Ultimate Coinmama Review: is Coinmama Legit and Safe?

Additionally, Coinmama isn’t available in Hawaii or New York. Coinmama was founded in 2013 by Ilan Schuster, Laurence Newman, and Nimrod Gruber. The company is based in Ireland and is a subsidiary of a company called New Bit Ventures Ltd. Coinmama is registered with the Financial Crimes Enforcement Network. Depending on your country of residence, you may not be able to use all the functions of the site.

There are three verification levels for a trading account to buy and sell digital currencies. Once all your information and documents are sent to Coinmama. A member of the verification team of Coinmama will verify your information and documents. If all the information is accurate, you will be approved to buy and sell cryptocurrencies on the platform.

Compare the Best Places to Buy Bitcoin

Coinmama will send your crypto coins directly to your wallet, so you should have that set up. Make sure you copy the wallet address accurately because a mistake could mean your coins end up elsewhere. Undoubtedly, an added benefit is that users can also sell Bitcoin for fiat money. Send the Bitcoins that you wish to sell to the Bitcoin wallet address provided. SWIFT bank transfer orders have a minimum order amount of 1,000 USD, however.

• Since Coinmama is a cryptocurrency broker/exchange, you can buy, tade and exchange cryptocurrency.
• We want to make it possible for everyone to easily enter the world of cryptocurrency.
• This review covers whether Coinmama is a safe and reliable crypto exchange.
• There are 3 Coinmama verification levels procedures that the users need to go through to make any kind of purchase.
• Then you will go through the verification process, uploading an identifying document and a selfie.

Still, the company announced in 2019 that 450,000 email addresses and hashed passwords were hacked in a data breach, which may give some new users pause. 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. You will, however, need your own digital wallet to store the cryptocurrencies you buy. Bitcoin exchanges are a place you can buy and sell bitcoin, and in many cases, the exchange also includes a wallet, which is the account that holds your cryptocurrency. When you use a centralized exchange online or through a mobile app, the exchange will effectively hold the bitcoin on your behalf.

Coinmama Trading View

Many or all of the products here are from our partners that compensate us. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Compensation may impact the order of which offers appear on page, but our editorial opinions and ratings are not influenced by compensation. Cooper is a former equity research professional/finance analyst who holds an MBA in Financial Instruments and Markets from New York University’s Stern School of Business. He left the investment banking world in 2015 to become a full-time investor and joined CoinFi as an analyst in 2019. What we’ll do here is to show how much crypto you can buy at the various KYC levels.

Even if you don’t find your preferred cryptos on Coinmama, visit other similar exchanges that offer more crypto options for cryptos. Coinbase charges a variable fee for credit card purchases, which is estimated to be around 4%. Unlike Coinmama, Coinbase supports a limited number of countries around the world and is known to have horrible support. I also took a look at various customer reviews users posted online. Having reviewed over 20 exchanges by now, I know that when people leave reviews online it’s almost always negative reviews because they are pissed off about something. That’s why I make it a habit to actually read through the reviews and see what people are complaining about.

Payments – a good range of payment methods

Those new to bitcoin will appreciate the straightforward platform and CopyTrader system that allows you to mimic trades from others on the platform. It has grown its customer base from zero to more than 2 million customers from more than 188 countries around the world. Coinmama is registered as a company in Slovakia, but the headquarter is still located in Israel.

The platform was established to create the simplest financial service in the crypto space. Since the genesis, Coinmama is trusted by over 2,300,000 people across 197 countries. Coinmama charges a fee on every transaction that goes through its exchange. These transaction fees vary depending on the value of the transactions you make through the platform.

Find out which online crypto service or hardware suits the best for you and make the choice yourself. In comparison, Coinbase and Bitpanda charges a fee of 1.49% for every transaction. Coinmama also charges an extra 5% for credit or debit card transactions.

Not only this, but you also have lots of different options such as market orders and kill-or-fill orders. Coinmama is a financial service business that makes buying digital currency “fun, fast and safe, from anywhere in the world”. For more intensive trading (buying more than $15,000 worth of crypto per month), you will need to supply additional verification documents.

Apart from the fees levied, they charge an extra 5% for debit and credit card transactions. We think it is one of the safest and most friendly crypto exchanges a beginner could hope for and even a more experienced crypto https://forex-reviews.org/ enthusiast would surely value the back-up here? We certainly think that Coinmama is worthy of more than a second glance. Coinmama makes no bones about the fact that it is not one of the crypto exchanges with lowest fees.

Rather, the company will send coins to whichever wallet you own. Needs to review the security of your connection before proceeding. Bitcoin mining software helps maintain the Bitcoin Blockchain. Every transaction on the blockchain is public and recorded on countless computers around the world.

Coinmama is a straightforward, legit, easy-to-use platform to buy and sell crypto. It’s a great choice for beginner traders and ever-so-experienced ones too. Despite having a great reputation and excellent customer support, its high fees may surprise many. The company focuses on customer experience and customer service so that transactions are super quick . Coinmama is different from most exchanges in that it doesn’t store cryptocurrency for its users. It sends cryptocurrency to the wallet address provided during the purchase process.

Is Coinmama legit and safe to use?

Fees here start at 2.90% but vary substantially based on your payment method and certain other circumstances. For instance, buying crypto via SEPA-transfer is cheaper than buying crypto via credit card. If you buy crypto via SEPA-transfer at Coinmama, your total fee is normally 5.5%. While there are no monthly membership fees or other regular surcharges, Coinmama does have a kind of complicated fee structure that applies to each transaction.

In order to qualify you must purchase more than $18,000 worth of crypto in any given 90 day period. Then there are the buying platforms, also known as onboarding platforms, which is where Coinmama comes in. On Coinmama it’s not possible to trade cryptocurrencies or to trade crypto derivatives like Bitcoin futures.

I’m very happy to hear that you enjoyed your Coinmama experience. The best place to get your bitcoins has the best rates and straightforward onboarding. We aim to get your coins to you as fast and efficiently as possible. The customer service at Coinmama is above any other I have encountered so far. Investopedia requires writers to use primary sources to support their work.

For the most basic level of verification , orders are capped at a maximum of 5,000 USD per bank card purchase and 15,000 USD per wire transfer. Total cumulative crypto purchases at Level 1 verification are also capped, at 15,000 USD. The pros of a brokerage service are mainly that the process is simple and fast, since you don’t need to look for a buyer on your own.

Cryptocurrencies – keeping things simple

Crypto Enthusiast – cumulative purchase amount of $5,000 USD over a rolling 90-day period. Crypto Curious – the initial level, and fees for buying and selling are 3.90%. Over 3.1 million customers use Coinmama to purchase and sell digital assets.

If you search on the internet you will not find many cryptocurrency exchanges regulated by any government institute. To make it is safe and reliable Coinmama has registered coinmama exchange review its platform with government department FINCEN in the United States. It sends the message to its users that their money on Coinmama is safe and secure.

The coins will be sent within 30 minutes to your specified wallet. This process can be longer when the Bitcoin network has to process a lot of transactions. Coinmama functions like an entry point into the world of cryptocurrencies. Onboarding and purchasing time is estimated to be 30 minutes for first-time users. The company has a simple and user-friendly interface that makes buying easy, even for beginners. Many or all of the offers on this site are from companies from which Insider receives compensation .

If you have a problem with your account and need some help from the Coinmama team then you have a few support options to choose from. The best way to contact them is through live chat though, however, this is only available during business hours, which I have listed below. Coinmama is a cryptocurrency broker/exchange that is located in Israel. Originally created in 2013, the website explains that they offer a fast, safe and fun way to buy a digital currency from anywhere in the world. All your trading is also done with Coinmama instead of with buyers and sellers on the platform.

Once your webform information has been accepted, you’ll be sent an email containing further instructions and a verification link that will return you to the site. Start by clicking the blue ‘Sign Up’ button at the top right of the page. Doing so will automatically generate a one-off 256-bit SSL encrypted connection with Coinmama. At this point, it is now entirely safe to complete the webform that has loaded. ” And we were amply rewarded by finding that every page gives you a secure connection from your browser to the site with verified SSL encryption. Harsh has experience of 12+ years in Fintech and 7+ years in Blockchain and Bitcoin.