Coinmama Review Is It Safe & Legit In 2023?

Coinmama Review Is It Safe & Legit In 2023?

Leave your genuine opinion & help thousands of people to choose the best crypto wallet. Just remember to stay safe out there and always do extensive research before placing your money into any cryptocurrency! If you would like to check out Kucoin, more recommended broker exchange, then check out this full review. If you cannot find a cryptocurrency that you're looking for, you should check out Kucoin that has more options to choose from. Congratulations, you can now buy up to $15,000 in cryptocurrency! Make sure this matches the address on your payment card or it will be declined!

• Coinmama is a cryptocurrency broker/exchange that is located in Israel.
• That’s an incredible move and Coinmama’s 2% markup tries to protect the platform against sudden volatility.
• Once orders are placed, the exchange rate at the time of purchase is locked in, meaning that users receive exactly the amount of cryptocurrency that they ordered, regardless of any fluctuations that may occur between the time or order and the time of receipt of the cryptocurrency.
• This allows users to be able to take advantage of advantageous price movements.

Step 2: Buying Crypto and Transferring to Your Wallet

What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. Moreover, they claim that once a payment is approved, the coins are sent instantly. Since 2013 Coinmama has been on a mission to create the most simple financial service in the crypto space – spoken in a language you can understand, and backed by customer service you can count on. Coinmama is a financial service business that makes buying digital currency "fun, fast and safe, from anywhere in the world".

For instance, buying crypto via SEPA-transfer is cheaper than buying crypto via credit card. This particular platform is more a cryptocurrency store than a cryptocurrency exchange. Over the years they’ve added more crypto coins and additional methods of payment such as SEPA and Swift bank transfers, making it really easy to buy bitcoin.

Our process included signing up, completing the KYC verification, logging in, and testing the platform. The company is most active on Facebook with daily posts, which I found strange as it’s not typically a crypto-focused platform. My payments were sometimes declined randomly during testing but often worked on the second attempt. Nonetheless, Coinmama remains a decent option for novice traders and individuals interested in buying and holding crypto for the long term.

We do not publish biased reviews or spam. All reviews, either positive or negative, are accepted as long as they're honest. The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. So, did you follow my step-by-step guide and buy some coins? While no exchange is perfect, Coinmama is definitely on the positive side. I hope you enjoyed reading this Coinmama review!

1 million users from 188 different countries

In my opinion, Coinmama feels outdated and in need of modernization. However, it lacks features like a comprehensive crypto discovery tool, and some information is inaccessible from the main navigation. It only displayed Bitcoin’s current price and offered a button to buy crypto, which redirected to Coinmama’s main buy screen. Coinmama’s crypto search feature is quite basic, consisting only of a simple search bar. Coinmama’s payment system closely resembles Paybis, likely due to outsourcing some of its payment processing to them.

For example, if someone wants to buy Bitcoin and BTC is currently trading at $10,000 then the market rate for the sale on Coinmama will be $10,200. They charge a variable commission fee that can be as high as 3.9%. While it's easy to buy Bitcoin on Coinmama they don't offer support for very many other cryptocurrencies. 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.

When you compare this to other exchanges, such as Kucoin, that have more than 100 coins available, this is quite poor. On top of the fees you will be charged when using your card, you will also be charged an average fee of 5.5% for every transaction you make! Coinmama is a cryptocurrency broker/exchange that is located in Israel. Deciding which cryptocurrency exchange to use can be difficult as there are hundreds of different options to choose from. Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. Frank Corva is business-to-business (B2B) correspondent for Bitcoin Magazine and formerly the cryptocurrency writer and analyst for digital assets at Finder.

Table of Contents

• No thanks, compare other crypto options.
• However, Coinmama does not provide a platform for trading in cryptocurrencies nor does it allow users to sell cryptocurrency.
• Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds.
• Unlike other exchanges, cashing out requires manually sending crypto to an address provided by Coinmama, and then receiving funds into your bank account.
• Coinmama is a financial service business that makes buying digital currency “fun, fast and safe, from anywhere in the world”.

The exchange holds no assets on the platform, making it unappealing to hackers.Traders can buy 16 cryptocurrencies but can only sell Bitcoin through Coinmama. 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. Altogether Coinmama is a reliable, established exchange and definitely one of the better platforms for the purchase of crypto.

Easy Crypto Australia

Fees are high for purchases and sales. The private keys for your crypto are never held in Coinmama’s custody. Hopefully in the future Coinmama will include more coins so that traders have more options to choose from. The Coinmama customer support department is also quick to respond in the event of a trading problem. By referring a new user to Coinmama you can receive a commission on all of their purchases. What's cool about the Coinmama loyalty program is that everyone is automatically enrolled and you don't have to purchase anything to get involved.

How to reach Coinmama customer support

The initial Coinmama verification should take only about 10 minutes, however, when purchasing coins, you might need to wait up to 6 hours to get verified. For the first year of trading coinmama was more than enough for me Functional and easy to use platform, even beginners will get the hang of it in no time!!! My first exchange, was disappointed because of the low amount of cryptos they offer, but now it makes sense! Somehow I expected coinmama to have more than 10 coins.

Coinmama Trading View

Then there are the buying platforms, also known as onboarding platforms, which is where Coinmama comes in. This means that you can purchase crypto from Coinmama via https://forex-review.net/coinmama-review/ ApplePay. If you buy crypto via SEPA-transfer at Coinmama, your total fee is normally 5.5%.

Coinmama Review: Advantages

A maker fee is the fee charged when you propose an order for other traders to take. In total, 8 of the top 20 cryptos are available on Coinmama. Namely, BNB, Solana and TRON, which are in the top 20 cryptos by market cap. Coinmama supports over 15 cryptocurrencies, but some notable assets are missing.

That is, traders and investors cannot store cryptocurrency on the Coinmama platform. Yes, Coinmama does require a valid government issued ID in order to purchase cryptocurrencies on their platform. For anyone who wants to use a credit card or debit card to buy Bitcoin there is a full guide available on Coinmama's website. The most famous crypto derivatives exchanges is Bitmex which offers up to 100x leverage.

Additionally, only credit/debit cards and SWIFT payments were available for selling crypto, limiting the payment options. Although Coinmama does offer users a number of advantages, including worldwide accessibility, options to purchase with cash through Western Union, credit and debit card purchases for instant access to Ethereum and Bitcoin and high daily buying limits, it also has a number of disadvantages. As with most cryptocurrency exchanges, online reviews of their customer service response has been mixed. Therefore, once purchased, users will need to create an appropriate wallet to which the exchange can send their cryptocurrency once purchased. Once orders are placed, the exchange rate at the time of purchase is locked in, meaning that users receive exactly the amount of cryptocurrency that they ordered, regardless of any fluctuations that may occur between the time or order and the time of receipt of the cryptocurrency. However, Coinmama does not provide a platform for trading in cryptocurrencies nor does it allow users to sell cryptocurrency.

Derivatives exchanges also commonly have leverage which allows crypto traders to use margin to take out a larger position. In addition to this, Coinmama also offer credit and debit cards as deposit methods (VISA & Mastercard) and bank transfers (Faster Payments (UK), Fedwire, SEPA, Sofort, and Swift). Coinmama doesn’t charge any additional fees to withdraw coins. They sell cryptocurrency from their own inventory, and do not facilitate transfers from one Coinmama-user to another.

Centralized Exchanges vs Decentralized Exchanges

This purchase interface makes it very easy to understand if you’re new to crypto, yet it might not offer all the advanced buy/sell features more experienced traders look for. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. Different exchanges have different trading views.