Coinmama Review: Is It Right for You? The Motley Fool

No matter the tier, there are limits on daily and monthly purchases through credit card and bank transfer. In addition, Coinmama doesn’t offer a crypto wallet and therefore doesn’t store any of your money or cryptocurrency. Upon signing up for the service, you’re required to provide your Coinmama Review own secure crypto wallet where your coins will be stored. The platform is set up for lightning-fast transfers, often taking users as little as 10 to 20 minutes to receive their crypto through the use of a credit card. These perks do come with some higher fees than other brokers.

• Even if the fees may be higher (if at all) than that of the competitors, you’re guaranteed high quality service, security & protection and very fast processes.
• We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
• It has customer-focused values, endeavouring to put the customer first.
• Coinmama customers have mixed feedback about this exchange, though it has a relatively high rating of 4.1 out of five stars across 446 Trustpilot reviews.
• The orders are executed as soon as Coinmama receives your payment, which depends on your chosen payment method.
• Although the fees that Coinmama has is higher than other platforms, the platform has a loyalty program called Coinmama Loyalty.

If you want to know what documents are required to achieve each KYC verification level you can check Coinmama’s website. A taker fee is a fee charged when https://www.tokenexus.com/ a buy order is matched immediately with a sell order on the books. Purchase crypto assets and have them sent directly to your wallet with Coinmama.

How do we review cryptocurrency platforms?

You can also enter a custom amount of BTC that you’d like to purchase, too – the price will be presented in the currency of your choice. Once you have logged into your account, navigate to the Buy page, and select what you’d like to purchase – in this case, I’ll assume that it’s Bitcoin. Now you will need to enter your full name, choose a strong password and enter your country of residence. Check the analysis report on Top-rated Crypto Wallets that are safest for your funds.

If you have read this entire review on the Coinmama exchange, you now know what the platform is all about. It is a cryptocurrency brokerage service company providing money services business to clients that is secure in all aspects. It allows buyers to directly make crypto purchases from the exchange itself rather than buying crypto from other traders trading on the platform. Coinmama accepts multiple payment modes, making the buying crypto process easier and faster. Paying through bank transfers, credit cards, wire transfers, Apple Pay, or Google Pay helps clients to receive their coins within minutes.

About Coinmama — company background

There are 2 additional tiers of trading activity, based on how much crypto you buy per day or per month. You don’t have to go through the verification process for those additional tiers until you decide you want to trade more than what the first level allows. Coinmama has many payment methods for crypto purchases, such as Google Pay, Apple Pay, Debit cards, SWIFT, SEPA, Fedwire, SEPA Instant and Skrill.

• If any of these cards are used, one needs to pay an extra charge of 5% above the market rate that the Coinmama exchange charges.
• Transactions fees on the platform are high, so unless you have a specific reason to use Coinmama, you may be better off using an exchange with lower fees.
• Providing your email address, full name, address, and other relevant information helps to protect your account.
• This way, you can buy and sell up to USD 15,000 worth of crypto per day.
• The company has been operating since 2013 and is trusted by millions of users across the globe.
• White-label crypto exchange software is a powerful tool that allows companies, especially startups, to launch their exchange platforms.
• Payments made by credit card, debit card, Apple Pay, or Google Pay have a 4.99% fee issued.

Upon signing up, customers are automatically enrolled in the program. Plus, your image should also contain a paper with COinmama written on it with today’s date. To open or register an account on Coinmama, follow the below process carefully.

Coinmama Review: How Long Does Coinmama Verification Take?

Nevertheless, when buying BTC with Coinmama, depending on your payment method, they charge 5.5% for every transaction and another 5% if you are going to use a credit card. So, in the given example above, for every $1000 worth of Bitcoin purchase, there will be a $55 fee. Please also note that other fees like if you’ll use your credit card, CA and FOREX conversion (if applicable) are not yet accounted for. It may seem inconvenient that Coinmama doesn’t provide an online wallet. Still, the benefit is that it makes you think seriously about setting up a secure digital wallet instead of taking the easy option.

The process is called verification and is something everyone must go through before buying crypto anywhere. After submitting your details for verification, we’ll then quickly go over it and make sure everything looks good. Once you have clicked “Buy Now”, you will be prompted to enter your target crypto wallet address and choose your payment method. Coinmama does not provide users with wallets on the exchange. Upon completion of a crypto purchase, all coins are remitted directly to your external wallet.

Great experience with Carl from…

It has gained a lot of respect in this space, owing to the safe and fast access to digital currencies like Bitcoin and Ethereum. They contacted me about my issue, before I had a chance to inform them! Quick responding and supporting team, easy going, learning a lot! Coins are delivered fast, but can take 24 hours for payment team is checking all very well, secure. FinanceBuzz has partnered with CardRatings for our coverage of credit card products. FinanceBuzz and CardRatings may receive a commission from card issuers.

Furthermore, there’s no user-to-user trading on the platform. Customers are only able to buy/sell directly from the company itself. Coinmama sells fractional shares of Bitcoin and is made available to customers for as low as $50 worth of Bitcoin, based on the current trading rate. Coinmama does not provide anything in the way of a digital wallet, meaning each user is responsible (and therefore in control of) their own stash of crypto. In terms of legitimacy, Coinmama is registered with the Financial Crimes Enforcement Network (FinCEN) in the United States.