Coinmama does provide users with the QR code and download link for ZenGo in case you do not have any crypto wallets. SWIFT bank transfer orders have a minimum order amount of 1,000 USD, however. A flat fee of 20 GBP is charged for users wishing to make an order below 1,000 USD. Options available include Faster Payments, Fedwire, SEPA, Sofot, and Swift bank transfers and Apple Pay.

With the documents, you will also be asked to upload your picture with your document and a page containing some details. 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 does not support the sale of other cryptocurrencies besides Bitcoin. From my own experience I can say that verification with Coinmama was relatively easy, and yes, they require a lot of information. However this is just standard Know Your Customer and Anti Money Laundering policies most legit exchanges must adhere to. The prices you see on Coinmama’s website already include the company’s brokerage service fee of 5.9%.

Account Information

There is a drop-down menu with multiple options like a credit card, debit card, wire transfers. For this, you need to provide your credit card information or bank account numbers.

So, now that you have your crypto wallet you can buy Bitcoin and other cryptos with your credit or debit card, SEPA or SWIFT bank account, or Apple Pay. Just specify the number of crypto coins you want to purchase, enter your payment details. Bitcoin is the only cryptocurrency that you can sell to Coinmama at the time of writing, although the platform is planning on expanding the offering. Coinmama does not offer trading options like margin trading and futures. Coinmama allows its customers to buy cryptocurrencies via credit card, debit card and bank transfer. The exchange has over 2.2 million users, features a fast-track verification process and is available in 190 countries around the world. The company also operates in the United States, but services are limited to the states in which it has received regulatory approval to offer cryptocurrency services.

Coinmama Review: Analyzing If It Is Safe & Reliable?

Even if Coinmama is hacked, you will not lose any crypto because it is always stored in your personal hot or cold wallet. Coinmama is a digital financial service company operating in the cryptosphere ever since 2013. It has gained a lot of respect in this space, owing to the safe and fast access to digital currencies like Bitcoin and Ethereum. Coinbase is well known for being easy to use—in fact, it’s their main selling point for many new to cryptocurrency trading. Whether using their proprietary app or their desktop site, it’s easy to get started trading in minutes. Unlike Coinbase, which will hold both crypto and fiat balances, Coinmama does not ever have custody of user funds. That means if they get hacked, they won’t have your money to lose.

The next step is to decide the amount that the trader wants to spend on purchasing his preferred coins. Once he clicks the “Buy Now” tab and submit the payment details, the purchased coins would be credited to the trader’s wallet. The company is focusing on customer experience and customer service so that transactions are super quick . This Coinmama review has covered all the key metrics you need to consider when choosing a crypto exchange to suit your trading needs. These metrics include everything from payments and fees to safety and user experience. In summary, we found that eToro is simply a better option as it has competitive fees and offers heaps more in comparison to Coinmama. In terms of payments and fees, when you use a bank card at Coinmama, you will incur a 5% express fee on your transaction.

Coinmama Review 2021

Depending on your country of residence, you may not be able to use all the functions of the site. It is your responsibility to follow those rules and laws in your country of residence or in the country from which you access this site and service. 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. You will also need to enter your country of residence and provide your address and phone number. Users can either purchase cryptos by way of packages from the “Buy” page or purchase specific amounts.

Once the payment and wallet address are confirmed, the cryptocurrency is sent immediately to the user. The minimum purchase amount on Coinmama is 60 USD at present, although this is based on the price of Bitcoin. It provides users with a platform to purchase Bitcoin and Ethereum using credit and debit cards. However, Coinmama does not provide a platform for trading in cryptocurrencies nor does it allow users to sell cryptocurrency. coinmama review Though the ability to use credit and debit card, for purchasing cryptos on the Coinmama exchange is a boon for traders, they are very expensive. 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 .

Buy Bitcoin

Coinmama is not a wallet provider which means the exchange does not store users’ digital assets and users have to check to verify they are sending cryptocurrency to the correct address. Coinmama has a help center and support page that offers free crypto and blockchain tutorials. There is also a well-updated Support FAQ and News page that provides most of the information a customer would need to know about cryptocurrency, buying and how to use the platform. But as noted, Coinmama does not store its customers’ credit card information, and the hackers were only able to obtain email addresses.

It is a non-custodial platform, meaning that you should own a private cryptocurrency wallet before you start using the service. I’m trying to find an exchange where I can get withdrawals back into my bank account from selling bitcoin as easily as depositing money to by bitcoin to transfer to a mining company. It currently displays pricing in USD and EUR with additional currencies to be added soon. However, it accepts orders in all currencies, while noting that exchange fees may be applicable to customers that are purchasing in fiat currencies other than USD or EUR. Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation.

Top Coins Explained

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. Tiered loyalty levels, based on your buying activity, get reduced commission fees. NerdWallet strives to keep its information accurate and up to date.

Once you decide what cryptocurrency you want to buy, add your payment option, credit/debit card, or bank transfer details. Once the payment is made, Coinmama will send the purchased coins. Established in 2013, Coinmama is a crypto financial service offering investing for traders across the globe. The exchange offers instant order delivery , multiple payment options, high spending limits, and more. Coinmama is a bitcoin and cryptocurrency exchange where you can buy Bitcoins via credit card, debit card or bank wire, with availability to nearly anyone in the world.

Ratings And Reviews

PAX and USDT are currently unavailable in the United Kingdom. Plus, since Coinmama is a non-custodial cryptocurrency broker, you’ll never to worry about a data breach causing you to lose your coins.

In order to purchase from Coinmama, users in non-sanctioned countries need a VISA or MasterCard issued in such countries. In comparison to its rivals, Coinmama’s transaction fees are quite high, with a 5.50% fee paid to Coinmama per transaction. This fee is included in the Bitcoin or Ethereum rate that is shown on Coinmama’s website. Users that wish to transfer currency to another person’s wallet should check the procedure for doing so through their own wallet provider. Sign up through Finder for a 5% discount on all trading fees. Get a US$15 bonus when you trade US$100 or more of any supported crypto.

Coinmama Trading View

The loyalty savings appear as a crypto bonus when you check out. While CoinMama has no Live Chat or Phone Customer support, their email support for verified users is fast and reliable. The BBB ranks companies from A+ to F, considering factors like customer complaint history, time in business, type of business, government actions, and more.

They let users start trading major cryptocurrencies quickly via bank transfer, debit, and credit card. Coinmama is also the first crypto exchange to accept Apple Pay.

How Do I Get My Money Out Of Coinmama?

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. We highly recommend using a hardware cryptocurrency wallet like Ledger or Trezor, as they provide one of the safest ways to secure your coins in cold storage.

Even if Coinmama is hacked, your crypto cannot be lost, because it is in your personal possession. When you sell your crypto, it goes straight from your external wallet, and the fiat funds from the sale are sent straight to your bank account. Coinmama platform has been around since 2013, which makes it one of the oldest cryptocurrency exchanges. It has gained millions of users due to its safety, where users can quickly buy and sell cryptocurrencies.

You will, however, need your own digital wallet to store the cryptocurrencies you buy. You can buy bitcoin instantly by credit card or bank transfer using exchanges or Ledger Live.

• Other account types can buy up to $30,000 in one transaction when using a bank transfer.
• It’s wise to never invest any more than you can afford to lose.
• Bitcoin is the only cryptocurrency that you can sell to Coinmama at the time of writing, although the platform is planning on expanding the offering.
• Simply put, the UK pound is divided into smaller denominations, thus 25% is £0.25, and a penny is £0.01.
• Coinmama is considered a reputable place to transact bitcoin purchases, however as with all things digital – particularly with everything crypto – there is always an element of risk.

They are providing a fast way to buy Bitcoin with a credit/ debit card, or with your bank account. You can also buy more cryptocurrencies, including ETH, XRP, and LTC. An easy to use cryptocurrency platform that allows purchases on credit cards. But it does lack a cryptocurrency wallet and fees can be high. Many crypto beginners may prefer a one-stop shop from exchanges that also provide online storage. Coinmama has a partnership with crypto wallet ZenGo, which it recommends for new users without a crypto storage wallet. To trade cryptocurrency, Coinmama charges a rate that’s based on the market rate of TradeBlock’s XBX Index plus 2%.

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.

• You are bound to find a crypto exchange suitable for your needs.
• Your Coinbase account can be funded via ACH bank transfer or wire transfer, and you can make credit and debit card purchases as well.
• Coinmama does recommend that users enable 2-factor authentication on any wallet apps, however.
• But as noted, Coinmama does not store its customers’ credit card information, and the hackers were only able to obtain email addresses.
• Buy crypto with a credit or debit card, SWIFT or SEPA bank transfer, via Apple Pay, Fedwire, FasterPayments, Sofort, and more.

Author: Milko Trajcevski