Coinmama Review

Coinmama supports a variety of payment methods to buy cryptocurrency. In this article, we will review Coinmama, a crypto exchange for buying and selling Bitcoin and other cryptocurrencies. BitDegree Learning Hub aims to uncover, simplify & share Web3 & cryptocurrency education with the masses.

Coinmama Review

The crypto price shown on Coinmama is based on a service called TradeBlock XBX. TradeBlock XBX lists an average of known provider rates, to which Coinmama adds Coinmama Review 2% (Std Dev) and includes Coinmama’s commission fee of up to 3.9%. All cryptos are immediately transferred to the purchaser’s specified wallet upon purchase.

Coinmama Review 2023: Pros & Cons – Is it Right for You?

One notable feature of Coinmama is its range of payment methods. Users can choose to pay with Google Pay, Apple Pay, debit cards, bank transfers, and more. However, it’s worth noting that Coinmama does not provide a cryptocurrency wallet, so users will need to have their own wallet to store their purchased coins. The price is based on current market values, with Coinmama’s 6.15% fee included in this pricing. For credit/debit card transactions, the payment processor will charge an additional 5.65% service fee.

Coinmama is a perfect platform for users who want to purchase Bitcoin easily, but the transaction fees are too high (5.5% – 5.9%). Still, traders can avail of Coinmama Loyalty and leverage discounts upon continuous trading. This review scores down due to its relatively high fees, lack of a crypto wallet, and mobile app. Coinmama gets full stars for ease, quick transaction, and customer support.

Coinmama Review

I have a right for my details to be detailed.I have been a victim of a hacking crime, yet Coinmama, I feel like they treating me like I’m stupidDon’t bother trading with them. 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. There seems to be a 10% credit or debit card fee when purchasing.

  • Coinmama supplies a brokerage service for Bitcoin and other cryptocurrencies.
  • Many leading cryptocurrency exchanges provide an online (hot) wallet, but the downside is they have access to your private keys.
  • It has more than 2.2 million active users from 197 different countries, including U.S. citizens.
  • After that, you need to write “Coinmama” and the day’s date on a piece of paper, and then snap a selfie with that paper and your ID to upload.

But at the end it was fullfilled.Conor from tech suppor was really nice to explain and answer any doubt I had. They ask way too many financial questions, cancel orders, call you to interview you, and then dont even tell you the reasons why they cancel your orders.Absolutely the worse. Coinmama was founded in 2013 by Ilan Schuster, Laurence Newman, and Nimrod Gruber. The company is based in Ireland and is a subsidiary of a company called New Bit Ventures Ltd. Coinmama is registered with the Financial Crimes Enforcement Network. Customers are automatically enrolled in the Crypto Curious level at account setup.

A++!! Support Team

Those in the Curious tier will pay a 3.9% fee per buy or sell transaction. Compared with other cryptocurrency exchanges, Coinmama’s trading fees are relatively high. Users will also pay spread fees, called “rates” on Coinmama, and may be subject to other fees depending on the payment method they use.

Coinmama Review

It has customer-focused values, endeavouring to put the customer first. They describe the platform as the “friendliest exchange in the world”, and the team page only lists first names, which is a nice touch. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. For example, it doesn’t offer crypto-to-crypto trades, so you couldn’t swap one cryptocurrency for another. It also doesn’t have any way to earn interest on your cryptocurrency.

It hasn’t experienced any major hacks of coins yet, though, it had experienced a serious customer data breach in early 2019 when it lost information of approximately 450,000 accounts. The theft was a part of a bigger attack that affected twenty other websites, and luckily, no client credit card information was stolen. It is a non-custodial broker, meaning that it does not provide digital wallet services. This is beneficial for you as a user because they will directly send you your cryptocurrency to your personal cryptocurrency wallet.

Wallet woesHonestly in the past I never had any issues with their wallet app (or their customer support services), which they offer, also on their website FYI! Then they claimed also that they didn’t offer a wallet App, well that’s weird because I’ve been using that also for nearly a year! (The person I spoke to was Alex.)I would have vented about it on their Facebook but I noticed they delete (negative) comments lol. Coinmama accepts credit or debit cards that are issued by Visa or Mastercard. In addition to credit cards, users can also use a debit card, bank transfer, and Apple Pay to buy Bitcoin and other cryptocurrencies on the exchange. Coinmama is an Israel-based online cryptocurrency exchange platform to buy and sell cryptocurrencies.

Published On: October 22nd, 2020 / Categories: Cryptocurrency exchange /