Beginners Guide to Coinmama: Complete Review

As soon as the payment is confirmed the coins will be instantly sent to your wallet! Congratulations, you can now buy up to $15,000 in cryptocurrency! Once you have logged into your account, navigate to the Buy page, and select what you’d like to purchase – in this case, I’ll assume that it’s Bitcoin. In the next section of this Coinmama review, I will show you how coinmama exchange review to verify your account. As for Coinmama verification time, accounts are normally verified within a couple of hours, so you will just need to wait until you receive an email.

How to sell your digital currency

Coinmama has some unique advantages over other, rival cryptocurrency exchanges, not least of which is its global reach, ability to purchase with cash through Western Union, excellent security, and high buying limits. For users who simply want to buy digital assets using their credit card and have those assets transferred directly to their external personal crypto wallet, Coinmama is one of the best options on the market. Coinmama is a straightforward cryptocurrency broker, offering users a quick and simple platform for buying a small range of popular cryptocurrencies from anywhere in the world using any fiat currency. 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. Almost every major bank issues debit and credit cards backed by Visa or MasterCard, so you shouldn’t have any problems buying from Coinmama, providing you have a bank account! Using Coinmama, you can use your debit or credit card (in other words – fiat money) to buy cryptocurrency directly from the website.

• Somehow I expected coinmama to have more than 10 coins.
• This focus makes Coinmama ideal for people new to the crypto space looking for a platform where they can buy their first crypto coins.
• Hopefully in the future Coinmama will include more coins so that traders have more options to choose from.
• This means users are unable to purchase Bitcoin or Eethereum to be sent to someone else’s wallet.
• In an increasingly regulated industry, Coinmama has managed to keep its registration and verification process relatively quick and simple.

Security & Customer Support

However, as I explained earlier in my Coinmama review, Coinmama is a broker exchange which means that you are actually buying directly from them with fiat money. When you compare this to other exchanges, such as Kucoin, that have more than 100 coins available, this is quite poor. No previous knowledge of trading is required to purchase cryptocurrency from Coinmama. All you have to do is open and verify your account, enter your card details and choose how many coins you want to buy.

The daily limit resets exactly 2 hours after your most recent purchase, while the monthly limit is a rolling 30 day window. And in some cases your bank may also charge you a cash advance fee if they consider this type of purchase to be a cash advance. This fee is included in the price that is quoted to you for the Bitcoin and Ethereum on the Coinmama platform. The transaction fees at Coinmama are quite a bit higher than most of their rivals.

Selling on Coinmama

Yes, Coinmama is a reliable company that comes with robust security and an easy-to-use platform that’s suitable even for beginners. For the first year of trading coinmama was more than enough for me Functional and easy to use platform, even beginners will get the hang of it in no time!!! We do not publish biased reviews or spam.

Withdrawal limits

This will take you to the verification page where you submit some form of ID, such as a picture of your passport or driver’s license. Not only is it fast and simple, but it’s popular way to do it; with over 1,000,000 customers you can find plenty of people satisfied with the exchange site. The site makes it extremely easy to buy Bitcoin and Ethereum anywhere in the world, and if you have Visa or Mastercard you’re good to go! What is more, the company’s customer support is very helpful in case you have any issues.

Altogether Coinmama is a reliable, established exchange and definitely one of the better platforms for the purchase of crypto. Coinmama is really designed for international users who wants a fast and hassle-free way to purchase cryptocurrency. For instance, some other exchanges offer discounts on trading fees but in order to qualify for the discount you first must purchase some of their exchange token.

• Coinmama is a straightforward cryptocurrency broker, offering users a quick and simple platform for buying a small range of popular cryptocurrencies from anywhere in the world using any fiat currency.
• After reviewing all the essential information about Coinmama, it is pretty clear that it is a great choice for a very specific type of user, and an ok choice for many other people.
• Coinmama does not store your credit/debit card details on their servers, but simply passes the information along to the credit card company to process the payment.
• On Coinmama it’s not possible to trade cryptocurrencies or to trade crypto derivatives like Bitcoin futures.
• For instance, some other exchanges offer discounts on trading fees but in order to qualify for the discount you first must purchase some of their exchange token.

This focus makes Coinmama ideal for people new to the crypto space looking for a platform where they can buy their first crypto coins. Good to know another exchange that I can purchase BTC and ETH.But the fees seem high.. When buying Bitcoin you can pick out of pre-priced fractional amounts of bitcoins, which change every ten minutes to reflect the current market.

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. That’s an incredible move and Coinmama’s 2% markup tries to protect the platform against sudden volatility. First, it allows Coinmama to make a higher profit on each purchase. 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. First off, since Coinmama is meant mostly for Europeans the platform can be accessed by anyone in Europe, except for residents of Crimea. You could do far worse than Coinmama, and one thing you can be sure of is that they won’t lose your coins.

Recent Coinmama User Reviews

The development team has said that more coins will be added in the future, but there is no roadmap or timeline for this. There is also no API for the platform, which means developers have been unable to release third-party extensions that could increase the functionality of the platform. Presently there is no mobile app for Coinmama and the only way to access the exchange is through a web browser. The exchange is also growing slowly and steadily, and has registered in the U.S. as a money service business with the United States Treasury Department Financial Crimes Enforcement Network (FINCEN). Contrast that with Coinbase and its 34 million monthly visitors and Poloniex and its 44 million monthly visitors and you get an idea of how niche the Coinmama exchange is. Every purchase at Coinmama is transacted in USD or EUR, however the company says it will accept any local currency.

Coinmama Review – Fast & Easy Crypto But Is It Safe?

If you require faster verification for some reason simply contact the Coinmama support team and they will attempt to expedite your verification request. The unique part is that it does not offer any ability to sell cryptocurrencies or to trade cryptocurrencies. So overall Coinmama is a good option for some crypto users and a decent option for many others.

Knowledge and Support

Head over to your email and click the verification link in the email from Coinmama. Click the button that says “Create Account” and the system will send a verification email to your email address. Additionally, Coinmama does not offer its own wallet on the site.

A broker exchange holds the cryptocurrency and sells cryptocurrency directly to you for fiat money, while an exchange marketplace matches two independent buyers and sellers! Coinmama is a cryptocurrency broker/exchange that is located in Israel. Deciding which cryptocurrency exchange to use can be difficult as there are hundreds of different options to choose from. If you already have crypto and you want to trade it you might want to consider another exchange like Binance, Coinbase or Kraken. That means that if a new trader uses a debit card, or any other payment methods, to buy $1,000 worth of Bitcoin then you will get $8.25. Do you know anyone who might be interested in buying some crypto?

While it’s easy to buy Bitcoin on Coinmama they don’t offer support for very many other cryptocurrencies. The most famous crypto derivatives exchanges is Bitmex which offers up to 100x leverage. Derivatives exchanges also commonly have leverage which allows crypto traders to use margin to take out a larger position. Besides only being able to buy, Coinmama only supports two cryptocurrencies – Bitcoin and Ethereum.

Coinmama is an Israel based cryptocurrency broker that is centered around convenience. BitDegree aims to uncover, simplify & share Web3 & cryptocurrency education with the masses. 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. If you’re looking for a platform where you can trade and sell more coins, you should check out Binance. The only issue is that Coinmama offers relatively high fees when purchasing coins with fiat money. The customer support is very helpful and replies quicly, the FAQs have many solutions to common issues people experience on the platform