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Note that your credit/debit card address must match the address on your Coinmama account. Coinmama does not store your credit/debit card details on their servers, but simply passes the information along to the credit card company to process the payment. One benefit of Coinmama is that there is no need for you to register your credit or debit card with Coinmama to make a purchase.

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• In this 2019 review, we look at Coinmama’s features, fees, pros & cons, and more.
• Note that your credit/debit card address must match the address on your Coinmama account.
• Derivatives exchanges also commonly have leverage which allows crypto traders to use margin to take out a larger position.
• You could do far worse than Coinmama, and one thing you can be sure of is that they won’t lose your coins.

The total amount of cryptocurrency one may purchases over their lifetime with Coinmama is determined by the level of verification they undertake. The purchase limits at Coinmama are quite generous, especially in light of credit card transactions. In addition to that transaction fee, you’ll be charged an additional 5% when using a credit or debit card for your purchase. This means users are unable to purchase Bitcoin or Eethereum to be sent to someone else’s wallet.

How to store your digital currency

We publish guides, reviews and news on tech, cryptocurrency, Bitcoin, blockchain & privacy. Coinmama’s features are focused on their singular service of providing a convenient platform for people to buy some of the most popular cryptocurrencies. If Coinmama sounds like it might be the right cryptocurrency exchange for your needs, then please read on to find out more essential details.

Credit Card Purchases

This can become really expensive if you’re purchasing cryptocurrencies in large amounts or on a regular basis. On top of the fees you will be charged when using your card, you will also be charged an average fee of 5.5% for every transaction you make! If you have a problem with your account and need some help from the Coinmama team then you have a few support options to choose from. Instead, they normally ask you to deposit using another cryptocurrency (such as Ethereum) that you obviously can’t do if you don’t have any! So that by the end of this Coinmama review, you will be ready to go and buy some coins on your own!

If an order is aborted for any reason the Coinmama system voids the payment and it is refunded to the customer account within 48 hours. Coinmama also locks in the price once the order is placed, so even if it takes hours for you to receive your coins you’ll get the price at the time the order was placed. This can take up to 20 minutes in some cases, but once the transaction has been approved the Bitcoin/Ethereum will be eligible for transfer to the wallet address you specified during the order process. There are many different wallets available for both Bitcoin and Ethereum. It is possible to upgrade to Level 2 and 3, which provide larger lifetime total purchase limits of $50,000 and $1,000,000 respectively. Additionally, you’ll need to submit a form of ID (driver’s license, passport or national ID card).

• The fees at Coinmama are one of the big negatives to buying from this exchange.
• Without the ability to trade coins and sell coins the utility of the platform is quite limited.
• However, once this is done, you can buy up to $15,000 in coins without needing to provide any more information.
• To use your card, you will have to pay an extra 5% fee on top of the rate that Coinmama charge.
• The quickest responses naturally occur during the exchanges stated business hours of Sunday to Thursday, from 11 pm to 7 am Pacific Time.
• We rarely run ads, but sometimes earn a small commission when you purchase a product or service via a link on our site.

Even Coinbase supports 4 coins, and most exchanges offer trading in dozens, if not hundreds of coins. As you might suppose, online reviews of the customer service at Coinmama are mixed, as is the case for pretty much the entire cryptocurrency exchange industry. Of course Coinmama is far less susceptible to hackers, simply because it doesn’t hold any client coins or funds, nor does it store credit card information. While Coinmania is among the oldest of the operating cryptocurrency exchanges, it is also relatively small, with an average of 1 million monthly visitors. Finally, Coinmama is one of the only exchanges that offers the possibility of purchasing cryptocurrencies with cash deposits through its acceptance of Western Union transactions.

Coinmama Fees

It’s a real shame that most cryptocurrency exchanges are not regulated by any governmental department, however, Coinmama is in fact registered with FINCEN in the U.S. Most cryptocurrency exchanges can be really scary when you are just starting out. 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! If you also use another platform like Binance it’s equally important to withdraw your crypto from the exchange and store it somewhere safe. That is, traders and investors cannot store cryptocurrency on the Coinmama platform. Coinmama charges a commission each time someone uses their platform to buy Bitcoin or any other cryptocurrency.

Coinmama Review – Is It Safe & Legit In 2023?

Even though Coinmama doesn’t have a big name like Binance or Coinbase, it is nonetheless a legit cryptocurrency buying platform. Yes, Coinmama does require a valid government issued ID in order to purchase cryptocurrencies on their platform. Besides the use of credit cards, Coinmama also lets traders and investors buy Bitcoin with a SEPA bank account transfer. For anyone who wants to use a credit card or debit card to buy Bitcoin there is a full guide available on Coinmama’s website.

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Very accessible due to fiat payments, not many exchanges offer this option… My first exchange, was disappointed because of the low amount of cryptos they offer, but now it makes sense! I knew that every exchange charges fees, but on coin mama it really ads up.

Until all is said and done some users could be paying a 20% premium by purchasing coins at Coinmama. A total of 10.5% in fees for purchasing Bitcoin and Ethereum seems excessive, and that doesn’t even account for potential bank imposed fees. Consider that if you buy Bitcoin from Coinmama and later decide to sell you’ll need to sign up at another exchange to do so, although Coinmama does claim that selling on its platform is coming. Without the ability to trade coins and sell coins the utility of the platform is quite limited. The quickest responses naturally occur during the exchanges stated business hours of Sunday to Thursday, from 11 pm to 7 am Pacific Time.

How to Register and Verify Accounts

While the ability to send cash payments through Western Union is great, and the use of credit and debit cards is convenient, the lack of other payment methods can be frustrating. Mostly this can be boiled down to the fact that only two cryptocurrencies are being sold, and that you can’t sell or trade on the platform. Once you’re a verified user you are able to purchase up to $5,000 worth of cryptocurrencies per day and up to $20,000 per month.

The fees at Coinmama are one of the big negatives to buying from this exchange. Once your payment on the site is completed the transaction is processed by your credit or debit card company. If you don’t already have a wallet for cryptocurrencies, you may want to have a look at our guide to creating a wallet. One you’ve verified your account you’re able to buy up to $5,000 daily in cryptocurrencies, $20,000 monthly and $10,000 lifetime totally. Unlike other exchanges, all of the sales of Bitcoin and Ethereum made by Coinmama are fulfilled by its own stock of coins.

Hopefully, this review helped you to answer these questions, so you can decide for yourself if Coinmama is the right cryptocurrency exchange for you. Coinmama’s additional credit card fees and bank transfer fees, on the other hand, are closer to the industry standard. Yes unfortunately due to Coinmama’s fees combined with Simplex’s fees it really adds up, this additional Simplex fee is however only with credit card transactions What stands out about Coinmama is that the coins you purchase will be immediately delivered to your wallet rather than stored in your Coinmama account. No, Coinmama is not a wallet provider, so if you need a place to store your coins, you should check out some of the most recommended cryptocurrency wallets. The easiest way to open an account is to choose and enter the amount of cryptocurrency that you want to purchase, and press Buy.

Customer service for Coinmama consists mainly of a support email address. A hardware wallet like a Ledger or Trezor is always a great choice. When you buy Ethereum or any other crypto on Coinmama, using any one of their various payment methods, you have to supply a crypto address. Early in 2019 an attacker was able to make off with about 450,000 email addresses and passwords from the exchange, some of which eventually turned up on the dark web. It’s also worth noting that Coinmama does have a minimum purchase requirement of $50 per order.

Coinmama charges some of the highest transaction fees in the industry for its services. In an increasingly regulated industry, Coinmama has managed to keep its registration and verification process relatively quick and simple. People new to the crypto space will be able to use Coinmama’s services with comfort and ease as a result of the intuitive interface and extensive supply of relevant guides and FAQs. For Western Union (cash) purchases, the limit is capped at 5,000 USD/EUR. Regardless of your verification status you are still subject to the daily limit of 5,000 USD/EUR and the monthly limit of 20,000 USD/EUR. Then enter the wallet address you want the Bitcoin sent to, and fill out the form on the Proceed to checkout page.

Coinmama is unique among cryptocurrency exchanges in that it provides users a place to buy Bitcoin and Ethereum using credit cards, debit cards and cash (through Western Union). Not all cryptocurrency platforms support credit cards or the use of a debit card but Coinmama does. Many exchanges do not offer credit card purchases of cryptocurrencies. This is especially true for credit card users, people new to the crypto space and people who aren’t looking for an exchange to actively trade cryptocurrencies. However, it is worth remembering that no matter which cryptocurrency exchange you use, if you want to pay with your debit or credit card then there will always be extra costs.

Although Coinmama limits how much crypto everyone can buy the limits are quite high and getting rewarded for purchasing Bitcoin is a good deal. Coinmama has a great loyalty program which is designed to reward all of those traders and investors who use the platform regularly. Also, you can find many customer support topics already documented in the Coinmama help section.

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. Although some might be cheaper when it coinmama exchange review comes to transaction fees, they might not offer the option to use your debit or credit card. At the final stage, you will be asked to enter your debit or credit card details, as well as your Bitcoin or Ethereum wallet address. One of the most frustrating parts of buying cryptocurrency is that so many exchanges don’t allow you to use fiat money.