Complete Beginner’s Guide to Coinmama Review 2020 Safe to Use?

We use dedicated people and clever technology to safeguard our platform. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active. Because the issue that I had with an order that I made wrong and then I cancelled was solved promptly today.

Coinmama is a reputable company, and their support is pretty good. Unfortunately, this can’t be avoided when using a credit card, but considering the prompt service, it’s sometimes worth the cost. The pros of a brokerage service are that the process is simple and fast since you don’t need to look for a buyer on your own. On the other hand, brokerage services are usually more expensive. In Coinmama’s case, the company has made ongoing efforts to reduce its fees as much as possible. At the end of this post, you can see how Coinmama compares to other exchanges.

  1. If you had used Coinmama to buy bitcoin in November 2021, chances are that you would have lost money by now.
  2. Residents that reside in the banned states can use a local cryptocurrency exchange in the USA, such as Gemini, Kraken, Coinbase, or CoinZoom (read our reviews for further information).
  3. CoinCentral’s owners, writers, and/or guest post authors may or may not have a vested interest in any of the above projects and businesses.
  4. After the initial account verification, purchased coins immediately go to your digital wallet.

Coinmama is really designed for international users who wants a fast and hassle-free way to purchase cryptocurrency. Since they accept bank transfer, credit cards and debit cards as a payment method Coinmama is a versatile platform that doesn’t hold you back. The Coinmama customer support department is also quick to respond in the event of a trading problem. CoinMama is a global cryptocurrency exchange that supports purchases via debit or credit card, Apple Pay, Google Pay, or bank transfer. It offers a range of cryptocurrencies, including Bitcoin, Ethereum, Tether, and USD Coin. Coinmama’s user interface is straightforward and intuitive, which makes it accessible for both new and experienced users.

True to Coinmama’s slogan, using their site is certainly one of the easiest ways to buy digital currency. For users that quickly want to purchase Bitcoin or Ethereum via credit/debit card and avoid the long wait times of bank transfers, it is a good choice. Having your digital currency sent immediately to your own wallet rather than being stored on the site is also a big positive. For customers interested in purchasing lesser known cryptocurrencies, buying large amounts or actively trading, you’re better off heading to an exchange. The price is based on current market values, with Coinmama’s 6.15% fee included in this pricing. For credit/debit card transactions, the payment processor will charge an additional 5.65% service fee.

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. It starts with an identity verification process, which helps protect against fraudulent accounts. It offers two-factor authentication (2FA) to prevent unauthorized account access. Coinmama also doesn’t store credit or debit card information in its system.

Is Coinmama safe to use?

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This Coinmama support article provides up-to-date information on their buying limits. First of all, the fees seem to change depending on which cryptocurrency you are purchasing. USDT (ERC20) seems to have lower fees than what I describe below. The below fees are from me testing various purchases of Ethereum. Coinmana’s fees will depend on the payment method you choose for your transaction.

Details

Thankfully, these thieves made off with only email addresses and hashed passwords of older user accounts. Coinmama immediately notified its users about the incident and had them all change their passwords. It makes sense that no cryptocurrency was stolen from Coinmama. It doesn’t have any user coins stolen available to steal as it doesn’t offer custody (storage) service.

Beginner’s Guide to Coinmama: Complete Review

Furthermore, the crypto wallet enables people to send and receive BTC and ETH at any time and offers 24/7 customer support. The fee charged by Coinnmama for buying and selling crypto is far higher than most other crypto exchanges. Furthermore, the additional spread and express fees reduce the value offered by https://forex-review.net/ Coinmama even further. While the exchange does provide a convenient way to purchase crypto, those looking for a cost-effective exchange will be better off using a platform like Binance, Crypto.com, or eToro. Coinmama takes pride in offering one of the most responsive and accessible customer support teams.

Coinmama KYC Verification

Users claim that Coinmama requests a ton of information and, in some cases, rejects applications without giving a proper explanation why. Coinmama offers its services worldwide, with the exception of sanctioned countries and three US states. Certain countries are also served by a third party rather than directly by Coinmama themselves. https://forex-review.net/coinmama-review/ Coinmama was established in 2013 in Israel and has since grown to serve over 3 million customers in 188 countries with over 35 employees. Today, the company is headquartered in Vancouver, Canada, and is operated by Wellfield Technologies. We believe everyone should be able to make financial decisions with confidence.

Users that wish to transfer currency to another person’s wallet should check the procedure for doing so through their own wallet provider. 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.

Coinmama disclosed that 450,000 email addresses and passwords were affected.Security audits. The company allows users to set up 2-factor authentication, SMS alerts and other account security measures.Insurance. Coinmama has no insurance, because it doesn’t store user funds. When you place a buy order, you need to provide a wallet address to receive the cryptocurrency. Since cryptocurrency transactions are irreversible, it’s very important to provide the correct address for your order. Once your ID has been accepted, you can buy Bitcoin and Ethereum by going to the ‘Buy Bitcoin/Ethereum’ tab.

Coinmama Features

This is the fastest and quickest KYC verification that anyone would ever get from any other platform. All your trading is also done with Coinmama instead of with buyers and sellers on the platform. Learn more about what the platform offers and how the service holds up to its competitors in our Coinmama review. Also, unlike other exchanges/services, Coinmama doesn’t have an inbuilt BTC, ETH, LTC, BCH, ETC, XRP, QTUM, ADA wallet.

The fees for Credit Card Purchases are a mere 5% and is instant. You can always use SEPA bank transfers to bring it down to 0% if you are not in a hurry. Coinmama is an extremely simple and straightforward platform to use, making it a great option for beginners looking to buy and store cryptocurrency safely and securely. As such, basic purchases at Coinmama vary from 5.9% to 10.9% based on your payment method. Selling crypto with Coinmama is slightly cheaper and amounts to approximately 2-3% per transaction. As a result, Coinmama comes out on the more expensive end of fiat-to-crypto gateways in the market.

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