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Coinmama Review: About Its Safety with Pros & Cons

The duration also depends on the type of ID proof you have provided. In this case, you may have to provide multiple ID proofs coinmama exchange review and income signals to get this approved. Most people are good with Level 1 verification, which takes just minutes.

Compared to other cryptocurrency exchanges such as Coinbase and Binance, Coinmama allows you to choose between an immense variety of payment methods. Depending on the region and the currency, you can use bank transfer, credit/debit card, local bank transfer, and worldwide transfer options. After you enter the personal wallet address, you will be directed to a page where you will be asked to select the multiple payment options that you prefer. There is a drop-down menu with multiple options like a credit card, debit card, wire transfers. For this, you need to provide your credit card information or bank account numbers.

Additionally, Coinmama requires that before you buy any crypto on the platform, you have a wallet address that can receive these assets. Coinmama is one of the largest centralized crypto brokerages in the crypto space. It was founded by Nimrod Gruber, Ilan Schuster, Laurence Newman in 2013 and was registered in Slovakia. Right now, the crypto exchange is serving 3 million+ customers around the world.

Is your cryptocurrency safe with Coinmama?

It has such an appeal that continues to make the exchange attractive to new and seasoned users seven years since its inception. Always enable two-factor authentication for your account and store the private keys to your wallet offline- preferably in hardware wallets. Coinmama is a registered company headquartered in Israel.

coinmama exchange review

Coinmama offers a comprehensive 24/7 help center as well as email support. You will find a comprehensive FAQ section on their website as well. In this Coinmama review, we will explore security further in the sections below. All content on CaptainAltcoin is provided solely for informational purposes. It is not an offer to buy or sell any security, product, service or investment.

A (Brief) Crypto Glossary – Learn Survival Crypto-speak in Just Under 10 Minutes!

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. Once you have logged into your account, navigate to the Buy page, and select what you’d like to purchase – in this case, I’ll assume that it’s Bitcoin.

coinmama exchange review

Click on the link and confirm your wallet address after which you will be sent your purchased BTC into that wallet address. You will be able to track the status of the purchase under the “My Account” tab on the exchange’s website. In the Level 3 verification process, traders are required to fill the form at the Coinmama exchange’s website. These are just a few of the advantages offered by the exchange. You will also find a step-by-step guide on how to get started with your trading experience on the platform.

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. Buy, sell and trade a range of digital currencies on this high-liquidity exchange – suitable for beginners right through to advanced traders.

A nice experience at Coinmama…

Coinmama only supports the buying and selling of digital currency and does not take deposits. The exchange accepts payments from SEPA, VISA and Mastercard payment cards, and bank transfers. Users have much freedom when it comes to buying and selling Bitcoin on Coinmama.

Coinmama is an established brokerage firm that offers trade cryptocurrency trading services for Bitcoin and other leading cryptocurrencies. It is a more suitable exchange for beginners to buy a first Bitcoin. Coinmama operates like an online shop for buying cryptocurrency. Similar to buying a money order, the price is fixed based on the current exchange rate charged by Coinmama. On Coinmama, you are walking into a virtual cryptocurrency market and accepting the price tag ???? Coinmama is one of the Slovakia-based cryptocurrency exchanges offering bitcoin buying in 200 countries and dozens of states.

This is in contrast to several exchanges that accept cryptocurrencies, majorly Bitcoin and Ethereum only. The purchase process is the same regardless of the payment option for which you settle. Create an account on the exchange, get your verification, and place your order.

The information on this website and the links provided are for general information only and should not constitute any financial or investment advice. We strongly recommend you to conduct your own research or consult a qualified investment advisor before making any financial decisions. We are not responsible for any loss caused by any information provided directly or indirectly on this website. Bytebus is proud to announce the success of their cloud mining services, this has led to the improvement of the confidence of many investors… Lastly, in our Coinmama review, we would like to present a 360-degree analysis of what we think about the Coinmama services. In our Coinmama review, we will be showing you how to create and verify an account on the exchange.

  • The exchange is registered with FinCEN in the US as a money service business , which allows the company to provide its crypto trading services to several US-based states.
  • On the far right side of the page, you can enter a different dollar amount for the cryptocurrency you wish to obtain.
  • Coinmama is the property of New Bit Ventures Ltd, which is a regulated Money Services Business licensed by FINCEN and IMPA.

The only options are buying supported cryptocurrency assets, and selling them Bitcoin. Coinmama is a perfect platform for users who want to buy Bitcoin instantly with ease, But the transaction fees are too high(5.5% – 5.9% approx). Coinmama review scores down due to high fees, lack of crypto wallet, and no mobile app. Though, Coinmama gets full stars in case of ease, quick transaction, and customer support.

Company Information

On the bright side, verifying your ID on Coinmama does not take more than a few minutes. However, in some cases, you may have to wait for up to a few hours. By the way, if you need Level 3 verification, you can finish that in just 6 hours. You just have to submit all valid government documents such as a driver’s license, as per the KYC policy of Coinmama. The Coinmama hack on February 15, 2019, is a testimony to this claim.

Tap here to find out why Kraken is one of the best crypto exchanges to buy, sell, trade, and learn about crypto. As one of the largest centralized crypto brokerages in the crypto space, Coinmama has deep liquidity. This means you can buy or sell a lot of crypto assets without moving the price significantly. No matter how we justify it, the lack of cryptocurrency coins is a massive problem with this exchange. It does not allow you to buy even some popular crypto-assets like XRP and Monero, which is a problem. You cannot use the platform to purchase stablecoins like USDT, either.

But, even when it did, the company did not lose any cryptocurrencies. We should also note that the FinCEN registration offers some extra confidence to use the platform. A USP of Coinmama is that it does not allow cryptocurrency trading between individuals.

Its immediate response to the recent breach serves to enhance its reputation as a trustworthy cryptocurrency platform. Notably though, the site suffered a massive breach on February 15, 2019 during which about 450,000 email addresses and passwords were believed to have been compromised. But the team immediately responded by alerting users to the breach.

It’s also worth noting that Coinmama does have a minimum purchase requirement of $50 per order. One of the great things about Coinmama though is that they support a bunch of different currencies which makes them a good choice for European traders. Currencies supported by Coinmama include GBP, CAD, EUR, USD and AUD.

Make your order – Follow the prompts to create your order. Enter your bank country, account information, and personal details. Enter the Bitcoin amount you’d like to sell – Put in theBitcoin quantity you’d like to sell to see the BTCconversion rate in your preferred currency. You can also enter a currency amount to see the Bitcoin quantity. Coinmana verification time process usually takes couple of hours during the working time and a bit longer if you start your verification process in the evenings or weekends. We use dedicated people and clever technology to safeguard our platform.

November 4, 2022

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