Ultimate Coinmama Review: is Coinmama Legit and Safe?

Documents uploaded to Coinmama for verification tend to be processed within a few hours during business hours, with longer processing times to be expected during evenings and weekends. However, Coinmama’s customer service team will try to assist users that require faster verification. Instead, all purchases of cryptocurrency by customers are transferred directly from the company’s own holdings, making transactions more secure than some of its competitors. Coinmama currently does not offer an exchange, so users looking to sell their cryptocurrency or withdraw it as fiat money must transfer it elsewhere. If you’re ok with buying and selling coins directly from Coinmama, it offers a lot of benefits. You get instant coin delivery, multiple payment options, and high spending limits.

CoinmamaUser Reviews

However it could take a little longer than that if there are any issues with the documents you submit. Coinmama and their clients were not the only ones affected. The breach affected another 30 companies from different industries. The amount of information hackers got from Coinmama was limited. Hackers got email addresses and hash passwords and no other information.

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While the platform supports USD, EUR, GBP, CAD, and AUD, users wishing to transact in another currency will need to look elsewhere. 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.

• All centralised exchanges, including Coinmama, are vulnerable to counterparty risks like hacking, theft and insolvency.
• I just signed onto it and so far, I can say my experience has been good.
• In order to change the purchase currency, simply go to the current dropdown menu and select your preferred currency.
• This advertisement contains information and materials provided by Robinhood Financial LLC and its affiliates (“Robinhood”) and Publisher, a third party not affiliated with Robinhood.
• As mentioned trading platforms can be overwhelming and rather confusing especially for newbies.

Customer Satisfaction

Once your wallet address and payment are confirmed, you should receive your coins in minutes. However, it depends on how fast the payment is processed. Coinmama does not store your bank card details, and there is no requirement to add a bank account. The exchange follows a KYC process, requiring details such as name and address and Coinmama Review submission of a valid ID like a driver’s licence or passport. All Coinmama cryptocurrencies are established in the market, so choosing a supporting wallet for your crypto purchases is easy. You might consider a hot wallet (online) or a cold wallet (an offline hardware wallet), which is regarded as “safer” than an online wallet.

• Hopefully in the future Coinmama will include more coins so that traders have more options to choose from.
• BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency.
• Most cryptocurrency exchanges can be really scary when you are just starting out.
• 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.
• Thankfully, these thieves made off with only email addresses and hashed passwords of older user accounts.
• However, there are a few restricted states and territories within the US, including New York and Hawaii.
• All cryptos are immediately transferred to the purchaser’s specified wallet upon purchase.

Coinmama Review: Fees

Finder monitors and updates our site to ensure that what we’re sharing is clear, honest and current. Our information is based on independent research and may differ from what you see from a financial institution or service provider. When comparing offers or services, verify relevant information with the institution or provider’s site. All centralised exchanges, including Coinmama, are vulnerable to counterparty risks like hacking, theft and insolvency. Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds.

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• All you will need to do for this is download and fill in a KYC questionnaire supplied to you.
• If you looking for a quick way to purchase some crypto look no further.
• In some states, it offers service by a third-party partner, and in three states, Hawaii, New York, and Louisiana, it’s not available at all.
• This security feature removes some of the risks users are exposed to when using a platform to store their funds.
• I highly appreciated the customer service Carl provided.
• It’s uncommon to find a cryptocurrency exchange with rave reviews, but Coinmama succeeds where others fail, proving a solid commitment to its users.

If you need to contact them outside of these hours, you can either send an email, raise a support ticket or even contact them on Facebook! However, after taking a deeper look through their website, I noticed that most of the common problems are answered on their FAQ page. We update our data regularly, but information can change between updates. Confirm details with the provider you’re interested in before making a decision. Please click on the green ‘Go to site’ button above if you wish to be redirected to the official site of Coinmam and process your BTC purchase from there.

Supported Cryptocurrencies

The platform’s interface is clean and intuitive, with all essential information readily available. Hedge with Crypto aims to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website. This information is general in nature and is for educational purposes only. Hedge with Crypto does not provide financial advice nor does it take into account your personal financial situation.

What Do They Offer?

Coinmama’s market rate for bitcoin is XBX + 2%, so that’s the price you pay for the crypto. Coinmama offers ether and bitcoin calculators so you can plan your potential purchases, but keep in mind the calculator doesn’t include Coinmama fees. There aren’t any advanced services and there’s no way to hold your coins on the exchange. Yes, Coinmama is a reliable company that comes with robust security and an easy-to-use platform that’s suitable even for beginners. The only issue is that Coinmama offers relatively high fees when purchasing coins with fiat money. Nevertheless, when buying BTC with Coinmama, depending on your payment method, they charge 5.5% for every transaction and another 5% if you are going to use a credit card.

It starts with an identity verification process, which helps protect against fraudulent accounts. It offers two-factor authentication (2FA) to prevent unauthorized account access. Coinmama also doesn’t store credit or debit card information in its system. Those in the Curious tier will pay a 3.9% fee per buy or sell transaction. Compared with other cryptocurrency exchanges, Coinmama’s trading fees are relatively high.