Coinmama Review 2023 Fees, Facts & WARNINGS

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. If you have just signed up to Coinmama, your loyalty level is Crypto Curious. These are the buy/sell fees for the various loyalty levels.

Coinmama users are able to freely insert the exact amount of USD, EUR, GBP, CAD, AUD, or JPY to purchase crypto. Payment methods for the purchase of cryptos include Faster Payments, Fedwire, Sofot, SEPA, SWIFT, and Apple Pay. You are planning to purchase large amounts of crypto and want personalized services. One of Coinmama’s more unique offerings is its VIP business program — designed for those who want to buy large amounts of cryptocurrency. This review covers whether Coinmama is a safe and reliable crypto exchange.

Coinmama User Interface

Exercise caution if you want to trade with leverage through a broker; leveraged trading comes with added risk. Coinmama was founded in 2013 by Ilan Schuster, Laurence Newman, and Nimrod Gruber. The company is based in Ireland and is a subsidiary of a company called New Bit Ventures Ltd. Coinmama is registered with the Financial Crimes Enforcement Network. The initial Coinmama verification should take only about 10 minutes, however, when purchasing coins, you might need to wait up to 6 hours to get verified.

Learn more about how we make money and our editorial policies. Since Coinmama offers a relatively small number of coins to choose from as well as comes with pretty high fees, you should consider another cryptocurrency broker exchange. coinmama review If you currently don’t own any cryptocurrency then the easiest way to buy it is to use a debit or credit card, which is made simple at Coinmama. 1)Coinmama is very easy to use, perfect for beginners in the world of cryptocurrency.

Is Coinmama trustworthy?

According to my wish after receiving these informations I got within approximately 20minutes my bitcoins ordered on my wallet. We know our customers deserve clarity and efficiency when making Crypto purchases & this is what we provide! Rather than a credit card, that’s even better since you’ll save 5% in total fees. The majority of Coinmama’s negative reviews complained about one thing – the identity verification process. Users claim that Coinmama requests a ton of information and in some cases rejects applications without giving proper explanation why. In order to make any type of purchase you’ll need to complete some form of identity verification.

• The initial Coinmama verification should take only about 10 minutes, however, when purchasing coins, you might need to wait up to 6 hours to get verified.
• You will also need to take a selfie of you holding the ID, which is to make sure you are who you say you are.
• Any investing information provided on this page is for educational purposes only.
• Those are lifetime account limits, so if you reach the limit for a level, you need to apply for the next one.
• However, once this is done, you can buy up to $15,000 in coins without needing to provide any more information.

Later on, Coinmama registered in Dublin, Ireland, under the name New Bit Ventures Ltd. It charges 2.3% more than the market rate and has commissions of up to 3.9% on purchases and 0.9% on sales. There’s also a 4.99% fee for payments made by credit card, debit card, Apple Pay, or Google Pay.

Buy & sell crypto instantly

You’ll be able to track the status of your order through your Coinmama account. Learn more about what the platform offers and how the service holds up to its competitors in our https://forex-review.net/. 3rd-party crypto wallet required to actually receive your coins. Yes, as per our review, This Exchange appears to be legit and safe. It is a reputable brokerage service-providing company that serves clients settled in almost all countries with a few exceptions.

The best way to contact them is through live chat though, however, this is only available during business hours, which I have listed below. Coinmama is a cryptocurrency broker/exchange that is located in Israel. Originally created in 2013, the website explains that they offer a fast, safe and fun way to buy a digital currency from anywhere in the world. It is a legitimate online crypto marketplace that has been around since 2013.

Don’t Like to Read? Watch Our 2 Minute Coinmama Review

Coinmama uses SSL encryption and PCI Guard security to protect your sensitive information. In addition, users provide their own digital wallets to store their crypto assets, offering additional security. When transactions are completed, Coinmama delivers those coins straight to your wallet. Coinmama offers a straightforward trading service for beginners and experienced traders to enjoy.

They are mainly known for quick credit card transactions. At Coinmama, you can easily buy Bitcoin and seven other cryptocurrencies. Changelly used to be known to be one of the most expensive services you could use to buy Bitcoin with a credit card. However, it seems that lately they have optimized their service to offer a more competitive service. Changelly takes 5% on top of the existing 5% payment processor fee. The total is 0.9% cheaper than Coinmama’s total fee (10.9%).

Fortunately, Coinmama make the buying process really simple. All you have to do is open and verify your account, enter your card details and choose how many coins you want to buy. No previous knowledge of trading is required to purchase cryptocurrency from Coinmama.

Coinmama Review: Secure Crypto Investing With Payments

I also took a look at various customer reviews users posted online. Having reviewed over 20 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. For the most basic level of verification , orders are capped at a maximum of 5,000 USD per bank card purchase and 15,000 USD per wire transfer. Total cumulative crypto purchases at Level 1 verification are also capped, at 15,000 USD. For beginners, this is an excellent option for buying your first Bitcoin.

We also considered if the exchange is regulated by a proper agency or entirely decentralized. Our full cryptocurrency exchange methodology, including the review process and weighted data points, is available for review. Understanding how to transfer funds from Coinmama to a crypto wallet is a key component to using the platform. While the process of transferring funds is relatively simple, those who aren’t familiar with it may be more inclined to look at different exchanges that offer built-in wallets. Coinmama offers a simple platform for users to buy and sell cryptocurrency.

Relative to some of its peers, the number of cryptos on offer is on the lighter side. While this is the case, the most popular cryptos are available. Yes, you can withdraw funds from Coinmama and have them delivered directly to your bank account.

The platform was established to create the simplest financial service in the crypto space. Since the genesis, Coinmama is trusted by over 2,300,000 people across 197 countries. Listings that appear on this page and/or on this website are of products / companies / services from which this website may receive compensation. This may impact how, where and which products / companies / services we review and write about. This page may not include all available products, all companies or all services.

The exchange pays out the commissions once every month after you hit $100 from the time of the last payout. Always enable two-factor authentication for your account and store the private keys to your wallet offline- preferably in hardware wallets. Lastly, I would point out that even during the crypto mad rush when exchanges like Bittrex and Bitfinex closed their doors, Coinmama was still open for new registrations.

Users may withdraw proceeds by bank transfer, or by credit or debit card. (Coinmama is planning to expand this beyond Bitcoin in the near-term, however). Coinmama was one of the earliest cryptocurrency exchanges, and Coinmama reviews reveal that it remains a reliable, safe way to buy and sell digital currency. After you connect your crypto wallet using your wallet address, you can buy and sell cryptocurrency 24/7 with transactions that are complete in just minutes. Coinmama is not a wallet provider which means the exchange does not store users’ digital assets and users have to check to verify they are sending cryptocurrency to the correct address. Coinmama does not provide a wallet service, and thus you won’t be keeping any of your funds on the exchange.

The exchange has over 2.2 million users, features a fast-track verification process and is available in 190 countries worldwide. The company also operates in the United States, but services are limited to the states where it has received regulatory approval to offer cryptocurrency services. Coinmama provides a simple way to purchase cryptocurrencies with a credit card, debit card, or bank wire transfer.

Once you’ve purchased at least $2,400 in cryptocurrency on the site, you can apply for Level 2 status which has a spending limit of $50,000. I came across multiple crypto platforms and Coinmama is the best. All your trading is also done with Coinmama instead of with buyers and sellers on the platform.