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Review of Coinmama Bitcoin Exchange: Fees, Legality, Limits and Security

The exchange follows a KYC process, requiring details such as name and address and submission of a valid ID like a driver’s licence or passport. All Coinmama cryptocurrencies are established in the market, so choosing a supporting wallet for your crypto purchases is easy. You might consider a hot wallet (online) or a cold wallet (an offline hardware wallet), which is regarded as « safer » than an online wallet. Coinmama’s trading fees are 0.1% to 0.9% plus the 2% spread to sell cryptocurrency. Furthermore, an additional spread fee charged at 2% above the market rate is used to offset volatility. Coinmama looks like an excellent platform for buying cryptocurrencies against fiat currencies with its ease of accessibility.

Security and Transparency

To buy crypto, select the coin you want, enter your wallet address, and pay using your preferred method. Your purchased crypto will be immediately sent to your wallet. Coinmama prioritizes convenience, security, and efficiency in its cryptocurrency exchange.

Funding and Withdrawal Options

Unfortunately in the Coinmama exchange account it is not possible to store bitcoins… You should note that although Coinmama and Coinbase fees are expensive Coinmama’s fees are slightly higher. On the other hand Coinbase has its regular exchange called Coinbase and also Coinbase Pro. The drawback is that you have to know how to use a trading platform.

• I’ve found that Coinmama is pretty competitive with other exchanges that offer the use of credit cards.
• If you need general help with buying, selling or learning about crypto, you can also check out the Help Center.
• Coinmama is not a trading platform, so a comparison of its Maker/Taker model, as we typically conduct in our tests, is not applicable.
• Coinmama accepts fiat deposits through multiple channels, including Visa/Mastercard, bank transfers, Skrill, Neteller, Apple Pay, and Google Pay.
• In my opinion, apart from the in-built wallet thing, which is a convenience for many noob guys, Coinmama looks a great alternative to buy cryptocurrencies with much ease and speed.

Coinmama Security

Each section opens to more in-depth details on each subject, so you might be able to get an immediate answer. If not, click on « Connect » at the top right of the page, and you have two options, send an email form or call Coinmama on the telephone. Coinmama is available in 200 countries and has over 3 million users. Only a few countries and several territories are restricted, such as Hawaii and New York. Hedge With Crypto is an independent publisher that provides objective and free content.

However, when you enter your payment details and buy crypto on Coinmama, your coins are instantly sent to your own crypto wallet as soon as the payment goes through! Needless to say this is much safer for both you and the exchange (avoids the risk of being hacked). BitDegree aims to uncover, simplify & share Web3 & cryptocurrency education with the masses. Join millions, easily discover and understand cryptocurrencies, price charts, top crypto exchanges & wallets in one place. Since Coinmama offers a relatively small number of coins to choose from as well as comes with pretty high fees, you should consider another cryptocurrency broker exchange.

After selecting the amount, confirm your payment method and enter your wallet address. Once your payment is processed, the cryptocurrency will be sent to your wallet. If the order fails, Coinmama will refund your money within 48 hours. Coinmama is a user-friendly platform for buying and selling popular cryptocurrencies like Bitcoin, Ethereum, and Dogecoin. You can exchange your local currency for coinmama exchange review crypto and vice versa. Fees here start at 2.90% but vary substantially based on your payment method and certain other circumstances.

Coinmama Exchange Prohibited Countries

Coinmama provides Buy, Sell, and Swap services for digital assets. Transactions up to a certain limit (not specified) are KYC-free. The platform supports Netteler, Skrill, and SWIFT as payment methods. While no exchange is perfect, Coinmama is definitely on the positive side.

• The account set-up process on Coinmama is quite easy that includes creation, securing, and verification (KYC) of account.
• Coinmama has implemented a loyalty program with 3 tiers offering discounts on trading fees based on 90-day spending.
• There is no processing fee for order value worth over  $1000.
• It offers a great, beginner-friendly platform that lets users purchase Bitcoin and other staple cryptocurrencies.
• One of the great things about Coinmama though is that they support a bunch of different currencies which makes them a good choice for European traders.

It’s a great resource for anyone who’s new to the world of crypto. Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation.

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There have been no security audits of the exchange.Past hacks. Coinmama disclosed that 450,000 email addresses and passwords were affected.Security audits. The company allows users to set up 2-factor authentication, SMS alerts and other account security measures.Insurance. Coinmama has no insurance, because it doesn’t store user funds.

It’s essential to choose a secure crypto wallet and research which one is best for the coins you wish to buy. The design and arrangement of the website are orientated for beginners purchasing Bitcoin or other altcoins for the first time. However, experienced investors will need to use a cryptocurrency trading platform to use advanced trading features and risk management tools. While the exchange does support the largest assets, including BTC, ETH, and LTC, the lack of smaller projects is far from ideal for anyone aiming to trade cryptocurrency. Furthermore, as a direct purchasing platform, there are no additional trading pairs available and therefore can only spot trade.

Special Features

This is mainly because of the fact that companies like Simplex have allowed brokers and exchanges to verify users with less risk. Coinmama is super simple to use, it accepts fiat currencies and offers robust security. What is more, the company’s customer support is very helpful in case you have any issues. 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.

So, Coinmama customers can still buy Ethereum and other top cryptos, and it will be interesting to observe if Coinmama develops further from its current offerings as a crypto exchange. Below is a quick overview of the Coinmama cryptocurrency exchange. Investors that prefer to remain anonymous will need to choose a non-KYC crypto exchange to buy crypto. Although, limits and restrictions on account features can apply. Coinmama has three purchase limits for its users, and each level requires additional KYC requirements. The initial registration process takes as much as 10 minutes, and the final verification process is completed could take up to 6 hours during business hours.