Furthermore, as a direct purchasing platform, there are no additional trading pairs available and therefore can only spot trade. Hedge with Crypto aims to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website.
Alternatively, you can reach and maintain this level if you purchase a total of $50,000 worth of crypto. Coinmama lets you sell your Bitcoin on the platform as long as you have a SEPA bank account. You will need to get a separate wallet, such as Trezor or Ledger, before purchasing cryptocurrency from Coinmama. The following Coinmama review will analyse the most important aspects and provide you with a well rounded, detailed overview of the exchange and its services.
For more information on our company policies, read the Affiliate Disclosure, Privacy Policy, and Terms & Conditions. CaptainAltcoin.com does not offer any sort of financial or investment advice. Please make sure to do your own research, make educated financial decisions and consult your Financial Advisor. Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.
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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. This shows that the exchange is very reliable and that any fraudulent activities on their site will be investigated accordingly. If you have a problem with your account and need some help from the Coinmama team then you have a few support options to choose from. The best way to contact them is through live chat though, however, this is only available during business hours, which I have listed below. It asks for details like your address and ID proof (passport or driver’s license) and lets you switch to your phone for a photo if needed. It also includes a preference check that takes several face photos.
- I was puzzled by the exceptionally high fees, far above the 3.9% commission advertised on their website.
- But unfortunately, the reverse of those funds to my credit card are still in Pending Authorization.
- After 5 minutes, the page updated, letting me know the transaction was complete.
- Another bonus is the low minimum order value of only $30.00.
Providing photos of your ID is as easy as holding it up to your webcam and taking a photo. Please note that an exchange broker and an exchange marketplace are not the same! An exchange broker, like Coinmama, sells crypto directly to you for fiat money. While an exchange marketplace, such as Binance, will match up independent buyers and sellers. Your coins are kept in an external wallet, not in your Coinmama account, so the need for mobile monitoring features isn’t that high here.
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The exchange supports several fiat currencies, including EUR and USD. Apart from the fees charged to buy, there are additional fees depending on the deposit method you use. However credit or debit cards, Apple Pay and Google Pay all have a 5% fee. You have a choice of various deposit methods to buy cryptocurrency.
The process was easy and seamless.
Finder US is an information service that allows you to compare different products and providers. We do not recommend specific products or providers, however may receive a commission from the providers we promote and feature. A maker fee is the fee charged when you propose an order for other traders to take. In other words, this fee is charged when you place a limit order to sell an asset, but that order is not filled immediately. Transactions fees on the platform are high, so unless you have a specific reason to use Coinmama, you may be better off using an exchange with lower fees. Coinmama has a loyalty program with three levels, starting with the “Crypto Curious” with zero discounts.
How to sell on Coinmama
It’s a good idea to create a strong password and then submit your application. The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency.
It is owned by NBV International (the daughter company of New Bit Ventures Ltd). Even though Coinmama exchange is not officially registered with any legislative board, New Bit Ventures has been registered as an MSB (Money Service Business) with FinCEN. It accepts members from almost all countries in the world. The trading interface of Coinmama is extremely simple to use, making it ideal for novice traders and those looking to buy Bitcoin and other cryptocurrencies quickly. Especially for clients who would like your data to be safe. However, it is good to note Coinmama have beefed up their security since the incident.
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The platform is a non-custodial crypto broker, so your crypto purchases are always sent to your secure crypto wallet and not held on the exchange. The Coinmama exchange doesn’t store users’ personal information, such as credit card details or the supporting documents on their servers. Since the exchange doesn’t store the coins, users must take extra precautions, such as ensuring that they provide a valid wallet address to receive their cryptocurrencies. Unlike most cryptocurrency exchanges, Coinmama is designed like an instant crypto swap service rather than a trading platform.
- Coinmama offers a comprehensive 24/7 help center as well as email support.
- Instead, Coin mama is a buying platform which enables traders and investors to purchase cryptocurrencies like Bitcoin and Ethereum.
- The site is simple, fast, and there are no obstacles aside from the verification requirements at various purchase volumes.
- To buy crypto, select the coin you want, enter your wallet address, and pay using your preferred method.
- Even though Coinmama exchange is not officially registered with any legislative board, New Bit Ventures has been registered as an MSB (Money Service Business) with FinCEN.
- Not all cryptocurrency platforms support credit cards or the use of a debit card but Coinmama does.
This is a much safer option for you as third-party wallets are known for being hacked. Coinmama’s crypto search feature is quite basic, consisting only of a simple search bar. Unlike platforms such as YouHodler or Gemini, which provide categorized listings of popular or different types of cryptocurrencies, Coinmama lacks this functionality. This is unfortunate, as discovery tools are valuable for crypto beginners to explore and identify the coins that best suit their needs. Unlike other exchanges, cashing out requires manually sending crypto to an address provided by Coinmama, and then receiving funds into your bank account. Coinmama, founded in 2013, is a Canada-based cryptocurrency exchange and the consumer-focused arm of Wellfield Technologies, which acquired the company on May 27, 2022.
There have been no security audits performed on Coinmama. 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. Once your wallet address and payment are confirmed, you should receive your coins in minutes. However, it depends on how fast the payment is processed. The Coinmama website would benefit from adding more details, such as transaction fees.
Typically, support tickets are responded to in 24 hours. You will find a comprehensive FAQ section on their website as well. In this Coinmama review, we will coinmama exchange review explore security further in the sections below.
However, the platform’s lack of features and high fees could cause issues for some. In conclusion of this Coinmama review we can say that this is a reputable company, so the short answer is yes, Coinmama is legit and safe to buy crypto on it. The only downfall is its high fees, which unfortunately can’t be avoided when using a credit card at the moment.
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.
Initial loyalty level 1 verification on Coinmama usually takes 10 minutes. After this verification, you will have your bought bitcoins delivered instantly. However, level 2 and 3 verification may take up to six hours.