There aren’t any advanced services and there’s no way to hold your coins on the exchange. The CoinMama app is designed as a self-custody wallet that gives users full control of their cryptocurrency. To use your card, you will have to pay an extra 5% fee on top of the rate that Coinmama charge. However, it is worth remembering that no matter which cryptocurrency exchange you use, if you want to pay with your debit or credit card then there will always be extra costs. As per our review, the Coinmama platform is best suited for new buyers. First-time buyers who don’t own any cryptos can easily buy crypto using their debit/credit cards or even wire transfers on the exchange.
At the time, hackers were rampant in the crypto world, and exchanges became more aware of the need to safeguard potential vulnerabilities. Depending on the account verification levels, Coinmama provides surprisingly high transaction limits. It gives monthly buying and selling limits of $15,000, $50,000, and $100,000 in level 1, level 2, and level 3, respectively. All Coinmama cryptocurrencies are established in the market, so choosing a supporting wallet for your crypto purchases is easy.
Is your cryptocurrency safe with Coinmama?
I received another email for proof of address and this time…they…coinmama…was NOT accepting prrof of address by email. Wonderful…I was informed that a special link would be included on their website for me to upload the “newly” requested proof of address! WOW…couldn’t you…coinmama..have mentioned all of this beforehand? After submitting all of the requested docs…ONLY…to be told in the end that NONE…of them would be accepted is BEYOND…frustrating. For crypto enthusiasts looking for a more advanced trading platform and a wider variety of cryptocurrencies, Kraken could be a good choice. As with Coinmama, Kraken doesn’t provide a wallet for storage.
So a trader goes to the Coinmama website and enters the purchase order, but the actual clearing of the trade is handed by a third party. In this https://www.tokenexus.com/ we’ll cover how Coinmama works, who can use it, what the Coinmama fees are and everything else you’ll need to know in order to get started using their service. Whichever channel you use, you can expect an answer within 24 hours. For those who qualify for level 2 or level 3 in the loyalty program, that response time can be even faster. Learn more about what the platform offers and how the service holds up to its competitors in our Coinmama review.
How do we review cryptocurrency platforms?
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. Deciding which cryptocurrency exchange to use can be difficult as Coinmama Review there are hundreds of different options to choose from. However, one of the most popular and favored exchanges is Coinmama. Next, Coinmama sends a wallet confirmation link to your registered email address.
- Accepted payment methods include credit and debit cards, Apple Pay, Google Pay, and ACH transfers.
- It’s a real shame that most cryptocurrency exchanges are not regulated by any governmental department, however, Coinmama is in fact registered with FINCEN in the U.S.
- However, it is a secure platform that has successfully helped over 3 million users purchase digital assets in 188 countries.Coinmama is more of a brokerage than a crypto exchange.
- When you compare this to other exchanges, such as Kucoin, that have more than 100 coins available, this is quite poor.
- As the crypto world evolves continuously, Coinmama delivers a crypto exchange for traders to trade digital assets.
- Several users have positive things to say about Coinmama’s customer service.
This security feature removes some of the risks users are exposed to when using a platform to store their funds. To buy cryptocurrency, Coinmama’s available payment options include credit or debit cards issued by Visa or Mastercard. Coinmama also allows transfers from a bank account as a payment method along with Apple Pay. Purchase prices are limited to EUR, USD, GBP, AUD, CAD, or JPY. Coinmama platform has been around since 2013, which makes it one of the oldest cryptocurrency exchanges.
How Do I Use Coinmama?
CoinMama uses a KYC process that requires customers to provide identifying information such as full name, address, date of birth, and government-issued identification. This information is then verified against an external source or service, like a credit bureau, to ensure the safety and security of transactions on the platform. One of the key features of CoinMama is its self-custody wallet, which allows users to maintain full control over their crypto assets. The wallet supports the storage, sending, and receiving of Bitcoin, Ethereum, Tether, and USD. Users can also import a crypto wallet from another app to Coinmama for easy crypto transfers.
The cryptocurrency exchange platform charges 2.3% more than the current market rate, and levies commission up to 3.9% on crypto purchases and 0.9% on sales. Payments made by credit card, debit card, Apple Pay, or Google Pay have a 4.99% fee issued. Coinmama is a basic, easy-to-use cryptocurrency exchange where you can buy a small selection of cryptocurrencies. It’s notable for allowing purchases with a credit card, but there are also other payment options available, including bank account transfers and payment apps. Read our full Coinmama review to see if it’s right for you.