By June 2022, the platform was available in 188 countries worldwide. The organization styles itself as a disruptor of the traditional financial order and a facilitator of crypto success stories. As such, the company strongly advocates for decentralized finance.
Coinmama displays easy options along with exchange rates listed in your local currency. This is the most common frequently asked question we always hear. Coinmama takes different amounts of time to verify the account.
How many hours does it take to verify Coinmama?
Initial verification on Coinmama usually takes 10 minutes. After initial verification, all purchases will have bitcoins delivered instantly. However, level 2 and 3 verification may take up to six hours.
Coinmama fees are higher than some of its competitors, but it is a prevailing rate in the crypto ATM industry. Coinmama is essentially an online crypto ATM that enables you to deposit crypto into a third-party wallet rather than deposit cash to you. The website updates every minute to give you an accurate quote of exactly how much of your chosen cryptocurrency costs. Coinmama’s team has placed emphasis on customer support throughout the platform, which will be touched on later in this review. As one of the world’s largest Bitcoin brokers, Coinbase has built itself quite the reputation within the cryptocurrency market. It’s available in most countries worldwide, including the US & UK.
Coinmama Review: Easy to Use, High Fees
One of the oldest and most reputable exchanges for instant Bitcoin purchases using a credit/debit card and its beginner-friendliness is Coinmama. Best known for their simple to use interface and variety of payment methods, Coinmama is well-suited for individuals that want to purchase crypto without any hassles. Coinmama is a simple, centralized cryptocurrency exchange that offers an easy way to buy select crypto, but with high fees. Coinmama does not take custody of user assets, but instead, it requires that users connect a third-party digital wallet to obtain instant custody of their holdings.
The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. For example, it doesn’t offer crypto-to-crypto trades, so you couldn’t swap one cryptocurrency for another. It also doesn’t have any way to earn interest on your cryptocurrency. Several exchanges offer either crypto lending or crypto staking programs, two popular ways to grow your holdings. The only things you can do on Coinmama are buy certain types of cryptocurrency and sell one of them .
Crypto Curious – The base level featuring the standard rates and charges. The above limits are independent of the membership levels and will remain constant whether you are on Level 1, 2 or 3. Fill in all the fields on the payment form and click the ‘Pay Now’ button. Within a few minutes, you should receive a confirmation email.
How Much Are Coinmama Fees And Commissions?
Instead, all the transactions use digital currency from the inventory. It means you are unlikely to come across issues while buying Bitcoin or something else. You are essentially buying and selling any crypto to Coinmama, who charges or pays money.
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. Here is a list of our partners and here’s how we make money. Coinmama users can log in to their online portal or use the Coinmama app, which is available for Android.
If you sell bitcoin to the exchange, Coinmama will put what you receive in your bank account as fiat currency. Coinmama is a non-custodial cryptocurrency broker from Israel that is incorporated in Europe, Slovakia. Founded in 2013, it has become a fast, safe, and convenient cryptocurrency gateway for digital currency enthusiasts all over the world, including the United States. In fact, the exchange boasts of having over 2.4 million users across 188 countries.
Digital tokens can be bought instantly using a credit/debit card or SEPA bank transfer. The exchange supports several fiat currencies, including EUR and USD. Coinmama exchange is a brokerage service which allows users to buy Bitcoins and other altcoins instantly using a credit/debit card. The price listed on the exchange is based on the XBX Index. An XBX index is a real-time representation of Bitcoin’s equivalent in USD, which is calculated by an algorithm based on observable trading activity on leading Bitcoin exchanges.
Supported Payment Methods
Having already completed a degree in history, he has completed an editing certificate. Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Verification for this level requires a secondary form of ID. Basically, a utility bill for electricity, water, bank or credit card statement.
As you can see, Coinmama offers some of the best trading volumes if you can do the proper ID and selfie authentication. On the bright side, verifying your ID on Coinmama does not take more than a few minutes. However, in some cases, you may have to wait for up to a few hours. By the way, if you need Level 3 verification, you can finish that in just 6 hours. You just have to submit all valid government documents such as a driver’s license, as per the KYC policy of Coinmama.
Undoubtedly, an added benefit is that users can also sell Bitcoin for fiat money. Send the Bitcoins that you wish to sell to the Bitcoin wallet address provided. There are no withdrawal fees when purchasing cryptos on the Coinmama platform. Payment methods for the purchase of cryptos include Faster Payments, Fedwire, Sofot, SEPA, SWIFT, and Apple Pay.
Users can select a set amount of fiat to spend or choose a custom amount. Keep updated with our round the clock and in-depth cryptocurrency news. Here, you will fill in a provided form which you can get by contacting the Coinmama support team. The exchange pays out the commissions once every month nord fx review after you hit $100 from the time of the last payout. There are plenty of articles available via the help center to assist users in navigating and understanding the processes. In order to contact customer support, click the “Help” icon that is located at the bottom right of your Coinmama page.
Is there an alternative to Coinmama?
The platform typically pays sellers within a few business days. Unfortunately, the platform doesn’t support American Express, Discover, PayPal, and ACH transfers. Prospective VIP members undergo an advanced Know Your Customer verification process before they are cleared to trade. The company constantly expands its offerings based on safety, business prospects, and demand. Once you upload your documents, the platform will take approximately 15 minutes to authenticate them. If everything checks out, you will be approved to start trading crypto on the site.
Click on the link and confirm your wallet address after which you will be sent your purchased BTC into that wallet address. You will be able to track the status of the purchase under the “My Account” tab on the exchange’s website. Coinmama offers its brokerage services worldwide in over 188 countries except for some sanctioned countries and several US states. In the Level 2 verification process, the traders need to upload a secondary ID and a valid utility bill. From my own experience I can say that verification with Coinmama was relatively easy, and yes, they require a lot of information.
These exorbitant fees are visible when you use payment methods like a credit card. The Coinmama web platform sells ETH and BTC to registered users, allowing them to pay with Visa or MasterCard or through a 3rd party service . There are 4 verification levels with different lifetime purchase limits. The platform doesn’t offer an API or mobile app, but they plan to add other features, such as allowing users to sell cryptos and supporting more coins. Coinmama is best for those wanting to buy cryptocurrencies via credit card, but who are willing to pay a 5.5% exchange fee on top of 5% payment processing fee. The platform also provides a cash payment option via Western Union.
Rather than a credit card, that’s even better since you’ll save 5% in total fees. As soon as your payment clears, Coinmama sends you your coins. This is an important feature to consider, since sometimes a day or two can mean large price fluctuations. To protect both parties from this, Coinmama “locks” the Bitcoin price for you as soon as you submit your order.
Coinmama does not keep financial information saved in its database. Any stored information is fully encrypted and kept on secure services. The orders are executed as soon as Coinmama receives your payment, which depends on your chosen payment method. All in all, Coinmama is a trustworthy and secure crypto broker.
These markups can cost traders a large portion of their investment, and it is advised to shop around other crypto exchanges to find a better price. Coinmama is a crypto marketplace that is limited in its range of coins, with only 15 different cryptocurrencies available. It is also lacking in features, and doesn’t even have price charts for the coins you are looking to purchase. However, Coinmama isn’t aiming to be a feature-packed exchange with a wide array of cryptocurrencies.
This particularly important in the volatile world of crypto. Earn 15% of Coinmama’s commission on all referral purchases included all their future purchases. Get the latest news and best offers from the crypto community by joining our newsletter. Regarding the delay with your first order, we like to make additional efforts to ensure our new customers are transacting in a safe fashion, so this took a bit longer than normal. Unfortaunely, sometimes delays can happen, but we really appreciate that you trusted us to do the right thing and work until your order was processed properly. Please be extremely careful when transacting online or giving out personal information.
Coinmama is supported in 188+ countries, while Kraken was available in 176+ countries as of June 2022. Binance also supported more fiat currencies compared to Coinmama’s five. During the specified period, Coinmama paxforex supported five fiat currencies compared to Coinbase, which allowed three. Coinbase employs a tiered system where fees range between $0.99 for trades of $10 or less and $2.99 for transactions worth $50 – $200.
Pros And Cons Of Using Coinmama
Coinmama provides a very simple to use platform supporting the purchase of cryptos. Orders placed by bank transfers do not incur a momentum fee and carry no additional fees. It is important to note that Coinmama does provide exchange crypto wallets to house purchased cryptos. Options available include Faster Payments, Fedwire, SEPA, Sofot, and Swift bank transfers and Apple Pay.
There is no other reason in which denial could be reached. Everything was done in a legitimate way, legal identification processes complied with. Purchased over US$ 100k in crypto over the period of one year via Coinmama. I am a fortune 100 retired top level executive with an unblemished credit, tax and legal record. Earned my wealth through decades of hard work as a top finance executive and have every single pay stub and bank account to prove it.
Can you get scammed on Coinmama?
Regarding cryptocurrency transactions, it's important to never give anyone that you do not fully trust access to your wallet's private key. Unfortunately, scammers and other individuals who don't have your best interests at heart are always evolving their tactics, and you should stay informed and keep updated.
After submitting your details for verification, we’ll then quickly go over it and make sure everything looks good. Fees here start at 2.90% but vary substantially based on your payment method and certain other circumstances. For instance, buying crypto via SEPA-transfer is cheaper than buying crypto via credit card. If you buy crypto via SEPA-transfer at Coinmama, your total fee is normally 5.5%. Changelly used to be known to be one of the most expensive services you could use to buy Bitcoin with a credit card.
Get your favorite coins
Actually glad it happened because it brought me here upon searching as to why.. And i read several reviews of people getting their credit card info stolen and money taken out of their account. It is important to note that the price will be locked only when the exchange receives your money and not at the time of placing the order. We will provide additional details regarding purchase fees later on in this Coinmama review.
It charges 2.3% more than the market rate and has commissions of up to 3.9% on purchases and 0.9% on sales. There’s also a 4.99% fee for payments made by credit card, debit card, Apple Pay, or Google Pay. To trade cryptocurrency, Coinmama charges a rate that’s based on the market rate of TradeBlock’s fxtm broker XBX Index plus 2%. In addition, there is a commission fee of up to 3.81% on crypto purchases and up to 0.9% to sell bitcoin. Both Coinmama and BlockFi are cryptocurrency exchanges allowing customers to buy and sell digital assets; however, there are some notable differences between the two platforms.