Coinmama is a popular cryptocurrency exchange that offers a wide range of cryptocurrencies. The platform has been around since 2014 and has a user base of over 2 million people.
The coinmama review 2024 is a platform that allows users to buy and sell cryptocurrencies. It was founded in 2013, and has been able to maintain its position as one of the most popular cryptocurrency exchanges since then.
There are several cryptocurrency exchanges on the market today, and Coinmama is one of the more well-known choices. This cryptocurrency exchange was founded in Israel in 2013. Coinmama’s goal is to make purchasing and trading cryptocurrency as simple as possible. More and more individuals are flocking to cryptocurrencies as Bitcoin resumes its upward trajectory. Coinmama wishes to assist in this situation.
Novice purchasers may go to a big exchange and attempt to acquire Bitcoin and other altcoins from professionals at a reasonable price, or they can buy it at Coinmama for a fixed price. The website allows users to buy eight of the most popular cryptocurrencies. In this Coinmama review, we’ll go further into this exchange and discover all there is to know about it.
Coinmama’s Background
- BTC, ETH, XRP, LTC, BCH, ADA, QTUM, ETC, BTC, ETH, XRP, LTC, BCH, ADA, QTUM, ETC, BTC, ETH, XRP, LTC,
- Credit/Debit Card, Bank Transfer, and Cash are all options for making a deposit.
- Controlled
- Email Form & Facebook Page Support
Coinmama is a worldwide digital currency broker if you’re not acquainted with it. Over 1.5 million people utilize the exchange, which covers over 200 countries. Those interested in purchasing bitcoins deal directly with the exchange. Other exchanges, on the other hand, act as middlemen between those who want to purchase and those who want to sell.
Coinmama provides its customers with a secure, safe, and quick way to purchase digital currencies. BTC, BCH, ETC, ETH, LTC, ADA, QTUM, and XRP are among them. The exchange has introduced the ability for customers to sell Bitcoin to people who live in the Single Euro Payments Area (SEPA).
One thing to keep in mind with Coinmama is that its coins do not come with a built-in wallet. As a result, if you wish to purchase any of the supported currencies, you’ll need an offline wallet first. While some perceive this as a disadvantage, others see it as a means to encourage industry participants to get a safe wallet before purchasing bitcoins.
What is the Process of Coinmama?
Coinmama is the place to go if you’re searching for a fast and easy method to purchase bitcoin. Coinmama is your trading partner, similar to how your bank is the seller when you need a money order. Consider the procedure for purchasing a book on Amazon. Instead of being delivered to your house, the book will be sent to a digital wallet.
You may purchase your preferred digital currency in quantities of 100, 250, 1,000, or 3,000 USD. You may also utilize an amount you specify as long as it satisfies the Coinbase minimum. Before purchasing cryptocurrency, Coinmama requires its customers to undergo identification verification, which we’ll discuss later.
Features
Coinmama is a cryptocurrency exchange that focuses on making it easy to purchase popular cryptocurrencies. Here are a some of the features that Coinmama customers will enjoy:
- High Spending Limits – Buy as many coins as you like without worrying about exceeding your budget.
- Coinmama allows you to buy Bitcoin, Ethereum, Ripple, and other major cryptocurrencies.
- Use any Visa or Mastercard credit or debit card to make a purchase.
- Quick Verification – Within one hour, identity documentation is examined.
- Complete your order and get your coins instantly. There is no need to make a deposit.
What are the Benefits of Using Coinmama Exchange?
One of the most compelling reasons to utilize the Coinmama exchange is its simplicity. Credit cards may be used by first-time crypto purchasers to acquire their preferred currency. That’s all there is to it after a user has been created, which is likewise a simple procedure. That’s all there is to it.
Coinmama also supports a wide range of nations and currencies. Many exchanges are either available in certain locations or only accept bigger currencies such as the GBP, EUR, USD, and JPY. Coinmama aims to make it as easy as possible for anybody to buy cryptocurrencies, thus it tries to reach out to as many people as possible.
Finally, Coinmama aims to protect its website. Despite the fact that users must undergo identification verification before purchasing coins, the site is secure for all users.
Registration for Coinmama
The Coinmama platform registration process is easy and clear. Go to the Coinmama website to get started. To begin the registration process, go to the top right corner of the page and click the “Sign Up” button.
You’ll be sent to a page where you’ll be asked to enter your email address, password, first and last names, and country of residence. After you’ve filled in this information, click “Create Account.” Coinmama will send you an email requesting you to confirm your email address. After that, sign in to your account.
For further protection, we strongly advise you to set up two-factor authentication (2FA) and SMS authentication. Although Coinmama does not force you to do so, we highly advise you to do so to provide an additional degree of security to your account.
Coinmama will need you to provide documents to validate your identity after you’ve finished your 2FA setup. Keep in mind that the more you give in return, the higher your limitations will be.
To begin, go to your account page and click the “Very My Account” option. Coinmama will need you to submit a valid government-issued photo ID. Your access level and buying restrictions will be determined by the information you provide.
As you go through the verification process, keep the following in mind:
- Check to see whether the expiry date is apparent in the picture.
- (You’re not attempting to conceal anything) All photos should display all four corners of the paper.
- High-resolution pictures should be uploaded.
- Each image must not exceed 8MB in size.
The length of time it takes to verify your level is determined by it. You should anticipate to receive clearance for level 1 pretty soon. It typically takes just 10 to 15 minutes. On the other hand, Levels 2 and 3 may take up to six hours to obtain verification. The good news is that you may start using Coinmama right away as you get your level 1 clearance.
Purchase Restrictions
On the Coinmama platform, the following are the limitations you’ll encounter for each level:
Level 1: Show a legitimate government ID, a photo of yourself holding your government ID, and a letter that says “Coinmama” and has the date written on it. A driver’s license (both sides), a non-US passport (double pages), and a national identity card are all acceptable forms of identification (both sides). Level 1 has a maximum restriction of $15,000 USD.
Level 2 – In addition to everything you provided for Level 1, you’ll need to supply a utility bill. Electric, gas, water, cable, bank statements, credit card statements, and property taxes are all accepted by Coinmama. Your internet bill is not accepted by the platform. With Level 2 verification, you may obtain a maximum of up to $50,000 USD.
Level 3 – To achieve Level 3, you must first complete a form on the Coinmama website and then contact the support staff. Level 3 access grants you a $100,000 USD credit limit.
Features of Security
It’s critical to ensure that the website you’re using to purchase cryptocurrency is safe. When you use Coinmama, you’ll receive the following security features:
- Doesn’t keep any of the user’s crypto.
- Management is open and honest.
- FinCEN has approved the site.
- Customer service is excellent.
- Know Your Customer (KYC) and Anti-Money Laundering (AML) are supported.
Cryptocurrencies that are currently available
We touched on this briefly before, but here are the eight cryptocurrencies available on the Coinmama platform right now:
Coinmama Payment Options
You must use either a credit or debit card to purchase bitcoin on Coinmama. The exchange accepts Visa and Mastercard, with payments handled by Simplex. At this moment, you are unable to link your bank to the Coinmama site.
There is no need for a withdrawal mechanism since your Coinmama purchases are delivered straight to your wallet. When you purchase bitcoin, it is immediately put into the wallet of your choosing.
Fees for Coinmama
Coinmama is one of the most costly brokers in the market when it comes to fees. You are paying for the security and ease of buying cryptocurrency. You will be charged the same fees regardless of where you are from.
When you purchase cryptocurrency from Coinmama, you will be charged: Coinmama charges a 5.5 percent fee, which is included in the currency’s pricing, while Simplex charges a 5% cost.
Remember that Coinmama does not hold user cryptocurrencies, therefore your digital money is delivered to your wallet address as soon as the purchase is confirmed. That means you won’t have to deal with withdrawal fees, which is convenient when purchasing cryptocurrency.
Dashboard of Coinmama
If you’ve used high-profile exchanges like Bitstamp or Binance, you’ll appreciate how easy Coinmama’s site is to use. The absence of changing pricing is the first thing you’ll notice. Coinmama determines the price of each coin and allows you to purchase or not acquire it.
You can get your Bitcoin with only three mouse clicks. The pairings are shown at the top of the screen. For each coin it supports, Coinmama offers four price options. Move the toggle to the amount you wish to pay if you want to set your own pricing.
Coinmama also allows you to sell Bitcoin. In the top right menu bar, click the “Sell” link. Click the blue “Sell” button after entering the amount of Bitcoin you wish to sell. Of course, this option is only available if your bank is a SEPA member.
Is Coinmama a secure platform?
Coinmama does not save your credit card information on its servers, and buying cryptocurrency via its platform requires you to submit identification verification. All users must give their name, address, and a form of identity that is genuine.
Although you are not required to utilize 2FA, we highly advise you to do so. If you don’t, you’re putting your password at danger of being stolen. Because Coinmama is centralized, it has a single point of failure. As a consequence, it is more susceptible to hacking than decentralized exchanges.
Last but not least, when it comes to security, Coinmama does not have any wallets on its website. This may seem inconvenient since you’ll have to set up your remote wallet, but it’s really an advantage. Your coins will not be held by Coinmama. They are sent to you as soon as you place your order. As a result, you won’t have to worry about withdrawal fees or minimums. You know the digital money you bought is yours as soon as you press the “Buy” button.
Advantages and disadvantages
Every transaction has its own set of benefits and drawbacks. Here are some high-level considerations to examine while deciding if Coinmama is the appropriate exchange for you:
Pros
- This is a great place to start if you’re new to purchasing bitcoin.
- On the Coinmama platform, buying Bitcoin or other cryptocurrencies is quick and easy.
- Coinmama does not charge any fees for bank transfers.
- Coinmama aspires to assist all nations and currencies.
- The verification procedure is fast, and cryptocurrency purchases are limited to $100,000 USD.
- Coinmama’s servers do not keep any of your coins. When crypto is bought, it is transferred to an offsite user wallet right away.
Cons
- Coinmama’s transaction costs are greater than those of other, more popular exchanges.
- Depending on your level, there are monthly and daily purchasing restrictions.
- If you’re buying a big quantity of cryptocurrency, the verification procedure will take a bit longer.
- At the moment, it only supports eight digital currencies.
- There are a few payment methods available.
- Currently, only 40 states in the United States are supported.
Last Thoughts
Coinmama has greater fees than other exchanges since it is a brokerage site. Keep in mind that the price you enter for a transaction on a conventional exchange may not be the same as the price at which the deal closes. When you use Coinmama to make an order, the price is locked in until the transaction is completed.
Coinmama makes sense as a location to purchase and sell cryptocurrencies if you intend to keep your cryptocurrency for a long time or use it to make payments. It’s simple to use, fast, and handy.
Coinmama simplifies the process of purchasing Bitcoin and other cryptocurrencies. It aspires to be more efficient and quicker than conventional exchanges. Full verification with Coinmama, on the other hand, may take a few hours. You may lose a few days with other swaps.
When it comes to purchasing cryptocurrency, we recommend Coinmama for a fast, easy, and hassle-free experience. The site is user-friendly and accepts a variety of popular cryptocurrencies. Although Coinmama is more expensive, the site has a good reputation in the crypto world as an honest, trustworthy, and secure broker. We hope you enjoyed our Coinmama review.
DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.
The coinmama app is a cryptocurrency exchange that allows users to buy and sell Bitcoin, Ethereum, Litecoin, and other cryptocurrencies.
Frequently Asked Questions
How reliable is Coinmama?
Coinmama is very reliable.
Is Coinmama a US company?
Yes, Coinmama is a US company.
What are Coinmama fees?
Coinmama fees are the fees that you pay when you buy bitcoins. They can vary depending on the amount of bitcoins you purchase and where you live.
