Banks may charge a separate fee for creating the bank transfer. Yes, Coinmama is a legitimate place to buy cryptocurrencies and sell bitcoin. Coinmama is regulated in the U.S. under the label of money services businesess with FinCEN, which is the Treasury Department’s Financial Crimes Enforcement Network. Cryptocurrency can feel like a daunting asset class, especially if you’re relatively new to it.
- For SWIFT bank transfers, there is an extra processing fee of 20 GBP for orders below 1000 USD.
- That’s why I make it a habit to actually read through the reviews and see what people are complaining about.
- Users claim that Coinmama requests a ton of information and, in some cases, rejects applications without giving a proper explanation why.
- Coinmama can send a request to Google Authenticator on your phone to verify your identity.
- Coinmana verification time process usually takes couple of hours during the working time and a bit longer if you start your verification process in the evenings or weekends.
Coinmama is registered with the Financial Crimes Enforcement Network. Coinmama does not offer any active short-term trading at all. There is not even an interface for this style of trading so if this is what you are looking for, you better look elsewhere. In this section of our Coinmama review we highlight 6 special features that deserves extra attention. If you’re considering crypto futures trading, it’s essential to thoroughly understand technical skills and the foundational trading principles before diving in. And that my friends, is where services like Coinmama come to the rescue, bringing something new to the table.
On these transfers, you’ll pay 0% to deposit money into the platform, although you’ll still pay the unavoidable 5.9% exchange rate fee. Coinmama offers standard payment methods like credit and debit cards, plus ApplePay, SWIFT, and SEPA bank transfers. Coinmama does not store your credit card details or have access to your cryptocurrency holdings at any time. The platform is a non-custodial crypto broker, so your crypto purchases are always sent to your secure crypto wallet and not held on the exchange. Coinmama is a cryptocurrency exchange based in Ireland that was founded in 2013 by Nimrod Gruber, Iian Schuster, and Laurence Newman.
The only complain users have is the lengthy verification process. Also, the transaction is not possible without completing the first level of verification. Fast service – The brokerage service makes the process of buying cryptocurrency fast. Coinmama allows customers to use a variety of fiat currencies (legal, government-sanctioned money), including U.S. dollars, euros, British pounds, Canadian dollars and Australian dollars. 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.
Your crypto is sent immediately after both your payment and wallet address have been confirmed. Also, as mentioned earlier, Coinmama doesn’t provide you with an inbuilt wallet for cryptocurrencies. In fact, that is a good way to let users learn to create and use their own self-hosted wallet. Coinmama rewards its users in bitcoin for effective promotion. The affiliate program is easy to enroll with and start promoting. The users can get upto 15% of Coinmama’s commission of the purchases of the referral accounts.
However, eight states and territories within the US are restricted from using Coinmama’s services due to local regulations and rules. The restricted areas include Hawaii, New York, American Samoa, Guam, Northern Mariana Islands, Puerto Rico, United States Minor Outlying Islands, and Virgin Islands. You can find a Coinmama page listing fees from a Google search, but that’s not the point. In my opinion, they should be fully transparent on the main website. In addition, the VIP page states “competitive fees” without mentioning what they are. Coinmama has a loyalty program with three levels, starting with the “Crypto Curious” with zero discounts.
Also, it is very easy for beginners to buy cryptocurrencies via Coinmama because everyone prefers using cards while buying things these days. Coinmama is a digital financial service company operating in the cryptosphere ever since 2013. It has gained a lot of respect in this space, owing to the safe and fast access to digital currencies like Bitcoin and Ethereum.
FinanceBuzz has partnered with CardRatings for our coverage of credit card products. FinanceBuzz and CardRatings may receive a commission from card issuers. Instead, when you buy crypto using the site (or the Android app), the coins are sent to your external wallet. As a result, you need to have your own crypto wallet that’s compatible with the coins you want to buy before you attempt to use Coinmama. Yes, they will ask you for your KYC-documents to buy bitcoin and other cryptocurrencies with fiat money. The exchange is known for its rapid account verification and you should be able to start investing in cryptocurrencies within the hour.
Depending on your country of residence, you may need to complete tier 2 verification immediately. Or, you might be able to start trading after entering your basic contact information. Once you’ve uploaded these documents, a Coinmama employee will verify the information you have provided. Then, you’ll be taken to the Coinmama registration page, where you’ll be asked to complete further details about yourself. Within seconds, you’ll receive a confirmation email in your inbox.
Coinmama Review: Verdict
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Supported currencies on Coinmama
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. Comparing Coinbase with Coinmama is tricky because they’re different beasts. Coinbase has an excellent reputation but has a few negative user reviews. Coinmama, however, openly promotes its commitment to customers, and the glowing reviews confirm the efficacy of its efforts. After completing the payment information, enter your wallet address then click ‘Complete Payment’.
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From Idea to Market: How White-Label Exchanges Empower Startups
It has a simple interface and offers quick account verification. Coinmama also has a minimum order requirement of $3000, which may be higher than some other exchanges. If you’re planning to invest in cryptocurrency, Coinmama costs too much to be a good option. As a coinmama exchange review peer-to-peer exchange, Coinmama brokers deals directly between buyers looking to purchase crypto with fiat currency and sellers looking to sell their crypto for fiat currency. Our partners cannot pay us to guarantee favorable reviews of their products or services.
Supported Currencies and Available Countries
It’s also an added safety feature because you aren’t storing your fiat currency on an exchange, or registering bank account details. Coinmama is different from most exchanges in that it doesn’t store cryptocurrency for its users. It sends cryptocurrency to the wallet address provided during the purchase process. Since orders go to a user’s own wallet, keeping that crypto safe is ultimately the responsibility of the user.