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Coinmama Review: Is It Right for You? The Ascent by Motley Fool

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). I’m afraid that, following a review of your account, and in accordance with our terms of use, our verification team could not approve your account for purchases. It’s a decision that is unfortunately final, and we cannot disclose the reasons behind it.

  • Coinmama also supports multi-currency purchases of cryptos made in AUD, CAD, EUR, JPY, GBP, and USD.
  • Most importantly, Coinmama keeps confidential credit/debit card information where their security is guaranteed.
  • If one of the bundles is right for you, all you need to do is click on the ‘Buy’ button and complete the details of the transaction.
  • The platform supports credit card and debit card purchases as well as fund transfers through different means.
  • In addition to commission discounts, they also get you faster support.

Coinmama also supports the purchase of cryptos in Aussie Dollars, Canadian Dollars, EUROs, Great British Pound, and Japanese Yen. All cryptos are immediately transferred to the purchaser’s specified wallet upon purchase. At this stage, Coinmama will proceed with the verification process and notify you by email upon completion. The document verification process usually takes around 30 minutes, which is one of the quickest in the market. At peak times, however, the verification process could take a couple of hours. Coinmama offers a wide range of cryptos that are amongst the most popular cryptos in the market.

Final Thoughts | Is Coinmama Legit?

But if you use your credit/debit card, you will have to pay additional 5% for Simplex, the payment processor. And that’s not all, I had to pay the currency exchange rate for my bank as well, so the transactions become so expensive. Bitcoin is the only cryptocurrency that you can sell to Coinmama at the time of writing, although the platform is planning on expanding the offering. Coinmama does not offer trading options like margin trading and futures. To sum it up, Coinmama is a simple, basic, and easy-to-use crypto exchange platform that allows its users to buy a limited number of crypto and sell Bitcoin. There are no wallets on the site, meaning that any purchase made is sent directly to the purchaser’s wallet address of choice.

Also, just like Coinmama, the exchange supports a wide variety of countries worldwide. Deciding which cryptocurrency exchange to use can be difficult as there are hundreds of different options to choose from. However, one of the most popular and favored exchanges is Coinmama.

coinmama exchange review

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 Apple Pay & Google Pay and now Coinmama supports payments via those gateway. Prices are denominated in EUR, AUD, USD, GBP, CAD, or JPY.

The company allows users to set up 2-factor authentication, SMS alerts and other account security measures. Coinmama is a regulated exchange that holds no user assets. This makes it secure as there is nothing to hack other than user data.

Step 3: Buy cryptocurrency

To purchase crypto, you’ll need to use fiat, such as USD or GBP. We believe everyone should be able to make financial decisions with confidence. Altogether Coinmama is a reliable, established exchange and definitely one of the better platforms for the purchase of crypto. Customer service for Coinmama consists mainly of a support email address.

If you currently don’t own any cryptocurrency then the easiest way to buy it is to use a debit or credit card, which is made simple at Coinmama. One of the most frustrating parts of buying cryptocurrency is that so many exchanges don’t allow you to use fiat money. Instead, they normally ask you to deposit using another cryptocurrency that you obviously can’t do if you don’t have any!

A flat fee of 20 GBP is charged for users wishing to make an order below 1,000 USD. Launched back in 2013, Coinmama is registered in Slovakia, while owners New Bit Ventures are based in Israel. The platform was established to create the simplest financial service in the crypto space. Since the genesis, Coinmama is trusted by over 2,300,000 people across 197 countries.

Coinmama offers reduced fees to buy and sell through its loyalty program. Fees fall to 2.86% for those in the highest loyalty program. Binance allows purchases of crypto with a credit card, both through themselves and third-party providers such as Simplex. The exchange rate provided by Binance is similar to Coinmama’s. Some would argue that Binance has an easier KYC process, but I’ve actually experienced it the other way around. Coinmama supplies a brokerage service for Bitcoin and other cryptocurrencies.

coinmama exchange review

The minimum amount of Bitcoins you can buy is 50 USD or the equivalent in EUR/GBP/AUD/CAD/JPY. The maximum buying limits depend on your account’s verification level. No, Coinmama is not a wallet provider, so if you need a place to store your coins, you should check out some of the most recommended cryptocurrency wallets. Since Coinmama is a cryptocurrency broker/exchange, you can buy, tade and exchange cryptocurrency. If you’re looking for a platform where you can trade and sell more coins, you should check out Binance.

Besides, you can use faster payments if you’re a British customer. Thus, Coinmama won’t charge you any fee aside from the stipulated 5.5% of your transaction amount if you use SEPA-transfers. Coinmama is a leading name in the crypto exchange industry. It has made a permanent mark for crypto enthusiasts around the globe.

Go through the signup process by entering your name, email, and country where you live. Affiliate partners cannot pay CaptainAltcoin to guarantee favorable review or higher ratings on the website. No, currently, you can access Coinmama only through a web browser via their website. They also do not have a publicly available API integration which is the most common way apps and services interact with each other in the online world. Thanks for taking the time out of your busy schedule to leave some feedback. 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.

Coinmama review: 5 things you should know

There is also an extensive knowledgebase with FAQs which is very useful for the most common issues users have with the exchange. Log into your Coinmama account and click on “Sell” – Input your Coinmama login information, then choose the Sell option from your main account screen. If you don’t already have an account, you can registerhere. To get access to this tier, you need to fill out a short form by contacting personally. It goes against our guidelines to offer incentives for reviews.

Log in to your account and initiate the sale by clicking on the “Sell” button and choosing the amount of BTC you wish to exchange. After that, enter your bank account details (including the International Bank Account Number – IBAN), and provide the required information to proceed with the trade. However, and this is part of the reason the exchange has a good reputation, the company stores its crypto holdings in secure cold wallets from where users can buy. If you are a seasoned crypto trader, Coinmama’s main appeal will be the instant delivery of purchased coins into your account.

coinmama exchange review

Once you have verified the account, the platform offers top-of-the-line trading volume limits as well. And in the US, Coinmama is available in 48 states excluding New York and Hawaii. Coinmama provides its customers the option to buy crypto using their debit cards, credit cards, or Google Pay, and Apple Pay. Unfortunately, the exchange doesn’t support Discover, American Express, ACH transfer, and Paypal. Coinmama is a user-friendly, straightforward, and simple crypto exchange where you can purchase a selection of crypto assets and sell Bitcoin.

Switching to Coinmama

Part of the reason for this is that customers cannot store cryptocurrencies on the site. Coinmama uses the TradeBlock XBX benchmark to determine its fees, making it one of the fairest on the market. The exchange charges a commission of up to 3.92% on buy orders and up coinmama exchange review to 0.9% for sell orders. Transactions with bank cards incur a 5% momentum fee while SEPA is free. Altogether, Coinmama charges competitive rates as reported by many online reviews, and perhaps that is why it appeals to more than 2.4 million people in 188 countries.

On a similar note, we saw that the crypto exchange is more suitable for those who are into high-volume trading. According to the official Coinmama website, Coinmama allows you to purchase only the following popular cryptocurrencies. Now, we will check the volume of cryptocurrency assets you can buy and sell via Coinmama. Coinmama will calculate these figures and show you the final amount on the sell order page.

Most credit transactions will also have a credit clearing fee of between 3%-5%. On top of the stated price, you will also need to add a 5% credit card processing fee. This means that Coinmama’s price can be as much as a total of 10.9% above the market rate. Since Coinmama offers a relatively small number of coins to choose from as well as comes with pretty high fees, you should consider another cryptocurrency broker exchange. Coinmama is super simple to use, it accepts fiat currencies and offers robust security. What is more, the company’s customer support is very helpful in case you have any issues.

Coinmama allows its customers to pay for purchased assets, with digital currencies and fiat currencies. The exchange also supports several payment and withdrawal platforms. Its customers are not stuck with a single payment system that may be functional in a specific region and behaves irrationally in some other areas. They can choose the best payment solution from the available options. While the appropriate authorities regulate the exchange, Coinmama also regulates its customers’ activities.

Thanks to its Know Your Customer initiative, identity verification, and other security measures. The exchange can boast of a competent customer support team. It also has channels through which customers with complaints can find answers to their questions or solutions to their problems. At the moment, Coinmama doesn’t have an app either for Android or iPhone users. It hasn’t released an API to allow users to create custom and platform-compatible applications for use on the exchange.

Though the ability to use credit and debit card, for purchasing cryptos on the Coinmama exchange is a boon for traders, they are very expensive. If any of these cards are used, one needs to pay an extra charge of 5% above the rate that the Coinmama exchange charges. This extra cost needs to be paid irrespective of the cryptocurrency exchange used for purchasing cryptos; extra costs always accrue every time traders use fiat money . Coinmama provides a safe and is the best cryptocurrency exchange in Germany community to buy and sell Bitcoin. Clients can use third-party broker wallet addresses to have full control over their Bitcoin holdings.

November 4, 2022

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