Coinmama review 2024: Pros, cons, fees & more

Currently there are three levels to the loyalty program that we’ll talk about in this Coinmama review. Also, you can find many customer support topics already documented in the Coinmama help section. One of the great things about Coinmama though is that they support a bunch of different currencies which makes them a good choice for European traders. Currencies supported by Coinmama include GBP, CAD, EUR, USD and AUD. If there are no issues with the documents you submitted for verification, this process should only take about an hour.

• This review scores down due to its relatively high fees, lack of a crypto wallet, and mobile app.
• The CoinMama app is designed as a self-custody wallet that gives users full control of their cryptocurrency.
• However, Kraken does offer futures trading and other advanced services.
• During the purchase process, Coinmama transfers cryptocurrency to the provided wallet address.
• I will also provide you with a step-by-step guide on how to set up an account, along with some helpful screenshots.

To buy crypto, simply plug in the amount you want to spend, and then provide your payment method and crypto wallet address. Exchanges were reviewed on points including security, fees, number of cryptocurrencies available, and more. We also considered if the exchange is regulated by a proper agency or entirely decentralized.

Coinmama Affiliate Program

Our full cryptocurrency exchange methodology, including the review process and weighted data points, is available for review. Investopedia is dedicated to helping those interested in cryptocurrency investing make informed and safe decisions. We are committed to providing our readers with unbiased reviews of the top cryptocurrency exchanges for investors of all levels.

You are required to provide your wallet details during the transaction process. Once your ID has been accepted, you can buy Bitcoin and Ethereum by going to the ‘Buy Bitcoin/Ethereum’ tab. Select the amount you’d like to purchase and provide your wallet’s address (more info on wallets available here). After you’ve input your payment details and they’ve been accepted, your cryptocurrency will be sent to the specified wallet immediately. Cryptocurrency can feel like a daunting asset class, especially if you’re relatively new to it. Coinmama offers a very intuitive user interface that makes it easy to get started on the exchange.

Coinmama Review

Then there are the buying platforms, also known as onboarding platforms, which is where Coinmama comes in. On Coinmama it’s not possible to trade cryptocurrencies or to trade crypto derivatives like Bitcoin futures. Instead, Coin mama is a buying platform which enables traders and investors to purchase cryptocurrencies like Bitcoin and Ethereum. Your coins are kept in an external wallet, not in your Coinmama account, so the need for mobile monitoring features isn’t that high here.

Coinmama is a reputable company with a secure website that is protected by Trust Guard and Comodo. Both security specialists have confirmed that 256-Bit SSL encryption is actively used on pages that contain private information. Also, it is very easy for beginners to buy cryptocurrencies via Coinmama because everyone prefers using cards while buying things these days. The one thing highlighted in the introduction also that Coinmama supports a lot of countries – 188 to be precise – the most by any other crypto service/exchange. To check if they provide service in your country, visit here. Coinmama is a digital financial service company operating in the cryptosphere ever since 2013.

Coinmama Services

Although the services are limited, unlike many crypto exchanges, it is available in the U.S. 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. Very accessible due to fiat payments, not many exchanges offer this option… With Coinmama, purchasing several popular cryptocurrencies is a manageable task. Here are the few steps we found while doing this review that make the crypto buying process easier on such a platform. Traders can buy Bitcoin whenever they want, worth up to 30,000 USD.

Coinmama forces you to keep your coins off the platform which dramatically reduces the likelihood of losing coins to a hack. If you also use another platform like Binance it’s equally important to withdraw your crypto from the exchange and store it somewhere safe. A hardware wallet Coinmama Review like a Ledger or Trezor is always a great choice. Yes, Coinmama does require a valid government issued ID in order to purchase cryptocurrencies on their platform. That ID can either be a passport or a state issued driver’s license or other national or state identity card.

The site plans to expand this to other cryptocurrencies in the future. Their website uses a secure encryption service to keep personal information safe, and no credit https://www.tokenexus.com/ card information is stored anywhere in their database. Even though it accepts Credit and Debit cards, the fee is relatively high compared to other platforms.