Coinmama Builds Credibility

Coinmama’s simple transaction flow — buying and selling directly from the company — lends itself to the site’s simple design. Users select how much they want to buy, either by U.S. dollar amount or amount of bitcoins. The site sells fractional shares of bitcoin, so you can make purchases for as low as $30 worth of bitcoin based on its current spot trading price. Coinmama is a crypto exchange but does not offer trading options. You cannot trade crypto for crypto, like exchange your Bitcoin for Ethereum directly.

• To trade cryptocurrency, Coinmama charges a rate that’s based on the market rate of TradeBlock’s XBX Index plus 2%.
• You go there and you have to go through a long checklist…What do you do if your problem is not listed?
• Instead, all user coins are immediately sent to their own addresses .
• You can protect your account with a strong password on the user side of things, but there is no option to add two-factor authentication .
• This is perhaps the most sought-after benefit that people look for.
• Coinmama is a crypto exchange where you can buy bitcoin and other coins instantly.

For SEPA transfers and SWIFT transfers higher than $1,000 USD, there’s no additional fee. These are rolling limits, which means they apply to any 30-day period, not a calendar month. The factors considered, and how those factors are weighted, change depending upon the category of providers reviewed. Investing in cryptocurrencies like bitcoin is highly speculative and known for its volatility. It’s wise to never invest any more than you can afford to lose.

Best Crypto Debit

Overall, CoinMama is a secure and fast way to buy crypto. Their rates are the highest in the market, no matter if you’re using a bank card or a bank transfer. On the plus side, you can have your coins in your wallet in a matter of minutes.

One of the reasons users prefer it is because they continuously add cryptocurrencies and alternate payment methods. You can purchase a range of cryptocurrencies with a bank account, credit card, or debit card at Coinmama. Fees for buy transactions can range from 2.38% to 3.83%, while sell transaction fees generally range from 0.91% to 1.87%. Coinmama accepts payment in any fiat currency, but your bank might charge an exchange fee if you pay with something else. You can pay with credit card, debit card, Apple Pay, or bank transfer. (American Express, Discover, PayPal, and ACH transfer aren’t supported.) Purchases land in your wallet within an hour. Coinmama is an Israel-based non-custodial broker and cryptocurrency exchange that offers users a platform to buy and sell cryptocurrency via multiple payment options.

What I Don’t Like About Coinmama

Coinmama provides you with articles to read in order to become acquainted. Users can either purchase cryptos by way of packages from the “Buy” page or purchase specific amounts. Strong emphasis on security as a crypto platform falling under the purview of FINCEN. Coinmama is the property of New Bit Ventures Ltd, which is a regulated Money Services Business licensed by FINCEN and IMPA. Simply register and direct referrals to the Coinmama site with your customized referral link. This can be located under the “Marketing Tools” tab in your Coinmama account. At The College Investor, we want to help you navigate your finances.

It only takes 30 minutes to few hours to verify the user’s documents. This is the fastest and quickest KYC verification that anyone would ever get from any other platform. It delivers cryptos to the user’s crypto wallet instantly. A wallet confirmation link will be sent to your registered email address. 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. In the Level 2 verification process, the traders need to upload a secondary ID and a valid utility bill.

Broker & Account Management Scams

You cannot trade any amount of value without providing your personal data, i,e. As soon as you confirm your receiving wallet address, your coins to arrive in minutes. CoinMama limits count all your transactions—both buy and sell—together.

Very few crypto exchanges allow traders to trade with fiat currency. Coinmama is one of them that allows traders to make payments using credit or debit cards for purchasing Bitcoin directly from the exchange’s website. Coinmama is a global cryptocurrency marketplace founded in 2013, with an aim to make it quick and easy to purchase digital currency using fiat currency. Since its establishment, it has expanded to 190 countries and served over 3 million customers worldwide. Coinmama allows you to buy crypto instantly, with the coins going directly to your personal wallet. Selling crypto is easy, even if you bought it on a different exchange, and your payment goes direct to your bank account.

My Overall Thoughts On Coinmama

If any of these cards are used, one needs to pay an extra charge of 5% above the rate that the Coinmama exchange charges. This extra cost needs to be paid irrespective of the cryptocurrency exchange used for purchasing cryptos; extra costs always accrue every time traders use fiat money . Coinmama provides a safe cryptocurrency exchange community to buy and sell Bitcoin. Coinmama never stores the payment information of any client like their account details or wallet addresses, which helps in protecting the customers’ funds or bank account details. Clients can use third-party broker wallet addresses to have full control over their Bitcoin holdings. Coinmama was one of the first cryptocurrency exchanges to offer Bitcoin by credit card. After the initial account verification, purchased coins immediately go to your digital wallet.

There are always lots of graphs, charts and statistics — making things seem complicated. Not only this, but you also have lots of different options such as market orders and kill-or-fill orders. Coinbase is one of the most popular Bitcoin and cryptocurrency exchanges. It has offered a reliable on-ramp for BTC since October 2012 and started adding altcoins in 2016. You can buy cryptocurrency on CoinMama with any debit or credit MasterCard or Visa card. CoinMama doesn’t accept American Express, Discover Card, or Paypal. CoinMama’s combined fees for buying crypto using a credit card are 10.9%.

Coinmama Platform Attributes

It can be used in 190 countries worldwide and has over 3 million users. If you are after a safe and quick way to buy and sell the most popular cryptocurrencies, then Coinmama is the crypto marketplace you should use. Undoubtedly, an added benefit is that users can also sell Bitcoin for fiat money.

And if you need to lock the price of a cryptocurrency until the exchange receives your payment method, Coinmama charges an additional express fee ranging from 0-5%. In addition to that fee, you’ll pay commission, credit card fees, and bank transfer fees. Each cryptocurrency exchange sets its own transaction rates. An index called TradeBlock XBX averages the rates of all known providers to track a market rate, and Coinmama sets its rate based on that average. Coinmama’s base transaction fee is based on the XBX rate plus 2%. It also charges a commission fee of up to 3.9% for buying and up to 0.9% for selling.

Get Your Favorite Coins

They offer fiat on and off ramps as well, allowing you to get new money into the market quickly. CoinMama and Bitstamp both require you to pass the KYC process before you can trade.

If such a situation ever occurs, then they will refund your full transaction amount minus any processing costs that they incur when sending your money back. 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 EU, more precisely in Slovakia while still owned and headquartered by New Bit Ventures in Israel. Yes, Coinmama is a safe and legit place to buy bitcoins and other offered coins like ETH, ADA, XRP, LTC, QTUM. When you visit Coinmama, you’ll notice that the UI is intuitive and simple, and that not one element is ambiguous or confusing.

Who Should Use Coinmama?

Details related to your credit card are never kept on the Coinmama website or its exchange servers, while their website is HTTPS certified. For this reason, among other security measures, Coinmama is safe for anyone looking to quickly buy cryptocurrencies. Changelly was known to be one of the most expensive services you could use to buy Bitcoin with a credit. However, it seems that lately they have optimized their service to offer a more competitive offer. Changelly takes a 5% on top of the existing 5% payment processor fee.

• However, level 2 and 3 verification may take up to six hours.
• The base price is calculated based on TradeBlock’s XBX index.
• A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services.
• We may earn a commission when you use one of our coupons/links to make a purchase.
• Coinmama’s easy interface and simple transaction flow may be attractive to those new to cryptocurrency trading, but its fees are pricier than many competitors.
• Coinmama allows its customers to exchange fiat currency such as dollars or euros for cryptocurrency.
• Coinmama is a cryptocurrency brokerage that makes it easy to buy and sell crypto for the fiat currency of your choice.

Next up, you’ll need to enter your identification details. Double-check that you have entered the correct information or it may delay the process! Now you will need to enter your full name, choose a strong password and enter your country of residence. In the next section of this Coinmama review, I will show you how to verify your account.

Here is a quick comparison table where you can check the key details. Coinmama technically doesn’t have deposits, as users don’t deposit to pre-fund the account.

When evaluating offers, please review the financial institution’s Terms and Conditions. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. NerdWallet’s comprehensive review process evaluates and ranks the largest U.S. cryptocurrency exchanges, along with emerging industry players, using a multifaceted and iterative approach. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgments on which ones will best meet your needs. Market rate plus up to 3.81% for users to buy; market rate plus 0.9% for users to sell.

Your crypto assets are sent directly to your person wallet once you purchase it, it is never held online in your coinmama review account. Also, you don’t need to pre-fund your account with fiat currency; when you want to buy crypto, you pay for it directly at the point of sale. The major point that brings Coinmama down is that it only supports ten cryptocurrencies . Coinmama operates differently to many other crypto exchanges, and here are the main reasons why over 3 million users choose to buy and sell crypto on their marketplace.

Besides that, Coinmama is a great option for beginners who want to learn how to buy and store crypto safely and securely. On top of the credit or debit card fees charged on the Coinmama exchange, there is also an average fee of 5.5% to 5.9% for every transaction made on the Coinmama platform. However, the exact and the minimum fee depends on the number of cryptos a trader intends to buy. Coinmama is one of the cryptocurrency brokers that accepts credit and debit cards. This is convenient as some other exchanges don’t support card payments. While no exchange is perfect, Coinmama is definitely on the positive side.

Author: Annie Nova