CategoriesForex Trading

Coinmama Exchange Review, Live Prices, Trade Volume, Fees

Also, for withdrawals, users are required to pass an enhanced verification process providing proof of the validity of their identification documents. And if you need to lock the price of a cryptocurrency until the exchange receives your payment method, Coinmama charges an additional express fee ranging from 0-5%. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. With Coinmama, users are able to sell Bitcoin, even if purchased elsewhere and receive fiat money directly in their bank account. As a financial service, Coinmama is committed to the highest security and privacy standards.

coinmama review

It offers two-factor authentication to prevent unauthorized account access. Coinmama also doesn’t store credit or debit card information in its system. Coinmama is a basic, easy-to-use platform that lets customers buy a limited number of cryptocurrencies and sell Bitcoin.

Security And Regulation

Next up, you’ll need to enter your identification details. Double-check that you have entered the correct information or it may delay the process! 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.

coinmama review

One of the most frustrating parts of buying cryptocurrency is that so many exchanges don’t allow you to use fiat money. Instead, they normally ask you to deposit using another cryptocurrency that you obviously can’t do if you don’t have any! Deciding which cryptocurrency exchange to use can be difficult as there are hundreds of different options to choose from.

Thank you coinmama support

Coinmama has a great support team, with users able to access them via email. There is also a live chat feature that users can opt for, although Coinmama is yet to offer a 24/7 service. Coinmama uses full encryption technology to secure your personal details and uploaded documents. Details related to your credit card are never kept on the Coinmama website or its exchange servers, while their website is HTTPS certified.

However, it charges relatively high fees for each transaction and doesn’t offer all the features and products that competitors may provide. Despite this, Coinmama receives positive feedback from users overall, and its simplicity may make it an attractive option for newer crypto investors. Coinmama supports several payment methods, including credit or debit cards, bank transfers, Apple Pay, and Google Pay.

Can you withdraw money from Coinmama?

When you used Coinmama to purchase crypto, the coins were sent directly to your external crypto wallet. To sell that crypto and withdraw money to your bank account, you will need to send your crypto to another exchange, such as Kraken, then sell it and withdraw money.

Users’ funds and cryptos are not held directly by Coinmama. There are no additional fees for the withdrawal of coins from Coinmama. A very user-friendly platform supporting both novice and experienced crypto investors.


This shows that the exchange is very reliable and that any fraudulent activities on their site will be investigated accordingly. When you enter your card details and make a purchase with Coinmama, your coins are sent to your private wallet as soon as the payment goes through! This is a much safer option for you as third-party wallets are known for being hacked. Coinmama offers access to 15 of the most popular cryptocurrencies in the world. Of course you will be able to purchase BTC and ETH, as well as several other coins. They plan to add more coins in the near future, so keep your eyes open for more options.

The Coinmama Wallet also has instant transactions, 24/7 customer support and an app available for iOS and Google Play. 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. 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 .

coinmama review

Bitcoin is the only cryptocurrency that you can sell to Coinmama at the time of writing, although the platform is planning on expanding the offering. Coinmama does not offer trading options like margin trading and futures. Coinmama allows its customers to buy cryptocurrencies via credit card, debit card and bank transfer. Once you decide what cryptocurrency you want to buy, add your payment option, credit/debit card, or bank transfer details.

As soon as your payment clears, Coinmama sends you your coins. This is an important feature to consider, since sometimes a day or two can mean large price fluctuations. To protect both parties from this, Coinmama “locks” the Bitcoin price for you as soon as you submit your order.

Coinmama Review: About Its Safety with Pros & Cons

They have been very helpful with prompt, kind and professional support. I can strongly recommend Coinmama if you appreciate great service. The customer service at Coinmama is above any other I have encountered so far. It was a great experience from the support team and always there for your to make sure every transaction are all completed successfully.

What are Coinmama fees?

The fees combined of XBX + 2% (standard deviation) & commission fee between 0.9%-3.90% (up to 0.9% on sell transactions & 3.90% on buy transactions), which depends on loyalty level also. Total fees stand approximately at 5.9%, which goes down the more you buy. Also, when it comes to OTC exchanges, these prices are not far from competitive, and other OTCs are even more expensive when using credit cards but have hidden additional fees.

However, traders can also use wire transfers like SEPA, SWIFT, Sofort, Fedwire, FasterPayments, etc., instead of a credit card; with this, they can save 5% in total fees.

Transfer options vary depending upon the user’s residence. Coinmama is a global cryptocurrency marketplace founded in 2013, with an aim to make it quick and easy to purchase digital currency using fiat currency. Since its establishment, it has expanded to 190 countries and served over 3 million customers worldwide. Coinmama allows you to buy crypto instantly, with the coins going directly to your personal wallet.

However, once this is done, you can buy up to $15,000 in coins without needing to provide any more information. This can become really expensive if you’re purchasing cryptocurrencies in large amounts or on a regular basis. However, you also have to remember that no matter where you buy cryptocurrency, if you are using real-world money then there will always be fees involved. Crypto Believer – cumulative purchase amount of $18,000 USD over a rolling 90-day period, or a lifetime purchase amount above $50,000 USD. Crypto Curious – the initial level, and fees for buying and selling are 3.90%.

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. A flat fee of 20 GBP is charged for users wishing to make an order below 1,000 USD. Coinmama offers a wide range of cryptos that are amongst the most popular cryptos in the market.

Users can either make purchases by credit or debit card or via fund transfers. In addition, a simple and secure user interface means anyone looking to buy Bitcoin can register and proceed without any problems. However, the fees charged for credit/debit cards are one of the highest in the industry and that might be enough to put off some traders.

If you make $5,000 in purchases within 90 days, your sales fee is reduced by 12.5%; $18,000 in 90 days or an overall purchase of $50,000 gets a 25% sales fee reduction. Founded in 2013, Coinmama boasts a three million-strong member base in over 188 countries. Unlike other exchanges, users buy crypto from Coinmama’s own inventory using their personal digital wallet funds. Cryptocurrency can feel like a daunting asset class, especially if you’re relatively new to it. We may receive compensation from the products and services mentioned in this story, but the opinions are the author’s own.

It can be used in 190 countries worldwide and has over 3 million users. Crypto Enthusiast – cumulative purchase amount of $5,000 USD over a rolling 90-day period. When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings.

  • U.S. users have two payment options, both of which have limitations.
  • The first is the default level, and the next two have spending requirements.
  • Additionally, Coinmama requires that before you buy any crypto on the platform, you have a wallet address that can receive these assets.
  • The fees combined of XBX + 2% & commission fee between 0.9%-3.90% (up to 0.9% on sell transactions & 3.90% on buy transactions), which depends on loyalty level also.

From my own experience I can say that verification with Coinmama was relatively easy, and yes, they require a lot of information. However these are just standard Know Your Customer and Anti Money Laundering policies that most legit exchanges must adhere to. Coinmama offers its services worldwide with the exception of sanctioned countries and several US states. Certain countries are also served by a third party, rather than directly by Coinmama themselves. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.

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We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The final output produces star ratings from poor to excellent . Full BioMaddy Simpson is an experienced data journalist and fact-checker with a background in financial analytics.

Can Coinmama be trusted?

Yes, Coinmama is a legitimate and trustworthy cryptocurrency broker that has been established since 2013.

You will be able to track the status of the purchase under the “My Account” tab on the exchange’s website. With Coinmama, purchasing a number of popular cryptocurrencies coinmama review is no more a daunting task. Here are the few steps that we found while making this review that makes the crypto buying process easier on such a platform.

If you are looking to trade popular currencies like Bitcoin and Ethereum, Coinmama will work for you. However, if you want to buy and sell altcoins, you may prefer another exchange. Locate your desired cryptocurrency from the drop-down menu, set a trading pair and fill out the Coinmama transaction form. You may find another exchange with better sale limits if you want to sell other cryptocurrencies. Coinmama operates a simple trade flow and limited trading options outside of spot trading. Crypto assets are highly volatile and largely unregulated.

You’re looking for a quick, easy place to buy crypto and don’t mind paying high fees. Those are lifetime account limits, so if you reach the limit for a level, you need to apply for the next one. After the first level, each subsequent level has a spending prerequisite before you can apply. It’s one of the few inconvenient parts of using Coinmama, though. Other exchanges at least give you the option of crypto storage, allowing you to jump right in and make a purchase. One of the most common pieces of advice for safely storing cryptocurrency is to keep it in your own wallet, not on an exchange.