Coinmama Review Buy and Sell Bitcoin and Cryptocurrencies 2024

Coinmama is the least dominant option for traders if they want to lead as the best crypto exchange. Coinmama is one such emerging crypto exchange https://forexbroker-listing.com/ that has been serving millions of clients from 188 countries worldwide. At Coinmama, you can easily buy Bitcoin and seven other cryptocurrencies.

Step 2: Provide Personal Information

The team has reportedly been very fast to provide customers with answers to their queries, replying within 24 hours. Fortunately, no funds were stolen from users or the platform. This is probably because Coinmama does not store any user coins on its platform, instead of depositing them directly in the user’s external wallet. Customers may also be charged a Cash Advance fee, which is imposed by their bank or card issuer if they consider the transfer a “cash” transaction.

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Feel free to contact us if you believe that content is outdated, incomplete, or questionable. If you have read it from start to finish, you should now have a really good understanding of how it works as well as all of the advantages it comes with. If you would like to check out Kucoin, more recommended broker exchange, then check out this full review.

Coinmama Services

Readers should conduct independent research and consult a licensed advisor before making investment decisions. This way Coinmam prevents itself from being a center of attack and also encourages self-education among crypto investors. However, despite that, we suffer from poor exchange volumes, latency, and unreliable services to quench the thirst of crypto-investors. Moreover, we also struggle to buy popular cryptos like BTC & ETH, which is not a pretty experience. FinanceBuzz has partnered with CardRatings for our coverage of credit card products.

Coinmama Fees Structure

So, in the given example above, for every $1000 worth of Bitcoin purchase, there will be a $55 fee. Please also note that other fees like if you’ll use your credit card, CA and FOREX conversion (if applicable) are not yet accounted for. It charges commissions of 0.99% to 3.9%, depending on how much you buy or sell on the platform. There’s also a 3.24% to 3.34% fee for payments made by credit card, debit card, Apple Pay, or Google Pay.

Trade Experience

Coinmama is strictly a crypto exchange and doesn’t hold user funds on its platform. Users must have a crypto wallet to initiate a transfer of funds. This security feature removes some of the risks users are exposed to when using a platform to store their funds. While the range of supported fiat currencies is lower than other exchanges, Coinmama has ensured that every user is provided with a viable payment method. Coinmama accepts credit and debit cards, bank transfers, Google Pay, Apple Pay, and Skrill. Unfortunately, while the most cost-effective option, bank transfer payments can take between 1-3 days to complete.

Market rate plus up to 3.9% for users to buy; market rate plus 0.99% for users to sell. As a financial service, Coinmama is committed to the highest security and privacy standards. This also helps keep your account safe, fight fraud, and more. The process is called verification and is something everyone must go through before buying crypto anywhere. After submitting your details for verification, we’ll then quickly go over it and make sure everything looks good. There is a USD15,000 limit on the purchase of cryptos by credit or debit card.

Coinmama seeks to make buying and selling coins as easy and accessible as possible. It provides a secure platform to buy and sell crypto and rewards frequent traders with generous discounts on commissions and other fees. Coinmama offers customer service via a form on its website and a chatbot. In addition to its customer support options, Coinmama also has a help center where users can find answers to common questions about account management, fees, and more.

The company focuses on customer experience and customer service so that transactions are super quick (user verification takes around 30 minutes). Yes, the exchange supports storing cryptocurrency within the propriety Coinmama wallet. A stand-alone application available on mobile, the crypto wallet is non-custodial, meaning users have complete control over their private keys. Furthermore, the crypto wallet enables people to send and receive BTC and ETH at any time and offers 24/7 customer support. Coinmama was previously hacked, resulting in the comprise of 1.4 million customers’ details.

The platform is user friendly and transactions are completed fast. Also, the site uses high-level encryption and authentication measures to ensure your details and money are safe. Bitstamp’s brokerage service is almost identical to Coinmama’s. Bitstamp is one of the oldest and most respected exchanges out there, so it’s a solid alternative for Coinmama. Also, just like Coinmama, the exchange supports a wide variety of countries worldwide.

Options available include Faster Payments, Fedwire, SEPA, Sofot, and Swift bank transfers and Apple Pay. Coinmama is a well-known fiat to crypto currency exchange that has become popular in the industry. While the platform has found itself in hot water for past security breaches, the Coinmama team has worked hard to improve its security. Headquartered and registered in Ireland, Coinmama is a beginner-friendly platform that enables users to buy and sell crypto without hassle. However, the platform’s lack of features and high fees could cause issues for some. For SWIFT bank transfers, there is an extra processing fee of 20 GBP for orders below 1000 USD.

NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments. Arielle O’Shea leads the investing and taxes team at NerdWallet. She has covered personal finance and investing for over 15 years, and was a senior writer and spokesperson at NerdWallet coinmama exchange review before becoming an assigning editor. All cryptos are immediately transferred to the purchaser’s specified wallet upon purchase. Coinmama supports the purchasing of cryptos and the sale of Bitcoin. Buy, sell and trade a range of digital currencies on this high-liquidity exchange – suitable for beginners right through to advanced traders.

Since its founding, Coinmama has served more than 300,000 customers in more than 190 countries. The company allows users to make crypto purchases using various fiat currencies and payment platforms. As per our review, the Coinmama platform is best suited for new buyers. First-time buyers who don’t own any cryptos can easily buy crypto using their debit/credit cards or even wire transfers on the exchange.

At the time, hackers were rampant in the crypto world, and exchanges became more aware of the need to safeguard potential vulnerabilities. Coinmama does not store your bank card details, and there is no requirement to add a bank account. The exchange follows a KYC process, requiring details such as name and address and submission of a valid ID like a driver’s licence or passport. All Coinmama cryptocurrencies are established in the market, so choosing a supporting wallet for your crypto purchases is easy.

1. Unfortunately, this can’t be avoided when using a credit card, but considering the prompt service, it’s sometimes worth the cost.
2. Coinmama is a cryptocurrency exchange platform that works by connecting people who want to sell crypto to people that want to buy it.
3. As a peer-to-peer exchange, Coinmama brokers deals directly between buyers looking to purchase crypto with fiat currency and sellers looking to sell their crypto for fiat currency.
4. While credit card payments are easily reversible, cryptocurrency transactions cannot be canceled.
5. You can always use SEPA bank transfers to bring it down to 0% if you are not in a hurry.

So, looking at all the recent feedbacks more are negative than there are positive. I like to review the apps before I sign up and deposit a lot of money into my account. I’ve seen some of the reviews are about losing their money, so, how can I trust this app if this is a problem with other clients… I’d like and answer from Coinmama please. Initial loyalty level 1 verification on Coinmama usually takes 10 minutes. After this verification, you will have your bought bitcoins delivered instantly. However, level 2 and 3 verification may take up to six hours.

As such, anyone looking for features like margin trading, staking, or copy trading will need to find another cryptocurrency exchange. However, despite the higher-than-average fees, Coinmama is a viable platform for beginners looking for a safe way to buy cryptocurrencies. Coinmama was one of the earliest cryptocurrency exchanges, and Coinmama reviews reveal that it remains a reliable, safe way to buy and sell digital currency. After you connect your crypto wallet using your wallet address, you can buy and sell cryptocurrency 24/7 with transactions that are complete in just minutes.

Users are able to purchase Coinmama supported cryptos by credit or debit card or by bank transfer. Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. He started Hedge With Crypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world. Coinmama is a fiat-to-crypto exchange that allows individuals to buy cryptocurrencies using fiat currencies. While the platform supports USD, EUR, GBP, CAD, and AUD, users wishing to transact in another currency will need to look elsewhere. Hedge with Crypto aims to publish information that is factual and accurate as of the date of publication.