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. Good broker 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. Even though Coinmama doesn’t have a big name like Binance or Coinbase, it is nonetheless a legit cryptocurrency buying platform. Not all cryptocurrency platforms support credit cards or the use of a debit card but Coinmama does. No previous knowledge of trading is required to purchase cryptocurrency from Coinmama. In terms of customer support, Coinmama offers support via email, just like most other cryptocurrency exchanges, and has an extensive helpbase to answer most common questions. In order to verify your identity you’re required to complete a verification form that includes your full name, date of birth, gender, and physical address (no PO boxes). Once you’ve registered and logged in you can coinmama exchange review go ahead and buy some Bitcoin, but first you’ll need to provide some identity verification. All told it should take seconds to complete the registration process for a Coinmama account. 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. Supported Countries / States How to withdraw money from Coinmama? To sell Bitcoin on Coinmama, sign up or log in, hit “sell,” specify the Bitcoin amount, select your payout method (SEPA or SWIFT), enter your bank details and personal information, and transfer your Bitcoin to the provided address. Once confirmed on the Blockchain, Coinmama will send the fiat to your bank account. Any purchases need to be sent to the users own cryptocurrency wallet offsite. Coinmama offers users a quick and efficient means for buying top cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), using both VISA and Mastercard. Coinmama is known for its ease-of-use and accessibility and puts extra effort into providing users with the information and support that they need to make clear and informed decisions when buying cryptocurrencies. 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. You can see a complete list of supported countries here to find out if Coinmama works in your country. First off, since Coinmama is meant mostly for Europeans the platform can be accessed by anyone in Europe, except for residents of Crimea. Contrast that with Coinbase and its 34 million monthly visitors and Poloniex and its 44 million monthly visitors and you get an idea of how niche the Coinmama exchange is. So a trader goes to the Coinmama website and enters the purchase order, but the actual clearing of the trade is handed by a third party. What’s cool about the Coinmama loyalty program is that everyone is automatically enrolled and you don’t have to purchase anything to get involved. Best Bitcoin Gambling Sites 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. Coinmama Review – Fast & Easy Crypto But Is It Safe? They allow their traders and investors to buy Bitcoin or any other currency with a credit card or debit card at any time. Like almost every other cryptocurrency exchange, there are regulations about who can access the platform. When it
