Is Coinmama Legit? Can You Really Make Money?

 

coinmama review

You are welcome to my Coinmama review. I am sure you are here to know if you can make money with Coinmama? But, Is Coinmama Legit?

It is necessary always to make your findings online.

This was how I discovered how to transform my skills and passion into a full-time income, which changed my life forever.

This Coinmama review is all about how to use this Crypto exchange to your advantage.

Please read on.

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Summary of Coinmama Review


So, Is Coinmama Legit? Yes, Coinmama is legit, safe, and very fast to exchange your cryptocurrencies.
Can you make money with Coinmama? Yes, you will make your margin while trading on the Coinmama platform. But below is my reservation about Coinmama.

Coinmama is a legit crypto exchange broker, but it is a risky business trading cryptocurrency on any broker websites.

Will you make money? Yes. But you will also lose a lot of your money.

I once used to make money trading cryptos, but I just stopped. Because I now discovered the best ways to make money with Cryptocurrencies without trading.

It is the best secure way to make massive money with many cryptocurrencies exchange. In fact, this is the importance of this Coinmama review.

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  • None of this company can ever revoke or ban your access because they now need you.
  • You will make money in Crypto and directly on your website.
  • The system now helps you own your online business.

How do you achieve the above?

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These are over 53 crypto companies that are ready to do business with you.

What are you waiting for?

What is Coinmama?


The Coinmama website is one popular place online where you can buy Bitcoin with credit cards quickly and fast.

Coinmama is the largest and oldest cryptocurrency broker exchange in the market.

It is based in Israel and is registered on FinCEN (Financial Crimes Enforcement Unit), which is a plus for the buyers who could be jittery about its legitimacy.

Coinmama was established in 2013, offering a safe, fast, and legit Crypto exchange platform worldwide.

The most crucial aspect of Coinmama is the Credit Card feature.

The online community has adopted and popularized cryptocurrency transactions turning Bitcoins and alternative coins into a must-have. The top of the list of virtual currency is Bitcoins.

Are you still wondering what Bitcoin is?

A Bitcoin is a decentralized virtual currency or cryptocurrency that operates as an open-source to facilitate person-to-person transactions without any central repository or single administrator.

Bitcoin was created by the pseudonymous Satoshi Nakamoto in 2009 and has since then taken a life of its own.

The Bitcoin source code is available to everyone, and any web developer can review or modify the code anytime, provided they do not change the Bitcoin Protocol. People are using crypto to make money with Coinmama. 

Services on Coinmama Exchange


Coinmama is the first broker to allow buyers to buy Bitcoins via Credit Card.

This is helpful because the other purchasing methods require going to the bank and time-consuming verifications.

Buyers can also purchase Bitcoins from their E-Wallet or via Western Union Money Transfer.

The site is straightforward to navigate. It is modest, with all the features readily on display. Learn more about Coinmama in Coinmama FAQs.

Where Coinmama Is Available


It offers services in 7 languages; English, Italian, Spanish, Germany, Russian, Portuguese, and Arabic, making Coinmama the broker with the most extensive range of countries that have access to its services.

You can purchase Bitcoins on Coinmama using most of the world currencies though they will eventually be converted into Dollars or Euros.

Is Coinmama available in your country? Probably yes.

Coinmama is an international cryptocurrency exchange. With users accepted in every country and region. The only countries that are not allowed to use the Coinmama exchange are the sanctions countries.

Coinmama services are only available in 24 states in the US.

The states are Arizona, Massachusetts, California, Louisiana, Colorado, Kentucky, Florida, Kansas, Illinois, Indiana, Pennsylvania, Maryland, North Carolina, Michigan, New Mexico, Missouri, New Jersey, Montana, Nevada, South Carolina, Tennessee, Texas, Virginia, and Wisconsin.

Requirements to Use Coinmama 


Access to the Coinmama website and its services will require you to create an account or sign up. If you already have an account, all you will need to do to make money with Coinmama is sign in.

The Coinmama online service facilitates very swift and smooth transactions.

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An identification upload, which is in the form of a scanned ID or utility bill, is only requested for transactions exceeding $150.

A buyer usually receives their coins immediately after verification is completed.

Verification may take anywhere from 3-6 hours. The site is an HTTPS site which means it saves none of the buyers’ Credit Card information.

This gives buyers a sense of security and peace of mind while transacting on Coinmama.

Coinmama has the highest buying limits in all the brokers that accept Credit Cards. The limit is $5,000 worth of Bitcoins per day and $20,000 worth of Bitcoins per month.

The fees for Credit Card purchases are at 5.65% which is competitive considering the risk involved with Credit Card purchases, this is what I like in this Coinmama review.

Other Important Post Include:

Cryptocurrencies Supported on Coinmama Platform


The following list of crypto will be accepted for a transaction on Coinmama exchange:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • Ethereum Classic (ETC)
  • Ripple (XRP)
  • Cardano (ADA)
  • Qtum (QTUM)

Which Cards Are Accepted By Coinmama


Coinmama will allow you to purchase Bitcoin and any Altcoins with either credit or debit card.

But it is essential to know that not all brands of cards are allowed on the Coinmama platform. Only two brands of cards are accepted, i.e., MasterCard and Visa Card.

Also, know that prepaid cards from the same two major companies will also work on the platform.

Also, note that the company has started taken SEPA payment as well, but with 0% processing fees and denominated in EUR/USD. SEPA payment will save you the 5% card processing fees.

Payment through PayPal and payment from any other payment services are also not accepted.

Do Coinmama Have Wallet?


No, the Coinmama exchange does not have this feature.

You will have to set up a wallet or your own on another platform or have your hardware wallet that is the safest and most secure cryptocurrency wallet ever.

Coinmama Fees


Coinmama has a brokerage service fee of 5.9%.

Please note that there are 5% credit card process fees that push the total cost to the user at 10.9%. I will edit this Coinmama review if there are any changes in the future.

Minimum Transaction Limit on Coinmama


The minimum amount of cryptocurrency you can purchase on Coinmama exchange is $100 or its equivalent amount. This also applies to all currencies. Can you make money with Coinmama with this limit?

The minimum amount of Bitcoin you can also sell is $100, and it's crypto equivalent. This was updated newly on the 8th of January 2020.

Before now, the minimum you can buy or sell worth $60.

The higher Coinmama amount limit helps keep your account safe, and it is dependant on the regulation, method of payment, and your verification levels.

There are three verification levels:

  • Level 1.

The level 1 requirements include a valid government ID card, a selfie of your self with your ID card in your hand, and a note written “Coinmama” and today's date printed on the note.

The limit for level includes:

  1. Overall spending limit: $15,000
  2. Daily spending limit: Card ($5,000 USD) / Bank Transfer ($12,000)
  3. Monthly spending limit: Card ($15,000)/ Bank Transfer ($15,000)
  4. Maximum daily orders: Card (5) / Bank Transfer (10)
  5. Maximum monthly orders: Card (20) / Bank Transfer (50)
  • Level 2.

In addition to the level one requirement above, you will need an additional secondary ID with an upload of your utility bill.

Level limits are:

  1. Overall spending limit: $50,000
  2. Daily spending limit: Card ($5,000) / Bank Transfer ($30,000)
  3. Monthly spending limit: Card ($30,000)/ Bank Transfer ($30,000)
  4. Maximum daily orders: Card (5) / Bank Transfer (10)
  5. Maximum monthly orders: Card (20) / Bank Transfer (50)
  • Level 3

This last level will require you to file a form with the addition of level and level requirements.

The limit for the third level include:

  1. Overall spending limit: $1,000,000
  2. Daily spending limit: Card ($7,500) / Bank Transfer ($30,000)
  3. Monthly spending limit: Card ($40,000) / Bank Transfer ($100,000)
  4. Maximum daily orders: Card (5)/ Bank Transfer (10)
  5. Maximum monthly orders: Card (20) / Bank Transfer (50)

Is Coinmama Legit?


Yes, Coinmama is legit and also safe to use.

This cryptocurrency exchange is a small compare that to competitors, such as Poloniex and Coinbase, in terms of platform usage and volume of transactions.

But, they are yet to experience any significant and known security breaches that can make the exchange unsafe for your Bitcoin transactions.

Coinmama is not a scam and the crypto ecosystem trust this company for the following reasons:

  • The exchange is a registered member of the Financial Crimes Enforcement Network (FinCEN) as a money services business organization.
  • Coinmama does not hold your cryptocurrency on its platform, thereby making your crypto asset safe from been stolen. You sent your crypto directly to your wallet.
  • The company also claimed that your credit and debit card information is not stored on its exchange server.
  • Many users of the platform online also suggested that Coinmama support is very significant.

But, if you have any contrary, please drop your thought in my comment area below.

Is Coinmama Worth It? 


cryptocurrency market

Thanks for reading my Coinmama review. Do you think you can make money with Coinmama? Is Coinmama legit?

Ultimately, Coinmama is without a doubt the best Bitcoin and Altcoin broker there is, most especially when you want to buy bitcoin with a credit card or your debit card.

With 24-hour Live Chat support available and quick professional email correspondence, there is absolutely no reason Coinmama wouldn’t be your destination for Bitcoin and altcoin purchases.

What do you think of this Coinmama review? Do you think you can make money with Coinmama?

Can you now use your credit and debit card to buying bitcoin?

Please drop your thought in my comment area below.

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5 thoughts on “Is Coinmama Legit? Can You Really Make Money?”

  1. Thanks for sharing your information, your article is really helpful to me. Last month, I found one of the best places online i.e. LocalBitcoins. Where you can buy and sell Bitcoin with your local currency.

    You can also sell Bitcoin and get paid into your local bank account. They provided me with an easy and smooth transaction with secure payment.

    thank you.

    Reply
  2. I understand that bitcoin is becoming more and more popular, but I don’t understand how you use bitcoins. Is this currency that is equivalent to the dollar? Is this a very liquid investment? Do you have to transfer bitcoins over to your own currency? It sounds like coinmama makes bitcoins easy to acquire and spend. I’m just confused about the whole concept of bitcoins.

    Reply
    • Hi Melinda, 

      Bitcoin is money. What can you use money for? You can use Bitcoin for everything you can use money for. See several ways and other platform where you can either invest, exchange, or buy Bitcoin. Bitcoin is the future of money. It has gone through series of challenge and survive them all. 

      Bitcoin was less than a dollar in 2011 but it is over $4,000 today! You can read and watch YouTube video of mass adoption and what the world leaders are saying about Bitcoin acceptance.

      Bitcoin is volatile, you can do a lot with, but one of the best thing to do with Bitcoin is to keep it in cold storage as a store of value. I recommend LocalBitcoins website where you purchase Bitcoin with your local currency and directly from your local bank account. You can also sell and get your fund directly to your local bank account. The god news is that all countries are supported in LocalBitcoins websites.   

      I hope i can answer you question? Please feel free to come back to my website. 

      Regards 

      John

  3. Hi John
    I have bought some bitcoin and a few other coins, but purely for diversification. As it is a new asset class, and there will be much turmoil in the coming years in this space, i believe you should only ‘invest’ with money you can afford to lose.
    Maybe 1-2% of your assets as a guideline. There will be 1 or 2 winners in the long run, but who can tell what the default crypto will be. Many coins will go to zero long term.
    I buy with cash, buying with a credit card is crazy. Why pay interest for buying crypto’s. just save and then ‘invest’.
    Credit cards are the worst things ever, and should be banned. Learning to save is a much better option.
    Cheers

    Reply
    • Hi Greg, 

      You right. Buying Bitcoin with Cash is the best, you can always do that on many exchange. But the most cost effective is through LocalBitcoins website. Also most people also go for PayPal option. 

      Thanks for coming by.

      Regards 

      John

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