Ultimate Coinmama Review: is Coinmama Legit and Safe?

Unlike many of its competitors, Coinmama does not provide an online wallet for users to store their cryptocurrency on the exchange. After initial verification users will be able to purchase cryptocurrency immediately, with deliveries of orders taking place within minutes of an order being placed. Although some might be cheaper when it comes to transaction fees, they might not offer the option to use your debit or credit card.

See all Coinmama crypto assets

It’s a real shame that most cryptocurrency exchanges are not regulated by any governmental department, however, Coinmama is in fact registered with FINCEN in the U.S. No previous knowledge of trading is required to purchase cryptocurrency from Coinmama. Most cryptocurrency exchanges can be really scary when you are just starting out. 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! 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! Evan was introduced to cryptocurrency during the 2017 bull market and has been writing about it full-time since 2019.

ZERO FEES

Coinmama is not a trading platform, so a comparison of its Maker/Taker model, as we typically conduct in our tests, is not applicable. The crypto swaps tool supports 500 tokens — well beyond the 82 tokens available on the main exchange. This is unfortunate, as discovery tools are valuable for crypto beginners to explore and identify the coins that https://forex-review.net/coinmama-review/ best suit their needs.

• So, I thought I’d do a little review on it.
• Yes, Coinmama does require a valid government issued ID in order to purchase cryptocurrencies on their platform.
• Coinmama is not a trading platform, so a comparison of its Maker/Taker model, as we typically conduct in our tests, is not applicable.
• Unlike many of its competitors, Coinmama does not provide an online wallet for users to store their cryptocurrency on the exchange.

Easy Crypto Australia

During testing, I found the platform’s navigation challenging when trying to locate specific features and information. It’s very active on LinkedIn, posting around three times per week, and less active on Instagram and Twitter (X). However, it doesn’t appear that there are any major issues with response times, with most queries consistently replied within 24 hours (with longer waits expected over the weekend or public holidays). Coinmama is registered with FINCEN in the US as a money service business. However, they remain somewhat behind their competitors, with an average of 600,000 visitors per month (in comparison, Coinbase registers 34 million visits a months while Poloniex receives a whopping 44 million visitors in the same time period). The more documentation that the user provides, the more currency that they are entitled to purchase.

Coinmama Withdrawal fees

A better choice for investors who want to sell Bitcoin or any other crypto is Coinbase. It's only possible to receive a payout via a SEPA bank transfer which means Americans, Canadians and Australians cannot sell on the platform. While it is possible to sell on Coinmama the platform is not designed for sales outside of Europe. Besides the use of credit cards, Coinmama also lets traders and investors buy Bitcoin with a SEPA bank account transfer. The first thing that any Coinmama review should cover is who can actually use the platform.

Is Coinmama Safe to Trade With?

Finder US is an information service that allows you to compare different products and providers. During that time, he was also a music journalist whose writing and photography was in published in Alternative Press, Spin and other outlets. Frank has turned his hobby of studying and writing about crypto into a career with a mission of educating the world about this burgeoning sector of finance. Please click on the green ‘Go to site’ button above if you wish to be redirected to the official site of Coinmam and process your BTC purchase from there. No thanks, compare other crypto options.

How long does Coinmama verification take?

However, one of the most popular and favored exchanges is Coinmama. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. We may receive compensation from our partners for placement of their products or services.

As mentioned previously, it displays inaccurate information on fees, leading me to believe some of the content is outdated. Its content focuses on the basics of crypto, which I think is awesome to see a smaller exchange like Coinmama put effort into. However, its recent articles serve as educational content on the wider crypto industry instead of tutorials on the platform itself. Coinmama’s fees are far from competitive, as our testing revealed significant discrepancies between its advertised rates and actual charges. I was puzzled by the exceptionally high fees, far above the 3.9% commission advertised on their website.

However, you should be warned — the fees are quite expensive! All you have to do is open and verify your account, enter your card details and choose how many coins you want to buy. Instead, they normally ask you to deposit using another cryptocurrency (such as Ethereum) that you obviously can’t do if you don’t have any! So that by the end of this Coinmama review, you will be ready to go and buy some coins on your own!

Now that you have a full understanding of all the advantages and disadvantages of using Coinmama, I am now going to show you exactly how to buy your first coins! In the next section of this Coinmama review, I will show you how to verify your account. However, once this is done, you can buy up to $15,000 in coins without needing to provide any more information.

Reviews of customer service on Trustpilot are good, with many reporting helpful, prompt support. Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds. The company allows users to set up 2-factor authentication, SMS alerts and other account security measures.Insurance. There have been no security audits of the exchange.Past hacks. Coinmama is a regulated exchange that holds no user assets. This is the fee charged when you place a market buy order.

Coinmama’s £5.69 fee for a small sale of just £23.69 felt excessively high for such a small amount, a 24.06% fee! The platform provided an address to copy and a QR code for mobile convenience to facilitate the transaction. My transaction was handled through Paybis, a third-party service integrated with Coinmama, and completed within a minute. This review was conducted in the United Kingdom using the Google Chrome browser.

BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Assuming you have read this guide fully up until this point, you should now know that Coinmama is a really basic cryptocurrency broker/exchange. As soon as the payment is confirmed the coins will be instantly sent to your wallet! The easiest way to open an account is to choose and enter the amount of cryptocurrency that you want to purchase, and press Buy. 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.

• In addition, by offering transactions through Western Union, Coinmama is one of the only sites that allow customers to purchase cryptocurrency through ‘cash’ deposits.
• In my testing, I found Coinmama charged slightly more for buying crypto than selling it on all payment methods except SWIFT.
• A hardware wallet like a Ledger or Trezor is always a great choice.
• The exact fee will depend on the number of coins you want to buy, and this seems to change without notice.
• First, it allows Coinmama to make a higher profit on each purchase.
• To complete my tests, I decided to sell some of the crypto I had just purchased.

The verification process is quite simple as you only need to confirm your personal details and then upload some form of ID. Coinmama allows you to buy only 10 coins, including Bitcoin (BTC) and Ethereum (ETH). This can become really expensive if you’re purchasing cryptocurrencies in large amounts or on a regular basis. So, now that I’ve listed some of the advantages, let’s take a look at some of the disadvantages in this Coinmama review. This shows that the exchange is very reliable and that any fraudulent activities on their site will be investigated accordingly. A huge plus for this positive Coinmama review.

Instant purchases incur a separate fee. Coinmama uses a maker taker fee structure for spot market trading. Purchase crypto assets and have them sent directly to your wallet with Coinmama. If you already have crypto and you want to trade it you might want to consider another exchange like Binance, Coinbase or Kraken. Do you know anyone who might be interested in buying some crypto?

Fortunately, Coinmama make the buying process really simple. Another point to the Coinmama review pros list. This is a much safer option for you as third-party wallets are known for being hacked.