Coinmama Crypto Exchange Review: Pros, Cons, and Who Should Set up an Account

Coinmama Review

Coinmama has many payment methods for crypto purchases, such as Google Pay, Apple Pay, Debit cards, SWIFT, SEPA, Fedwire, SEPA Instant and Skrill. Another bonus is the low minimum order value of only $30.00. After verifying your Coinmama account, decide which cryptocurrency you want to buy and connect your wallet. Choose a payment option from the multiple choices available, such as Google Pay, Apple Pay, bank transfer, credit card etc.

Coinmama Review

U.S. users have two payment options, both of which have limitations. Trades funded by SWIFT bank transfer don’t have a fee, but there is a $250 minimum. 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%. The Coinmama platform is best suited for first-time cryptocurrency buyers.

How does Coinmama compare?

Comparing Coinbase with Coinmama is tricky because they’re different beasts. Coinbase has an excellent reputation but has a few negative user reviews. Coinmama, however, openly promotes its commitment to customers, and the glowing reviews confirm the efficacy of its efforts. Once Coinmama confirms payment, your newly purchased tokens will be on the way to your secure crypto wallet and should usually arrive within minutes.

Coinmama Review

There are multiple exchanges like the Coinmama crypto exchange. Even if you don’t find your preferred cryptos on Coinmama, visit other similar exchanges that offer more payment options to purchase crypto. Trading your preferred cryptos on Coinmama is as simple as that. Our review finds that the significant disadvantage of Coinmama is its high fees. Due to higher fees, traders prefer to leave Coinmama and join other cryptocurrency exchanges to get the benefits of lower exchange fees. Coinmama is a straightforward, legit, easy-to-use platform to buy and sell crypto.

Should You Trade With Coinmama?

After that, you need to write “Coinmama” and the day’s date on a piece of paper, and then snap a selfie with that paper and your ID to upload. This is because the exchange controls the private key to your wallet, which means you don’t have total control of your funds. And with exchanges sometimes falling victim to hackers, there is some degree of risk involved with leaving the private keys to your crypto in the hands of a centralised exchange. The right crypto platform for you will depend on what you want to use it for.

  • This makes it secure as there is nothing to hack other than user data.
  • This Coinmama exchange review will help you decide if it’s the right fit for you.
  • Coinmama disclosed that 450,000 email addresses and passwords were affected.Security audits.
  • It starts with an identity verification process, which helps protect against fraudulent accounts.
  • She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends.
  • We believe everyone should be able to make financial decisions with confidence.

The document verification process usually takes around 30 minutes, which is one of the quickest in the market. At peak times, however, the verification process could take a couple of hours. Payment methods for the purchase of cryptos include Faster Payments, Fedwire, Sofot, SEPA, SWIFT, and Apple Pay. Depending on your loyalty level, they range from 0.99% to 3.90%. 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.

How to Purchase

Here’s a short comparison of Coinmama’s brokerage service compared to other popular services around. Coinmama has a complete help center and also a dedicated support channel via email. Coinmama was established in 2013 in Israel and has since grown to serve over 3.1 million customers in 188 countries with over 35 employees. Coinmama Coinmama Review users can log in to their online portal or use the Coinmama app, which is available for Android. Once logged in, users can view the different stages of their orders ranging from pending, failed, or completed. Some new customers had to resubmit identifying information more than once in order to confirm their identity.

Coinmama Review

The base price is calculated based on TradeBlock’s XBX index. A 5% extra credit card processing is added to the stated price, which means Coinmama’s price stands at 5.9% above the market rate. Buying financial products such as Bitcoin or other leading cryptocurrencies https://www.tokenexus.com/ 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.