Buy & sell crypto instantly

Once you submit that information, a confirmation link will be sent to the email address used to create your profile. After you click the confirmation link, the final steps to create your account include uploading a valid ID and a selfie to verify your identity. In addition to these features, Coinmama users are required to verify their identity by providing a driver’s license, passport, or another valid government-issued ID.

Instead, users can only buy and sell cryptocurrencies against fiat currency (USD, EUR, GBP, etc.). Additionally, CoinMama’s selection of cryptocurrencies is limited compared to other exchanges, which may be a disadvantage for users who want to trade a wider variety of cryptocurrencies. CoinMama uses a KYC process that requires customers to provide identifying information such as full name, address, date of birth, and government-issued identification.

1. Coinmama offers its services worldwide, with the exception of sanctioned countries and three US states.
2. Coinmama is excellent for beginners because it is easy to use.
3. Once Coinmama confirms payment, your newly purchased tokens will be on the way to your secure crypto wallet and should usually arrive within minutes.
4. If you’re ok with buying and selling coins directly from Coinmama, it offers a lot of benefits.
5. This is beneficial for you as a user because they will directly send you your cryptocurrency to your personal cryptocurrency wallet.

The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. Coinmama lets you buy over a dozen cryptocurrencies, which is much less than quite a few other exchanges. Its roster includes market leaders Bitcoin and Ethereum (ETH), along with a mix of some other big coins and a few mid-size ones. It’s one of the few inconvenient parts of using Coinmama, though. Other exchanges at least give you the option of crypto storage, allowing you to jump right in and make a purchase.

Besides the use of credit cards, Coinmama also lets traders and investors buy Bitcoin with a SEPA bank account transfer. The disadvantage of a bank transfer however is that if you use it to buy Bitcoin the purchase price is not locked in until the transfer completes. That means that if it takes a day or two for the transfer to clear then the price of Bitcoin may have changed by then. As part of the process of buying crypto, you need to verify your identity.

More details about Coinmama’s ratings

Coinmama doesn’t hold user coins, so there is nothing to steal. Plus, it allows users to buy cryptocurrency with a debit card, credit card, Apple Pay, or bank transfer, with instant coin delivery. It provides users with a platform to purchase Bitcoin and Ethereum using credit and debit cards.

How do we review cryptocurrency platforms?

However, experienced investors will need to use a cryptocurrency trading platform to use advanced trading features and risk management tools. The interface is designed for beginners to easily, quickly, and securely purchase cryptocurrency that resembles Paybis, a similar fiat-to-crypto exchange we have reviewed. There is no price chart to view historical or live prices or advanced order types such as limit or stop-limit.

Because I got the possibility to receive the bitcoins or to receive the funds back. According to my wish after receiving these informations I got within approximately 20minutes my bitcoins ordered on my wallet. Coinmama only gives you access to a handful of cryptocurrencies. https://forex-review.net/coinmama-review/ But Kraken and Coinbase, on the other hand, both offer well over 50 cryptocurrencies and access to interest-bearing assets and more. You’ll begin the account creation process by inputting some basic information, such as your country of residence, address, and email.

Most positive reviews praise the customer support of the site. Coinmama support representatives are active in the comments on Trustpilot, responding to various user comments and complaints. I also took a look at various customer reviews users posted online. Having reviewed dozens of exchanges by now, I know that when people leave reviews online, it’s almost always negative reviews because they are pissed off about something.

For the most up-to-date list of Coinmama’s restricted countries and states, visit their support article. On top of the stated price, there is a small network fee of a couple of dollars. For more details about the categories considered when rating brokers and our process, read our full methodology. We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The final output produces star ratings from poor (one star) to excellent (five stars).

KYC & Buying Limits

One of the most common pieces of advice for safely storing cryptocurrency is to keep it in your own wallet, not on an exchange. Like any licensed crypto exchange, Coinmama requires that clients go through identity verification. 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. With a background in professional poker, George became interested in cryptocurrency after looking for potentially lucrative investment opportunities. He now spends a lot of time navigating through the wealth of misinformation on altcoins in order to decide which will be the next addition to his portfolio.

Coinmama Review

That’s why I make it a habit to actually read through the reviews and see what people are complaining about. Coinmama has higher fees than some other providers, though these fees fall as the amount of crypto you purchase and the time you’ve been a customer increase. We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation. To use Coinmama, you have to know how to set up a self-custodial crypto wallet, as your crypto purchases are sent directly to you.

Once you buy the coins, they are sent to your crypto wallet. The only way to withdraw money from Coinmama is to sell bitcoin to the exchange. If you sell bitcoin to the exchange, Coinmama will put what you receive in your bank account as fiat currency. Coinmama is a reputable platform for https://forex-review.net/ buying and selling cryptocurrency that’s been in operation since 2013. To ensure the security of its customers, Coinmama does not store your credit or debit card details in its system. Overall, CoinMama is a reliable and secure cryptocurrency exchange with a user-friendly interface.

Conclusion: Is Coinmama legit and safe?

They charge a variable commission fee that can be as high as 3.9%. In addition, Coinmama also marks up the market rate by 2% before the sale. FinanceBuzz is an informational website that provides tips, advice, and recommendations to help you make financial decisions.

When you buy, your coins are transferred to your wallet within the hour. When you sell, the USD or EUR cash is deposited directly into your bank account. Your coins are kept in an external wallet, not in your Coinmama account, so the need for mobile monitoring features isn’t that high here. Still, crypto traders looking for the convenience of a dedicated mobile app might prefer another crypto app.