About Coinmama
Coinmama is a cryptocurrency broker established in 2013 and headquartered in Ireland, catering prominently to European users. It enables individuals to buy and sell major cryptocurrencies—such as Bitcoin, Ethereum, and Cardano—directly with fiat currencies including the Euro (EUR). Coinmama distinguishes itself by focusing solely on simple buy and sell transactions; users cannot trade derivatives, use margin, or access advanced market features. The platform does not provide hosted crypto wallets, instead requiring buyers to supply their own external wallet addresses, which aligns with best practices for self-custody and security.
The buying process is streamlined and user-friendly, supporting various payment methods ideal for the European market—SEPA bank transfers, Visa/Mastercard credit/debit cards, Apple Pay, Google Pay, and Skrill. Coinmama employs strict KYC/AML procedures; every user must verify their identity before making a purchase. The company's focus on compliance and transparency has helped it build a reputation for reliability, with positive feedback from users and industry review sites. The platform’s website and support services are available in multiple European languages.
However, Coinmama is primarily suited for those looking to make straightforward crypto purchases rather than active traders or users seeking a broad range of tokens. Its fee structure is notably higher than most competitors, which is important for cost-sensitive users. Despite these limitations, Coinmama remains a solid choice for individuals prioritizing security, regulatory compliance, and control over their own crypto assets in the European market.
Pro's of using Coinmama
- Simple, beginner-friendly interface: Easy to navigate for new users; only basic buy/sell functions, no complex trading screens.
- Strong European (Euro) support: Accepts EUR, SEPA transfers, and local payment options, reducing conversion costs and making euro-based purchases straightforward.
- Fast settlements: Purchases via card are near-instant, while SEPA transfers generally process within one working day.
- Emphasis on self-custody: Users must use their own wallets; Coinmama never stores client funds, increasing security.
- Reliable and regulated: Operating since 2013, follows European KYC/AML rules, positive reviews on reputable sites and Trustpilot.
Con's of using Coinmama
- High fees: Transaction fees range from 3.90% to 4.50% plus potential card fees, higher than most major exchanges.
- Limited crypto offerings: Supports only a selection of major coins; lacks many altcoins and features like staking or DeFi.
- No built-in wallet: Customers must set up their own crypto wallet in advance, which can be daunting for beginners.
- No advanced trading features: Does not offer order books, market charts, limit orders, or leveraged products.
- Strict KYC and privacy: Full identity verification (KYC) is required for all transactions, which may deter privacy-focused users. Selling is only available in select European countries.
What are alternatives for Coinmama
- Coinbase: Large, beginner-friendly exchange with broad euro support, more cryptocurrencies, and lower fees. Offers custodial wallets by default.
- Bitpanda: Vienna-based broker/exchange supporting instant EUR crypto purchases, more coins, and additional investments like ETFs and metals.
- Kraken: Secure global exchange licensed in Ireland, with SEPA support, low fees, advanced trading features, and staking options.
- Binance (Europe): Offers low fees, extensive coin selection, and euro payment options; regulatory status can vary by country—always confirm current access.
- Bitstamp: One of Europe’s oldest exchanges, with strong security, euro trading pairs, and SEPA support. Fewer coins than Kraken/Binance but reliable and compliant.