Coinmama Review 2024: Complete Beginners Guide

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The platform is easy to use, and it’s possible to trade more than 100 cryptocurrencies in addition to buying and selling them. For crypto enthusiasts looking for a more advanced trading platform and a wider variety of cryptocurrencies, Kraken could be a good choice. As with Coinmama, Kraken doesn’t provide a wallet for storage. However, Kraken does offer futures trading and other advanced services.

However, you can only sell bitcoin, and money can only be transferred via SEPA to European banks. If you bought crypto via credit or debit card initially, then you’ll need to sell bitcoin using another exchange. You’ll pay additional fees on each transaction of up to 3.9% on buy transactions and up to 0.9% on sell transactions.

The general fee for trading and transactions is based on the market rate plus up to 3.9% for purchases and up to 0.99% for sales. Additional fees may apply, such as a 5% fee for credit or debit card transactions. Coinmama offers a loyalty program that provides reduced fees for users who make a certain amount of purchases over 90 days. While the range of supported fiat currencies is lower than other exchanges, Coinmama has ensured that every user is provided with a viable payment method.

  1. Coinmama’s app is available on Android only, but has received fairly good reviews.
  2. Once you finish the process, you can use your credit or debit card, or your bank account, to begin purchasing coins.
  3. Coins are delivered fast, but can take 24 hours for payment team is checking all very well, secure.
  4. The exchange’s interface is straightforward to use, featuring an intuitive and simple UI that allows you to navigate and access without any confusion.

Fortunately, no funds were stolen from users or the platform. This is probably because Coinmama does not store any user coins on its platform, instead of depositing them directly in the user’s external wallet. There is speculation that this service will be expanded to other users worldwide in the coming few years. Customers may also coinmama exchange review be charged a Cash Advance fee, which is imposed by their bank or card issuer if they consider the transfer a “cash” transaction. Coinmama will send your crypto coins directly to your wallet, so you should have that set up. Make sure you copy the wallet address accurately because a mistake could mean your coins end up elsewhere.

Fees

While the platform experience is simple, certain assets do require a minimum purchase amount. For instance, there’s a minimum of $50 to make a Bitcoin (BTC) purchase and $760 to make a Chainlink (LINK) purchase. There is also a minimum order based on which payment method you choose. I also took a look at various customer reviews users posted online. Having reviewed dozens of exchanges by now, I know that when people leave reviews online, it’s almost always negative reviews because they are pissed off about something. That’s why I make it a habit to actually read through the reviews and see what people are complaining about.

Purchase Limits

Our full cryptocurrency exchange methodology, including the review process and weighted data points, is available for review. Coinmama offers customer service via a form on its website and a chatbot. In addition to its customer support options, Coinmama also has a help center where users can find answers to common questions about account management, fees, and more. Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Coinmama is a cryptocurrency exchange that offers investors a straightforward buying and selling experience.

Can Coinmama be trusted – Security and Privacy

Coinmama was previously hacked, resulting in the comprise of 1.4 million customers’ details. However, the exchange has since increased its awareness of account security by regularly monitoring any suspicious activity and informing customers of good security practices. 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. While Coinmama makes it simple to buy and sell cryptocurrency, there is a lack of advanced features on the platform.

Full Review

It’s important to note that CoinMama does not support trading pairs, which means that users cannot trade cryptocurrencies against each other. Coinmama is an easy-to-use crypto exchange and great for the beginner crypto investor, however, this exchange does charge higher than average fees. CoinSutra provides general cryptocurrency and blockchain information for educational purposes only. Content on CoinSutra’s website and social media is not financial, investment, trading, or professional advice. Readers should conduct independent research and consult a licensed advisor before making investment decisions. The one thing highlighted in the introduction also that Coinmama supports a lot of countries – 188 to be precise – the most by any other crypto service/exchange.

Coinmama is excellent for beginners because it is easy to use. The first step is to open an account and wait for verification. As Coinmama is an MSB (Money Services Business), you must provide the details as asked for KYC reasons. Providing your email address, full name, address, and other relevant information helps to protect your account. It’s a good idea to create a strong password and then submit your application.

Coinmama is a regulated exchange that complies with Know Your Customer (KYC) requirements. Therefore, each user that creates an account with Coinmama must submit ID documentation to complete identity verification before purchasing digital currency. Coinmama is a straightforward exchange that beginners will likely have no trouble using. The initial sign-up process requires that a user enter an email and password.

It all depends on whether the financial institution views the transaction as a ‘cash’ transaction or not. Case studies carried out by analysts have suggested that users should add an additional 10% in fees when transacting through Coinmama. They can create the order by choosing how much they want to buy, providing their wallet address and then filling out their card details on the checkout page. Coinmama does not store user’s credit or debit card details on their servers. After completion of payment, the transaction is processed by the credit card processor which will take just a few seconds before being transferable to the user’s wallet of choice.

The Coinmama exchange is one of the most well-respected names in the cryptocurrency industry and is now available in over 188 countries. While it doesn’t allow people to trade cryptocurrency pairs, the exchange is worth considering for anyone looking to spot-buy BTC, ETH, XRP, and a handful of other popular cryptos. The Coin Bureau Editorial Team are your dedicated guides through the dynamic world of cryptocurrency. With a passion for educating the masses on blockchain technology and a commitment to unbiased, shill-free content, we unravel the complexities of the industry through in-depth research. Coinmama even has a VIP verification for high limits of transactions. Those are lifetime account limits, so if you reach the limit for a level, you need to apply for the next one.

So if you want to be more secure for your cryptos, we recommend enabling two-factor authentication. The speed at which you get your coins is the last thing that gets dramatically improved. In the past, when you could buy Bitcoins with Western Union, you’d have to wait for a wire confirmation to arrive from Western Union. Today, you can withdraw your coins as soon as your payment has cleared, which is completely awesome. There is also an extensive knowledgebase with FAQs which is very useful for the most common issues users have with the exchange. To get access to this tier, you need to fill out a short form by contacting personally.

The platform has a small number of popular cryptocurrencies available, notably established cryptos like Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC), and stablecoins USDC and USDT. One potential downside of Coinmama is the lack of transparency on its website regarding fees. Users need to perform a Google search to find information on fees, which range from 0.99% to 3.90% depending on the loyalty level.

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