Cryptocurrency Exchange

The data breach was a serious reminder that malicious actors will continue their criminal endeavors, and having Coinmama already resist the theft of funds is very encouraging. It is paramount that you secure not only your account password but also avoid using the same email that you use when handling businesses unrelated to Bitcoin.

Launched back in 2013, Coinmama is registered in Slovakia, while owners New Bit Ventures are based in Israel. The platform was established to create the simplest financial service in the crypto space. Since the genesis, Coinmama is trusted by over 2,300,000 people across 197 countries.

Nevertheless, clients can only sell Bitcoin for fiat currencies including US dollars and UK pounds on the crypto exchange. This can be somewhat of a turnoff for traders interested in selling other altcoins or executing crypto-to-crypto exchanges. Secondly, Coinmama does not offer crypto wallets, which are apps and devices that let users store and use their cryptocurrencies. So, whenever users buy cryptocurrencies they can store the digital coins in a crypto wallet and thus use it to execute transactions. There are many scamming sites who are there to just get your credit card information.

If you are paying with a credit card, you are limited to 20,000 USD/EUR per month. The company charges a 5.5% transaction fee for each purchase. If buying with a credit card, there is an additional 5% fee assessed by Simplex, Coinmama’s credit card processor. As of publication the affiliate program reward rate is 15% of Coinmama’s commission. That means that if a new trader uses a debit card, or any other payment methods, to buy $1,000 worth of Bitcoin then you will get $8.25. The Coinmama commission on a $1,000 sale is $55 and 15% of that commission goes to the affiliate.

Coinbase Vs Coinmama Comparison Result Analysis

Coinmama has a help center and support page that offers free crypto and blockchain tutorials. There is also a well-updated Support FAQ and News page that provides most of the information a customer would need to know about cryptocurrency, buying and how to use the platform. Before you register for an account with Coinmama, it is advisable to set up a personal wallet that you will use to store the assets you have purchased.

Also, it seems that the exchange rate Changelly uses is cheaper than Coinmama’s, so overall you can save up to 3% by using their service. Coinmama supplies a brokerage service for Bitcoin and other cryptocurrencies. This means that the company sells you the coins directly as opposed to a trading platform where you buy the coins from other people. NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty.

Youre Our First Priority Every Time

At Coinmama, you can exchange your fiat currency, such as dollars or Euro, for several cryptocurrencies. If comparing only Coinbase vs Coinmama, Binance may seem like the winner, but if these brands are measured against all the cryptocurrency exchanges in the industry, that’s not the case. That’s why you can clearly analyze how these two brands compare to the best-rated crypto exchange – Coinbase. It’s evident that Coinbase wins this Coinbase vs Coinmama & can offer you better quality features. In this case, Coinbase has a higher value for money score than Coinmama. To make your decision even more fact-based, we have compared Coinbase vs Coinmama with the best-rated crypto exchange platform – Binance. It’s clear that Binance has the highest overall score of 9.8, which means that it outranks your chosen brands & is considered to be one of the best cryptocurrency exchange providers overall.

• As such, frequent users are likely to save a lot on the fees .
• Read our full Coinmama review to find out if it’s right for you.
• Coinmama allows you to buy crypto instantly, with the coins going directly to your personal wallet.
• Jeremy Harshman is a protector of art and writing at CreditDonkey, a crypto comparison and reviews website.
• You can find out more about Coinmama’s customer service on this page.
• You will, however, need your own digital wallet to store the cryptocurrencies you buy.

If you want to purchase more than $10,000 in bitcoin – Level 2 status – you must provide a copy of both your passport and driver’s license, or similar identifying documents. Coinmama may even require you to upload a selfie of yourself holding these documents. It can take Coinmama from several hours up to an entire day to review your documents and verify your status. Altogether Coinmama is a reliable, established exchange and definitely one of the better platforms for the purchase of crypto.

Ways To Invest With Coinmama

Neither Bankrate nor this website endorses or recommends any companies or products. Coinmama also supports the purchase of cryptos in Aussie Dollars, Canadian Dollars, EUROs, Great British Pound, and Japanese Yen. There are no withdrawal fees when purchasing cryptos on the Coinmama platform.

River Financial’s hands on approach gives the bitcoin space a white glove touch. If you want to buy or sell large amounts of bitcoin in a setting familar to anyone used to dealing with large brokerages, River is for you. They also have finacial advisors on hand to talk with potential customers about how Bitcoin fits into an individual portfolio. CoinMama and Bitstamp both require you to pass the KYC process before you can trade. An advantage Bitstamp has over CoinMama is the presence of 2FA. But, the 5% Bitstamp fees on top of the momentum fees makes them almost equal in terms of priciness. The minimum transaction amount for orders to buy cryptocurrency on CoinMama is 50 USD.

There is no CoinMama app, so you would need to use a mobile browser on your phone to access the website. If you’re one of them, contact CoinMama at They will walk you through the necessary verification and KYC requirements. Coinmama supports all countries, states, and territories not listed below. If you don’t see your home state or country in the table below, you are eligible to buy and sell on Coinmama.

These are rolling limits, which means they apply to any 30-day period, not a calendar month. Coinberry is one of the most respected names in Canadian Bitcoin exchanges. It was started in 2017 and allows easy deposit and withdrawal of CAD. But, if someone discovers you have a CoinMama account, they might think of you as prey for a quick scam. Fake tech support requiring direct access to your machine can get any info you have stored.

Join Coinmama Today

For example, CEX.io is an exchange offering a handful of cryptocurrencies for purchase, including Bitcoin. Users are allowed to purchase crypto using a Visa or Mastercard credit card, but U.S. cardholders are subject to a 2.99% commission fee with a minimum purchase of $20. Among the Asian countries, Japan is more forthcoming and regulations mandate the need for a special license from the Financial Services Authority to operate a cryptocurrency exchange. China and Korea remain hostile, with China banning bitcoin miners and freezing bank accounts.

When you purchase or sell coins through Coinmama, you’ll share your wallet address, which is a “public key” that consists of a string of numbers, similar to a bank account number. Binance immediately asks you to enable 2-Factor Authentication. You can also place a buy request on Binance without previous KYC verification. Unlike CoinMama, Binance offers you to buy coins from local sellers and through Third-Party Payment (Simplex, Koinal…) alongside bank credit purchases. If your payment doesn’t reach CoinMama within seven days, it will expire and the coins will not be sent.

Coinmama Trading Tools And Features

In this article, we’ll review Coinmama and go over what they have to offer. CEX.io is a reputed company and the crypto traders can rely on this reliable exchange. Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners. Buying crypto can be stressful, especially if its your first time and you’re unfamiliar with the process.

For example, BlockFi, a younger card company, offers 1.5% Bitcoin rewards for every purchase made. They also boast Bitcoin welcome bonuses and more rewards from trading and client referrals. The creators of digital currencies are often independent of the digital currency exchange that facilitate trading in the currency. In one type of system, digital currency providers are businesses that keep and administer accounts for their customers, but generally do not issue digital currency to those customers directly. Customers buy or sell digital currency from digital currency exchanges, who transfer the digital currency into or out of the customer’s DCP account. Some exchanges are subsidiaries of DCP, but many are legally independent businesses.

While this is the case, the most popular cryptos are available. Strong emphasis on security as a crypto platform falling under the purview of FINCEN. Coinmama is the property of New Bit Ventures Ltd, which is a regulated Money Services Business licensed by FINCEN and IMPA. Earn 15% of Coinmama’s commission on all referral purchases included all their future what is coinmama purchases. Companies and startups in this collection leverage blockchain technology for crypto investing and trading, decentralized finance , NFTs, and more. Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces. EToro is also regulated by the US Security and Exchange Commission.

• On holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.
• On the other hand, in 2019, they were part of a hack that affected 20 other websites, and were reported to have lost personal information on approximately 450,000 customers.
• If you don’t see your home state or country in the table below, you are eligible to buy and sell on Coinmama.
• Currencies supported by Coinmama include GBP, CAD, EUR, USD and AUD.
• Reassuringly, even complaints found off their platform regularly receive replies from Coinmama.
• Poloniex, for example, supports over 70 different cryptocurrencies.

Coinmama has a partnership with crypto wallet ZenGo, which it recommends for new users without a crypto storage wallet. Coinmama’s simple transaction flow — buying and selling directly from the company — lends itself to the site’s simple design. Users select how much they want to buy, either by U.S. dollar amount or amount of bitcoins. The site sells fractional shares of bitcoin, so you can make purchases for as low as $30 worth of bitcoin based on its current spot trading price.

Cmama Ltd operates and manages the Coinmama platform which is headquartered in Ireland and is a subsidiary of New Bit Ventures Ltd. Coinmama is regulated and registered as a Money Service Business with FinCEN.

It pivoted from their initial service – cloud mining to launch a crypto exchange. At first, they offered both services, but in recent years they have dropped cloud mining to focus on the exchange.

Coinmama’s fees are based on the TradeBlock XBX Index, which is the market rate based on all known providers. The exchange provides the highest limits to its users for purchasing BTCs with their credit cards.

And our partners can never pay us to guarantee favorable reviews . Before going ahead with buying Bitcoin from a BTC exchange with your credit card, always remember to have a Bitcoin wallet beforehand. So much so, that some sellers may actually change your order even after the transaction is registered.

Coinmama offers a user-friendly platform designed to help customers buy Bitcoin and have it sent directly to their wallet address. The exchange is one of the most popular for direct purchases of select cryptocurrencies. Coinmama is one of the cryptocurrency brokers that accepts credit and debit cards.

As with most cryptocurrency exchanges, online reviews of their customer service response has been mixed. If an order aborts, the Coinmama system automatically voids the payment within 48 hours and refunds the money back into the user’s bank account. In layman’s terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person. The exchange platform (i.e. Binance) acts as a middleman – it connects you with that other person . With a brokerage, however, there is no “other person” – you come and exchange your crypto coins or fiat money with the platform in question, without the interference of any third party. When considering cryptocurrency exchange rankings, though, both of these types of businesses are usually just thrown under the umbrella term – exchange.

Author: Tomi Kilgore