Coinmama Review: Pros, Cons and How It Compares

Although it’s a user-friendly place to buy crypto, Coinmama is too costly and lacks too many features for long-term use. We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The final output produces star ratings from poor (one star) to excellent (five stars).

Tedious verification process

While the ability to use credit or debit cards to buy crypto is convenient, it’s not cheap. You can get around this fee by using direct bank transfers which Coinmama doesn’t charge any additional fees for. Coinmama https://www.tokenexus.com/usdc/ is a reputable broker with great customer support. While you’re likely to pay more for purchases via Coinmama compared with other centralized exchanges, bank card payments typically come with higher fees.

Personally, I’d rather buy digital assets than food anyway.

In addition to these features, Coinmama users are required to verify their identity by providing a driver’s license, passport, or another valid government-issued ID. Customers are also encouraged to enable two-factor authentication, though it isn’t required. We use dedicated people and clever technology to safeguard our platform. Labeled Verified, they’re about genuine experiences.Learn more about other kinds of reviews.

Company activitySee all

She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, Coinmama Review whether it’s information about salt mining, canal mules, or personal finance. Cole Tretheway is a full-time personal finance writer whose articles have been featured on The Ascent and The Motley Fool.

WHAT WAS ACTUALLY WRONG WITH MY VERIFICATION THAT I SUBMITTED

However, some personal information is kept on record as part of the ID verification process. If you have the option to use alternate payment methods like ACH, bank transfer, SEPA, Neteller, or Skrill rather than a credit card, that’s better since you’ll save on fees. Coinmama is an established, straightforward cryptocurrency exchange. It supports a small number of digital assets and doesn’t offer a dedicated crypto wallet. Those looking for a crypto exchange with lots of tools and products may want to look elsewhere. Coinmama is an Israel-based online cryptocurrency exchange platform to buy and sell cryptocurrencies.

Coinmama review: key features

• As Coinmama is a bare-bones exchange, there are no additional features or complex order book-style interfaces to confuse users.
• This could be a better option if you are using a hard wallet rather than transferring in and out of Coinbase.
• Credit/debit cards, Apple Pay, Google Pay, and using a prepaid card to buy Bitcoin incur a 4.99% ‘express fee’ for fixed-rate instant purchases.
• Both Coinmama and BlockFi are cryptocurrency exchanges allowing customers to buy and sell digital assets; however, there are some notable differences between the two platforms.
• However, Coinmama does ask its users to enable 2-factor authentication on any wallet app.

Hackers breached user data in early 2019, gaining access to 450k email addresses and hashed passwords. At the time, hackers were rampant in the crypto world, and exchanges became more aware of the need to safeguard potential vulnerabilities. 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. Before buying cryptocurrency on Coinmama, you will need a crypto wallet supporting the coin of your choice.

Coinmama Services

Furthermore, as a direct purchasing platform, there are no additional trading pairs available and therefore can only spot trade. Coinmama is a straightforward exchange that beginners will likely have no trouble using. 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. As Coinmama is a bare-bones exchange, there are no additional features or complex order book-style interfaces to confuse users.

• If you just want to buy and sell Bitcoin (BTC), Ethereum (ETH), or a few other cryptos, Coinmama is a suitable option.
• 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.
• Everyone who opens a new account with Coinmama starts as a Level 1 user.
• It’s straightforward, which allows you to purchase cryptocurrencies using fiat currency.

Beginner’s Guide to Coinmama: Complete Review

Coins are delivered fast, but can take 24 hours for payment team is checking all very well, secure. NerdWallet, Inc. is an independent publisher and comparison service, not an investment advisor. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only.

Sell orders are subject to the same XBX Index average + 2% standard deviation fee + Coinmama’s sell fee of 0.1%-0.9%. These include Iran, North Korea, Cuba, Syria, and the Ukrainian/Russian Crimea region. Hedge With Crypto is an independent publisher that provides objective and free content.