Coinmama is a reputable platform for buying and selling cryptocurrency that’s been in operation since 2013. To ensure the security of its customers, Coinmama does not store your credit or debit card details in its system. Coinmama is a simple, straightforward platform for buying and selling crypto.
Coinmama Review: Crypto Exchange Break Down
It’s also standard practice for any exchange that complies with Anti-Money Laundering laws. If you need general help with buying, selling or learning about crypto, you can also check out https://forexbroker-listing.com/ the Help Center. It’s a comprehensive database of explainers and resources to help you learn more about how Coinmama’s exchange works as well as how cryptocurrency works more broadly.
- If, for whatever reason, the order aborts, Coinmama reverses the money into your bank account within 48 hours.
- Although Coinmama keeps its exact security measures under close wraps, the platform offering two-factor authentication and being non-custodial helps to keep users safe.
- We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own enquiries.
- During a purchase, you’ll need to enter the crypto wallet address where you want to receive your order.
- 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.
Quick responding and supporting team
The initial sign-up process requires that a user enter an email and password. After that, however, customers have no choice but to complete know-your-customer (KYC) verification before being able to use the platform. The user experience on Coinmama has been carefully thought out and is designed to suit individuals with various levels of investing knowledge.
Coinmama Review – Is it 100% Reliable and Safe?
Coinmama is a cryptocurrency broker/exchange that is located in Israel. Originally created in 2013, the website explains that they offer a fast, safe and fun way to buy a digital currency from anywhere in the world. Additionally, Coinbase offers a custodial wallet, where you can hold your coins on the exchange. There’s also a non-custodial wallet option through Coinbase, where you control your private keys.
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Changelly used to be known as one of the most expensive services you could use to buy Bitcoin with a credit card. However, it seems that lately, they have optimized their service to offer a more competitive rate. Changelly’s fees for credit card purchases will depend on which payment processor you choose to complete your order. Play around with different payment processors in the order screen, and also swap different cryptos.
Coinmama Review: Verification
You might consider a hot wallet (online) or a cold wallet (an offline hardware wallet), which is regarded as “safer” than an online wallet. It’s uncommon to find a cryptocurrency exchange with rave reviews, but Coinmama succeeds where others fail, proving a solid commitment to its users. For more intensive trading (buying more than $15,000 worth of crypto per month), you will need to supply additional verification documents. There are 2 additional tiers of trading activity, based on how much crypto you buy per day or per month. You don’t have to go through the verification process for those additional tiers until you decide you want to trade more than what the first level allows.
Bank account – SWIFT and SEPA
Coinbase also has an interchangeable platform in Coinbase Pro, which is more suitable for intermediate to advanced traders. Coinmama is a centralised exchange, meaning they have one single point of failure. If the platform got coinmama exchange review hacked, your personal information could be more exposed than with a decentralised exchange. Once your identification is verified, you can begin purchasing cryptocurrencies by clicking on the “Buy” tab on the Coinmama website.
For customers interested in purchasing lesser known cryptocurrencies, buying large amounts or actively trading, you’re better off heading to an exchange. After you enter your personal wallet address, you will be directed to a page where you will be asked to select the multiple payment options you prefer. There is a drop-down menu with various options like credit cards, debit cards, and wire transfers. For this, you need to provide basic information about your bank account. The price is based on current market values, with Coinmama’s 6.15% fee included in this pricing.
The cryptocurrency exchange platform charges 2.3% more than the current market rate, and levies commission up to 3.9% on crypto purchases and 0.9% on sales. Payments made by credit card, debit card, Apple Pay, or Google Pay have a 4.99% fee issued. Coinmama, founded in 2013 in Israel and later registered in Dublin, Ireland as New Bit Ventures Ltd, aims to streamline the process of purchasing cryptocurrencies. Coinmama is taking a large amount of risk by accepting credit and debit cards as payment methods in exchange for crypto assets. While credit card payments are easily reversible, cryptocurrency transactions cannot be canceled.
Coinmama is a perfect platform for users who want to purchase Bitcoin easily, but the transaction fees are too high (5.5% – 5.9%). Still, traders can avail of Coinmama Loyalty and leverage discounts upon continuous trading. This review scores down due to its relatively high fees, lack of a crypto wallet, and mobile app. Coinmama gets full stars for ease, quick transaction, and customer support. The Coinmama platform is best suited for first-time cryptocurrency buyers.
We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation. The majority of Coinmama’s negative reviews complained about one thing – the identity verification process. Users claim that Coinmama requests a ton of information and, in some cases, rejects applications without giving a proper explanation why. Rather, the company will send coins to whichever wallet you own. We believe everyone should be able to make financial decisions with confidence.
The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. There is no guarantee that any crypto asset will have at any time in the future certain value (if any) or market liquidity. Crypto assets are at risk of losing substantial (or all) value within a short time period. Yes, services are offered in over 190 countries worldwide, excluding restricted areas. Yes, you can withdraw funds from Coinmama and have them delivered directly to your bank account. One of Coinmama’s more unique offerings is its VIP business program — designed for those who want to buy large amounts of cryptocurrency.
This Coinmama review will take a look at what you can expect from the exchange and help you decide whether using Coinmama is right for you. You cannot deposit funds into Coinmama as crypto purchasing is a direct sale. You choose your crypto from the drop-down list, enter your wallet details and pay with your preferred method. Coinmama does not store your cryptocurrencies on its system, so there are no withdrawal options. When you pay for crypto purchases, they immediately transfer to your wallet.
