Coinmama Review 2023 Key Pros & Cons Revealed

Coinmama Review

Buying financial products such as Bitcoin or other leading cryptocurrencies becomes easier if you have a registered Coinmama account. Coinmama is the perfect platform for first-time Bitcoin buyers with its experience in the cryptocurrency space. However, seasoned buyers can switch to other platforms anytime they wish. The reason why we have chosen to add this special feature is due to the fact that you don’t even have a cryptocurrency wallet on Coinmama. Deposit fiat currency and have the bought coins deposited into your own wallet.

Coinmama offers its services worldwide with the exception of sanctioned countries and several US states. Certain countries are also served by a third party, rather Coinmama Review than directly by Coinmama themselves. While Coinmama has never actually been affected by a hack that led to a loss of cryptocurrency, they have been hacked.

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Coinmama says that verification can take from a few minutes to up to 30 minutes. The editorial team of Trading Browser is required to use first-hand sources to collect and share information regarding the businesses we promote. Among these sources, you will find LinkedIn profiles, Trustpilot reviews, Sitejabber ratings, whitepapers, government reports, and other reputable sources. Below is a shared list of the article sources used for this review.

Coinmama Review

With a focus on fast and secure transactions, Coinmama makes it easy for users to buy, sell, and store their digital assets. Coinmama is a non-custodial cryptocurrency exchange that offers multiple payment options, high spending limits, and instant coin delivery. Coinmama provides brokerage services to buy digital assets and other leading cryptocurrencies.

How long does it take Coinmama to verify?

Coinmama offers a user-friendly platform designed to help customers buy Bitcoin and have it sent directly to their wallet address. The exchange is one of the most popular for direct purchases of select cryptocurrencies. Coinmama has one of the best reputations in the cryptocurrency exchange market.

  • As a result, Coinmama comes out on the more expensive end of fiat-to-crypto gateways in the market.
  • If you’re ok with buying and selling coins directly from Coinmama, it offers a lot of benefits.
  • To begin doing this, you will need to sign up for an account and once it is verified, you get to log in and choose the coins you want to buy.
  • The next step is to decide the amount the trader wants to spend purchasing his select coins.
  • The College Investor is an independent, advertising-supported financial media publisher, focusing on news, product reviews, and comparisons.

Coinmama offers a simple crypto trading solution for some of the most popular coins and tokens in the world. The broker boasts an excellent set of educational features and market analysis functionality, including detailed crypto statistics and even AI-powered price predictions. Moreover, fast transaction speeds, an integrated wallet application and a range of wide payment methods bring it further ahead of the competition. However, the firm is held back by a limited 18-strong list of coins, as well as quite significant trading fees. Coinmama was one of the first cryptocurrency exchanges to offer Bitcoin by credit card.

How To Open A Coinmama Account

One of the things we loved most about Coinmama is that it accepts payment in any official sanction currency. However, you want to keep in mind that your bank is likely to charge an exchange fee if you decide to pay with something else. Coinmama fees are higher than Coinbase, which is another very reputable exchange. Keep in mind that you’ll need to at least cover the fee cost to break even when selling your cryptocurrencies. Everyone who opens a new account with Coinmama starts as a Level 1 user.

  • Coinmama offers support via email only; however, the site’s FAQ and service desk support documents are reasonably comprehensive and easy to understand.
  • When it comes to cryptocurrency exchanges there are several different types.
  • The exchange hosts a blog that offers educational resources to those looking to get started with cryptocurrency investing.
  • The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
  • The company focuses on customer experience and customer service so that transactions are super quick (user verification takes around 30 minutes).
  • Since Coinmama is actually selling coins instead rather than acting as a middle man, it can offer faster transactions.

Consult with a qualified professional before making any financial decisions. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies, nor can the accuracy or timeliness of the information be guaranteed. From my own experience I can say that verification with Coinmama was relatively easy, and yes, they require a lot of information. However these are just standard Know Your Customer (KYC) and Anti Money Laundering (AML) policies that most legit exchanges must adhere to.

How To Open A Coinmama Wallet

This is a more secure option compared to third-party wallets that are susceptible to hacking. All transactions will be processed by New Bit Ventures and Coinmama will use a  3D Secure authentication for credit card transactions. Besides, it will not store any of your card details in its system.

Coinmama Review

Still, crypto traders looking for the convenience of a dedicated mobile app might prefer another crypto app. The site is fully mobile-friendly and easy-to-use, so buying and selling will be just as easy on a phone or tablet. Finder monitors and updates our site to ensure that what we’re sharing is clear, honest and current. Our information is based on independent research and may differ from what you see from a financial institution or service provider. When comparing offers or services, verify relevant information with the institution or provider’s site.

When you place a buy order, you need to provide a wallet address to receive the cryptocurrency. Since cryptocurrency transactions are irreversible, it’s very important to provide the correct address for your order. To get started with Coinmama, register for an account on the platform’s website. It’s then just a matter of choosing which cryptocurrency you’d like to buy, completing payment and confirming your wallet address. Coinmama has limits based on cash purchase, credit card purchase and verification status. There is a daily limit of 5,000 USD/EUR per day, whether paying with cash by Western Union transfer or credit card.

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