We may also receive payment if you click on certain links posted on our site. Coinmama is a well-known fiat to crypto currency exchange that has become popular in the industry. While the platform has found itself in hot water for past security breaches, the Coinmama team has worked hard to improve its security.
This New Crypto Is Set To Surpass Cardano
Level 2 requires a secondary ID uploaded along with either a utility bill or a selfie of you holding your ID – maximum limit is raised to $50,000 for this level. For unlimited purchase amounts, you must contact [email protected] Coinmama Review to request level 3 verification. In addition to these features, Coinmama users are required to verify their identity by providing a driver’s license, passport, or another valid government-issued ID.
Exchange Services, Supported Cryptocurrencies & Payment Methods
Coinmama’s trading fees are 0.1% to 0.9% plus the 2% spread to sell cryptocurrency. Furthermore, an additional spread fee charged at 2% above the market rate is used to offset volatility. To complete the verification process, a user must provide their full name, home address, and a form of photo ID (passport, driver’s license). Additionally, new users must take a selfie while holding their ID and a piece of paper with the current date and ‘Coinmama’ written on it.
Key features of the Coinmama platform
Note that you’ll need to already have a digital wallet that you use since Coinmama is not a wallet provider and doesn’t hold coins for you. Credit/debit cards, Apple Pay, Google Pay, and using a prepaid card to buy Bitcoin incur a 4.99% ‘express fee’ for fixed-rate instant purchases. The final trade fee is displayed before the transaction is confirmed, making it simple for users to see a cost breakdown before buying. Coinmama is a straightforward exchange where you can buy several cryptocurrencies and sell Bitcoin. Accepted payment methods include credit and debit cards, Apple Pay, Google Pay, and ACH transfers.
Enter the Address of Your Wallet
We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own enquiries. The reason I am giving four stars is because of Carl and his skill in keeping me calm in the situation.I did not like how the verification was done. The should not have approved the transaction and then delay it to do a verification. There needs to be better customer communication in terms of a human online chat or a way to call on the phone.
What Do They Offer?
- There is no guarantee that any crypto asset will have at any time in the future certain value (if any) or market liquidity.
- The reason why fees are so high is because of expensive measures these companies have to deploy in order to avoid fraud and chargebacks.
- The physicist has couple of years of professional experience as project manager and technological consultant.
- It seems like every other day, a cryptocurrency exchange is getting hacked and user funds stolen in the process.
- In case you want to purchase less popular coins, it is likely that you will still need to trade them with cryptos like Ethereum or Bitcoin.
- It’s a good idea to create a strong password and then submit your application.
- The final output produces star ratings from poor (one star) to excellent (five stars).
The platform to doesn’t custody assets for you, which means that any purchase you make is sent directly your wallet address of choice. Coinmama is available to users in 188 countries and 48 U.S. states, excluding Hawaii and New York. It gives customers the option to purchase crypto using credit cards, debit cards, bank transfers, and Apple Pay. According to our analysis, the Coinmama platform is ideal for those who are just starting out in the cryptocurrency market.
In other words, this fee is charged when you place a limit order to sell an asset, but that order is not filled immediately. Transactions fees on the platform are high, so unless you have a specific reason to use Coinmama, you may be better off using an exchange with lower fees. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active.
User Interface and Experience
The platform enables users from 188 countries to buy and sell Bitcoin and altcoins using their credit cards, debit cards, Apple Pay, or bank accounts. The introduction of transactions being facilitated via Apple Pay is a recent addition keeping in mind the people’s heavy dependency on e-wallets in recent times. It is worth mentioning that due to the swift transactions, active customer support, and the brand’s goodwill, Apple Pay is slowly and steadily gaining momentum in the world of cryptocurrency.
Are There Any Fees?
- Now, Coinmama users can transfer up to 12,000 USD in a day without paying any additional bank transfer fees.
- This guarantees that another person will not open a fraudulent account in your name.
- Considering that Coinmama has such a beginner-friendly design, it’d be nice to see it improve its educational content.
- The final trade fee is displayed before the transaction is confirmed, making it simple for users to see a cost breakdown before buying.
- On February 15, 2019, Coinmama was hacked as part of a larger hacking operation that targeted various industries.
- Exchanges were reviewed on points including security, fees, number of cryptocurrencies available, and more.
Money taken from my account seamlessly as is often the case from these companies. Very slow and unable to give assistance then suddenly upon threatening to just reverse transaction with credit card company customer service had all the answers. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Securities offered through Robinhood Financial https://www.tokenexus.com/ LLC, a member of FINRA and SIPC and a wholly-owned subsidiary of Robinhood Markets, Inc. Robinhood Crypto and Publisher are not a members of FINRA or SIPC and cryptocurrencies are not stocks and your cryptocurrency investments are not protected by either FDIC or SIPC insurance. CoinSutra does not recommend or endorse specific cryptocurrencies, projects, platforms, products, exchanges, wallets, or other offerings.