The good news is that Coinmama claims that their verification process can be completed in as little as 15 minutes! A better choice for investors who want to sell Bitcoin or any other crypto is Coinbase. It’s only possible to receive a payout via a SEPA bank transfer which means Americans, Canadians and Australians cannot sell on the platform.
This review will cover everything you need to know about Coinmama, such as fees, withdrawal limits and customer support. Since Coinmama is a cryptocurrency broker/exchange, you can buy, tade and exchange cryptocurrency. I still often come back to purchase coins in here and go trading to more niche cryptos So, for those of you looking to purchase Bitcoin, Ethereum, or another cryptocurrency for the first time, Coinmama is a great place to start. Assuming you have read this guide fully up until this point, you should now know that Coinmama is a really basic cryptocurrency broker/exchange. So, even though you can only purchase the two most popular cryptocurrencies, both BTC and ETH will allow you to trade with all the smaller, less popular cryptos.
Supported Countries / States
Since they accept bank transfer, credit cards and debit cards as a payment method Coinmama is a versatile platform that doesn’t hold you back. Coinmama does indeed have a KYC verification program that investors will need to complete before they can purchase cryptocurrencies on their platform. All credit card purchases incur a 5% commission which is fairly typical and certainly a lower commission than some other platforms. Instead, Coin mama is a buying platform which enables traders and investors to purchase cryptocurrencies like Bitcoin and Ethereum. In terms of coinmama exchange review customer support, Coinmama offers support via email, just like most other cryptocurrency exchanges, and has an extensive helpbase to answer most common questions.
Withdrawal limits
So, now that I’ve listed some of the advantages, let’s take a look at some of the disadvantages in this Coinmama review. This shows that the exchange is very reliable and that any fraudulent activities on their site will be investigated accordingly. If you need to contact them outside of these hours, you can either send an email, raise a support ticket or even contact them on Facebook! A huge plus for this positive Coinmama review. Fortunately, Coinmama make the buying process really simple. Another point to the Coinmama review pros list.
The verification process is quite simple as you only need to confirm your personal details and then upload some form of ID. Coinmama allows you to buy only 10 coins, including Bitcoin (BTC) and Ethereum (ETH). That said, it’s worth noting that Coinmama does not have any withdrawal fees! The exact fee will depend on the number of coins you want to buy, and this seems to change without notice. To use your card, you will have to pay an extra 5% fee on top of the rate that Coinmama charge. However, you should be warned — the fees are quite expensive!
Good broker
However, one of the most popular and favored exchanges is Coinmama. Hopefully in the future Coinmama will include more coins so that traders have more options to choose from. The Coinmama customer support department is also quick to respond in the event of a trading problem. By referring a new user to Coinmama you can receive a commission on all of their purchases. What’s cool about the Coinmama loyalty program is that everyone is automatically enrolled and you don’t have to purchase anything to get involved. Currently there are three levels to the loyalty program that we’ll talk about in this Coinmama review.
high fees
If you want to know what documents are required to achieve each KYC verification level you can check Coinmama’s website. What we’ll do here is to show how much crypto you can buy at the various KYC levels. That ID can either be a passport or a state issued driver’s license or other national or state identity card.
Coinmama’s Security Record
It does have the caveat that the user is responsible for any exchange fees that may be charged by their own bank or credit card company. Unlike most cryptocurrency exchanges, Coinmama does not have an online wallet to store currency or cryptocurrency in. In the past Coinmama allowed the purchase of up to $/€150 in cryptocurrency without additional verification, but that policy has recently changed and all accounts must be verified to make a purchase now.
Is Coinmama safe and legit?
Coinmama is a cryptocurrency broker exchange that allows users to buy and sell crypto quickly and securely. Unlike traditional exchanges, Coinmama operates as a non-custodial broker, meaning it does not hold or store users' cryptocurrency funds or payment details.
How to store your digital currency
Why is Coinmama declining my card?
Alternatively, if you received the message Card not accepted, this means that your issuing bank does not permit this type of transaction. Please try with a different card of yours, or call your credit card issuer and ask if they can resolve the problem.
So, I thought I’d do a little review on it.
- Coinmama has some unique advantages over other, rival cryptocurrency exchanges, not least of which is its global reach, ability to purchase with cash through Western Union, excellent security, and high buying limits.
- My first exchange, was disappointed because of the low amount of cryptos they offer, but now it makes sense!
- In this Coinmama review, I am going to give you all the information you need before getting started.
- By referring a new user to Coinmama you can receive a commission on all of their purchases.
Basically there is nothing there to hack and steal, with the exception of Coinmama’s own cryptocurrency holdings. The only other way to use cash transactions is through peer-to-peer cryptocurrency marketplaces. The only countries that Coinmama does not offer its service in are countries which have banned cryptocurrencies or countries which have been sanctioned by the U.S. or European powers. Coinmama will immediately send the coins, but the time it takes to reach your wallet is dependent on network congestion. If you’re interested in sending the coins to another person you’ll need to check your wallet documentation to learn how to do this. All wallet addresses are confirmed by Coinmama via an email link sent after the purchase transaction is submitted.
All reviews, either positive or negative, are accepted as long as they’re honest. So, did you follow my step-by-step guide and buy some coins? While no exchange is perfect, Coinmama is definitely on the positive side.
Best Bitcoin Gambling Sites
I hope you enjoyed reading this Coinmama review! Now all you need to do is repeat the previous steps to complete your purchase. Once this has been completed, you will receive an email once your account has been verified. Make sure this matches the address on your payment card or it will be declined! You will see that you first need to verify your account. You can also enter a custom amount of BTC that you’d like to purchase, too – the price will be presented in the currency of your choice.
Somehow I expected coinmama to have more than 10 coins. Leave your genuine opinion & help thousands of people to choose the best crypto wallet. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Just remember to stay safe out there and always do extensive research before placing your money into any cryptocurrency! If you would like to check out Kucoin, more recommended broker exchange, then check out this full review. If you cannot find a cryptocurrency that you’re looking for, you should check out Kucoin that has more options to choose from.
This is a much safer option for you as third-party wallets are known for being hacked. This is just like ordering your weekly groceries online, but instead of buying food, you are purchasing digital assets! So, this is a positive aspect of this Coinmama review. I will also provide you with a step-by-step guide on how to set up an account, along with some helpful screenshots. In this Coinmama review, I am going to give you all the information you need before getting started.
Coinmama forces you to keep your coins off the platform which dramatically reduces the likelihood of losing coins to a hack. While Coinmama has never actually been affected by a hack that led to a loss of cryptocurrency, they have been hacked. The first thing that any Coinmama review should cover is who can actually use the platform. On Coinmama it’s not possible to trade cryptocurrencies or to trade crypto derivatives like Bitcoin futures.
- This fee is included in the price that is quoted to you for the Bitcoin and Ethereum on the Coinmama platform.
- Coinmama is an Israel based cryptocurrency broker that is centered around convenience.
- The only countries that Coinmama does not offer its service in are countries which have banned cryptocurrencies or countries which have been sanctioned by the U.S. or European powers.
Credit Card Purchases
Coinmama supports Visa, MasterCard, ApplePay, SEPA, and some more payment options. Now that you have a full understanding of all the advantages and disadvantages of using Coinmama, I am now going to show you exactly how to buy your first coins! However, once this is done, you can buy up to $15,000 in coins without needing to provide any more information.