Coinmama Review 2022 Fees, Facts & WARNINGS

In case you wish to purchase a lesser-known coin, you would still need to trade it with a popular coin like Bitcoin or Ethereum. Coinmama is an excellent platform to initiate these transactions. It implies that your information does not get saved by Coinmama. If you are hesitant about putting your card details, you can transfer money via Western Union after the completion of verification.

In order to qualify you must purchase more than $18,000 worth of crypto in any given 90 day period. Crypto enthusiast level – This is for any trader who purchases more than $5,000 worth of crypto in any given 90 day period. Yes, Coinmama does require a valid government issued ID in order to purchase cryptocurrencies on their platform. That ID can either be a passport or a state issued driver’s license or other national or state identity card. For anyone who wants to use a credit card or debit card to buy Bitcoin there is a full guide available on Coinmama’s website.

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. Coinmama also allows a few other jurisdictions to use their service except that the transaction happens through a third party. So a trader goes to the Coinmama website and enters the purchase order, but the actual clearing of the trade is handed by a third party. Cryptocurrencies are speculative and investing in them involves significant risks – they’re highly volatile, vulnerable to hacking and sensitive to secondary activity.

You can use a credit card, bank transfer, and even Apple Pay. Once you have verified the account, the platform offers top-of-the-line trading volume limits as well. Overall, Coinmama is a simple crypto exchange platform that enables its customers to buy a limited number of crypto and sell BTC. 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.

• The disadvantage of a bank transfer however is that if you use it to buy Bitcoin the purchase price is not locked in until the transfer completes.
• If you want to purchase more than US$10,000 in Bitcoin – Level 2 status – you must provide a copy of both your passport and driver’s licence or similar identifying documents.
• Coinmama offers customer service via a form on its website and a chatbot.
• One can easily understand the working procedures of the exchange by logging into the Coinmama website.
• The company’s mission is to simplify the way the world handles cryptocurrency and makes crypto easy, friendly, and safe for the growing cryptocurrency community.

Coinmama is a platform that stands out among similar services by selling cryptocurrencies directly to users from their own inventory, not from some third-party seller. Coinmama is a cryptocurrency exchange that was first established in 2013 to serve the growing demand for cryptocurrency. Today the service has over 2.5 million users in some 188 countries around the world.

Early in 2019 an attacker was able to make off with about 450,000 email addresses and passwords from the exchange, some of which eventually turned up on the dark web. Most traders will only ever need to get verified for level 1 and that level requires the least personal information. It’s also worth noting that Coinmama does have a minimum purchase requirement of $50 per order. What we’ll do here is to show how much crypto you can buy at the various KYC levels.

This effectively means the minimum purchase is the listed price of 0.1 Bitcoin. In this review I’ll cover the company, its services and also compare it to other leading brokers. Get a $20 bonus when you buy or sell at least CAD$50 in digital currency.

Fees on buys made on Coinmama incur incredibly high fees of 2.93–3.9%. There are many purchase options available, but considering the small crypto selection and high fees, there are likely better options for your needs. Coinmama is a crypto broker exchange that was created in 2013. Based in Israel, Coinmama specializes in fiat-to-crypto purchases where assets are deposited directly into users’ wallets.

Who Is Coinmama?

The exchange stands out as a platform that helps people around the world access digital currencies fast and safely. All user data is fully encrypted, and Coinmama, being based in the EU, is committed to becoming fully GDPR compliant. The EU General Data Protection Regulation grants individuals far higher levels of data protection than are offered outside the EU. As of May 25, 2018, Coinmama customers are able to see exactly how their data is used. The official Coinmama website does warm customers about various common scams and how to avoid them and protect yourself against fraud.

Coinmama charges higher fees compared with comparable exchange however it offers a higher level of convenience. Transactions are completed very quickly and your card details are not passed on to Coinmama. Coinmama offers a user-friendly platform designed to help customers buy Bitcoin and have it sent directly to their wallet address. The exchange is one of the most popular for direct purchases of select cryptocurrencies. Coinmama allows its customers to buy cryptocurrencies via credit card, debit card and bank transfer.

I was weary after having a previous bad experience with a different company, however my experience with Coinmama were the complete opposite. He even went ahead and made sure my case was notified, and it got solved as soon as possible. In the end, Coinmama support did surprise me and I was able to have my problem solved – so a satisfactory experience.

I liked coinmama

Here’s a short comparison of Coinmama’s brokerage service compared to other popular services around. Coinmama was established in 2013 in Israel and has since grown to serve over 3.1 million customers in 188 countries with over 35 employees. Coinmama is https://broker-review.org/ a property of New Bit Ventures Ltd and is operated by Cmama Ltd company #672704. As a Financial Services Business, Coinmama is required to collect certain details about its clients. In addition, this helps us fight fraud and keep your account safe.

The Contact page also shows a mobile phone number based in California, but it is a call-back system. You can get technical support through the coinmama exchange review Contact Form and Live Chat. We should also appreciate the excellent set of tutorials and guides available on its official support page.

Let us look into some obvious pros and cons of trading through Coinmama. While transacting via debit card, it is possible that you do not have enough value in your checking account balance. In such a scenario, request overdraft protection from your bank. There is no additional fee in the case of bank transfers.

Purchase crypto assets and have them sent directly to your wallet with Coinmama.

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.

Before we get down to details of the fees, let us point out that the exchange determines these based on the TradeBlock XBX index. The TradeBlock XBX index provides an average market rate for cryptocurrencies, bearing in mind that the crypto market comprises various providers, each with a unique rate. Coinmama is a cryptocurrency exchange based in Bratislava, Slovakia. It was created in 2013 and is trusted by over 1,000,000 people across 188 countries. Coinmama only processes buy orders for cryptocurrency and is not a wallet service. It accepts any credit or debit card from VISA or MasterCard.

Withdrawal fees are applicable when you want to sell crypto-assets through Coinmama. The exchange will accept digital currencies from your side and transfer the money to your bank accounts. The withdrawal fees are, however, based on the Coinmama Loyalty Level. It is also important to note that Coinmama does not store any digital currency on its servers. Instead, as soon as a user makes the purchase, Coinmama will send the cryptocurrencies to a user-provided crypto wallet.

Considering that Coinmama has such a beginner-friendly design, it’d be nice to see it improve its educational content. The exchange’s blog has some articles, but many of the crypto education sections haven’t had new pieces published in years. Coinmama’s interface is designed to be simple and easy to use. To achieve such simplicity, while providing all the information one needs to accomplish one’s goal, is a remarkable achievement. 188 countries are currently supported, according to the official support page here. It is registered in Bratislava, Slovakia but operated from Israel by a single company.

I set a transaction on 07/27 at 06:00…

Navigating the site is easy as there are limited options. With Coinmama, purchasing cryptocurrencies is no more a daunting task. Here are the few steps that we found while making this review that makes the crypto buying process easier on such a platform.

Apart from these, it accepts payment through Apple Pay too. The prices are of the denominations USD, EUR, AUD, GBP, JPY, or CAD. You can buy a selection of cryptocurrencies using a debit card, credit card, or bank account at Coinmama.

The fees will depend on the payment method and the “loyalty levelfor buying a currency.” The prices shown on the website are based on XBX +2% standard deviation. If you wish to transact through debit/credit/virtual/prepaid cards, an extra fee is added to your order amount. For instant delivery and transactions with a locked crypto rate, the website charges an additional express fee of 5%. Coinmama accepts Mastercard or Visa credit and debit cards. It also accepts payments via SWIFT and SEPA bank transfers. It charges zero processing fees via Sofort, Fedwire, FasterPayments, SWIFT, and SEPA.

Coinmama is a global cryptocurrency marketplace founded in 2013, with an aim to make it quick and easy to purchase digital currency using fiat currency. Since its establishment, it has expanded to 190 countries and served over 3 million customers worldwide. Coinmama allows you to buy crypto instantly, with the coins going directly to your personal wallet. Selling crypto is easy, even if you bought it on a different exchange, and your payment goes direct to your bank account. Coinmama is safe, because it never holds customer funds or stores payment information. You always have complete control of your digital and fiat funds.