Coinmama Fees Review: Is it worth it in 2020?

Coinmama Fees review & worth every penny

For this review I bought 14995$ worth of bitcoin with coinmama costing a total of 750.9$ or 5% in coinmama fees. Coinmama is an exchange market place allowing users to buy and sell cryptocurrency. Coinmama was founded in 2013, Isreal, and regulated by Money Services Business licensed by FinCEN and IMPA. It has over 1,900,000 users from 190 countries and territories.

Supported Countries & Territories

Coinmama is available in most countries, however, due to cryptocurrency laws and regulations, the service in those countries and territories is not available. Here is the list of restricted countries and territories:

Cuba
Crimea
Iran
Israel
Lebanon
North Korea
Palestinian Territories
South Sudan
Sudan
Syria

The restricted U.S. States

Florida
Hawaii
New Mexico
Oregon
Vermont

Restricted U.S. territories

American Samoa
Guam
Northern Mariana Islands
Puerto Rico
United States Minor Outlying Islands
Virgin Islands

Supported Cryptocurrencies

The Coinmama platform allows users to buy and sell 10 cryptocurrencies. The list of supported cryptocurrencies is below:

Bitcoin (BTC)
Bitcoin Cash (BCH)
Ethereum (ETH)
Ripple (XRP)
Litecoin (LTC)
Cardano (ADA)
Qtum (QTUM)
Ethereum Classic (ETC)
Tezos (XTZ)
Eos (EOS)

Deposit Methods

Coinmama offers 5 deposit methods for buying cryptocurrencies. The deposit payments with Debit Card and Credit Card are instant. With Bank Transfer and Wire Transfer, it takes approximately 1-3 business days. The bank account used for the deposit must be held in your name as Coinmama does not accept third-party or corporate bank account transfers. The supported payment method for deposit are listed below:

Debit Card
Credit Card
Bank Transfer (SWIFT)
SEPA Bank Transfer (EU Banks Only)
Wire Transfer

Fees and Charges

Coinmama fees and charges for Debit and Credit Card is 5% with currency rates locked and instant payment. The Coinmama doesn’t charge any additional fees, however, the bank used for the deposit method may charge a fee for the transfer. The minimum deposit for Debit Cards and Credit Cards is $50 USD

The Bank Wire Transfer for $1,000 deposit amount, a £20 fee is charged. The minimum deposit amount for Bank Wire Transfer is $100 USD. The bank account used for the deposit must match the user name on the Coinmama website.

SEPA Bank Transfer (EU Banks only) offers a deposit with a 0% additional fee available only for European clients. The Wire Transfer method is available for orders $50,000 and above.

For orders selling cryptocurrency, the minimum amount you can sell is the BTC or cryptocurrency equivalent of 50 USD. And the prices on the Coinmama website are displayed in USD, EUR, GBP, CAD, AUD, and JPY. Coinmama accepts all currencies.

Debit Card 5% fee
Credit Card 5% fee
SEPA Bank Transfer (EU Banks only) 0% fee

Buying Limits

Coinmama requires account verification of clients with Know Your Client (KYC) system. The client needs to verify its identity in order to start depositing and use the Coinmama platform. The client can verify the identity with ID verifications such as Passport, Diver’s License, or National ID.

Coinmama offers 3 levels with account spending limit separated on these levels:

Level 1
Account Transaction Limit: $15,000 (USD)

Daily Limit:
Debit and Credit Card limit (buy only): $5,000 / 5 orders

Wire transfer limit (buy & sell): $12,000

Monthly Limit:
Debit and Credit Card limit (buy only): $15,000 / 20 orders

Wire transfer limit (buy & sell): $15,000 / 50 orders

Level 2
Account Transaction Limit: $50,000 (USD)

Daily Limit:

Debit and Credit Card limit (buy only): 5 orders / $5,000

Wire transfer limit (buy & sell): 10 orders / $30,000

Monthly Limit:

Debit and Credit Card limit (buy only): 30 orders / $30,000

Wire transfer limit (buy &sell): 50 orders / $50,000

Level 3
Account Transaction limit: $1,000,000 (USD)

Daily Limit:

Debit and Credit Card limit (buy only): 5 orders / $7,500

Wire transfer limit (buy & sell): 10 orders / $30,000

Monthly Limit:
Debit and Credit Card limit (buy only): 30 orders / $40,000

Wire transfer limit (buy &sell): 50 orders / $100,000

Level 4:

To get upgraded to level 4 with higher limit spending, the client needs to contact the support.

Coinmama’s Security

In 2019 some major cryptocurrency exchange websites had a data breach. This data breach was a large attack on more than 20 websites and over half a billion records stolen. If you are worried about keeping bitcoin safe we made a article for you, How to keep bitcoin safe in 2020.

On October 15, an email titled “Securing your SegWit2x Bitcoins”, was sent to Coinmama clients from [email protected] This failed phishing attempt was sent by scammers attempting to steal funds on Coinmama accounts. Coinmama didn’t shared more details about this phishing attempt or give details if any client fell as a victim for this phishing attempt.

Users on Coinmama can secure their accounts and strenth the security of the account by enabling “Two Factor Authentication (2FA)”.

Coinmama Loyalty Program

Coinmama offers a loyalty program on two levels with reduced fees and faster customer support for all clients who buy and sell cryptocurrencies. The more sell and buy orders clients complete the more saving they get with the loyalty program.

Level 1 loyalty:

The loyalty program users can save 12.5% on Coinmama fees and fast customer support. For clients who have deposited at least $5,000 USD in total on a 90-day period.

Level 2 loyalty:

For users who have deposited an amount of $50,000 USD or above on 90 days, Coinmama offers 25% savings on fees and VIP customer support.

Affiliate Program

Coinmama users can earn a 15% commission with the affiliate program. The affiliate program is available for all clients with no limitations. Earnings from the affiliate program are paid monthly at the end of the following month. And clients can request a payout only after 3 successful orders are made by at least 3 different clients.

Customer Support

Coinmama doesn’t have live chat support or phone number support for its users. They offer support through email addresses with an average reply of 1-2 days. However, clients can get more details on FAQ about the services of Coinmama.

We hope you enjoyed this article about coinmama fees, but if you wanted to read another article we would recommend our Coinbase vs Coinmama Review.

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Image via shutterstock, Writer Behar H.