Standard security features are available on Coinmama, including two-factor authentication and encrypted servers. Coinmama also does not store any user crypto assets, and instead, it requires customers to use their own software or hardware wallets. This keeps assets in user custody instead of on a centralized platform. Coinmama is a cryptocurrency exchange that was founded in 2013. The platform is used by over 3,200,000 people worldwide and can be used in over 188 countries to buy Bitcoin and Ethereum.
Once the payment is provided, the coins are delivered straight to the user’s wallet address eliminating the risk of hackers stealing the funds. Coinmama is a digital currency exchange for buying the most popular crypto assets. It is an excellent choice for beginners that want to make a quick purchase using a debit or credit card.
Coinmama offers a help centre for users in addition to a contact form. The help centre contains information on everything from getting started with eur to cad forecast blockchain to how to buy crypto. It features a clean interface without all the graphs and charts that may disorient and discourage new users.
Coinmama offers customer service via a form on its website and a chatbot. In addition to its customer support options, Coinmama also has a help center where users can find answers to common questions about account management, fees, and more. HedgewithCrypto aims to publish information that is factual, accurate and up to date. The information about a specific cryptocurrency exchange or trading platform in reviews and guides may differ from the actual provider’s website. Our only criticism is the high fees and lack of features for intermediate investors and traders that rely on advanced orders and a price chart.
Coinmama Security Features
To raise your limit, the platform will need to know you a bit better, and this will be made possible by filling out the form. To operate a Coinmama account, you will need to meet a number of set requirements. The list of requirements becomes longer with an advanced account. This registration prevents Coinmama from many issues such as international money laundering, terrorist financing, and other crimes. As a resident of the United States, you can count on these institutions when you want to trade via Coinmama. In terms of digital security, Coinmama is the closest to perfect.
Collectively we have over 25 years of experience in cryptocurrency and we are passionate about guiding people through the complex world of crypto investing. The deposits and withdraws on Coinmama are different than traditional deposits and withdraws. Coinmama fees are higher than some of its competitors, but it is a prevailing rate in the crypto ATM industry. Coinmama is essentially an online crypto ATM that enables you to deposit crypto into a third-party wallet rather than deposit cash to you.
When you click on the Buy tab and select which cryptocurrency you’re interested in, you’ll see the following screen. All in all, Coinmama has helped facilitate the transaction of over $100 million in cryptocurrency across 190 countries. This implies that they have obtained the relevant crypto exchange licenses for the jurisdictions in which they operate. In this 2022 gkfx review, I will examine what Coinmama is, its history, the team, the pros and cons of the platform, and more. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
However, the downside is that the fees are very expensive and the number of cryptocurrencies is too limited. And in the US, Coinmama is available in 48 states excluding New York and Hawaii. Coinmama provides its customers the option to buy crypto using their debit cards, credit cards, or Google Pay, and Apple Pay.
Coinmama never holds customer funds or stores your payment information. Use the third-party wallet of your choice for complete control over your coins. There are multiple exchanges like the Coinmama crypto exchange. Even if you don’t find your preferred cryptos on Coinmama, visit other similar exchanges that offer more crypto options for cryptos.
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. When you use other exchanges like Binance or Coinbase, your cryptocurrencies are stored inside the exchange’s wallet address, on their servers (which is highly inadvisable.). Security Service Federal Credit Union offers a full range of financial services and products at competitive rates. However, the credit union has a limited service area across a handful of states. Coinmama lists several ways for customers to receive support.
This was part of a large-scale breach that affected 30 companies and 841 million users. Coinmama is also pretty much safe against scammers compared to other platforms. Account-holders can also enable two-factor authentication as an extra layer of security, although it is not a requirement. Selling crypto on the platform comes with several conditions. All you have to do is log in and choose the coins you want to buy or sell.
On top of the credit or debit card fees charged on the Coinmama exchange, there is also an average fee of 5.5% to 5.9% for every transaction made on the Coinmama platform. However, the exact and the minimum fee depends on the number of cryptos a trader intends to buy. Those in the Curious tier will pay a 3.9% fee per buy or sell transaction. Compared with other cryptocurrency exchanges, Coinmama’s trading fees are relatively high. Users will also pay spread fees, called “rates” on Coinmama, and may be subject to other fees depending on the payment method they use.
Although ideal for novice users looking to get hold of digital currencies, you will need to look for another exchange in order to trade your coins, if you ever need to. For this reason, Coinmama exchange may not be a best choice for professional or serial traders. For those who want to check out similar options, we encourage you to reader our guide ‘An alternative to Coinmama‘ and compare the different options. Exchanges were reviewed on points including security, fees, number of cryptocurrencies available, and more.
Be mindful of this to help set your expectations when using this no-frills platform. Coinmama’s only advanced account protection is 2FA, while the former includes address whitelisting and anti-phishing codes, among others. For instance, 0.0005% of any BTC you want to move out of the platform goes to Binance’s coffers. But if residing in any of these five jurisdictions, a third-party platform is necessary to complete your transactions. The hackers stole email addresses and hashed passwords, later posting them on the dark web – impacting about 450,000 users.
CoinMama support team is awesome!
Trading is an emotional endeavor and it is easy for people to point fingers for their own mistakes. Apart from the limits, Coinmama has set a minimum purchase amount of at least 60 EUR/USD to buy cryptocurrencies on its exchange. If you don’t live in any of the countries listed under the ‘Excluded’ section, then you can go ahead andcreate your account on Coinmama exchange and start buying cryptocurrencies.
Do I need a wallet for Coinmama?
When buying crypto with Coinmama, you'll have to send the coins to your own personal wallet (that only you have access to) and from there you can transfer your coins to wherever you'd like e.g. shops, E-shops, particulars…
If you are looking to have quick access to crypto and send it to your own hardware wallet or another exchange-hosted wallet for trading, Coinmama is for you. It doesn’t need you to be tech-savvy, as the design is both simple and effective. This also helps keep your account safe, fight fraud, and more. The process is called verification and is something everyone must go through before buying crypto anywhere.
What is Coinmama?
While it doesn’t support digital wallets like Google Pay, Coinbase’s transaction fees are merely 0.5%. But it’s actually averse to credit card and debit card deposits as well as third-party payment processors. Coinmama is an easy, and convenient way tobuy and sell cryptocurrencies instantly.
Most of the exchanges prefer digital tokens like Ether, etc. as a deposit for cryptocurrencies like Bitcoin. The key difference between the two exchanges is that Coinmama has a slightly higher commission % than Coinbase and they offer less selection of cryptocurrency. Using Coinmama exchange, you can buy any of the top cryptocurrencies, including BTC, ETH, ETC, LTC, BCH, and XRP.
Coinmama vs CoinSpot
Upon completion of a crypto purchase, all coins are remitted directly to your external wallet. You are required to provide your wallet details during the transaction process. Coinmama is actually one of the first crypto exchanges in the world to have ApplePay as a payment option. This means that you can purchase crypto from Coinmama via ApplePay. As per our review of Coinmama, it takes a minimum of 30 minutes to a maximum of 1 hour to complete the process. Once the Coinmama verification is successfully done, Coinmama immediately credits the crypto coins to the trader’s wallet.
The following Coinmama review will analyse the most important aspects and provide you with a well rounded, detailed overview of the exchange and its services. Although Cryptimi does its best to provide you with accurate and up-to-date information, we strongly recommend fx choice review that youvisit Coinmama for any updates. Investments are subject to market risk, including the loss of principal. Coinmama does not store user crypto assets, requiring an offline wallet. Gemini offers over 50 cryptos to buy and sell, while Coinmama only supports nine.
It is a legitimate online crypto marketplace that has been around since 2013. It can be used in 190 countries worldwide and has over 3 million users. Coinmama is a decent exchange for Canadians, though if you’re looking for the best overall trading experience, I recommend using CoinSmart, Bitbuy, or Newton instead.
This feature triggers Coinmama to request additional information before completing any buy or sell order. You need to fill out the registration form and provide the requested personal information to pass the basic level. You can purchase any amount you want, with no minimum purchase amount.
Does Coinmama require ID?
Notably, there is no live human support chat or 24/7 phone support. For users who prefer personalized assistance, Coinmama’s options may be limited. Coinmama implements transaction limits on a cyclical basis, and they vary depending on the regulations, the user’s preferred payment method, and level of verification. If you are a seasoned crypto trader, Coinmama’s main appeal will be the instant delivery of purchased coins into your account. You can also sell BTC and receive cash via SEPA transfer if you are living within the EU.
Clients can use third-party broker wallet addresses to have full control over their Bitcoin holdings. Coinmama is a basic, easy-to-use cryptocurrency exchange where you can purchase a small selection of digital currencies or invest in Bitcoin. While it’s catered to beginners with a simple and user-friendly platform, and it was the first crypto exchange to allow purchases with a credit card. Read our full Coinmama review to find out if it’s right for you.
The company has a simple and user-friendly interface that makes buying easy, even for beginners. The platform’s simplicity may not be for everyone, but it is definitely a good starting place if you have never purchased cryptocurrency before. One of Coinmama’s most significant value propositions is its customer service department. Of the various third-party review platforms I looked into, Coinmama had responsive answers to every detrimental review, of which there were few, on each platform. There are multiple payment options for you to use at Coinmama. A notable feature of Coinmama’s exchange is its instant buy options.
Coinmama is a global cryptocurrency exchange founded in the year 2013. It is owned and operated by New Bit Ventures Ltd, with its headquarters located in Israel. Coinmama is not an exchange marketplace but an exchange broker that only offers the buying and selling of cryptocurrencies.
Since Coinmama neither holds cryptos on the exchange nor stores customer information, there is no 2-factor authentication. Coinmama does recommend that users enable 2-factor authentication on any wallet apps, however. Having been launched back in 2013, Coinmama was also amongst the first to support the purchase of Bitcoin with credit and debit cards. Coinmama is an online cryptocurrency exchange supporting the purchase of cryptos.
Rather, the company will send coins to whichever wallet you own. Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. Here is a list of our partners and here’s how we make money. Investopedia requires writers to use primary sources to support their work.