Cryptocurrency exchange

Coinmama Review: Is it a Safe Crypto Exchange?

Coinmama Review

It’s tricky to find details of fees on the Coinmama website, but it is information quickly revealed from Coinmama documentation with a quick Google search. After completing the payment information, enter your wallet address then click ‘Complete Payment’. Multiple crypto wallets are available, so research online if you don’t wish to use the above options or check the best crypto hardware wallets of 2024. Below is a quick overview of the Coinmama cryptocurrency exchange. The site is fully mobile-friendly and easy-to-use, so buying and selling will be just as easy on a phone or tablet.

  • If you just want to buy and sell Bitcoin (BTC), Ethereum (ETH), or a few other cryptos, Coinmama is a suitable option.
  • Coinmama also has higher fees, but you can also take advantage of reduced rates with its loyalty program.
  • They describe the platform as the “friendliest exchange in the world”, and the team page only lists first names, which is a nice touch.
  • Another way to get around the fees is through the loyalty program discussed above.
  • Your crypto wallet will then be funded with the cryptos that you have purchased.

As Coinmama is an MSB (Money Services Business), you must provide the details as asked for KYC reasons. Providing your email address, full name, address, and other relevant information helps to protect your account. It’s a good idea to create a strong password and then submit your application. While some customers have complained about this verification process, it is an important part of Coinmama’s broader commitment to security.

Coinmama vs. Bitstamp

All content on CaptainAltcoin is provided solely for informational purposes. It is not an offer to buy or sell any security, product, service or investment. Coinmama is a crypto exchange where you can buy bitcoin and other coins instantly. Coinmama was started in 2013 as a startup in Israel and has since expanded and served over 2m customers in over 180 countries with over 30 employees. Today, the company is registered in the EU, more precisely, in Slovakia, while still owned and headquartered by New Bit Ventures in Israel. However, overall, the service is available in the widest range of countries.

  • The fees for Credit Card Purchases are a mere 5% and is instant.
  • Offering a wide broad range of cryptos, Coinmama fills a much-needed void, by supporting the purchase of cryptos with fiat money.
  • Millions of clients from over 180 countries have signed up to the firm.
  • There was a problem retrieving transaction data on the Coinmama platform.
  • Coinmama provides you with articles to read in order to become acquainted.

Coinmama also has higher fees, but you can also take advantage of reduced rates with its loyalty program. Keep reading to see how it stacks up against other crypto exchanges. The orders are executed as soon as Coinmama receives your payment, which depends on your chosen payment method. Buy orders placed Coinmama Review with a SWIFT bank transfer must be worth at least USD 1,000, and any amounts below incur a fixed USD 20 fee. This fee doesn’t apply to SEPA and SWIFT Faster Payment (the UK only) transfers. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.

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Coinmama is a non-custodial platform, which means that it does not hold user coins on its platform, and hence is more secure than most centralized custodial exchanges. It hasn’t experienced any major hacks of coins yet, though, it had experienced a serious customer data breach in early 2019 when it lost information of approximately 450,000 accounts. The theft was a part of a bigger attack that affected twenty other websites, and luckily, no client credit card information was stolen. It is a non-custodial broker, meaning that it does not provide digital wallet services. This is beneficial for you as a user because they will directly send you your cryptocurrency to your personal cryptocurrency wallet. On the other hand, you won’t be able to complete your purchase without having a cryptocurrency wallet first.

Coinmama Review

Coinmama also supports the purchase of cryptos in Aussie Dollars, Canadian Dollars, EUROs, Great British Pound, and Japanese Yen. There are no withdrawal fees when purchasing cryptos on the Coinmama platform. All cryptos are immediately transferred to the purchaser’s specified wallet upon purchase. With a background in professional poker, George became interested in cryptocurrency after looking for potentially lucrative investment opportunities.

Beginner’s Guide to Coinmama: Complete Review

That’s why I make it a habit to actually read through the reviews and see what people are complaining about. Coinmama supplies a brokerage service for Bitcoin and other cryptocurrencies. This means that the company sells you the coins directly, as opposed to a trading platform where you buy the coins from other people. Because the issue that I had with an order that I made wrong and then I cancelled was solved promptly today. Because I got the possibility to receive the bitcoins or to receive the funds back. According to my wish after receiving these informations I got within approximately 20minutes my bitcoins ordered on my wallet.

Coinmama Review

However, despite that, we suffer from poor exchange volumes, latency, and unreliable services to quench the thirst of crypto-investors. Moreover, we also struggle to buy popular cryptos like BTC & ETH, which is not a pretty experience. Coinmama allows customers to use a variety of fiat currencies (legal, government-sanctioned money), including U.S. dollars, euros, British pounds, Canadian dollars and Australian dollars. This review covers whether Coinmama is a safe and reliable crypto exchange. Since Coinmama offers complete control over your purchases, this may be the perfect platform to start building your crypto supply or to add to what you have.