Coinmama Exchange Review: Easiest Way To Buy Cryptocurrency

CoinSutra writers are not certified financial advisors or brokers. Cryptocurrency activities like purchasing, trading, holding, and selling have inherent risks. CoinSutra and its writers are not responsible for any investment losses from acting on website or social media content. Also, unlike other exchanges/services, Coinmama doesn’t have an inbuilt BTC, ETH, LTC, BCH, ETC, XRP, QTUM, ADA wallet.

  1. Ultimately, you are responsible for your financial decisions.
  2. It might not be ideal for the cryptocurrency enthusiast looking for a robust suite of products, but it could be the right place if you simply want to buy or sell crypto.
  3. There is speculation that this service will be expanded to other users worldwide in the coming few years.
  4. Unlike other platform’s, Coinmama does not offer an online wallet for users to store their cryptocurrency on the exchange.
  5. Coinmama’s trading fees are 0.1% to 0.9% plus the 2% spread to sell cryptocurrency.

Coinmama uses industry-standard encryption technology to protect user data and transactions. 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. CoinSutra does not recommend or endorse specific cryptocurrencies, projects, platforms, products, exchanges, wallets, or other offerings. Opinions shared by CoinSutra writers are their personal views only and should not be relied upon for financial choices.

Coinmama At A Glance

Unfortunately, the user experience is poor, with a long signup process that requires all documents upfront, and the website is not functioning properly. The platform only supports 20 cryptocurrencies and the company has not come out with a proof of reserves, like many other exchanges. Brokerage Services – Other platforms first matches buyer and seller orders and then sell cryptocurrency against credit cards. However, Coinmama supplies a brokerage service for the cryptocurrencies.

You already paid Coinmama’s high fees, so there’s no need to pay additional fees to withdraw those funds again. Those funds in your personal wallet can be transferred to another exchange to be sold and withdrawn, if you choose to do so. Coinmama has had no known security issues, user data breaches, or major downtime incidents. Part of the reason is that Coinmama doesn’t store users’ cryptocurrencies in its own wallets; instead, all cryptocurrencies are sent directly to users’ wallets.

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Consult with a qualified professional before making any financial decisions. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies, nor can the accuracy or timeliness of the information be guaranteed. Rather, the company will send coins to whichever wallet you own. NerdWallet, Inc. is an independent publisher and comparison service, not an investment advisor. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. NerdWallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances.

This is what Coinmama does best, help investors invest in small or large amounts of cryptocurrencies. Being registered as a Money Services Business with FinCEN gives the exchange coinmama exchange review the extra credibility we are looking for when recommending platforms to traders and investors. We would definitely recommend that you use this exchange to invest in crypto.

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Coinmama exchange does not store credit card details on its server. So, sending fiat money to this exchange is very safe and secure. In order to confirm wallet addresses, Coinmana sends the user an email link to allow them to confirm that their address is valid. Because of this validation procedure, users are unable to purchase cryptocurrency for, or on behalf of, others.

In order to verify your account, you will need to submit some form of identification. For a complete guide on which form of ID is required in each country, read this Coinmama support article. Here’s a short comparison of Coinmama’s brokerage service compared to other popular services around. For the most up-to-date list of Coinmama’s restricted countries and states, visit their support article.

Users will also pay spread fees, called “rates” on Coinmama, and may be subject to other fees depending on the payment method they use. Coinmama was one of the earliest crypto exchanges and has grown into an industry leader for crypto investors everywhere. It offers a secure crypto wallet, a crypto exchange and personalized services for large investors.

Excellent Customer Support response in…

Coinmama is one of the fastest growing cryptocurrency exchanges due to it being easy, fast, and secure. To conclude this review on Coinmama, the exchange is suited for newcomers and beginners looking to make their first cryptocurrency. The user interface, worldwide availability, responsive customer service, and supported payment options make it easy for investors to buy crypto with fiat currency. Coinmama is a straightforward exchange where you can buy several cryptocurrencies and sell Bitcoin. Accepted payment methods include credit and debit cards, Apple Pay, Google Pay, and ACH transfers.

Coinmama is one of many crypto exchanges that allow investors to participate in digital asset investments. Master The Crypto is a financial publisher that does not offer any personal financial advice or advocate the purchase or sale of any security or investment for any specific individual. MTC has advertising relationships with some of the offers listed on this website. MTC does attempt to take a reasonable and good faith approach to maintaining objectivity towards providing referrals that are in the best interest of readers. We must mention in our Coinmama review that even though Coinmama is not one of the top crypto exchanges, they mainly evade media scandals or news that might involve them.

Several users have positive things to say about Coinmama’s customer service. Coinmama was established in 2013 and has served over three million customers around the world. The company is headquartered in Ireland, and it was founded by Nimrod Gruber, Laurence Newman, and Ilan Schuster. Coinmama supports nine digital assets at the time of publication, including Bitcoin, Cardano, and Ethereum. The pros of a brokerage service are that the process is simple and fast since you don’t need to look for a buyer on your own.

After the first level, each subsequent level has a spending prerequisite before you can apply. Coinmama only gives you access to a handful of cryptocurrencies. But Kraken and Coinbase, on the other hand, both offer well over 50 cryptocurrencies and access to interest-bearing assets and more.

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