Is Coinmama A Scam? 3 Things You Need To Know In 2024
CoinMama Review: Why Crypto Enthusiasts Are Raving?
Coinmama is an Israeli bitcoin dealer. They sell bitcoins for credit cards.
If you want to know if Coinmama is the perfect exchange for you, you’ve come to the right place.
We go into everything – from sponsored countries to payments and to how to purchase your first bitcoin.
We’re going to review multiple aspects of Coinmama that you won’t find in other Coinmama reviews to decide if it really is the best bitcoin broker out there.
At the end, I’ll answer some of the most frequently asked questions regarding Coinmama and selling bitcoins in general.
And most important, I’ll show you the exact system I used to build my own internet marketing business to over $40,000 a month in mostly passive income.
This system made me swear off crypto trading for good, because it uses some of the same skills in a much more powerful and profitable way!
This Coinmama review has been thoroughly researched with information and testimonials that are available to anyone in the public. Any conclusions drawn by myself are opinions.
- Service is available in nearly all countries.
- High limits for purchasing Bitcoins with a credit/ debit card
- Fast and responsive customer service/ support team
- Expensive fees for buying via a credit card/ debit card
Why Listen To UsMy name is Josiah, and this is my Dad, Joel.
Together, we make up the team here at Scamrisk.
If you’ll let me bother you for two minutes, I’d like to quickly explain why I’m even here writing this review.
In early 2020, I had just graduated from college & had no real career prospects.
I knew I was destined for something more, but I had no clue how I was going to make it happen.
I had this sinking feeling in my gut all the time… like the “big man upstairs” had accidentally given me the version of life where I’d be mediocre forever, instead of the one where I was, ya know – happy & fulfilled.
I had fiddled around with some different online businesses in college:
Some random MLMs, a bit of affiliate marketing, a (failed) dropshipping store or two, all the usual suspects.
Even my dad had been involved in MLMs back in the day… selling knives & other random nonsense people (probably) didn’t need.
All I really wanted was to find something that was going to actually work for me.
Maybe those things had worked for others, but for me it all turned up a fat “0” in the bank account department.
So I searched! And searched… and searched… and searched…
And eventually, I somehow stumbled upon a program that promised to help me build an income online (read about it here if you’re curious).
I didn’t really want to be “rich”.
The thought of making a reliable $5K per month & not having to worry about clocking in to a 9-to-5 ever again was all I needed.
Sure, there were people in the program doing high-6 and low-7 figures per year… but that wasn’t what I was out for.
I just wanted to provide freedom for myself, and if I was lucky, take my family along for the ride.
Fast forward a few days and a few phone calls & I was enrolled!
Here’s the first “money making website” I put up:
I built that site in 2020, and it still makes me $1,500 per month. It’s a basic 5 page website I built based on a template the program provides.
The best part to me? My dad and I get to do it all together!
So between the:
Is why I recommend local lead generation as my #1 business model for making money online.
Sure, it takes some work and dedication – but anyone that tells you that there’s a business out there that requires no work is selling you a lemon.
I’m not saying you need to sign up for the same program I did, but I would definitely recommend giving the business model a peek!
Coinmama Review: Background
Coinmama, which was founded in 2013, is one of the more developed cryptocurrency sites in the field of blockchain technology. It offers multiple payment methods and high spending limits.
New Bit Ventures, LLC is in charge of their US activities and FINCEN regulates this body.
Coinmama has a well-established team and their clients are mostly European.
Exchanging cryptocurrencies is actually not allowed by Coinmama because it is a platform where you can purchase with US dollars several cryptocurrencies such as Bitcoin, Etheruem, and Cardano.
Yes, Coinmama is a place where you can "buy and sell" these cryptocurrencies, but NOT trade them.
Coinmama has its own inventory of cryptocurrencies. Any transaction will just be between Coinmama and you.
You can also sell cryptocurrencies on the Coinmama platform.
However, the payout is through a SEPA bank transfer, which is only available to European customers.
Coinmama is compared to other common exchanges.
- Caters to Saudi Arabia, UAE, Oman, Kuwait, Bahrain
- Based in Middle East
- High-buying limits
- Available in nearly all countries
- Highest limits for buying bitcoins via a credit card
- Trusted and reliable broker
- Supports Ethereum, Bitcoin, and 15 other coins
- High limits; Begin trading fast.
- Poses risk to your capital
Who Can Use Coinmama?
When there is a new cryptocurrency exchange, you've got to evaluate and check, first and foremost, if that can be used.
Some, or even all Coinmama programs may possibly be unavailable because of cryptocurrency laws and regulations where you live.
Coinmama, however, is widely accessible in Europe.
Any cryptocurrency trader can use Coinmama for as long as he or she does not reside in one of the countries, US states, or territories mentioned below:
- North Korea
- Palestinian Territories
- South Sudan
Below are the American states that can't use Coinmama:
- New Mexico
Below are the American territories that cannot use Coinmama:
- American Samoa
- Northern Mariana Islands
- Puerto Rico
- United States Minor Outlying Islands
- Virgin Islands
Purchasing cryptocurrency on Coinmama is a simple process.
First, you need to decide how much you want to spend on buying. And then Coinmama provides you with a quote.
Fees are calculated by Coinmama as a percentage of the spot price.
When using SEPA bank transactions, their commission is very high at 3.9 percent.
If you pay with a credit card, they charge another 5% "momentum fee."
When using SWIFT, a minimum fee of £20 is applied on any payments of ≤$1,000 USD.
It's safe to assume to pay around 5% when you are using Coinmama.
If one bitcoin is currently worth $10k, for example, it would cost you $10.5k to buy it on Coinmama.
In my opinion, that's a hefty price to pay. In order to make a return, Bitcoin must rise past $10,500.
Other trading sites, such as Coinbase, usually charge less than 5%.
Their payments, though, vary depending on the payment method you use.
The following digital currencies are available for purchase in the Coinmama platform:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Cardano (ADA)
- Litecoin (LTC)
- Tezos (XTZ)
Coinmama does not offer the following anymore: QTUM, ripple (XRP), EOS, or XTZ.
Any fiat currency can be accepted by Coinmama through bank transfer. However, since Coinmama is a Euro-centric site, it displays the prices in the following currencies below:
Coinmama also supports Apple Pay and Faster Payments.
They also have what they call the Coinmama wallet address where digital currencies can be deposited by users, allowing them to sell cryptocurrencies.
Buying With A Credit Card
Coinmama is known for allowing credit card transactions of Bitcoin.
To purchase using credit or debit cards, a 5% "momentum" fee is charged by Coinmama. It has expensive fees as other credit card bitcoin purchases.
- $15k maximum lifetime buy
- $5kdDaily credit card buy limit
- $12k daily bank transfer buy limit
- $50k maximum lifetime buy at
- $5k daily credit card buy limit
- $30k daily wire transfer buy limit
- $1M maximum lifetime buy
- $7.5k daily credit card buy limit
- $30k daily bank transfer buy limit
A minimum buy level of $50 USD is required by Coinmama.
There is a KYC requirement by Coinmama.
If you want to purchase on their site, there is a verification process that you need to follow:
- Create your Coinmama account.
- Provide a government ID copy, i.e., passport, driver's license, or any valid IDs. They may require a copy of your utility bill at times.
- Take a selfie.
This verification process is a standard KYC procedure that the majority of exchanges are now implementing.
How Long Does Coinmama Verification Take?
The verification process at Coinmama is among the industry's fastest. It would typically take around 10 minutes to verify your Coinmama account. For some, it may take as long as several days.
It's largely dependent on how occupied the verification team is. If they are busy, it would obviously take them longer to verify your account.
Others may take anywhere between 1 and 3 days.
On average, it takes six hours for Levels 2 and 3 which is still pretty fast.
The security record of Coinmama is a bit intriguing. There has never been any reported cryptocurrency theft from their platform.
Regrettably, though, the personal details of thousands of Coinmama clients were hacked. This unfortunate event took place in 2019 where a total of 450,000 accounts were affected.
The credit card information, fortunately, wasn't hacked.
This cryptocurrency theft was just one of the 20 website hacks and millions of records.
Because BTC is delivered right to your wallet by Coinmama, a hack does not mean user funds will be lost.
To keep your crypto safe, having a hardware wallet such as Trezor Model T or Ledger Nano X is a smart move.
Ledger Nano X
- Screen: Yes
- Released: 2019
- Price: $119
Ledger Nano S
- Screen: Yes
- Released: 2016
- Price: $59
- Screen: Yes
- Released: 2018
- Price: $159
- Screen: Yes
- Released: 2013
- Price: $59
Coinmama Customer Support
Coinmama uses email as their primary customer support portal. They don't have any phone numbers or a physical office.
Coinmama Loyalty Program
If you plan to be a frequent Coinmama user, it's best that you join their loyalty program where Coinmama charges lower commission fees and gives bonuses.
There are 3 levels in this program:
1. Crypto Curious
Level 1 is for users who have just signed up. There are no discounts yet.
2. Crypto Enthusiasts
Level 2 is for those who make frequent purchases worth $5k or up within a 90-day period. A total of 12.5% on transaction fees can be saved if you are on this level.
3. Crypto Believer
Level 3 who make purchases worth $18k or up in more than 90 days. Here, they get 25% off in fees.
What's more, when a user spends over $50k o a purchase, he or she will be a Crypto Believer for life right away.
A bitcoin broker in Austria, Bitpanda provides its users multiple payment methods and they have pretty good prices.
With CEX.IO, you can buy bitcoins at low fees using your credit card. And when you opt for bank transfers, purchase is free of charge.
Operated by San Francisco-based Coinbase since 2015, it suports Litecoin, Bitcoin, Bcash, and Ether trading.
Coinbase is the largest Bitcoin broker in the world and as of 2021, is widely accessible in more than 55 countries.
eToro is a trading platform available in nearly all countries and supports Ethereum, Bitcoin, Zcash, Litecoin, and other coins.
Kraken is founded in 2011 and provides margin trading and futures contracts.
What Is Bitcoin?
Bitcoin is a virtual currency that allows for the creation of modern payment mechanism based on the use of digital currency. Using a peer-to-peer technology, its operation is entirely managed by its users. From the standpoint of a customer, bitcoin is essentially cash for the Internet.
How Long Does It Take For Coinmama To Send My Bitcoins Once I’ve paid?
Within one hour, the coins are sent by Coinmama after the confirmation of your payment and wallet address.
Why Must I Provide My Personal Details?
Coinmama, as a financial provider, is dedicated to the highest protection and privacy requirements of its users. This also assists them in safeguarding your account, combating theft, among other activities. This is known as verification, and it's a process that everybody needs to follow before he or she can purchase cryptocurrencies anywhere. Once your personal information is submitted for verification, Coinmama will review and normally takes about an hour to finish.
What Is A Cryptocurrency Exchange?
A cryptocurrency exchange is a website that allows you to exchange digital currencies like Bitcoin, Ethereum, and others for fiat or paper currencies or other digital currencies. Your fiat money , such as dollars or euros, can be exchanged for a variety of cryptocurrencies at Coinmama. You may also make exchanges from Bitcoin to fiat currency.
What If I Want To Buy More/ Less Coins Than The Amounts Offered?
The Coinmama platform provides a free-fill form to buy coins in your desired amount.
Which Virtual Currencies Are Available To Purchase?
Coinmama sells the following: Bitcoin, Litecoin, Ethereum, Bitcoin Cash, Ripple, Qtum, Ethereum Classic, Tezos, Cardano, and EOS. Additional cryptocurrencies are currently on the works.
Where Can I Get A Bitcoin/ Ethereum Wallet?
Coinmama does not provide your wallet. You get it elsewhere. They are responsible only for sending the coins to your preferred wallet. It also does not have a mobile app.
Does Coinmama Facilitate Trades Between Buyers And Sellers?
Coinmama does not do this. Coinmama does the selling from their own inventory.
What Currencies Does Coinmama Accept?
Coinmama accepts all currencies. However, their prices are displayed in USD, EUR, GBP, CAD, AUD and JPY. Keep in mind that if you opt to pay via a different currency, most banks charge an exchange fee.
Can I Sell Bitcoins On Coinmama?
Yes. Your Bitcoins can be sold on Coinmama. You will get either USD or EUR right to your bank account.
Coinmama Reviews: Conclusion
Coinmama occupies a very particular niche in the cryptocurrency industry.
It is a portal designed solely for purchasing and selling of cryptocurrencies.
Coinmama could be the best option for you if you want an easy-to-use platform coupled with good customer support to purchase cryptocurrency on.
They've been in the business for ten years and are therefore very credible.
Most notably, Coinmama has the distinction of being a non-custodial site. That is, they do not keep their customers' cryptocurrencies.
Coinmama is accessible across the globe.
You should sign up for an account right now if you don't live in a restricted location!
Even if you don't want to buy Bitcoin right away, opening an account won't do any harm.
What Is Our Top Recommendation For Making Money Online In 2024?
Our review team has come across a program in the real estate industry that is next level!
Although it’s not real estate in the traditional sense, it’s all digital.
Where Coinmama falls short is in scalability.
There’s only so much time in a day and there’s only so much money you have to start with.
Let’s face it, unless you have a lot of money to start with, you don’t stand to make much money with cryptocurrency.
But what if you could make even more money off of little local websites without having to worry all day about losing your money in the blink of an eye?
With this Digital Leasing program, you can make recurring monthly income without worrying about losing all your money overnight!
Sound too good to be true? Of course it does! But it isn’t…in fact, business owners wish they had this skill!
All you have to do is build and rank a LOCAL website and forward the jobs off to a business owner in town, you could even email it to them!
This works for literally any service based business, tree service, plumbing, towing, etc.
How do you get paid and how much?
Simple, after you forward the jobs off to a business owner and he makes some money off of them, you simply ask to make the deal beneficial for each other.
A fair price to charge per lead, depending on the industry is 10-20%…let’s just use the tree service industry for example and go by worst case scenario.
Let’s say you build and rank the site and only 10 jobs a month come in. The average tree service job is anywhere from $500-$2000!
That means at bare minimum you have an asset worth $500 a month!
See why they call it Digital Leasing now? That’s a rent payment.
The great thing is how easy it is to scale. You don’t have to worry about the constant and crazy market volatility that cryptocurrency entails.
So, getting back to Coinmama, if you take one of their picks...you could lose BIG TIME.
The course we recommend actually allows you to collect HUGE FLAT RATE DEALS. Truly passive income!
The training program takes making money online to a whole other level. The owner of the program walks you through how to build and rank a site hand in hand, with the occasional voice over when he is sharing his screen.
You will learn the importance of keywords, website name, how to send call notifications via email, backlinking, etc.
Once the training program is completed you will also have access to a Facebook group much better than the Coinmama group in our opinion. This group is much more active.
Unlike Coinmama, where you’re profiting maybe $10 per trade, you could be getting 10-20X THAT.
A business will always want more leads and another job. In fact it doesn’t even matter that the job isn’t coming from their website name…they see it as it is…expanding Digital Leasing.
Unlike Coinmama, more people have been able to walk away from their 9-5 job as well.
Digital Leasing allows you to have passive income with most of your day being spent ENJOYING your money, NOT losing it.
Now, I know you probably have tons of questions…
#1 Business Recommendation
We each make around $10,000 per month with the help of this system.yes, show me more