In addition, a simple and secure user interface means anyone looking to buy Bitcoin can register and proceed without any problems. However, the fees charged for credit/debit cards are one of the highest in the industry and that might be enough to put off some traders. Coinmama is an Israel-based non-custodial broker and cryptocurrency coinmama review exchange that offers users a platform to buy and sell cryptocurrency via multiple payment options. The platform allows users to purchase crypto with fiat money. Users can either make purchases by credit or debit card or via fund transfers. Coinmama is one of the cryptocurrency brokers that accepts credit and debit cards.
Neither Bankrate nor this website endorses or recommends any companies or products. Depending on your country of residence, you may not be able to use all the functions of the site.
Unlike many of its competitors, Coinmama does not provide an online wallet for users to store their cryptocurrency on the exchange. Therefore, once purchased, users will need to create an appropriate wallet to which the exchange can send their cryptocurrency once purchased. Documents uploaded to Coinmama for verification tend to be processed within a few hours during business hours, with longer processing times to be expected during evenings and weekends. However, Coinmama’s customer service team will try to assist users that require faster verification. In conclusion of this Coinmama review we can say that this is a reputable company, so the short answer isyes, Coinmama is legit and safe to buy crypto on it.
Both companies operate legally with licenses from Slovakia’s financial sector regulator. Because Slovakia participates in Europe’s Single Supervisory Mechanism , Coinmama is technically under the jurisdiction of notable regulators in Europe. Alternatively, you can select the preferred amount from one of Coinmama’s cryptocurrency packages and click ‘Buy Now’.
Kraken scores even better than Coinbase when it comes to fees, making it an obvious choice over Coinmama. If you’re extremely security conscious, or Coinbase is unavailable, choose Coinmama. There are two points where Coinmama scores better than Coinbase, and one is international availability. Coinmama is available nearly everywhere, and if other exchanges aren’t where you are, it’s certainly better than nothing. Once you’ve submitted that, all you have to do is wait for verification to be completed, which can take about 15 minutes.
As I type this I’m waiting on a deposit, in the event of higher traffic due to Corona virus, that deposit just took about 12 minutes. 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.
The amount of cryptocurrency that a user may purchase is dependent on the level of verification that they have reached with the platform. The more documentation that the user provides, the more currency that they are entitled to purchase. 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.
The card processing fee will be added after choosing your method of payment. If you’re not sure, contact them before placing your order.
Only to no avail will you find out how to move the deposit that’s even if it has arrived. Then, oh yeah (don’t be pressing to get in a trade) you can forget it because it’s now minutes into the trade….TOO LATE, plus your so frustrated now You dare not think about trading.
Some platforms like Changelly only have limited payment methods. This can be restrictive depending on what methods you have available, and your geographical location. However, it is a decent starting point, and it supports the major players of Bitcoin and Ethereum.
Crypto Believers enjoy the best customer support Coinmama has to offer. Additionally, Believers receive a 25% discount on Coinmama fees. At its core, Coinmama is a cryptocurrency marketplace for buying the most popular digital assets. As mentioned earlier, Coinmama has cryptocurrency in its inventory, meaning buyers will get the number of coins they need directly from the platform. Coinmama is not your typical cryptocurrency exchange where users can buy and sell cryptocurrency pairs. Coinmama is a leading cryptocurrency broker that facilitates the buying and selling of cryptocurrency. Over 2 million people from 188 countries across all continents use Coinmama for buying cryptocurrency using fiat currencies or other digital assets.
This makes transactions far more secure than with many of its competitors. Additionally, Coinmama does not offer its own wallet on the site. Any purchases need to be sent to the users own cryptocurrency wallet offsite. If you do decide to buy any cryptocurrency with a credit or debit card, it will take about hours depending on how much verification you have completed. If you do a crypto-to-crypto exchange or conversion, it can take as little as 5 minutes, up to 30 minutes, depending on how large the amount is.
Despite the fact that the prices are usually higher than its peers like Coinbase or CEX, one should keep Coinmama as an option because of its ease of use and good support from the team. They recently added an option to sell Bitcoin for Customers in the 37 European countries that are part of SEPA . And that my friends, is where services like Coinmama come to the rescue, bringing something new to the table.
It’s also worth mentioning that you can directy trade other altcoins in for bitcoin and vice-versa. So not only is it a fiat-to-crypto exchange, bult it can also be used as a crypto-to-crypto direct exchange . It provides a platform for users to buy, sell, and exchange cryptocurrencies.
If Coinmama doesn’t sound like it’s for you, have a read of thebest crypto exchanges where I provide several top options for US residents. You are bound to find a crypto exchange suitable for your needs. 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.
How long does it take for Coinmama to send my bitcoins once I’ve paid? Coinmama sends the coins within 1 hour after both your payment and wallet address have been confirmed.
Unlike CoinMama, Binance offers you to buy coins from local sellers and through Third-Party Payment (Simplex, Koinal…) alongside bank credit purchases. On CoinMama, you add your payment method each time you buy or sell. There is no option to fund your account with cryptocurrency. Source – Coinmama Bank transfer orders (SWIFT, SEPA, and Faster Payments – UK) don’t have a momentum fee. If you live outside of Europe or the UK, you can buy crypto through a SWIFT bank transfer. Keep in mind here that bank transfer orders under 1,000 USD have a processing fee of 20 GBP.
If someone could make their trading reflective of the easy trading platforms banks now offer I’m sure majority of people would jump ship. Coinmama offers high buying limits, especially in respect of credit card transactions.
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 crypto options for cryptos. The sending limits increase with each level of verification. In this Coinmama review, all details regarding the exchange will be discussed to help traders decide on whether to use this exchange to sell or buy cryptocurrencies of their choice. To send cryptocurrencies to your wallet you will be required to enter your public key or the wallet address so that Coinmama can send your coins to the right place. Then all that is left to do is to confirm the crypto wallet address via email and your cryptos will be added to your crypto wallet.
This typically takes around ten minutes and you will be able to find them on the blockchain once they are confirmed and reach your crypto wallet. Coinmama adheres to KYC compliance which helps to maintain the highest privacy and security regulations. By providing your personal details such as proof of ID and address, you help the crypto exchange combat fraud and keep your account safe. Once you have submitted your details for verification it usually takes up to an hour for the official thumbs up from the Coinmama HQ. After your Coinmama account has been successfully created and verified you can simply enter the desired wallet address, fill out the transaction form and purchase BTC instantly.
The more documentation you provide, the more currency you can buy on Coinmama. Keep updated with our round the clock and in-depth cryptocurrency news.
A limit of a $15,000 purchase can be availed through a basic government identification for verification. If you provide two proofs of identification, the limit is increased to $50,000. Lastly, only Coinmama offers $1million worth of limits provided you submitted your identification and filled in a form that is especially designed for higher limit buyers. While the lack of a mobile app and an in-platform crypto wallet might make Coinmama feel a little incomplete, the overall service is still solid for its convenience and security. You get access to all the major cryptocurrencies, a wide variety of payment options, and the comfort of knowing your order will fill instantly.
Though, Coinmama gets full stars in case of ease, quick transaction, and customer support. Coinmama is an established brokerage firm that offers trade cryptocurrency trading services for Bitcoin and other leading cryptocurrencies.
Yes, Coinmama does require a valid government issued ID in order to purchase cryptocurrencies on their platform. That ID can either be a passport or a state issued driver’s license or other national or state identity card. For anyone who wants to use a credit card or debit card to buy Bitcoin there is a full guide available on Coinmama’s website. This exchange platform also allows users to purchase multi-currency made in USD, GBP, EUR, AUD, JPY, and CAD.
Author: Samantha Yap