Coinmama Crypto Exchange Review

Find out how to use Afterpay and avoid paying any fees or interest. New users can sign up by inputting their country of residence, address and email. After confirming their email address, users must upload a valid, government-issued ID and a selfie for identity verification. It’s relatively easy to open a Coinmama account, and most users can set up their profile within minutes. All that’s needed is some basic personal information and a valid ID.

1)Coinmama is very easy to use, perfect for beginners in the world of cryptocurrency. To buy cryptocurrency, simply click buy, select the coin you want to purchase, and the amount in fiat currency, and click Buy Now. There is no need to place an order on the market, or watch price fluctuations. The platform is fully compliant with all applicable laws and regulations (including AML/KYC).

Best known for their simple to use interface and variety of payment methods, Coinmama is well-suited for individuals that want to purchase crypto without any hassles. Coinmama is not a traditional crypto exchange, as users cannot trade crypto or purchase crypto with trading pairs. Rather, it’s more of a marketplace where users can purchase crypto with fiat currency. That said, Coinmama does allow users to sell Bitcoin back to the exchange for fiat currency, but any other crypto will need to be transferred off the platform to sell. Coinmama offers users a simple way to get started buying and selling cryptocurrency. While the platform is limited by its basic functionality and high fees, newer users may appreciate the bare-bones approach and quick account setup.

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As a resident of the United States, you can count on these institutions when you want to trade via Coinmama. In terms of digital security, Coinmama is the closest to perfect. It means the US Department of Treasury can ensure that people do not use Coinmama for financial crimes, such as money laundering or terrorist financing. Coinmama is a name that you may have heard of, which is why you need to read this Coinmama review.

Some new customers had to resubmit identifying information more than once in order to confirm their identity. We recommend the best products through an independent review process, and advertisers do not influence our picks. We may receive compensation if you visit partners we recommend. This registration prevents Coinmama from many issues such as international money laundering, terrorist financing, and other crimes.

This program generates six-digit codes used for green-lighting transactions. Financial institutions charge this on overseas payments or when a foreign entity processes the transaction. New users fall under the Crypto Curious category and pay the highest fee. If you’re interested in buying bitcoin, these exchanges are a good place to start.

Our review finds that the major disadvantage of Coinmama is its fees. Due to higher fees, traders prefer to leave Coinmama and join other exchanges to get the benefits of lower exchange fees. Traders can buy Bitcoin whenever they want to buy, worth up to 30,000 USD at a time. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.

Keep in mind that there is a limit for first time users on how much you can buy (at the time or writing this limit is $5,000 per day, and up to $20,000 worth per month). However, when you enter your payment details and buy crypto on Coinmama, your coins are instantly sent 3 moving average crossover strategy to your own crypto wallet as soon as the payment goes through! Needless to say this is much safer for both you and the exchange . Citi is a national bank that offers a range of banking products, including six checking accounts with the opportunity for cash bonuses.

Coinmama Coming Soon Features

However, depending on the payment method, you may have to pay an additional fee as well. In short, Coinmama has turned into one of the most trusted crypto exchanges available worldwide. Stay up to date with our latest exchange reviews, promotions, how-to guides and educational articles on Bitcoin, cryptocurrency & more. Coinmama is a regulated exchange that complies with Know Your Customer requirements. Therefore, each user that creates an account with Coinmama must submit ID documentation to prove their identity before purchasing digital currency.

Purchase crypto assets and have them sent directly to your wallet with Coinmama. Opting for the Coinmama affiliate program allows you to earn a commission of 15% off the fees each of your referrals pays on Coinmama for their for the duration they use the platform. Having said that, as bitcoin enthusiasts, we have used a lot of the other services out there and it hasn’t always been the most positive experience. Regarding our fees, we are aware that there are cheaper places to purchase your crypto. Regarding the delay with your first order, we like to make additional efforts to ensure our new customers are transacting in a safe fashion, so this took a bit longer than normal.

Coinmama is a global cryptocurrency exchange founded in the year 2013. It is owned and operated by New Bit Ventures Ltd, with its headquarters located in Israel. Coinmama is not an exchange marketplace but an exchange broker that only offers the buying and selling of cryptocurrencies. Initially, it was selling only Bitcoin and Ethereum but has now expanded to offer Ethereum Classic , Bitcoin Cash , Litecoin, Cardano, QTUM, and Ripple . The Coinmama website is easy to use and provides excellent customer support. It is the preferred platform for buying cryptocurrencies by users across the world.

Coinmama allows users to buy cryptocurrency instantly, for convenience and to save time. Coinmama cuts down this process, with your payment made directly at the time of purchasing, and the crypto sent directly to your personal hot or cold wallet. When selling your cryptocurrency, it goes straight from your external wallet, and the fiat funds from the sale are sent direct to your bank account. Coinmama fees are based on a Bitcoin Index that provides a reference rate for the prices of each supported asset.

For instance, 0.0005% of any BTC you want to move out of the platform goes to Binance’s coffers. But if residing in any of these five jurisdictions, a third-party platform is necessary to complete your transactions. The hackers stole email addresses and hashed passwords, later posting them on the dark web – impacting about 450,000 users. While not a security feature per se, Coinmama allows you to mask your email address upon registration. As such, you don’t have to provide your actual email address, providing a layer of anonymity in case of future hacking. Activating 2FA makes life more difficult for fraudsters to take over your account.

Comparable Coinmama Options

This also helps us keep your account safe, fight fraud, and more. The process is called verification and is something everyone must go through before buying cryptocurrency anywhere. After submitting your details for verification, we’ll then quickly go over it and make sure everything looks good. A cryptocurrency exchange is a service for changing digital currencies, such as Bitcoin, Ethereum, and more, to fiat currencies or for other digital currencies. At Coinmama, you can exchange your fiat currency, such as dollars or Euro, for several cryptocurrencies.

The exchange pays out the commissions once every month after you hit $100 from the time of the last payout. I came across multiple crypto platforms and I think Coinmama is the best, they have a great Customer Service and easy to use and navigate through the website. Unfortaunely, sometimes delays can happen, but we really appreciate that you trusted us to do the right thing and work until your order was processed properly. Please know, when we decline a transaction, we are following our internal policies and our processor’s policies.

Coinmama offers its services worldwide with the exception of sanctioned countries and several US states. Certain countries are also served by a third party, rather than directly by Coinmama themselves. The investing information provided on this page is for educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments. Several users have positive things to say about Coinmama’s customer service.

Other crypto exchanges require you to first deposit fiat currency into your account, then buy crypto, and finally transfer the funds to your external wallet. Coinmama on the other hand, takes the payment at the point of sale, and sends the crypto directly to your wallet. When you sell your crypto, it goes straight from your external wallet, and the fiat funds from the sale are sent straight to your bank account. Furthermore, users don’t need to be concerned about the long-term security of Coinmama’s coin custody.

Overview of CoinMama: Review

Coinmama is one of the cryptocurrency brokers that accepts credit and debit cards. This makes purchasing crypto convenient, unlike many other exchanges that don’t support card payments. Coinmama is a bitcoin and cryptocurrency exchange where you can buy Bitcoins, via credit card, debit card or bank wire, with availability to nearly anyone in the world.

The more documentation you provide, the more currency you can buy on Coinmama. If you don’t have a safe Bitcoin or Ethereum wallet, pick one from our list of Ethereum wallets and Bitcoin wallets. Users can select a set amount of fiat to spend or choose a custom amount. The BBB ranks companies from A+ to F, considering factors like customer complaint history, time in business, type of business, government actions, and more.

Trusted by millions of people across 188 countries since 2013

Apart from the advantage of multiple currencies, Coinmama users also enjoy the privilege of multiple payment methods. Coinmama accepts credit and debit cards issued by Visa or Mastercard. The company has also started accepting payments by a bank transfer with 0% processing fees. It has also recently collaborated with everfx review Apple Pay & Google Pay and now Coinmama supports payments via those gateway. The platform makes it easy to buy crypto by allowing customers to set up their accounts in minutes and purchase via credit card, debit card, Apple Pay or bank transfer. Coinmama also has high spending limits to facilitate large transactions.

Coinmama has one of the best reputations in the cryptocurrency exchange market. The Israel-based company has never been hacked, and although it suffered a data breach in 2019, none of its users’ credit card information was compromised. While Coinmama does not offer trading options like margin trading, users find its high security and ease of use, especially when buying Bitcoin with a credit card, very appealing. This review of Coinmama contains everything you should know about the exchange, including how it compares to its peers in the industry. In addition to this, Coinmama also offer credit and debit cards as deposit methods (VISA & Mastercard) and bank transfers (Faster Payments , Fedwire, SEPA, Sofort, and Swift).

If anything in your purchase process goes wrong, don’t expect any help or understanding from Coinmama. Interestingly, users in Israel can’t use this crypto service directly or indirectly. But in August 2021, its developers launched a mobile app on Google Play. These expenses vary by cryptocurrency and constantly change due to network activity. What’s certain is that the crypto amount that enters your wallet is less than the one reflected on Coinmama.

Users who like to sell other coins must move them off Coinmama to sell elsewhere. It is also important to note that Coinmama does not store any digital currency on its servers. Instead, as soon as a user makes the purchase, Coinmama will send the cryptocurrencies to a user-provided crypto wallet.

However, it is a secure platform that has successfully helped over 3 million users purchase digital assets in 188 countries. You can purchase a range of cryptocurrencies with a bank account, credit card, or debit card at Coinmama. Fees for buy transactions can range from 2.38% to 3.83%, while sell transaction fees generally range from 0.91% to 1.87%. The exchange is currently based in Israel and is owned by NBV International, a subsidiary of New Bit Ventures Ltd. It was one of the first cryptocurrency exchanges to add support for buying Bitcoin using a credit card.

Instant Buy and Instant Sell

Our information is based on independent research and may differ from what you see from a financial institution or service provider. When comparing offers or services, verify relevant information with the institution or provider’s site. Instantly trade dozens of crypto assets in the Domain Money app, plus get access to stocks, ETFs and investment portfolio services.

Even if you don’t find your preferred cryptos on Coinmama, visit other similar exchanges that offer more crypto options for cryptos. In this Coinmama review, all details regarding the exchange will be discussed to help traders decide on whether to use this exchange to sell or buy cryptocurrencies of their choice. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.

Alex and Joshua made my first ever, Bitcoin purchase experience welcoming! Please be extremely careful when transacting online or giving out personal information. We always encourage our customers to ensure that any website they use or interact with is legit and safe. Coinmama ensures speed of delivery, with cryptos reaching buy wallets within minutes. KYC process to protect all user accounts and minimize fraud.

There are no formal rating agencies for cryptocurrency exchanges so users will have to rely on customer reviews to gain insights into the platform experience. Coinmama receives positive customer reviews overall, with users mentioning simple purchase experiences and helpful customer service interactions. Its few complaints call out the long verification approval time, as well as some finexo accounts being deactivated due to identity verification issues . Standard security features are available on Coinmama, including two-factor authentication and encrypted servers. Coinmama also does not store any user crypto assets, and instead, it requires customers to use their own software or hardware wallets. This keeps assets in user custody instead of on a centralized platform.

Unlike most other cryptocurrency exchanges that require a learned professional to help traders to use the trading platform, Coinmama is self-explanatory. One can easily understand the working procedures of the exchange by logging into the Coinmama website. One can find every single detail there, and the registration process is also straightforward.

As of June 12, 2022, Coinmama supported 16 cryptocurrencies while Coinbase supported 100+ currencies. Whichever side of the divide you fall, you would probably be interested in knowing how Coinmama stacks up against the best crypto exchanges. The negative comments expressed disillusionment with regular glitches on the Coinmama website and verification and suspension of accounts.