Coinmama Review Accepted Countries, Payment Methods, Coins & User Reviews

Coinmama Review Accepted Countries, Payment Methods, Coins & User Reviews

Finally, if you use a SWIFT bank transfer, you will pay a fee of 20 GBP if your order isn’t worth at least $1,000. Coinmama is a bit different than other exchanges when it comes to buying crypto. They do not store anything on their servers – not your credit card details nor your coins.

Customer Satisfaction

• I like to review the apps before I sign up and deposit a lot of money into my account.
• On the other hand, a cryptocurrency exchange acts as an intermediary that connects Bitcoin buyers and sellers.
• Similarly to getting level 2 verification, level 3 will be available once you are close to reaching the 50K amount bought.
• So, no need to wait for hours and days to start buying and selling cryptocurrencies.
• Coinmama is GDPR compliant, and all personal information and documentation is encrypted.
• As such, anyone looking for features like margin trading, staking, or copy trading will need to find another cryptocurrency exchange.

The platform follows AML and other regulatory requirements to keep things compliant across its operating regions. It was founded in 2013 and is registered in Slovakia but it was recently acquired by Wellfield, a German blockchain and finance technology company. Coinmama has over 2.4 million customers spread out across 188 countries. Finding a reputable cryptocurrency exchange can be difficult. It seems like every other coinmama exchange review day, a cryptocurrency exchange is getting hacked and user funds stolen in the process.

Fees

• In conclusion, a crypto exchange is an integral part of the crypto community, as crypto investors or traders choosing the right exchange matters.
• Once your wallet address and payment are confirmed, you should receive your coins in minutes.
• Coinmama supports 15 digital assets at the time of publication, including Bitcoin, Ethereum, and Aave.
• Coinmama is available in 200 countries and has over 3 million users.
• Please don’t interpret the order in which products appear on our Site as any endorsement or recommendation from us.
• Hackers breached user data in early 2019, gaining access to 450k email addresses and hashed passwords.

Additionally, poor navigation made finding certain features and information difficult. Coinmama was one of the first cryptocurrency exchanges to offer Bitcoin by credit card. After the initial account verification, purchased coins immediately go to your digital wallet.

The basic transaction fee for bitcoin is based on the TradeBlock Bitcoin Price Index (XBX), which offers an average market rate based on known market providers. Coinmama’s market rate for bitcoin is XBX + 2%, so that’s the price you pay for the crypto. Coinmama offers ether and bitcoin calculators so you can plan your potential purchases, but keep in mind the calculator doesn’t include Coinmama fees. After changes were implemented fees are about 6.5%, which may still sound like a lot.

It also offers a Bitcoin calculator with limited functionality. Not all cryptocurrency platforms support credit cards or the use of a debit card but Coinmama does. They allow their traders and investors to buy Bitcoin or any other currency with a credit card or debit card at any time. All credit card purchases incur a 5% commission which is fairly typical and certainly a lower commission than some other platforms. Coinmama falls under those who first supported the purchase of Bitcoin with credit and debit cards.

Availability – What countries does Coinmama support?

However, overall, the service is available in the widest range of countries. This is crucial, because sometimes a day or two can mean wide price fluctuations in Bitcoin. This means that you could end up purchasing coins for more or less than you intended. 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). 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.

Coinmama Review: Supported Cryptocurrencies

It is not an offer to buy or sell any security, product, service or investment. Coinmama is a crypto exchange where you can buy bitcoin and other coins instantly. Some users lament that Coinmama doesn’t have a crypto wallet, but it’s easy to set up a wallet quickly. You either love or hate them, and there would be little point as your cryptos aren’t on the Coinmama system. They are in your crypto wallet, which you can probably download to your mobile.

To prevent another event like the infamous 2019 exchange hack, Coinmama has pledged not to store customers’ credit card details. However, some personal information is kept on record as part of the ID verification process. Coinmama does not store your credit card details or have access to your cryptocurrency holdings at any time. The platform is a non-custodial crypto broker, so your crypto purchases are always sent to your secure crypto wallet and not held on the exchange. Unlike many other crypto exchanges, you cannot trade crypto with Coinmama. There are no staking opportunities, and Coinmama does not have a mobile app or a crypto wallet.

Top Crypto Exchanges

In this situation, you’ll need to find a bank that will allow payments onto the platform. First, carefully review Coinmama’s features to decide if you want to make a purchase through the platform. If you want to get started with Coinmama, register for an account on the platform’s website. It’s then just a matter of registering for an account, choosing which cryptocurrency you’d like to buy, completing payment and confirming your wallet address.

For instance, as this article was being written Bitcoin appreciated in price by more than 10% in about 1 hour. That’s an incredible move and Coinmama’s 2% markup tries to protect the platform against sudden volatility. We write product reviews and comparison articles in the field of cryptocurrency. Log in to your Coinmama account, Click on “my profile,” then click on “Close account”.

Those in the Curious tier will pay a 3.9% fee per buy or sell transaction. Compared with other cryptocurrency exchanges, Coinmama’s trading fees are relatively high. Users will also pay spread fees, called “rates” on Coinmama, and may be subject to other fees depending on the payment method they use. While no exchange is perfect, Coinmama is definitely on the positive side. Although some might be cheaper when it comes to transaction fees, they might not offer the option to use your debit or credit card.

Transactions fees on the platform are high, so unless you have a specific reason to use Coinmama, you may be better off using an exchange with lower fees. To use Coinmama, you have to know how to set up a self-custodial crypto wallet, as your crypto purchases are sent directly to you. The private keys for your crypto are never held in Coinmama’s custody. Stay up to date with our latest exchange reviews, promotions, how-to guides and educational articles on Bitcoin, cryptocurrency & more. FinanceBuzz makes money when you click the links on our site to some of the products and offers that we mention.