Coinmama is an exchange which has been around since 2013. It is a lesser well-known exchange with a small following on social media. The company is based in Israel. Coinmama facilitates fiat-to-crypto and there is no crypto-to-crypto exchange provided. Coinmama differs than most exchanges where buyers and sellers are matched. Coinmama does not match buyers and sellers but alternatively sells everything from its own holdings. The exchange is currently buy-only with no option for users to sell their holdings. Users purchase crypto with debit or credit cards and this makes the fees higher than most competitors. The rates are very high due to the payment method only being for cards. The quoted prices on the website are 5.9% higher with the 5.9% representing the fee for Coinmama. There is an additional 5% charged by the payment processor. The upside to facilitating card payments means that all local currencies are accepted. Users must also provide personal details to undergo identity verification. This may be a drawback for users who wish to remain anonymous.
The company offers only a small range of coins compared to most exchanges and the fees are high. Coins supported include Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, Cardano, Quantum, and Ethereum Classic. Personal data provided to Coinmama is encrypted. User's credit card details are not stored on the website or on the server. Coinmama also claims to be fully GDPR compliant.
- All local currencies accepted
- Data is encrypted
- Exchange is buy-only
- No crypto-to-crypto offerings
- Only a small range of cryptocurrencies offered
- Fees are high
- Users have to undergo a verification process