Coinmama Review 2023: Pros & Cons Of The Safe Exchange

Once you confirm the transaction, Coinmama will instantly send coins to your account. FinanceBuzz is an informational website that provides tips, advice, and recommendations to help you make financial decisions. We strive to provide up-to-date information, but make no warranties regarding the accuracy of our information. Ultimately, you are responsible for your financial decisions.

coinmama review

Rather than earning money with Coinmama, you are buying cryptocurrencies from the exchange and hoping that they increase in value. Keep in mind that cryptocurrencies are a new asset class and price swings are common. When investing money, it’s important to understand the purpose of an asset in your portfolio.

Free Bitcoin Crash Course

There’s another 5% fee if you use a credit or debit card. Finally, if you use a SWIFT bank transfer, you will pay a fee of 20 GBP if your order isn’t worth at least $1,000. Coinmama is a reputable platform for buying and selling cryptocurrency coinmama review that’s been in operation since 2013. To ensure the security of its customers, Coinmama does not store your credit or debit card details in its system. Those in the Curious tier will pay a 3.9% fee per buy or sell transaction.

Coinmama seeks to make buying and selling coins as easy and accessible as possible. It provides a secure platform to buy and sell crypto and rewards frequent traders with generous discounts on commissions and other fees. Coinmama accepts multiple modes of payment, which makes processing easier and faster. Paying through bank transfers, credit cards, wire transfers, Apple Pay, or Google Pay helps clients to receive their coins within minutes. Coinmama is an exchange that was founded in 2013 in Israel.

It is a cryptocurrency brokerage service company providing money services business to clients that is secure in all aspects. It allows buyers to directly make crypto purchases from the exchange itself rather than buying crypto from other traders trading on the platform. Coinmama is available to users in 188 countries and 48 U.S. states, excluding Hawaii and New York. It gives customers the option to purchase crypto using credit cards, debit cards, bank transfers, Apple Pay, and Google Pay. Coinmama is an Israel-based non-custodial broker and cryptocurrency exchange that offers users a platform to buy and sell cryptocurrency via multiple payment options.

Can Coinmama be trusted?

Yes, Coinmama is a legitimate and trustworthy cryptocurrency broker that has been established since 2013.

Coinmama accepts credit and debit cards issued by Visa or Mastercard. The company has also started accepting payments by bank transfer with 0% processing fees. It has also recently collaborated with Apple Pay & Google Pay, and now Coinmama supports multiple payment options via those gateways. Prices are denominated in EUR, AUD, USD, GBP, CAD, or JPY.

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You can only buy crypto and have it sent directly to the wallet address you provide. You can sell Bitcoin and have the cash sent to your SEPA bank account. But as noted, Coinmama does not store its customers’ credit card information, and the hackers were only able to obtain email addresses. The data breach was a serious reminder that malicious actors would continue their criminal endeavours, and having Coinmama already resist the theft of funds is very encouraging.

Does Coinmama require ID?

Upload your documents: we require you to submit a photo of your government-issued ID, in addition to a selfie of you holding this ID and a handwritten note with 'Coinmama' and today's date.

Bitstamp’s brokerage service is almost identical to Coinmama’s, with about a 0.5% fee difference between the services. Bitstamp is one of the oldest and most respected exchanges out there, so it’s a solid alternative for Coinmama. Also, just like Coinmama, the exchange supports a wide variety of countries worldwide.

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To do this, many or all of the products featured here may be from our partners. Any investing information provided on this page is for educational purposes only. The College Investor does not offer investment advisor or brokerage services, nor does it recommend buying or selling particular stocks, securities, or other investments. During the purchase process, Coinmama sends cryptocurrency to the provided wallet address. The safety of the cryptocurrency is ultimately the users’ responsibility, as orders go to the user’s wallet. Coinmama is one such emerging crypto exchange that has been serving millions of clients from 188 countries worldwide.

What are Coinmama fees?

The fees combined of XBX + 2% (standard deviation) & commission fee between 0.9%-3.90% (up to 0.9% on sell transactions & 3.90% on buy transactions), which depends on loyalty level also. Total fees stand approximately at 5.9%, which goes down the more you buy. Also, when it comes to OTC exchanges, these prices are not far from competitive, and other OTCs are even more expensive when using credit cards but have hidden additional fees.

However, traders can also use wire transfers like SEPA, SWIFT, Sofort, Fedwire, FasterPayments, etc., instead of a credit card; with this, they can save 5% in total fees.

It offers a secure crypto wallet, a crypto exchange and personalized services for large investors. Coinmama is primarily a cryptocurrency exchange platform, but it also offers a few other services to its customers. Coinmama offers a user-friendly platform designed to help customers buy Bitcoin and have it sent directly to their wallet address.

Coinmama Loyalty program

While there are no monthly membership fees or other regular surcharges, Coinmama does have a kind of complicated fee structure that applies to each transaction. As per our review of Coinmama, it takes a minimum of 30 minutes to a maximum of 1 hour to complete the process. Once Coinmama successfully completes identity verification, Coinmama immediately credits the crypto coins to the trader’s crypto wallet. This immensely helps the traders in times of fluctuations that may lead to spending on buying Bitcoin that the trader had expected. Trading your preferred cryptos on Coinmama is as simple as that.

coinmama review

However, BBB ratings don’t ensure a company will be reliable or perform well. This is why it’s also important to do your own due diligence before making a final decision on an investment app. The BBB ranks companies from A+ to F, considering factors like customer complaint history, time in business, type of business, government actions, and more. Personal Finance Insider evaluates company trustworthiness by researching each investment platform’s Better Business Bureau profile. There are plenty of articles available via the help center to assist users in navigating and understanding the processes.

If you’re looking for a reliable exchange to buy cryptocurrency, consider purchasing through Coinmama. If you have any issues setting up your account, the Coinmama support team can help you through the process. Opting for the Coinmama affiliate program allows you to earn a commission of 15% off the fees each of your referrals pays on Coinmama for their for the duration they use the platform. Coinmama does not accept PayPal, American Express or Discover payment methods and if they start doing so they will be the favorites to buy BTC/ETH quickly. Launching iOS and Android apps can help Coinmama as well as crypto investors in over 200 countries.

I’m very happy to hear that you enjoyed your Coinmama experience. We aim to get your coins to you as fast and efficiently as possible. Not only was my account promptly taken care of but the follow up was instant with very caring staff.

Coinmama is a straightforward exchange where you can buy several cryptocurrencies and sell Bitcoin. Accepted payment methods include credit and debit cards, Apple Pay, Google Pay, and ACH transfers. U.S. users have two payment options, both of which have limitations. Trades funded by SWIFT bank transfer don’t have a fee, but there is a $250 minimum. The platform allows users to purchase crypto with fiat money.

  • This may impact how, where and which products / companies / services we review and write about.
  • This means that you can purchase crypto from Coinmama via ApplePay.
  • Very accessible due to fiat payments, not many exchanges offer this option…
  • Selling crypto is easy, even if you bought it on a different exchange, and your payment goes direct to your bank account.
  • You’re looking for a quick, easy place to buy crypto and don’t mind paying high fees.
  • This review of Coinmama contains everything you should know about the exchange, including how it compares to its peers in the industry.

If you’ve had your own experience with Coinmama, I’d love to hear about it in the comment section below. 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 was one of the first cryptocurrency exchanges to offer Bitcoin by credit card. After the initial account verification, purchased coins immediately go to your digital wallet. Note that you’ll need to already have a digital wallet that you use since Coinmama is not a wallet provider and doesn’t hold coins for you.

Coinmama Features

Coinmama supports the purchasing of cryptos and the sale of Bitcoin. While you wait, we recommend that you familiarise yourself with the platform. Coinmama provides you with articles to read in order to become acquainted. You are then required to upload your identification as well as additional photos in order to complete the KYC process. When you have your ID, mobile phone, and pen and paper ready, click “Let’s Go”.

coinmama review

Very few cryptocurrency exchanges allow traders to trade with fiat currency. Coinmama is one of them that allows traders to make payments using credit or debit cards for purchasing Bitcoin directly from the exchange’s website. Coinmama allows users to buy cryptocurrency instantly, for convenience and to save time. Coinmama cuts down this process, with your payment made directly at the time of purchasing, and the crypto sent directly to your personal hot or cold wallet.

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