Coinmama stands out for its commitment to user-friendliness and a robust suite of products, such as a good selection of supported cryptocurrencies, multiple payment options, and secure transactions. Both beginners and experienced traders will find the platform easy to use. Coinmama provides a seamless experience when you buy Bitcoin with a credit card, offering a straightforward and user-friendly crypto calculator. With this calculator, users can quickly estimate how much Bitcoin, Ethereum, or other popular cryptocurrencies they can purchase based on the amount of fiat currency they wish to spend.
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As mentioned previously, it displays inaccurate information on fees, leading me to believe some of the content is outdated. Coinmama’s fees are far from competitive, as our testing revealed significant discrepancies between its advertised rates and actual charges. The lack of clarity in its fee structure contributes to its reputation as one of the most expensive and least user-friendly exchanges. After 5 minutes, the page updated, letting me know the transaction was complete. Of this, Coinmama’s fee came to £11.37 or 11.39%, making it the most expensive exchange I’ve reviewed for buying crypto.
Although, limits and restrictions on account features can apply. They attend to their clients and resolve issues within a reasonable time frame. You automatically get included into the loyalty program you are eligible to.
Coinmama Mobile App
The XBX index used by TradeBlock is used in the calculation of the base price. The mentioned price includes an additional coinmama exchange review fee of 5 percent for credit card processing; hence, Coinmama’s pricing is 5.9 percent more than the going rate for the market. I do need to mention that Coinmama only offers 15 cryptocurrencies so it is quite limited.
Cheaper alternatives, such as Kucoin, which has a maximum fee of 0.1%, can also be found. You can find a Coinmama page listing fees from a Google search, but that’s not the point. In my opinion, they should be fully transparent on the main website. In addition, the VIP page states « competitive fees » without mentioning what they are. To apply for the VIP service, click « VIP » and complete the form at the top of the page.
- For this, you will need to enter either the details for your credit card or the numbers for your bank account.
- To sum up this Coinmama review we believe Coinmama is a great exchange platform for newbies.
- Users must pay the full amount of the crypto purchase upfront – there are no leveraged funds involved, so no margin fees apply.
- The last level is reserved for corporations as the purchase limit of $1 million is quite large for regular traders.
- The interface is designed for beginners to easily, quickly, and securely purchase cryptocurrency that resembles Paybis, a similar fiat-to-crypto exchange we have reviewed.
- Coinmama is registered with FINCEN in the US as a money service business.
KYC & Buying Limits
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. Still, crypto traders looking for the convenience of a dedicated mobile app might prefer another crypto app. You will need to get a crypto wallet from a third-party provider in order to receive the coins you purchase from Coinmama.
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The verification process of Coinmama includes submitting your documents like a government-issued I.D. With the documents, you will also be asked to upload your picture with your document and a page containing some details. It only takes 30 minutes to few hours to verify the user’s documents. This is the fastest and quickest KYC verification that anyone would ever get from any other platform. Go to your mail inbox, and open the Coinmama verification email. Click on the “Confirm Your Email” to complete the verification process.
Once this has been submitted, your documents will then be queued for verification. Since Coinmama boasts some of the fastest verification times in the business, most users will be verified within just minutes. Getting started on Coinmama exchange is a relatively simple process and most users should be up and running within minutes.
- There are no live order books, and you can’t place limit or stop orders.
- Unlike most cryptocurrency exchanges, Coinmama is designed like an instant crypto swap service rather than a trading platform.
- However it is the easiest exchange to use for beginners and customer service agents are helpful.
- Additionally, the Coinmama exchange is exerting significant effort to cut the brokerage costs to the greatest extent that is practically achievable.
- A bad choice can lead towards you losing money and time, both which are of equal importance when it comes to bitcoin trade.
- They are committed to upholding their distinction for excellent customer support, reflected in their impressive Trustpilot rating.
It is a great option for those who want to buy cryptocurrency quickly and easily. Coinmama offers competitive rates and a wide range of coins to choose from. However, users should be aware that there is an extra 5% fee when using a debit or credit card to purchase cryptocurrency. Despite this, Coinmama is a reliable and secure platform that is suitable for both beginners and experienced traders. Coinmama is the go-to platform for buying cryptos securely and conveniently, with helpful customer support, a wide variety of payment methods, and high levels of security. Coinmama is a popular cryptocurrency exchange that allows users to buy digital assets using their debit or credit card (fiat money).
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. For example, if someone wants to buy Bitcoin and BTC is currently trading at $10,000 then the market rate for the sale on Coinmama will be $10,200. First, it allows Coinmama to make a higher profit on each purchase. For instance, as this article was being written Bitcoin appreciated in price by more than 10% in about 1 hour.
How long does Coinmama verification take?
To get access to this limit, you need to fill out a short form by contacting personally. So, without further addon, let’s get into reviewing Coinmama and what other unique features does it offer. Hedge With Crypto is an independent publisher that provides objective and free content.
The Cost of Using Credit Cards on Coinmama
At present, Coinmama is only currently available as a website, with no mobile app available. In addition, Coinmama has not released an API to enable users to create custom applications that would be compatible with the platform. Coinmama now requires verification for all purchases due to new KYC regulations. You should yourself determine which trading view that suits you the best.