While there are no monthly membership fees or other regular surcharges, Coinmama does have a kind of complicated fee structure that applies to each transaction. It’s generally in line with—and sometimes cheaper than—what other crypto exchanges charge but a little more transparency about fees would make this area of Coinmama’s service a lot better. While you’ll need to get a crypto wallet from another company, the ability to buy and sell seamlessly and securely through Coinmama’s platform makes crypto trading easy and safe. To use Coinmama, you need to register for an account and verify your identity. Once you’re verified, you can buy crypto with a credit/debit card, Skrill/Neteller, or a bank transfer. When you place a buy order, you need to provide a wallet address to receive the cryptocurrency.
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- This information is general in nature and is for educational purposes only.
- Unlike most cryptocurrency exchanges, Coinmama is designed like an instant crypto swap service rather than a trading platform.
- All centralised exchanges, including Coinmama, are vulnerable to counterparty risks like hacking, theft and insolvency.
- On your account dashboard, you can click the ‘Orders’ button on the sidebar menu to review your orders.
- Learn more about what the platform offers and how the service holds up to its competitors in our Coinmama review.
The initial sign-up process requires that a user enter an email and password. After that, however, customers have no choice but to complete know-your-customer (KYC) verification before being able to use the platform. The Coinmama exchange is one of the most well-respected Coinmama Review names in the cryptocurrency industry and is now available in over 188 countries. While it doesn’t allow people to trade cryptocurrency pairs, the exchange is worth considering for anyone looking to spot-buy BTC, ETH, XRP, and a handful of other popular cryptos.
- You will, however, need your own digital wallet to store the cryptocurrencies you buy.
- Users must have a crypto wallet to initiate a transfer of funds.
- Therefore, if you send your coins to the wrong address, Coinmama will not be able to retrieve them.
- It’s notable for allowing purchases with a credit card, but there are also other payment options available, including bank account transfers and payment apps.
- Accepted payment methods include credit and debit cards, Apple Pay, Google Pay, and ACH transfers.
The Cost of Using Credit Cards on Coinmama
Coinmama is a recognized corporation with its headquarters in Israel, and the firm places a strong emphasis on security. The brand-new Bit Ventures platform is equipped with a comprehensive customer care center that has a specialized help channel that can be contacted through email. Within a maximum of twenty-four hours, the Coinmama customer care staff will do their utmost to respond to any questions or concerns raised by customers. Most complaints are regarding the slow account verification process or that orders cannot be placed successfully after verification. Our Coinmama review will not be complete if you do not balance all aspects of this exchange platform, especially without discussing the security features.
- However, it doesn’t allow someone to come in and buy $1 million worth of Bitcoin right off the bat.
- Coinmama offers its users a secure cryptocurrency trading community in which they may buy and sell Bitcoin.
- CoinSutra and its writers are not responsible for any investment losses from acting on website or social media content.
- Case studies carried out by commentators have suggested that it users should add an additional 10% in fees when transacting through Coinmama.
- In addition, customers may be charged a Cash Advance fee by their bank or card issuer depending on whether the financial institution views the transaction as a ‘cash’ transaction.
Who is Coinmama right for?
There’s also a 3.24% to 3.34% fee for payments made by credit card, debit card, Apple Pay, or Google Pay. To buy crypto, simply plug in the amount you want to spend, and then provide your payment method and crypto wallet address. Investopedia is dedicated to helping those interested in cryptocurrency investing make informed https://www.tokenexus.com/ and safe decisions. We are committed to providing our readers with unbiased reviews of the top cryptocurrency exchanges for investors of all levels. If you do, selling is quite simple because all you will be required to do is log into your account, click on the sell option and enter how much you want to sell.
To prevent another event like the infamous 2019 exchange hack, Coinmama has pledged not to store customers’ credit card details. However, some personal information is kept on record as part of the ID verification process. Coinmama has created a help center filled with articles covering how to buy and sell, account security, and the verification process to assist its users with everyday issues. Furthermore, Coinmama offers a live chatbot to help users with basic requests. However, users can contact the Coinmama team for less common queries via email. For our Coinmama review, we tested the support team’s response time and received an email back in less than an hour, which was impressive.
The fee charged by Coinnmama for buying and selling crypto is far higher than most other crypto exchanges. Furthermore, the additional spread and express fees reduce the value offered by Coinmama even further. While the exchange does provide a convenient way to purchase crypto, those looking for a cost-effective exchange will be better off using a platform like Binance, Crypto.com, or eToro. Coinmama is a cryptocurrency exchange that offers investors a straightforward buying and selling experience.