Are you currently investing or considering investing in cryptocurrency? As you may be aware, cryptocurrency has seen a rather controversial trading history with some governments and financial institutions backing monetary transactions in cryptocurrencies while others are refusing to legalise them. In the midst of this chaos and confusion, the question is posed on whether cryptocurrencies are legally authorised trades. Safe cryptocurrency purchase online has become a growing concern, and there are some exchange and purchase platforms that have been recognised.

Amongst the leading cryptocurrency platforms in the world, the most widely used, trusted, and safest that is gaining popularity is Coinmama. It is not a platform that allows trading; it only allows the purchase of cryptocurrencies like Bitcoin and Ethereum.

Coinmama is registered in Slovakia by New Bit Ventures Limited, and its headquarters are in Israel. It is also registered in the USA as a money service business. While not all countries have legalised and regulated cryptocurrencies, Coinmama is the only leading brokerage platform that operates and executes orders in 188 countries while also being available to take orders from 24 states in the US.

As such, in this Coinmama review, we will provide you with information on everything you need to know about Coinmana, including the features that makes this platform safe, how it works, fees, and more.

What Makes Coinmama Safe?

The fact that the platform only allows purchases, not selling or trading, means that it has to deliver the cryptocurrency to the buyer. So, to make it safe for buyers, the cryptocurrency is delivered directly from the company’s share or holdings, and this is what makes Coinmama safe.

Coinmama sells not only Bitcoin and Ethereum but also Bitcoin Cash, Litecoin, Cardano, QTUM, and Ripple. Even for purchases of Bitcoin that does not require customer registration of cards, Coinmama does not save the card details nor store money in the wallet. A new wallet is made on every new purchase. The address of the receiver is verified by email with a confirmation link that is sent to your email. Is coinmama legit? As such, Coinmama is absolutely safe and legal!

How does Coinmama Work?

Coinmama is a website. There are no apps available for purchase or download. Neither can other developers and users make customs applications for the same. It cannot be replaced or duplicated.

The platform requires buyers to be fully KYC compliant. Coinmama strictly follows Know Your Customer regulations. To begin, the buyer must register and upload all required documents. These include a government-issued ID showing the person’s name, birth date, address, and gender. The credit or debit card intended for purchase must also be submitted.

All images and files must be clear and under 8MB in size. The document’s expiry date, if applicable, must be easy to read. Once uploaded, documents are processed within a few hours during regular business hours. On weekends or evenings, processing might take a bit longer.

Initial checks are done by the customer care team. In most cases, verification takes just ten minutes. Once verified, the buyer can immediately make a purchase. That’s quick, right?

When an order is placed, the exchange rate is locked right away. This avoids confusion and ensures the buyer knows exactly what they’ll receive. Coinmama guarantees transparency at the time of purchase.

If an order is cancelled, the funds are returned to the buyer’s account within 48 hours. The smooth and secure process supports a safe cryptocurrency purchase online. Thanks to its speed and reliability, Coinmama is one of the most trusted platforms to buy cryptocurrency.

Bitcoin Purchases on Coinmama

The rules slightly differ for Bitcoin purchases. These can be made without the registration of payment cards. You can directly make a purchase for the number of Bitcoins you want to buy and then proceed to the normal payment page where you can use your credit debit card details for the final payment. This is the time you can add your wallet address for Bitcoin delivery.

Once the final payment process is done on the checkout page, the team will verify the card’s details and wallet address. Once the credit card is processed, the delivery process is started immediately. A minimum purchase of $60 is required on the Coinmama website; of course, you should keep the Bitcoin rate in mind with this minimum purchase limit.

Fees and Limits on Coinmama

Coinmama charges 5.5% per transaction. Other platforms might offer slightly better rates. The cryptocurrency price shown on the site at the time of purchase already includes Coinmama’s fees.

For the convenience of paying with a credit or debit card, Coinmama adds an extra 5% fee. If you use a cash advance, your bank or card issuer may charge an additional fee. These costs support a safe cryptocurrency purchase online, where clear rules and secure processing come first.

Credit card payments are preferred for setting limits. Higher order limits are available when using cards. The more complete your verification details are, the higher your purchase limits. Verified users can buy up to $5,000 per day and $30,000 per month, regardless of verification stage.

Daily limits apply over 24 hours, and the platform calculates monthly limits using the last 30 days of activity. If you use a currency other than USD or EUR, foreign exchange fees apply. With basic government ID, you can buy up to $15,000. Submitting two forms of ID increases the limit to $50,000.

These steps reflect Coinmama’s dedication to safe cryptocurrency purchase online, especially for buyers dealing in larger amounts. For high-limit buyers, Coinmama offers limits up to $1 million, provided full identification is submitted and a special form is completed.

Pros and Cons of Coinmama

The advantages of using Coinmama include:

• It is safe as the platform follows rules and regulations as well as  formally concludes all legalities associated with purchasers from different countries.
• Development of the platform has been immense while technical glitches are rare.
• No fraudulent activity has been reported and cryptocurrency bought has always been safely delivered to the buyers.
• They do not hold or save credit card information, which makes your purchase safe.
• They have a brilliant customer care system with the timely handling of queries, issues, and payment hassles. As can be expected, there are only longer wait times from Coinmama’s customer care over the weekends.

Even though it seems as if the advantages outweigh the disadvantages, here are the cons: while Coinmama focuses on safe cryptocurrency purchase online, it lacks features such as trading or selling, which are available on other platforms.

• Coinmama is a buyer-only platform. It does not allow the selling or trading of cryptocurrencies. Other popular cryptocurrency platforms offer other cryptocurrency features, such as  the trading, seling, and buying of cryptos.
• As compared to other cryptocurrency platforms that offer almost 70-80 cryptocurrencies, Coinmama has a limited variety of these on offer to purchase.
• In the process of trying to make transactions more transparent through debit and credit card purchases, they also push buyers to make purchases from their wallet. Although Coinmama does not keep any money in the wallet and transfers it back to the buyer it still remains the responsibility on the part of the buyer to replenish the wallet.

Final Thoughts

Coinmama is definitely a secure and safe brokerage platform from which to buy cryptocurrencies; however, it has its own set of limitations. The good part is that the limitations are not excessively intrusive to the buyer and they do not impede the growth of the platform. As a cryptocurrency brokerage site, Coinmama is totally safe and legal as this review has found.