama stores 98 percent of its users’ cryptocurrency offline in what is known as cold storage. The remaining 2 percent is meant for facilitating trading volume. The platform also has an insurance policy that protects users’ cryptocurrency holdings.

Coinmama holds its customers crypto in its free wallet service. Users can even choose to hold their cryptocurrencies in separate wallets. Coinmama requires its users to finish a 2-factor authentication process to log in to their accounts. Other than that, Coinmama also has biometric login (fingerprints and Face ID) security as well as AES-256 encryption when it comes to private keys. Aside from all this, it helps to use strong passwords, i.e., ones that should not be used elsewhere.

Coinmama holds your cash in one of three locations: custodial accounts found at US banks, US money market funds, US Treasuries and for European Coinmama clients FCA regulated European banks may be used.

Coinmama review
Coinmama Two Factor Authentication - 2FA

Coinmama does offer two-factor authentication for added security.

Coinmama Specific Device Whitelisting

Specific device whitelisting is a feature that enables cryptocurrency withdrawals to only be sent to devices that are allowed. The two-factor authentication feature is required to enable or disable the feature. This allows Coinmama customers to withdraw to authorized devices.

Coinmama review
Coinmama Wallet

Coinmama review
Coinmama Online Cryptocurrency Wallets

Coinmama review
Coinmama Hardware Cryptocurrency Wallets

Coinmama review
Coinmama Liquidity

Coinmama has a large amount of liquidity. In that case, wide spreads should not be a big concern. Liquidity also allows for significant transactions without any problems.

Coinmama review
How To Open A Coinmama Account

To open an account at Coinmama, the first step to get started is to provide your name, email address, password, and the state you live in. Choose “create an account” and move on to verify your email. Once you log in, you will be asked to provide your number and verify it. The next step is to fill in your personal information and answer any questions about the account creation. After that, you verify your identity (a two-factor authentication setup is recommended). The last step is to link a payment method.

Coinmama review
Coinmama User Interface

Coinmama has a simple, user-friendly interface.

Coinmama review
Coinmama Features And Cryptocurrency Trading Tools

Coinmama offers features like crypto investing, custodial accounts, an advanced platform for trading, and its own designated US dollar stablecoin.

Coinmama review
Coinmama Ease Of Use

Coinmama is fairly easy to use. The sign-up process takes only a few minutes. The overall interface is brilliant and easily navigable, with a search bar that lets you explore the crypto offerings available at Coinmama.

Coinmama review
Coinmama Mobile Apps

The availability of mobile applications for such platforms is highly crucial for investors that are always on the go. This way, they can effortlessly place market offers, and keep tabs on live market data, i.e., shares, currencies, stock indices, commodities, etc. Coinmama has highly rated applications for both iOS and Android.

Coinmama review
Coinmama Apple App

The Coinmama app can be found on Apple’s App Store on all Apple devices, offering the same features as the desktop website.

Coinmama review
Coinmama Android App

The Coinmama app can be found on the Play Store on all Android devices, offering the same features as the desktop website.

Coinmama review
Coinmama Education Resources

Coinmama enables entitled customers to learn about digital currencies through their educational resources offered. Users can even unlock lessons educational content and earn cryptocurrency in the process.

Coinmama review
Coinmama Customer Support

Coinmama registered users can request support through email, phone, live chat when available. Support options are available through the Coinmama website and apps. If you have an issue that needs to be resolved you also speak to a representative by filling out a form on the Coinmama website. Coinmama also has a help page for solving common problems with your Coinmama crypto account.

Coinmama review
Coinmama Phone Support

Coinmama phone support can be accessed by called them on 1 (650) 600-9939.

Coinmama review
Coinmama Email Support

Coinmama email suport can be reached at [email protected] Although Coinmama usually respond within 2 days it may take up to 7-14 days for a response to some queries during peak times.

Coinmama review
Coinmama Live Chat

Customers can reach out to Coinmama via live chat at any time if they have issues or difficulties with their Coinmama account that they can't solve. Obtaining assistance via live chat is by far the most common means of customer service compared to other types of support.

Coinmama review
What Countries Is Coinmama Available In?

Coinmama is available in over 100 countries. Coinmama does not operate in the following countries : Afghanistan,Haiti,Iran,Iraq,Jordan,Kazakhstan,Kosovo,Lebanon,Libya,Macau,North Korea,Palestinian Territories,Panama,Sierra Leone,Syria,Yemen.

Coinmama review
Coinmama Account Limits

Coinmama offers remarkably high limits and they depend on the user’s account level. A user’s account level is determined by the amount of information they have verified. Fully verified users can buy up to 50K USD worth crypto every day.

Coinmama review
Coinmama Awards

Coinmama review
Can Coinmama Be Trusted?

Coinmama is a regulated company that is backed by major investors and holds licences for all the districts it operates in.

Coinmama review
Is My Money Safe With Coinmama?

Yes, Coinmama is among the safest web wallets available. It keeps 98 percent of its assets in offline cold storage. Assets cannot be hacked while in cold storage. Coinmama also ensures other ways to safeguard funds, i.e., two-factor authentication and AES-256 encryption. Your wallet is also covered up to 250K, courtesy of FDIC Insurance.

Coinmama review
Is Coinmama Regulated By A Financial Regulator?

Yes, Coinmama is compliant with all applicable regulations in every jurisdiction it operates in.

How Do I Contact Coinmama If There Is A Problem?

Coinmama ‘s customer support can be contacted via email, live chat, and via Twitter. Users can also schedule a call from a representative by filling a form on Coinmama‘s website. Coinmama also has a “Help” section for less complicated issues.

Coinmama Review Verdict

Coinmama makes a solid choice for traders looking to trade crypto as it has a sleek, easy-to-use interface, signing up is straightforward, and most of its processes are simple. It offers a vast collection of cryptocurrencies to trade, and users can also earn staking rewards, among other things.

Coinmama Compared To Other Cryptocurrency Platforms

  1. Visit Coinmama alternative Coinmama

    🤴 Used By: 2,300,000
    ⚡ Crypto Available: BTC, ETH, ETC, BCH, LTC, ADA, QTUM, XRP, XTZ, EOS and 10 more cryptocurrency.
    📈 Traded Volume: 86,072,667,390
    💵 Deposit Methods: Bank transfer (ACH)

    💰 Trading Fees: 2.9-3.9% (depending on loyalty level)
    💰 Withdrawal Fees: Fees vary
    💰 Deposit Fees: Credit card: 5%
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

  2. Visit Coinmama alternative eToro Cryptocurrency

    🤴 Used By: 23,200,000
    ⚡ Crypto Available: BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA, MIOTA, XLM and 27 more cryptocurrency.
    📈 Traded Volume: 41,693,321
    💵 Deposit Methods: Credit cards, VISA, MasterCard, Diners Club, Maestro, Debit Cards, Bank Transfer, PayPal, Neteller, Skrill, WebMoney, China UnionPay, Giropay, Electronic wallets (eWallets), Ethereum, Bitcoin, Bitcoin Cash, Dash, EOS, Ripple XRP, Litecoin, Zcash, Payoneer,

    💰 Trading Fees: Fees vary. Overnight and weekend fees apply
    💰 Withdrawal Fees: US$5 (minimum withdrawal of US$50)
    💰 Deposit Fees: Fees vary (conversion fees for non-USD deposits)
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

  3. Visit Coinmama alternative eToroX

    🤴 Used By: 13,000,000
    ⚡ Crypto Available: BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA, MIOTA, XLM and 27 more cryptocurrency.
    📈 Traded Volume: 42,043,394
    💵 Deposit Methods: Credit cards, VISA, MasterCard, Diners Club, Maestro, Debit Cards, Bank Transfer, PayPal, Neteller, Skrill, WebMoney, China UnionPay, Giropay, Electronic wallets (eWallets), Ethereum, Bitcoin, Bitcoin Cash, Dash, EOS, Ripple XRP, Litecoin, Zcash, Payoneer,

    💰 Trading Fees: Fees vary
    💰 Withdrawal Fees: Fees vary
    💰 Deposit Fees: Fees vary
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

  4. Visit Coinmama alternative Coinbase Pro

    🤴 Used By: 73,000,000
    ⚡ Crypto Available: BTC, ETH, XRP, BCH, EOS, LTC, XLM, DASH, ETC, ZEC and 80 more cryptocurrency.
    📈 Traded Volume: 7,622,846,254
    💵 Deposit Methods: Bank transfer

    💰 Trading Fees: Maker: 0-0.50%
    💰 Withdrawal Fees: Cryptocurrency: None
    💰 Deposit Fees: Cryptocurrency: None
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

  5. Visit Coinmama alternative KuCoin

    🤴 Used By: 8,000,000
    ⚡ Crypto Available: BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, TRX, NEO and 434 more cryptocurrency.
    📈 Traded Volume: 110,957,137
    💵 Deposit Methods: Cryptocurrency

    💰 Trading Fees: 0.10%
    💰 Withdrawal Fees: Fees vary
    💰 Deposit Fees: None
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

  6. Visit Coinmama alternative LocalBitcoins

    🤴 Used By: 1,000,000
    ⚡ Crypto Available: BTC and 1 more cryptocurrency.
    📈 Traded Volume: 612,000,000
    💵 Deposit Methods: Bank transfer (ACH)

    💰 Trading Fees: None
    💰 Withdrawal Fees: Fees vary
    💰 Deposit Fees: Fees vary
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

  7. Visit Coinmama alternative Kraken

    🤴 Used By: 6,000,000
    ⚡ Crypto Available: BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, BAT, ETC and 81 more cryptocurrency.
    📈 Traded Volume: 3,048,440,145
    💵 Deposit Methods: Bank transfer

    💰 Trading Fees: Maker: 0.00-0.16%
    💰 Withdrawal Fees: Fees vary
    💰 Deposit Fees: Fees vary
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

  8. Visit Coinmama alternative Huobi

    🤴 Used By: 10,000,000
    ⚡ Crypto Available: BTC, BCH, ETH, XRP, LTC, BTG, DASH, ETC, EOS, QTUM and 320 more cryptocurrency.
    📈 Traded Volume: 924,266
    💵 Deposit Methods: Cryptocurrency

    💰 Trading Fees: Maker: 0.2%
    💰 Withdrawal Fees: None
    💰 Deposit Fees: None
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

  9. Visit Coinmama alternative Coinbase

    🤴 Used By: 73,000,000
    ⚡ Crypto Available: ATOM, BAT, BTC, BCH, XRP, DAI, DASH, EOS, ETH, ETC and 73 more cryptocurrency.
    📈 Traded Volume: 7,622,846,254
    💵 Deposit Methods: Bank transfer (ACH)

    💰 Trading Fees: Fees vary
    💰 Withdrawal Fees: Instant Card Withdrawal: Up to 2% of the transaction plus a minimum of 0.45
    💰 Deposit Fees: Credit/debit card: 3.99%
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

  10. Visit Coinmama alternative CoinJar

    🤴 Used By: 450,000
    ⚡ Crypto Available: BTC, ETH, XRP, EOS, LTC, XLM, USDT, OMG, ZRX, MKR and 42 more cryptocurrency.
    📈 Traded Volume: 64,141,140
    💵 Deposit Methods: Bank transfer

    💰 Trading Fees: Maker: 0.05-0.15%
    💰 Withdrawal Fees: Fees vary
    💰 Deposit Fees: No Fees
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

Coinmama Frequently Asked Questions

Following are the most commonly asked questions (and their answers) about Coinmama:

Is Coinmama Safe?

Yes, Coinmama is backed by high profile investors and regulated by reputed financial authorities.

How Do I Withdraw From Coinmama?

Users can withdraw their crypto to fiat any time they want through an ACH transfer. Such transfers normally take 1-2 working days. Coinmama also allows instant cash-outs to cards or bank accounts in exchange for extra fees.

Is Coinmama Okay For Beginners?

Yes, because of how easy-to-use its web and application interfaces are, Coinmama is seen as one of the best options for beginner traders.

Do I Have To Pay TAX With Coinmama?

You will need to pay taxes on any cryptocurrency profit you accrue. How cryptocurrency is taxed differs on where your country of residence is and where you are in the world. In the USA federal income tax purposes, cryptocurrency is considered "property," which means the IRS classifies it as a capital asset. This means that the crypto taxes you pay are the same as the taxes you'd pay if you had a profit or loss on a capital asset sale or exchange.

Any earnings made on crypto assets held as a personal investment in the United Kingdom will be taxed. It is stated that you must pay capital gains tax only on gains that exceed the annual exempt level.

Individuals must pay taxes on cryptocurrency received as a result of mining, airdrops, confirmation incentives, and cryptocurrency acquired as a paycheck from an employer. Unless the donation exceeds the acquisition cost, crypto assets donated to charity are not subject to capital gains tax.

Check with a local accountant to check if any tax is due on your cryptocurrency trading.