Coinmama Exchange Review, Live Prices, Trade Volume, Fees

In order to sell them Bitcoin it is a direct wallet to wallet transaction. This means you send them your Bitcoin and they send you money to your destination of choice when the BTC is confirmed as received. The services are, however, restricted for countries and jurisdictions under sanctions, including North Korea, Cuba, Iran, as well as Syria, Lebanon, Sudan, and South Sudan. Though the exchange is based in Israel, Coinmama does not offer its services to the country’s residents.

The user experience on Coinmama has been carefully thought out and is designed to suit all types of individuals with various levels of investing knowledge. The website provides simple options to purchase Bitcoin or another cryptocurrency for a set price or choose the exact amount to spend. Coinmama is available in all American states except Hawaii and New York. The platform allows users based in the US to buy cryptocurrency via bank cards (Visa & Mastercard), Apple Pay, Google Pay, Skrill, and SEPA transfers. Coinmama also doesn’t store or record users’ details, such as bank account or credit card information which significantly reduces the possibility of being hacked.

Steps to Sign Up to Coinmama

To reach Level 2, you should submit a secondary ID, such as a utility bill or bank/credit card statement. Reaching Level 3 involves contacting Coinmama’s hycm review support team and following their instructions. Coinmama, one of the world’s oldest Bitcoin Broker, has its headquarters located in Slovakia.

We are committed to providing our readers with unbiased reviews of the top cryptocurrency exchanges for investors of all levels. Coinmama fees can be up to 10% of the purchase price, depending on the purchase method, which is higher than almost any other crypto exchange on the market. These markups can cost traders a large portion of their investment, and it is advised to shop around other crypto exchanges to find a better price. Coinmama is a crypto marketplace that is limited in its range of coins, with only 15 different cryptocurrencies available. It is also lacking in features, and doesn’t even have price charts for the coins you are looking to purchase. However, Coinmama isn’t aiming to be a feature-packed exchange with a wide array of cryptocurrencies.

A few users called Coinmama a scam but didn’t give tangible reasons to back their claim. The Android app is just as functional as its website version. Once you install the software, getting verified takes a few minutes, and coinbase pro to trezor you can begin trading immediately. As part of its compliance in-tray, the company is required to carry out Know Your Customer and Anti-Money Laundering procedures designed to curb money laundering and terror financing.

To sign up for a Coinmama account, you will provide an email address and a password. After verifying your email address, you can log in and secure your account with 2FA. This requires scanning a QR code from Coinmama and inputting an expiring six-digit code from your authenticator app.

Coimama also does not offer advanced charting or limit or spot orders, so advanced traders may be underwhelmed at the trading features available. Coinmama users can buy Bitcoin and other popular cryptocurrencies using fiat currency. Users can also sell Bitcoin, but other cryptocurrencies must be withdrawn to a digital wallet to sell elsewhere. Coinmama is not a trading platform and does not offer some of the trading tools of other platforms, such as advanced charting, limit and stop orders, or trading on margin. The transaction fee you pay for buying and selling crypto on Coinmama depends on your loyalty level. Loyalty levels are based on your cumulative purchase amount in the previous 90 days.

Coinmama differs from many other cryptocurrency exchanges, so what does it offer? Coinmama also doesn’t allow you to conduct crypto-to-crypto trades, which is very confusing. Instead, you’re only able to buy cryptocurrencies with fiat money and sell them for fiat money . Instead, I recommend CoinSmart, Bitbuy or Newton, since they all offer more features and charge lower fees than Coinmama. For the best possible crypto trading experience, you can’t go wrong with any of these three platforms. Overall, Coinmama is a safe place to buy BTC, ETH, LTC, BCH, ETC, XRP, QTUM, or ADA when many exchanges are down due to the surge in demand.

Most crypto enthusiasts treasure fast and quality customer support. This is why users are taken through an advanced level of verification procedures before their account limit is raised. Despite its phenomenal growth, the cryptocurrency industry grapples with several security issues, including hacking and scam artists. Notably, Coinmama fees are also determined by factors like order size, loyalty level, and market conditions.

Be prepared for the financial revolution and get the knowledge you need.. Working hard on building web 3.0 and sharing what I can with the community. Technology will increasingly become blockchain based and I’ll be right there with it. Collectively, we have over 25 years of experience in the crypto world and are all passionate about guiding people through the complex world of crypto investing. They have simplified it to the point that you won’t have to ask questions about where anything is and you also won’t feel bored.

Those looking for a crypto exchange with lots of tools and products may want to look elsewhere. For large investments, using a bank account or wire transfer is the best way to buy cryptocurrencies which can take between 1 to 3 days to process depending on the bank. Users that are looking to make a smaller and instant purchase and prefer the convivence can use a credit card or debit card. The average speeds of each payment option is an important consideration and are listed below. On the convenience side, It offers many payment methods without any trouble.

Sent email saying they would not process my order, the decision could not be appealed, and they could not tell me why, and that no future orders by me would be processed. So, I do agree that our fees are a bit high when compared to some other services, but we aim for a high level of transparency and customer service in return. Some services are cheaper but have somewhat lackluster customer support.

More details about Coinmama’s ratings

If you have just signed up to Coinmama, your loyalty level is Crypto Curious. BitDegree Crypto Reviews aim to research, uncover & simplify everything about the latest crypto services. Easily discover all details about cryptocurrencies, best crypto exchanges & wallets in one place. Read fact-based BitDegree crypto reviews, tutorials & comparisons — make an informed decision by choosing only the most secure & trustful crypto companies.

A USP of Coinmama is that it does not allow cryptocurrency trading between individuals. Instead, all the transactions use digital currency from the inventory. It means you are unlikely to come across issues while buying Bitcoin or something else. You are essentially buying and selling any crypto to Coinmama, who charges or pays money. Coinbase is perfect if wanting to choose from dozens of digital assets. It can store your funds at no extra charge and convert your cryptos back into fiat more easily.

Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. . The interface is designed for beginners to easily, quickly and securely purchase cryptocurrency that closely resembles Paybis which is a similar fiat-to-crypto exchange. There is no price chart to view historical or live prices or advanced order types such as limit or stop-limit.

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The company constantly expands its offerings based on safety, business prospects, and demand. For more exchanges more tailored to Australians, check out our comparison of the top crypto exchanges in Australia. Coinmama was founded by Ilan Schuster, Laurence Newman, and Nimrod Gruber in 2013 and has served 3,000,000+ customers around the globe. Once you set up and verified your account, all you need to do is log in and choose the coin you want to buy. Coinmama displays easy options along with exchange rates listed in your local currency.

Bitstamp is one of the oldest and most respected exchanges out there, so it’s a solid alternative for Coinmama. Also, just like Coinmama, the exchange supports a wide variety of countries worldwide. In order to make any type of purchase you’ll need to complete some form of identity verification. There are 3 levels of verification, with increases in account spending limits for each. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.

The company doesn’t spell out the limits for this level since it is reserved for VIP members. As mentioned above, Coinmama advises those interested in transacting more to get in touch via an email address specified on the company’s website. Coinmama limits become bigger with a higher verification level, as illustrated below.

It accepts Visa and Mastercard and supports all fiat currencies. Its fast delivery of purchased digital assets and high spending limits add to the appeal. Very few crypto exchanges allow traders to trade with fiat currency. Coinmama is one of them that allows traders to make payments using credit or debit cards for purchasing Bitcoin directly from the exchange’s website. Apart from the advantage of multiple currencies, Coinmama users also enjoy the privilege of multiple payment methods. Coinmama accepts credit and debit cards issued by Visa or Mastercard.

But as noted, Coinmama does not store its customers’ credit card information, and the hackers were only able to obtain email addresses. The data breach was a serious reminder that malicious actors would continue their criminal endeavours, and having Coinmama already resist the theft of funds is very encouraging. It is paramount that you secure not only your account password but also avoid using the same email that you use when handling businesses unrelated to Bitcoin. Before you register for an account with Coinmama, it is advisable to set up a personal wallet that you will use to store the assets you have purchased. This is a necessary first step; as has already been mentioned, Coinmama does not offer a wallet service and does not store crypto on behalf of its customers. In 2019 still, Coinmama revealed it would now facilitate the selling of Bitcoin as well.

How does Coinmama compare?

This is the most common frequently asked question we always hear. Coinmama takes different amounts of time to verify the account. As we mentioned earlier, it offers three levels of verifications. Considering that you must buy at least 0.1BTC, $50 is a good figure, indeed.

Coinmama is a non-custodial exchange which means there are no online wallets to store customers Bitcoin or other cryptocurrency assets that are purchased on the platform. Users are required to provide their own hardware wallet address so the coins are never stored in a wallet by Coinmama. Coinmama is a cryptocurrency broker-exchange that sells cryptocurrencies directly to customers while a regular exchange will have users trade coins for one another.

In most cases, you can finish this verification process along with the account registration process. In this mode of confirmation, you will have to upload only the basic information about your identity. As you can see, it supports a good number of areas when compared to exchanges in the market. As you can see, the exchange allows you to buy only 9 cryptocurrencies — a number so low. And this will be a problem if you want a diversified crypto portfolio. As you can see, Coinmama offers some of the best trading volumes if you can do the proper ID and selfie authentication.

However, the three platforms have varying minimums, fees, features, and supported cryptocurrencies. This is because Coinmama does not hold any users’ assets on the exchange. Selling Bitcoin incurs a fee of 2.93–3.9% depending on your loyalty program status. Coinmama does not provide a wallet service, and thus you won’t be keeping any of your funds on the exchange. You can only buy crypto and have it sent directly to the wallet address you provide. You can sell Bitcoin and have the cash sent to your SEPA bank account.

History of Coinmama

Speaking of loyalty, Coinmama runs a three-tiered program that rewards users with lower fees the more crypto they buy and sell. Its cryptocurrency trading tab is neat and the options to buy and sell are prominent on the page. For instance, if you are buying Dogecoin on Coinmama, you will transact with the company and not another user. You also can’t exchange the asset for another digital currency. The platform is an excellent fit for beginner traders thanks to its easy-to-use interface and transaction deck. However, its high fees are prohibitive and unsuitable for fee-conscious investors.

Regarding the delay with your first order, we like to make additional efforts to ensure our new customers are transacting in a safe fashion, so this took a bit longer than normal. To be totally honest with you, I agree with everything you are saying. The verification procedures are extremely thorough at Coinmama and it sometimes puts customers off. We love to see more and more people joining the crypto revolution. Alex and Joshua made my first ever, Bitcoin purchase experience welcoming! Please be extremely careful when transacting online or giving out personal information.

Supported cryptocurrencies

You can’t exchange cryptocurrencies directly through the platform; you can only buy with and sell for fiat currency. Coinmama’s easy interface and simple transaction flow may be attractive to those new to cryptocurrency trading, but its fees are pricier than many competitors. Coinmama has nearly a decade of experience providing transactions in the cryptocurrency space, but its fees are higher than other providers. While the platform experience is simple, certain assets do require a minimum purchase amount.

Supported Payment Methods

The trade experience on Coinmama is user-friendly and intuitive. Coinmama doesn’t support crypto-to-crypto trading, and users can only sell Bitcoin through this platform. If you want to sell another lmax minimum deposit asset, you’ll need to use a different exchange. Customers can click the Buy or Sell tab to initiate a transaction on their online dashboard or the mobile app, which is available for Android.