Coinmama Review 2021

Coinmama is available worldwide, with its services accessible in over 190 countries across Europe, Latin America, the Middle East, and Africa. The exchange is also regulated in some US where Coinmama has received money transmitter licenses. Another feature of the Coinmama exchange is the loyalty program that allows users to earn discounts on fees for their continued use of the exchange. As such, frequent users are likely to save a lot on the fees . Applicable limits are reset based on your 24-hour or 30-day spending, and count both buy and sell transactions. Once the coins are sent to Coinmama, the exchange will transfer fiat to your bank account using SEPA. Coinmama also supports multi currency purchases of cryptos made in AUD, CAD, EUR, JPY, GBP, and USD.

In this article, we will review Coinmama, a crypto exchange for buying and selling Bitcoin and other cryptocurrencies. 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. Coinmama enrolls all its customers in its 3-tiered loyalty program. At level 2, you get a 12.5% discount on the final price of your purchase. At level 3, you get a 25% discount of the final price and first priority with customer support. Overall, CoinMama is a secure and fast way to buy crypto.

Coinmama Trading Tools And Features

Because there is no trading from crypto to crypto, you aren’t trading cryptocurrencies on Coinmama. Instead, you are simply buying and selling them directly from/to Coinmama. 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. On top of the stated price, you will need to add a 5% credit card processing fee. This means that Coinmama’s price will be 10.9% above the market rate.

• You can pay using GBP, USD, EUR, CAD, and AUD, and you can pay using a variety of payment methods including bank cards, and Apple Pay.
• Transfer options vary depending upon the user’s residence.
• In total, all fees add up to a 10.9% fee on card purchases.
• Most cryptocurrency exchanges can be really scary when you are just starting out.
• However, overall, the service is available in the widest range of countries.
• Read our full Coinmama review to find out if it’s right for you.

Coinmama is a crypto exchange that was founded in 2013 in Israel. Later on, Coinmama registered in Dublin, Ireland under the name New Bit Ventures Ltd. This crypto exchange makes buying Bitcoin fractions simple and easy. It is worth noting here that the minimum order amount is $60. After coinmama review you have signed up for a Coinmama account simply specify the amount of Bitcoin you want to buy, enter your payment details and confirm your crypto wallet address. Once you decide what cryptocurrency you want to buy, add your payment option, credit/debit card, or bank transfer details.

Coinmama Trading Fees

Instead, Coinmama accepts payment directly at the time of purchase. Crypto Believer – cumulative purchase amount of $ USD over a rolling 90-day period, or a lifetime purchase amount above $ USD.

Coinmama doesn’t provide you with a wallet for any cryptocurrency. This way CoinMama protects itself from being a center of an attack.

Can You Sell On Coinmama?

As noted earlier, Coinmama accounts come in levels based on the verification status of your account. For instance, a Level 1 account has a daily transaction limit of $15,000 (buy/sell). Level 2 and 3 accounts have a transaction limit of $50,000 and $1 million respectively. When buying crypto via a bank transfer, Coinmama limits the order amount at $1,000. If you have to transact with amounts less than $1,000, you will incur a ‘below the minimum fee’ of £20 ($25.78).

• Instead, you need a self-hosted wallet that supports the crypto you’ve purchased.
• This process is very easy and MUCH quicker than any other exchange I’ve personally used.
• You must go through KYC verification procedures (albeit lighter for the smaller $5,000 transaction level) for any purchase.
• It’s a comprehensive database of explainers and resources to help you learn more about how Coinmama’s exchange works as well as how cryptocurrency works more broadly.
• One can easily understand the working procedures of the exchange by logging into the Coinmama website.
• This is because, strangely, Coinmama doesn’t offer an option to remember your details for you; not even your username.

Even Coinbase supports 4 coins, and most exchanges offer trading in dozens, if not hundreds of coins. This has a lower crypto-to-crypto exchange rate than Shapeshift, however both options have a direct hardware wallet connection option.

Free Bitcoin Crash Course

We’re proud of our content and guidance, and the information we provide is objective, independent, and free. The majority of Coinmama’s negative reviews complained about one thing – the identity verification process. Users claim that Coinmama requests a ton of information and in some cases rejects applications without giving proper explanation why. Coinmama offers its services worldwide with the exception of sanctioned countries and several US states. The prices you see on Coinmama’s website already include the company’s brokerage service fee of 5.9%. The base price is calculated from TradeBlock’s XBX index. Coinmama was established in 2013 in Israel and has since grown to serve over 2m customers in over 188 countries with over 30 employees.

If an order is aborted for any reason the Coinmama system voids the payment and it is refunded to the customer account within 48 hours. In general though deliveries will take place within minutes of the order being placed, which is helpful those looking to take advantage of positive price moves. Coinmama also locks in the price once the order is placed, so even if it takes hours for you to receive your coins you’ll get the price at the time the order was placed. Signing up for Coinmama is as simple as filling in a short online form with your email, name, your chosen password and your country of residence.

Coinmama Transaction Fees

In cases of scam, the fake merchant claims they didn’t receive a payment. Also, you can use any blockchain explorer to see the merchant’s wallet transactions by entering their wallet address.

Selling cryptocurrency with Coinmama is currently available to customers in Europe that are part of SEPA. On the other hand, the long answer to the question is “it depends”. If you have the option to use a different payment method other than a credit card then I’d go elsewhere to avoid paying the high fees. This is crucial, because sometimes a day or two can mean wide price fluctuations in Bitcoin.

Everything seems a little too complicated, with too many rules in place, and too many hoops to jump through. How areregular people making returns of as much as 27,144% in a year? By picking the right coin at the right time – click the button to learn more. Coinmama requires 1 valid government issued ID and a selfie of yourself holding that ID and a note with “Coinmama” and today’s date written on it. 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. Cash To Crypto was formed in 2013 to provide a simple solution for…

They offer full encryption of your personal details, and they don’t store your credit card details online. Interestingly, they also don’t have their own wallet service, meaning you can choose a high security wallet of your own in which to store your money. In addition, Coinmama charges an additional 5% fee on each credit and debit card transaction. This fee is added after customers choose their method of payment. In addition, customers may be charged a Cash Advance fee by their bank or card issuer depending on whether the financial institution views the transaction as a ‘cash’ transaction. 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.

Create An Account

Though the exchange is based in Israel, Coinmama does not offer its services to the country’s residents. Additionally, Coinmama requires that before you buy any crypto on the platform, you have a wallet address that can receive these assets.

All in all, Coinmama is a trustworthy and secure crypto broker. It may not be an ideal option for privacy enthusiasts, but it is a solid way to acquire coins and deposit them directly into your wallet. Specify the amount of bitcoin you want to sell or the amount of fiat you want to receive. These include Iran, North Korea, Cuba, Syria, and the Ukrainian/Russian Crimea region. Coinmama runs a worldwide service, meaning that anyone can use it regardless of where you live. Now that cryptocurrencies have essentially become mainstream, a large industry is quickly building up around trading them. Coinmama might not offer the widest range of cryptos to buy in the world, but all the heavy hitters are represented.

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. Coinmama doesn’t hold any of your cryptocurrency purchases, so you don’t have to worry about anyone accessing your holdings through the platform. Coinmama doesn’t facilitate trades between buyers and sellers; you’ll only transact with Coinmama itself. It also doesn’t let you exchange one cryptocurrency for another. You’ll always purchase crypto with your local currency and get paid in Euro for selling Bitcoin. Through Coinmama, you can only purchase 10 cryptocurrencies. Selling is only supported for Bitcoin and only in Europe.

• However, it doesn’t appear that there are any major issues with response times, with most queries consistently replied within 24 hours .
• However, one of the most popular and favored exchanges is Coinmama.
• Another way to get around the fees is through the loyalty program discussed above.
• The exchange has over 2.2 million users, features a fast-track verification process and is available in 190 countries around the world.
• For crypto derivatives, FTX and Bybit are both popular choices.
• The price stated on the Coinmama website includes the company’s brokerage fee of 5.9%.

It’s quite unusual for a crypto exchange to ask this at such an early stage and may turn off the people who want anonymity right away. A series of websites were created to make it easy for people to acquire cryptos. Given that’s the year in which Bitcoin first cracked the $100 barrier, you could say they timed it pretty well. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. I tried to buy on Coinmama today and it seems this $150 equivalent, free of verification, is no longer offered.

Author: David Pan