forexbroker.ae logo

ForexBroker.ae > Coinmama

Coinmama Review: Is this broker legit, safe and trustworthy for UAE citizens and residents?

Coinmama is a cryptocurrency exchange with headquarters in Israel that places a significant emphasis on offering superior customer service and making its platform as user-friendly as possible. The financial services provider went into business in 2013 and is now present in 188 nations across the world. It is possible that it is not quite as widely known as major exchanges such as Coinbase and Binance, but despite this, it is still one of the largest cryptocurrency exchanges in the world. You'll be able to determine if Coinmama meets your requirements after reading our assessment of the service. Visit Coinmama Website.

The Procedure to Sign Up for Coinmama:
First, fill out the registration form in its whole.
In order to create a Coinmama account, a brief registration form has to be filled out and submitted. The following items of information must be provided in order to submit this form:

Email address
Initials and finals of a name
Country
The second step is to supply your personal information.
Users are needed to fill out a second form with their personal information once they have completed the first form necessary for registration.

Uploading of Personal Identification Documents is the Third Step.
It is important to keep in mind that customers are unable to acquire cryptocurrency with credit or debit cards without first through extra steps of account verification.

The first stage of verification requires a legitimate form of identification issued by the government as well as a selfie shot by the user while holding the ID. In order to proceed with the verification process, you will need to present not only a utility bill but also a secondary form of identification.

Which Cryptocurrencies Are Available for Purchase on Coinmama? When compared to some of the other major exchanges, Coinmama's selection of cryptocurrencies that may be acquired through purchases is fairly restricted. You will not, under any circumstances, be able to locate the 102nd most popular coin on the market. The silver lining is that you are able to purchase Bitcoin, Ethereum, Litecoin, and the vast majority of the other well-known cryptocurrencies. The following is a rundown of every cryptocurrency that can be purchased through Coinmama:

Bitcoin (BTC)
Ethereum (ETH)
Bitcoin Cash (BCH)
Ripple (XRP)
Litecoin (LTC)
Qtum (QTUM)
Cardano (ADA)
Classic Ethereum (ETC)

Coinmama is accessible on smartphones as well as more conventional computer devices, and it is compatible with all of the main operating systems. Coinmama does not offer a separate wallet that does not act as a custodian for users' funds. Because there is no method to keep coins on the Coinmama network, users are required to have their own unique cryptocurrency wallet address. This may be obtained by downloading the Coinmama wallet client.



Is it Safe to Use Coinmama? Yes. Coinmama has been the subject of an attack by hackers in the past, but they were unable to effectively steal any cash from the site, which is a testament to the safety precautions that are now in place. In the world of cryptocurrencies, finding a website that is registered with the Financial Crimes Enforcement Network (FINCEN) in the United States is quite unusual.

It is possible that the fact that Coinmama does not really store its customers' cash is the aspect of its security that is most beneficial to users. Trading in cryptocurrencies is not permitted on this platform (like a traditional exchange). Instead, it provides the ability for users to acquire digital money, which is then sent straight to the customers' own personal wallets.

Coinmama also provides consumers with an exceptional customer care service in the event that clients have questions or issues. Live chat is the most effective method of communication with them from Sunday through Thursday. The website also provides support in the form of email and a frequently asked questions section that is quite informative.

There are two different fees that must be taken into consideration while using Coinmama. The first cost is 5.9 percent and is already factored into the price that is displayed on the Coinmama website for each cryptocurrency asset. The TradeBlock XBX Index served as the foundation for this pricing.

When acquiring cryptocurrency from Coinmama, the second charge that you need to be concerned about is the credit card processing fee. This fee is assessed for transactions that are based on credit cards as well as debit cards.

There are no transaction fees connected with SEPA bank transfers; however, there is a cost of 20 GBP associated with SWIFT bank transfers for orders that are less than $1,000. There is a possibility that your bank will charge you an additional fee in order to initiate a bank transfer.

Since its inception in 2013, Coinmama has been a leading provider of digital financial services within the cryptocurrency industry. As a result of the easy and quick access it provides to digital currencies such as Bitcoin and Ethereum, it has garnered a great deal of respect in this industry.

Coinmama is a subsidiary of NBV International and is officially registered in Slovakia; nevertheless, its operations are being conducted from Israel at this time.

It is a centralized service that has a vast user base consisting of more than one million happy clients. The fact that it is supported in over 180 countries across the world accounts for the vast majority of its user base.

One of the unique selling propositions (USPs) that Coinmama offers is a service that is quick, safe, and secure, and it allows customers to use credit cards to purchase cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ethereum Classic, XRP, QTUM, and ADA.

They only just provided the possibility for customers in the 37 European nations that are members of the SEPA to purchase Bitcoin from them (Single Euro Payments Area).

Additionally, in contrast to other exchanges and services, Coinmama does not come equipped with an integrated wallet for BTC, ETH, LTC, BCH, ETC, XRP, QTUM, or ADA.

This implies that if you want to buy Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ethereum Classic, XRP, QTUM, or ADA from Coinmama, you should already have a wallet. This is a fantastic method of encouraging investors to have a safe wallet in the first place before buying the coins, therefore it's a good thing.

Choose one from our selection of Ethereum wallets and Bitcoin wallets if you don't already have a secure location to store your Bitcoin or Ethereum.

Registration, Login, and Purchasing Restrictions on Coinmama
The procedure of registering for a Coinmama account is not overly complicated. To get started, you will need to register by providing your email address, and then you will be required to provide some documentation to verify your identity before you can move on. If you offer further evidence, Coinmama will increase the amount of money you are able to buy.

After registering, you will be able to log in by providing your email address and a password. At this point, you are required to configure your two-factor authentication (2FA), and it is highly advised that you also enable SMS authentication.

You may verify your Coinmama account by going to the website where you manage your account and clicking on the link that says "Verify my account" on the left side of the screen.

After that, you will be needed to submit a government-issued ID in order to access other tiers of the site or make certain purchases.

The verification period for level 1 lasts for ten minutes. On the other hand, the verification process for levels 2 and 3 may take up to six hours to complete. Coinmama access will be granted to you once you have passed the level 1 verification.

Coinmama Level 1 purchases have a maximum of up to $15,000 USD. Required items include a photo of yourself carrying a legitimate government-issued ID, a message with "Coinmama" and the date written on it, and a selfie of yourself holding the ID. Acceptable documents are:

An international non-US passport (double page)
Carte d'identité nationale (both sides)
a license to operate a motor vehicle (both sides)

In addition to the requirements for Level 1, you will also need to upload a utility bill in order to qualify for Level 2. Bills for electric, cable, gas, and water as well as property tax, bank statements, or credit card statements are acceptable forms of payment for utilities (paper bill or internet bills are not accepted).

Level 3 (limit up to USD 100,000): Requires filling out a brief form and personally emailing support@coinmama.com. This level has the highest possible limit.

The fact that Coinmama supports such a large number of nations—188, to be exact—is underlined in the introduction. This is the most countries supported by any other cryptocurrency service or exchange.

Coinmama does not currently offer help 24 hours a day, seven days a week; nonetheless, the company is able to effectively manage a significant volume of client traffic through its emails, Facebook page, and customer support forum.

When many exchanges are down due to the increased demand for cryptocurrencies, Coinmama is a reliable location to buy Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ethereum Classic, XRP, QTUM, and ADA. Purchases made with a credit card incur costs of only 5 percent and are processed immediately. If you are not in a rush, you may always utilize SEPA bank transfers to get it down to 0%, which is the lowest possible percentage.

Because credit cards are the preferred method of payment for online purchases these days, Coinmama makes it incredibly simple for people who are just starting out to acquire cryptocurrency. Simply put, it is really handy and incredibly quick.

Even though Coinmama's pricing are often higher than those of its competitors, such as Coinbase or CEX, customers should still consider using the platform because of its user-friendliness and the quality of the service they receive from the company's staff.

Also, as was noted before, Coinmama does not offer a hosted wallet for BTC, ETH, LTC, BCH, ETC, XRP, QTUM, or ADA. This is intentional as it allows users to learn how to develop and utilize their own self-hosted wallets. Coinmam protects itself from becoming a target by doing things like this, and it also encourages other cryptocurrency investors to educate themselves.

Coinmama does have certain drawbacks to it, though, which the company should investigate and I have no doubt that they will:

There is no mobile app available with such a straightforward user experience. Coinmama and cryptocurrency investors in more than 200 countries all stand to benefit from the launch of iOS and Android apps.
Coinmama does not currently accept payments made using PayPal, American Express, or Discover; but, if they were to start doing so, they would be the front-runners to acquire Bitcoin and Ethereum in a hurry.
In conclusion, I would like to highlight the fact that even during the height of the cryptocurrency frenzy, when other exchanges, including as Bittrex and Bitfinex, were forced to close their doors, Coinmama continued to accept new user registrations.

Coinmama is an online cryptocurrency exchange that makes purchasing and selling a number of the most widely used cryptocurrencies a straightforward process. It does not permit trading of cryptocurrencies with other cryptocurrencies, and it also contracts out a large number of its transactions to a third-party service (Simplex). Coinmama only offers nine different cryptocurrencies at this time, which is fewer than the majority of other exchanges.

Users of Coinmama are able to purchase Bitcoin and a variety of other popular cryptocurrencies using traditional money. Users are also able to sell Bitcoin, but in order to sell other cryptocurrencies, they must first withdraw them to their respective digital wallets. Coinmama is not a trading platform, and unlike other trading platforms, it does not offer any of the trading tools that are available on such platforms. These trading tools include sophisticated charting, limit and stop orders, and trading on margin.

Speculative investments, such as those made in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs), come with a high degree of risk, and the markets itself may be very unpredictable. Before making any decisions about your finances, you should discuss your options with a knowledgeable expert. This article does not constitute a suggestion to invest in cryptocurrencies on the part of The Balance or the author, nor can the accuracy or timeliness of the information included herein be guaranteed.

Ilan Schuster, Laurence Newman, and Nimrod Gruber established Coinmama in 2013 with the intention of simplifying the process of purchasing bitcoins. It is now possible to buy nine of the most prominent cryptocurrencies on the market, in addition to having the option to sell Bitcoin back to the exchange. 2 At the moment, operations are managed from within Israel's Ramat Gan.

Coinmama is available in the majority of nations throughout the world (including 48 of the 50 states in the United States), however there are certain areas in which it is not due to governmental constraints.

1 Because customers are unable to trade cryptocurrencies or make purchases using trading pairs, Coinmama cannot be considered a regular cryptocurrency exchange. Instead, it's more of a marketplace where people can buy cryptocurrency using traditional cash like dollars or euros. However, customers of Coinmama are only permitted to sell Bitcoin back to the exchange in return for fiat cash. In order to sell any other cryptocurrency, it is necessary to move it off of the site first.

A very limited number of cryptocurrencies are available for purchase with Coinmama. These cryptocurrencies include Bitcoin (BTC), Bitcoin Cash (BCS), Ethereum (ETH), and Dogecoin (DOGE). On this platform, you can only use nine different cryptocurrencies; however, the developers want to expand support for other cryptocurrencies in the near future. 3

The following is the whole list:

Bitcoin (BTC)
Bitcoin Cash (BCS)
Ethereum (ETH)
Classic Ethereum  (ETC)
Dogecoin (DOGE) Cardano (ADA)
Litecoin (LTC)
Ripple (XRP)
Tezos (XTZ)

Some of the most popular cryptocurrencies, such as Solana (SOL), Polkadot (DOT), Avalanche (AVAX), and Tether, are not yet supported by Coinmama (USDT).

Coinmama provides consumers with a straightforward trading experience in that they simply have the option to purchase or sell Bitcoin and cryptocurrencies. You may send cash into your Coinmama account through a wire transfer, an ACH transfer, or you can move Bitcoin from your digital wallet directly into the Coinmama platform. All of these options are available to you. Users also have access to a number of additional methods for purchasing cryptocurrency, such as via Google Pay or Apple Pay, or with any Mastercard or Visa card. 4

Coinmama levies extra service fees on customers who make purchases using a debit or credit card, as well as with Google Pay and Apple Pay.

Because Coinmama does not store any user assets on its platform, users will be required to link an existing wallet address in order to store cryptocurrency. Finding a wallet that is compatible with the cryptocurrency you wish can be a difficult task for novice users, which can be an annoyance. Because Coimama does not provide sophisticated charting or the ability to place limit or spot orders, skilled traders may find the trading capabilities supplied to be underwhelming.

Coinmama levies transaction fees for buying and selling cryptocurrency, in addition to other costs that vary with the user's chosen mode of payment. The costs charged by Coinmama are calculated using the TradeBlock XBX list, which is a well-known Bitcoin price index, plus a 2 percent markup. 5 Additionally, Coinmama applies a transaction fee to each and every transaction. The vast majority of cryptocurrency exchanges charge lower fees than this one does.

Two-factor authentication, often known as 2FA, and encrypted servers are two of the standard security measures that can be found on Coinmama. In addition, Coinmama does not keep any of its users' cryptocurrency holdings; rather, it asks its clients to utilize either their own software or hardware wallets. This ensures that users retain custody of their assets rather than storing them on a centralized platform.

The following is some information on the safeguards that are provided by Coinmama:

Authentication using two separate factors (2FA). Two-factor authentication, often known as 2FA, is available through Coinmama's use of third-party authentication apps (such as Google Authenticator.)

Control of the user. Coinmama does not keep any of its users' coins on file, and in order to make purchases, you will need to link a digital wallet. This assures that every user may keep their cryptocurrency safe even after leaving the Coinmama site.

Access based on biometrics. The Coinmama mobile app (which is only available on Android) gives users the option to activate biometric access (such as a fingerprint) in order to make the app even more secure.

Coinmama Account Creation: In order to create a Coinmama account, you will be required to give an email address as well as a password. After confirming your email address, you will be able to log in and add a second factor of authentication to your account. In order to complete this step, you will need to scan a QR code provided by Coinmama and enter a six-digit number that will expire from your authenticator app.

Coinmama needs its users to verify their identities before they are allowed to make any purchases (or withdrawals). This requires you to not only provide your name, address, and any other personal information, but also present a photograph of a photo identification card issued by the government. You will also be required to send in a photograph of yourself holding a piece of paper in which the word "Coinmama" is written. This complies with the most recent iteration of the Know Your Customer (KYC) security standard.

Coinmama provides customer care through the phone (callback only), via email, via live chat, or via social media platforms like as Facebook and Twitter. Users may use the voicemail service by calling the following number: +1 (650) 600-9939. When they do so, they will be prompted to leave a message that includes their name and phone number. 7 Coinmama's customer care will get back to you as soon as possible to help. Because most cryptocurrency exchanges do not provide phone service, Coinmama stands out from many of its other competitors due to this feature.

Additionally, users may obtain minimal help using Twitter. In general, Coinmama provides a wider range of support services than the majority of cryptocurrency exchanges.

Coinmama generates generally excellent feedback from customers, with many of those customers praising the ease with which they may make purchases as well as the quality of the company's customer support. A small number of customers have voiced their dissatisfaction with the lengthy approval process for verification, as well as the inability of some accounts to pass identity verification checks (though users were able to withdraw funds with no issue).

In general, Coinmama obtains better ratings than some of its rivals, and the company's customer support appears to respond to problems in a timely manner.

Because there are currently no official rating organizations for cryptocurrency exchanges, consumers will have to rely on customer evaluations in order to receive any kind of insight into the experience of using the site.

Coinmama is a cryptocurrency trading platform that enables users to buy and sell cryptocurrencies using its web-based platform as well as its Android mobile app. Users are able to log in, examine their cryptocurrency holdings, make purchases, and, if they so want, sell Bitcoin. Coinmama does not facilitate the trading of cryptocurrencies, and users store their coins in third-party wallets rather than on the Coinmama site itself.

The Coinmama mobile app provides customers with a comparable experience, enabling them to buy and trade Bitcoin as well as other cryptocurrencies. Users are able to transfer funds, examine their holdings, make deposits and withdrawals, and view their account balances all via the mobile app.

How Coinmama Stacks Up Against Competitors in the Cryptocurrency Industry
Although its costs are greater than those of many other exchanges, Coinmama is a straightforward marketplace that gives customers the ability to purchase cryptocurrency. It also provides a straightforward mobile app that can be used to manage user accounts and make purchases while the user is on the road.

Because Coinmama currently supports nine cryptocurrencies and does not allow users to trade one cryptocurrency for another, the site can only be used to make straightforward purchases. Users can only sell Bitcoin back to the platform as well; individuals who wish to sell other coins will need to take them off of Coinmama in order to sell them somewhere else. The following chart compares Coinmama to another major cryptocurrency exchange in the United States:

Coinmama is a straightforward and centralized cryptocurrency exchange that makes it quick and convenient to acquire a variety of cryptocurrencies, but at the expense of large transaction costs. Coinmama does not take custody of its customers' assets; rather, it needs users to link a digital wallet hosted by a third party in order for them to get immediate custody of their holdings.

Depending on the manner of purchase, the fees charged by Coinmama can be as high as ten percent of the total purchase price. This is a much larger percentage than practically every other cryptocurrency exchange currently available. These markups can cost traders a significant amount of their investment, thus it is recommended that they shop around on several cryptocurrency exchanges to find a price that is more favorable to them.

Coinmama is an option that has rather high costs overall and is not recommended for novices who are looking to acquire and hold Bitcoin or other popular crypto assets. Coinmama does provide exceptional customer care, and the company's mobile app as well as its web-based platform make it simple to make cryptocurrency purchases. It's possible that Coinmama will work for crypto newbies, but more experienced traders may want to search elsewhere for a wider variety of trading alternatives.

According to the findings of our investigation, the fees required to use Coinmama are the service's primary drawback. Traders typically choose to quit Coinmama and join other exchanges where the fees are cheaper since Coinmama's fees are greater than those of other exchanges.

The price that is listed on the Coinmama website is inclusive of the 5.9 percent brokerage fee that is charged by the firm. The XBX index used by TradeBlock is used in the calculation of the base price. The mentioned price includes an additional fee of 5 percent for credit card processing; hence, Coinmama's pricing is 5.9 percent more than the going rate for the market. Let us find out the specifics of the cost structure.

1) The Cost of Using Credit Cards
The option to use credit and debit cards to purchase cryptocurrencies on the Coinmama exchange is a godsend for traders; nevertheless, the fees associated with using these payment methods are rather high. If any of these cards are used, the customer is responsible for paying an additional fee that is five percent more than the rate that the Coinmama exchange imposes. This additional cost must be paid regardless of the cryptocurrency exchange that was utilized for the purchase of cryptos; additional expenses always arise whenever traders employ fiat money as their funding source (debit card or credit card).

2) Coinmama Fees
On top of the costs that are assessed for using a credit or debit card on the Coinmama exchange, there is an additional fee that ranges anywhere from 5.5 percent to 5.9 percent that is assessed for each and every transaction that is processed through the Coinmama platform. The precise charge, as well as the bare minimum required, is determined by the quantity of cryptocurrencies that a trader plans to acquire. These ever-increasing costs may prove to be too expensive for frequent customers who have their sights set on acquiring a greater quantity of cryptocurrencies. Coinmama is often not intended for regular buyers; rather, it is geared at newcomers. On the other hand, it is also absolutely true that large trading costs will be involved regardless of whatever cryptocurrency exchange you use to purchase your cryptocurrencies from, if you are using fiat currency, and Coinmama is not an exception to this rule.

On the other hand, it should be brought to your attention that the Coinmama exchange does not charge any fees associated with withdrawals.

3) A Restricted Number of Different Coins to Pick From
Coinmama provides its customers with a restricted selection of cryptocurrencies from which to pick. Traders are only able to purchase a maximum of nine cryptocurrencies at once, however this number does include the two most prominent cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH). This is a drawback of Coinmama in comparison to other cryptocurrency exchanges such as Coinbase, which is regarded as one of the leading Bitcoin exchanges and provides its customers with access to more than one hundred other cryptocurrencies. If Coinmama wants to lead as the finest cryptocurrency exchange in the United States of America, it looks like the least dominating alternative for traders is Coinmama.

Instructions for Making a Purchase of Cryptocurrency on the Coinmama Exchange
Coinmama makes the formerly complicated process of buying bitcoins more simpler. Within a short amount of time, the entire process will be finished. While conducting this evaluation, we came across a few procedures that, when followed, make the process of buying cryptocurrencies on a site like this much simpler. Here are those actions.

1) Pick Your Favorite Coin
Traders need to sign into their Coinmama cryptocurrency accounts in order to proceed with the first phase of the process, which involves selecting the digital currency that will be used to make payments and the chosen coin that will be used to complete the transaction. Only a very small handful of cryptocurrency exchanges now support trading using fiat cash. One of these exchanges is called Coinmama, and it is one of the ones that enables traders to buy Bitcoin straight from the website of the exchange using fiat currency by making payments using credit or debit cards.

2) Choose a dollar amount
After you have completed the process of picking your currencies, you will be able to select any of the cryptocurrency packages offered on the website of the exchange. Alternately, you have the option of manually entering the particular purchase amount that you would want to spend in order to acquire Bitcoin. Choose the "purchase now" option from the menu.

3) Enter the address of your wallet.
To transfer or receive Bitcoin that will be held in the wallet, you will need to set up top crypto wallets and then input your wallet address from the desired third-party wallet provider (broker). This is required in order to send or receive Bitcoin.

4) Select Your Preferred Method of Payment
After you have entered the address of your personal wallet, you will be sent to a screen where you will be prompted to choose which of the numerous payment options that are available you would like to use. You may choose from a number of different payment methods, such as a credit card, a debit card, or wire transfers, using the selection that drops down. For this, you will need to enter either the details for your credit card or the numbers for your bank account.

5) Accumulate Digital Coins Within Your Wallet
Your registered email address will get an email including a link to validate your wallet. After you have followed the link and confirmed your wallet address, the Bitcoin that you have purchased will be delivered to the wallet address that you have provided. Under the "My Account" option on the website of the exchange, you will have the ability to monitor the progress of the transaction at any time.
Who Ought to Consider the Coinmama Trading Platform?
The Coinmama platform is ideal for users who have never purchased bitcoin before. If you have taken the time to read this comprehensive evaluation of the Coinmama exchange, it is safe to assume that you are familiar with the features and benefits offered by the platform. It is a bitcoin brokerage service firm that provides clients with money services business that is safe in every respect. It gives customers the ability to purchase cryptocurrency directly from the exchange itself as opposed to purchasing it through other traders who are trading on the site.

According to our analysis, the Coinmama platform is ideal for people who are just starting out in the cryptocurrency market. On the exchange, first-time purchasers who do not yet possess any cryptocurrencies may quickly get some using either their credit or debit cards, or even through wire transfers if they like.

Even if the traders at any point in time decide to purchase a cryptocurrency coin that is not very famous, they will easily be able to trade it with other major cryptocurrencies such as Bitcoin or Ethereum, which is why Coinmama is an appropriate platform to begin with. Traders are able to easily transfer their cryptocurrencies to buy Bitcoin or Ethereum at any time with other available cryptocurrencies on exchanges that list the cryptocurrencies that the traders want and then trade them with their cryptocurrencies. Traders can then trade the cryptocurrencies that they bought with their cryptocurrencies. Coinmama makes it easy to trade any cryptocurrency you want using their platform.

There are several cryptocurrency exchanges available, similar to the Coinmama exchange. Visit other similar exchanges that provide a greater variety of crypto alternatives for cryptos even if Coinmama does not have your favorite cryptocurrencies in its inventory.


The simple answer is that it is! Users who wish to acquire Bitcoin fast and with simplicity will find Coinmama to be the ideal site to do so; nevertheless, the transaction fees are prohibitively high (about 5.5 percent to 5.9 percent). The Coinmama review receives lower marks because to the excessive fees, the absence of a cryptocurrency wallet, and the absence of a mobile app. Nevertheless, Coinmama earns five stars across the board for its user-friendliness, speed of transactions, and support services.

Coinmama comes highly recommended for first-timers due to the excellent customer service it offers in the event that any problems arise. Coinmama may have a more higher fee structure than its competitors, but it makes up for it by providing exceptional customer care, which increases the overall value of the transaction.

Is Coinmama legit? According to the findings of our investigation, This Exchange does appear to be legitimate and risk-free. With a few notable exemptions, this esteemed corporation is in the business of offering brokerage services to customers located in virtually every nation in the world.

When it comes to the verification process, how long does Coinmama take? According to the study that we carried out on Coinmama, the process may be finished in anywhere between thirty minutes and one whole hour. Coinmama promptly rewards the trader's wallet with the appropriate number of crypto coins when the Coinmama verification has been completed successfully. This is of tremendous assistance to traders during periods of volatility, which might result in higher costs associated with purchasing Bitcoin than the trader had anticipated.

What do Coinmama's fees look like? The total cost of the fees is XBX plus 2% (the standard deviation) as well as a commission charge ranging from 0.9 percent to 3.90 percent (up to 0.9 percent on sale transactions and 3.90 percent on purchase transactions), the exact amount of which is determined by the customer's loyalty level. The overall percentage of fees amounts to around 5.9 percent and decreases with increasing purchase amounts. Additionally, when it comes to over-the-counter (OTC) exchanges, these costs are not too far off from being competitive, but the prices at other OTCs are much higher when using credit cards, but they have additional fees that are concealed.

Traders, on the other hand, have the option of avoiding the use of credit cards in favor of wire transfers such as SEPA, SWIFT, Sofort, Fedwire, and FasterPayments, among others; by doing so, they may reduce their overall transaction fees by 5%.

In which states is Coinmama operational? To this point, we have learned through reading reviews of Coinmama that this trading platform operates as an active broker in 188 countries and the following 43 states in the United States:

States that are included in this list are Alabama, Alaska, Arizona, Arkansas, California, Colorado, Delaware, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nevada, New Hampshire, New Jersey, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.

Does Coinmama offer its own wallet service? No, there is not a Coinmama wallet of its own since the company does not offer such a service; instead, traders are required to supply the address of the digital wallet of their choice.

Especially if you are still relatively new to the cryptocurrency space, the asset class of cryptocurrency might feel very intimidating. An exchange that is simple to use and allows you to use traditional cash to make a cryptocurrency purchase may be able to assist you ease into it. This will enable you to acquire coins and then learn more about digital assets while you pick what to buy next.

Coinmama makes it easy to buy cryptocurrency with a credit card, debit card, or bank wire transfer. The platform is available in both English and Spanish. This evaluation of Coinmama will take a look at what features the exchange offers, and it will assist you in determining whether or not utilizing Coinmama is the best option for you.

Ilan Schuster, Laurence Newman, and Nimrod Gruber are credited with being the founders of Coinmama in 2013. The organization has its headquarters in Ireland and operates as a subsidiary of another business that goes by the name New Bit Ventures Ltd. The Financial Crimes Enforcement Network has confirmed that Coinmama is a registered business.

The Coinmama.com website is uncomplicated and focuses on simplifying the process of purchasing a select number of digital currencies with fiat money such as the United States dollar (USD). Additionally, the website functions as a marketplace for the sale of bitcoin. On this exchange, neither sophisticated services nor the ability to store your coins are available to you in any capacity.

Coinmama is an easy-to-use platform that enables customers to acquire cryptocurrency using traditional cash. To the vast majority of people, this is the sole service that Coinmama has to offer. This cryptocurrency exchange makes it simple to acquire cryptocurrency for people who are interested in learning the process. Users of Coinmama require nothing more than a payment mechanism like as a Visa or Mastercard credit or debit card in order to acquire coins, store them, and then watch to see whether their value has increased.

Coinmama does not provide its users with a dedicated wallet option. When you buy cryptocurrency via the website (or the Android app), the coins you acquire are instead sent to an external wallet of your choosing. Because of this, in order to utilize Coinmama, you must first ensure that you already own a personal cryptocurrency wallet that is suitable for the coins you plan to acquire.

Coinmama is not an exchange in the traditional sense of the word because it does not permit the buying, trading, or selling of cryptocurrencies; rather, it only enables customers to buy cryptocurrencies using traditional currencies. There is no way to exchange one currency for another. Additionally, Coinmama exclusively accepts bitcoin as payment for cryptocurrencies sold to them.

You are required to provide evidence of your identification before you may purchase cryptocurrency. After you have done that, you will be able to use your credit card or debit card to buy up to $15,000 worth of bitcoin. Users who anticipate spending more than $15,000 per month have the option to take advantage of Coinmama's "white glove" service, which is catered to high-net-worth people and corporations. Coinmama will offer support in the management of cryptocurrency portfolios worth up to one hundred million dollars as part of this service.

Bitcoin and ether are the only two cryptocurrencies other than bitcoin that may be bought on Coinmama. Every single transaction is conducted only with Coinmama, using the latter's own own stock.

If you use Coinmama, there is a charge associated with each transaction you complete. Bitcoin's standard transaction cost is determined using the TradeBlock Bitcoin Price Index (XBX), which provides an average market pricing based on established market sources. This index is used to calculate the fee. Since Coinmama's market rate for bitcoin is XBX plus 2 percent, the price that you pay for the cryptocurrency is equivalent to this rate. The ether and bitcoin calculators offered by Coinmama allow you to prepare for possible purchases; however, you should bear in mind that the calculator does not take Coinmama costs into account.

You will be subject to extra fees on each transaction, with the maximum amount for purchase transactions ranging up to 3.9 percent and the maximum amount for sale transactions ranging up to 0.9 percent. If you pay with a credit or debit card, there is an additional fee of 5% added to your total. Last but not least, if the total value of your order is less than one thousand dollars, you will be charged a fee of twenty pounds sterling (GBP) to utilize a SWIFT bank transfer.

It is also essential to take note that the operation of Coinmama is governed by regulations in various areas. When you live in one of those states, it is possible that you will be required to have a third party perform the transaction for you. Coinmama is also not available in the state of Hawaii or in the state of New York.

You must be at least 18 years old to establish an account with Coinmama, and you'll need to provide appropriate verification information before you can make any purchases. There are certain actions that you need to do in order to have your identity confirmed, and they are as follows:

Make sure that you photograph all sides of your driver's license or other state-issued identification card.
Take a piece of paper, jot down the name "Coinmama," and include the current date in the space provided.
Take a picture of yourself holding the paper and post it online.
Include your driver's license or another form of identification issued by the state with your submission of the selfie.

Additionally, you will need to bring your own wallet. Coinmama will deliver your cryptocurrency holdings immediately to the wallet you choose, therefore you should prepare the wallet in advance. Be cautious to replicate the address of the wallet exactly, since an error in doing so might result in your funds being sent somewhere else.

How much money is it possible to make with Coinmama? When you use Coinmama, rather than earning money, you are purchasing cryptocurrencies from the exchange in the hope that the value of those cryptocurrencies will grow. Keep in mind that cryptocurrencies are still a relatively new asset class, so price fluctuations should be expected. When you invest money, one of the most essential things you can do is educate yourself on the function of each item in your portfolio. There is a wide range of possible risk and reward associated with the various assets.

It is possible for you to make a lot of money if you buy the right things, keep those things for the right amount of time, and hope that they become famous. On the flip side, there is always a chance that you might end up losing money. The price of bitcoin surpassed $67,000 in the month of November 2021. As of the 31st day of March in 2022, the cost is little more than $44,000. If you had purchased bitcoin from Coinmama in November of 2021, there is a good possibility that you would have experienced a loss of funds by this point.

An investment in cryptocurrency is considered to be very speculative. It is vital to remember that while buying coins, you should only spend money that you can afford to lose. There is no way to know for certain whether or not the price will go up in the future because there is no method to predict it.

Is Coinmama legit? It is true that Coinmama is a real marketplace where one may buy and sell bitcoin and other cryptocurrencies. Coinmama is subject to oversight in the United States by the Financial Crimes Enforcement Network (FinCEN), which is a division of the Treasury Department. Coinmama is classified as a money services business.

What are the steps involved in taking money out of Coinmama? Because your funds are not held by Coinmama on the exchange, you do not need to withdraw money from Coinmama. The only purpose it serves is to facilitate your acquisition of the various cryptocurrencies that Coinmama has available. After you have completed the purchase, the coins will be delivered to the cryptocurrency wallet you use. The only method to remove funds from your Coinmama account is to sell bitcoin to one of Coinmama's supported exchanges. If you decide to sell your bitcoins to the exchange, Coinmama will convert the funds into fiat money and deposit them into your bank account.

What advantages does Coinmama have over its competitors? The fact that Coinmama is so easy to use is its most notable selling point. The process is simple, which makes it possible for you to buy cryptocurrencies using traditional money. Due to the straightforward nature of the transaction procedure, Coinmama may be a convenient option for customers that seek a straightforward means of purchasing coins.

Coinmama account creation instructions are as follows:
When you join up with Coinmama, all you need to do to establish an account is provide some basic information, including the following:

E-mail Address Name Country of Residence
Birthdate Gender Address Phone number

As part of the procedure, you will also choose a password for the account. The next step in the verification procedure will need you to upload a selfie along with a photo of a government-issued identification card. The Coinmama website states that the verification procedure takes around half an hour. As soon as you've completed the steps, you'll be able to start buying coins with your credit card, debit card, or directly from your bank account.

One of these up-and-coming cryptocurrency exchanges is called Coinmama, and it now has millions of customers from 188 different nations using its services. They are mostly recognized for their lightning-fast transactions using credit cards. Coinmama facilitates the rapid and simple purchase of Bitcoin in addition to seven other cryptocurrencies.

Coinmama is a well-established brokerage business that provides trading services for Bitcoin and a number of other popular cryptocurrencies. Coinmama's services include trade cryptocurrency. It is a better exchange for beginners to use if they want to purchase their first Bitcoin.

The fact that Coinmama charges rather hefty fees is the service's most significant shortcoming. Coinmama assesses a transaction fee of about 5.9 percent of the total amount. However, they offer first-rate assistance with any sort of problem, which contributes to the overall worth of the service. Therefore, study our entire text in order to obtain evaluations that are sincere and authentic about Coinmama.

Coinmama is a cryptocurrency exchange that was established in the country of Israel in 2013. After some time had passed, Coinmama became officially established as New Bit Ventures Ltd. in Dublin, Ireland. This exchange gives its customers the ability to purchase and sell coins from a wide variety of cryptocurrencies using a wide variety of different forms of exchange, such as Apple Pay, Google Pay, credit cards, bank transfers, or wire transfers such as SWIFT and SEPA.

If you have a Coinmama account that's been verified, purchasing Bitcoin or any of the other top cryptocurrencies is going to be much simpler. Coinmama is the platform you should use if this is your first time purchasing Bitcoin. However, experienced purchasers have the ability to switch over to other platforms whenever they see fit.

Coinmama is a cryptocurrency brokerage that offers services for purchasing Bitcoin and a number of other prominent cryptocurrencies. At Coinmama, consumers are able to directly acquire crypto currencies from the exchange itself, since Coinmama sells Bitcoin directly to clients, in contrast to other exchanges that enable users to buy coins from other individuals. Other exchanges allow users to buy coins from other people.

Coinmama gives its customers the opportunity to buy and sell Bitcoin even if the cryptocurrency was originally acquired via an exchange other than the Coinmama exchange. Because of this, the customers don't need to seek for buyers in order to sell their Bitcoin, which frees up a significant amount of their time. Additionally, the Coinmama exchange is exerting significant effort to cut the brokerage costs to the greatest extent that is practically achievable.

1) The Ability to Buy Bitcoins Instantaneously
Coinmama's support for a wide variety of payment methods results in streamlined and expedited transaction processing. Customers are able to obtain their coins far more quickly when they pay with bank transfers, credit cards, or wire transfers rather than cash.

2) The Immediate Purchase and Sale of Bitcoin
Coinmama gives her users the ability to sell Bitcoin even if the cryptocurrency was acquired via the usage of a separate trading platform.

3) High Caps on Your Spending
Traders are able to purchase Bitcoin anytime they like, up to the value of 30,000 US Dollars at a time. On Coinmama, the bare minimum amount of Bitcoin that may be purchased is sixty United States Dollars or its equivalent in Euros, Australian Dollars, Canadian Dollars, British Pounds, or Japanese Yen. The maximum amount a customer may purchase in a single day is 5,000 USD, and the maximum amount a customer can purchase in a single month is 15,000. These restrictions, however, vary depending on the type of account the customer has.

When making any form of purchase, customers are required to pass one of three Coinmama verification steps before being allowed to complete the transaction. After each step of verification, the maximum number of messages that may be sent increases. Traders are required to present 1 legitimate official ID, such as a voter card or a driver's license, take a selfie of themselves holding the ID card, and attach a note to it with "Coinmama" and the particular date written on it. This is the first level of the verification procedure.

Traders are required to provide a secondary form of identification and a current utility bill as part of the Level 2 verification procedure.

Traders are needed to fill out the form located on the Coinmama exchange's website in order to proceed to the Level 3 verification procedure.

4) Precautionary Measures
Coinmama is a trusted community that facilitates the buying and selling of Bitcoin and other cryptocurrencies. Coinmama does not keep any of the payment information that a customer provides, such as their account details or wallet addresses. This prevents any compromise of the customer's cash or financial information from occurring. Customers can utilize the wallet addresses provided by a third-party broker to exercise complete control over their Bitcoin holdings.

5) User-Friendly Platform
Coinmama is different from the vast majority of other cryptocurrency exchanges since it does not require the assistance of an educated expert in order for traders to use the trading platform. By entering onto the Coinmama website, users are able to quickly gain an understanding of the operational operations of the exchange. On that page, one may get any and all information, and the procedure for signing up is likewise extremely easy to understand. Traders are required to visit the Coinmama website, where they must register by supplying fundamental information such as their complete name, address, phone number, and a working email address. After then, it is necessary for them to protect their login credentials by using a robust password. Every time you sign in to the broker's website, it is imperative that you not forget the password; if necessary, write it down, put it away in a secure location, and under no circumstances should you ever reveal it to anyone person.

Following this, there will be three phases of Coinmama to validate your account (Level 1, Level 2, and Level 3), and at each stage, the trader will be required to submit particular ID proofs in order for Coinmama to verify his data. After that, the crypto enthusiast needs to select the cryptocurrency that he wants to buy by clicking on the "Buy" button and selecting the appropriate cryptocurrency. The next thing for the trader to do is to determine how much money he is willing to spend in order to get his favorite coins. The trader's wallet will be credited with the newly acquired coins as soon as the customer hits the "Buy Now" option and provides the necessary payment information.

6) Allows Users to Choose From a Variety of Currencies and Payment Methods
This is possibly the advantage that individuals search for that is the most important to them. People who use Coinmama have the ability to select any crypto pair they want from the extensive selection of cryptocurrencies that are supported by the exchange. The following cryptocurrencies are examples of tradable digital assets: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Cardano, Litecoin, Tezos, Ripple, and Dogecoin.

Users of Coinmama not only benefit from the availability of a number of different currencies, but also from the availability of a number of different payment options. Coinmama is able to process purchases made with Visa and Mastercard credit and debit cards. Additionally, the organization has begun to take payments through bank transfers (both SEPA and SWIFT), waiving all processing costs in the process. Coinmama now enables payments made through Apple Pay and Google Pay thanks to a recent collaboration between the company and each of those payment gateways. The prices can be expressed in Euros, US Dollars, British Pounds, Canadian Dollars, or Japanese Yen.

7) Support from All Over the World
Coinmama's brokerage services are available in over 188 countries throughout the world, with the exception of a few sanctioned nations and a few states in the United States.

8) Provide Support to Customers
Coinmama places a strong emphasis on providing improved customer support services and experiences to their clientele in order to facilitate very rapid financial dealings. The brand-new Bit Ventures platform is equipped with a comprehensive customer care center that features a specialized help channel that can be contacted through email. Within a maximum of twenty-four hours, the Coinmama customer care team will do their utmost to respond to any questions or concerns raised by customers.

Coinmama is a cryptocurrency exchange and non-custodial broker established in Israel. It provides its customers with a platform on which they may buy and sell bitcoin using a variety of different payment methods.

The exchange serves consumers in more than 190 countries throughout the world, has more than 2.2 million registered users, and offers a streamlined verification procedure. The firm operates in the United States as well; however, its services are only available in those states within the United States in which it has been granted regulatory license to provide cryptocurrency-related services.

Coinmama does not provide trading alternatives such as margin trading; nonetheless, consumers find the platform to be quite tempting due to its high level of security and ease of use, particularly when it comes to purchasing Bitcoin using a credit card. This evaluation of Coinmama will provide you with all the information you want regarding the exchange, including a discussion of how it fares in comparison to other companies in the same sector.

Coinmama Account Creation Is a Three-Step Process
1. Register and Verify your ID: Visit Coinmama.com and look for the sign-up button there. The screen that may be seen below does so. Please provide your names, email address, and password before selecting your country of residence.

After that, select "Create account," and then confirm your email address by following the instructions in the email that was delivered to you. After that, you will need to authenticate your account by uploading a photo of yourself together with an identifying document (such as a passport or national ID card).

2. Make a Deposit Coinmama allows for direct purchases of cryptocurrencies; but, before you can do so, you must first create a wallet. Then, navigate to your Coinmama account and click on the 'buy' option. This will take you to the following page, where you will be able to make a purchase of the cryptocurrency of your choice. You may further simplify the procedure by linking your bank account to Coinmama, which is an option that is available to you.

3. Make your purchase of cryptocurrencies Make your selection of the cryptocurrency you desire to purchase as well as the money you wish to use to pay for it. After selecting the quantity of cryptocurrency to purchase and the mode of payment, click the "Buy Now" button.

Next, you will need to input the address of your wallet and verify that it is accurate. After you have entered your payment information, click the "purchase" button. As soon as you give Coinmama the go-ahead to complete the transaction, it will immediately deposit coins into your account.

When it comes to buying and selling Bitcoin on Coinmama, users have a lot of leeway to do anything they want. Purchases may be made on the platform using credit cards, debit cards, and a variety of other methods that allow for the transfer of funds. Apple Pay is one of these, along with Fedwire, SEPA, Sofort, and Swift bank transfers, as well as quicker Payments. The location of the user determines which transfer possibilities are available.

Coinmama is one of the few cryptocurrency exchanges that caters solely to customers interested in buying and selling bitcoin. It is also one of the few few that has been granted permission to operate in individual states inside the United States. However, in comparison to other options, the costs are somewhat expensive. In that case, how does it stack up against other sites that provide services for exchanging cryptocurrencies?

Coinmama was established in 2013 and is headquartered in Slovakia, where it also has its registration. NBV International, a subsidiary of New Bit Ventures Ltd., is the current owner of the exchange, which has its headquarters in Israel at the moment. It was one of the first cryptocurrency exchanges to offer purchasing Bitcoin using a credit card, making it one of the most convenient ways to do so. Coinmama expanded its user base in 2019 by supporting two additional cryptocurrencies: Tezos and Eos. These cryptocurrencies are becoming increasingly popular throughout the world.





Coinmama said in 2019 that it will now now be able to enable the sale of bitcoin. Customers of Coinmama located in any of the over 30 countries in Europe that participate in the Single Euro Payments Area (SEPA) will have the possibility to sell their Bitcoin investments and have the proceeds sent directly into their bank accounts in Euros thanks to this functionality.

Coinmama is a legitimate business with its main office located in Israel. The exchange is subject to regulation in the United States as well, receiving authorization from the United States regulator, the Financial Crimes Enforcement Network, to operate as a money business service (FinCEN).

The significance of this regulatory oversight lies in the fact that FinCEN is a division of the United States Department of the Treasury and has the responsibility to investigate Coinmama's financial dealings in order to combat issues such as the laundering of illicit funds, the financing of terrorist organizations, and fraud. Users will most likely be informed if Coinmama is reported for any of these or any other offences. Additionally, there are well-known individuals working for the organization, which contributes to the overall trustworthiness of an enterprise that has been running successfully since 2013.

Coinmama has proven time and again throughout the course of its existence that it is dedicated to ensuring that its users continue to enjoy high levels of safety. The protection of the customers' personal information is ensured by both the security measures and the appropriate privacy regulations.

Coinmama is a cryptocurrency exchange that has been in business for a number of years and has established itself to be a reliable marketplace for purchasing Bitcoin and other other cryptocurrencies. Coinmama will require you to verify your account after you have created it in order to demonstrate that you are who you say you are. Uploading a copy of your passport, national ID card, or driver's license is required as part of the Know Your Customer and Anti-Money Laundering procedure.

Additionally, before you may buy any cryptocurrency on the Coinmama platform, you are required to have a wallet address that is capable of receiving these assets. This is a requirement imposed by Coinmama.

Coinmama protects your personal information as well as any documents you submit with a system that offers full encryption. Your credit card information is never stored on the Coinmama website or any of its exchange servers, and the website itself is HTTPS-compliant to ensure your privacy. Coinmama is a trustworthy option for anybody wishing to purchase cryptocurrencies in a hurry due to this reason, as well as additional security precautions.

Coinmama has earned a reputation that is considered to be among the finest in the industry for cryptocurrency exchanges. The Israeli firm has never been the victim of a hacking attempt, and despite the fact that it had a data breach in 2019, none of the credit card information of the company's customers was stolen.

To reiterate, the firm has expanded to become one of the most popular platforms that allows users to acquire Bitcoin and other cryptocurrencies with Visa or MasterCard. It should come as no surprise that Coinmama has more than 2.2 million members on its platform and is presently operating in almost 200 countries, including the highly regulated United States, where its services are offered in more than 24 states.

Coinmama is a trustworthy cryptocurrency broker that makes it simple for users of all experience levels to buy Bitcoin and a variety of other cryptocurrencies. Coinmama is for you if you want to have instant access to cryptocurrency and send it to your own hardware wallet or another exchange-hosted wallet for trading, and if you want to do all of this without having to log into several different places. Because of its user-friendly and efficient design, it is not necessary for you to have a background in technology.

Coinmama boasts one of the easiest-to-navigate user interfaces that has ever been developed for an exchange service, making it an excellent choice for those who are just starting out. You won't find any complicated graphs or charts here to add to your confusion. After you have created and verified your account, navigating the website to buy the cryptocurrency of your choosing will be simple and straightforward.

If you are an experienced trader in cryptocurrencies, the major draw of Coinmama will be the quick delivery of coins that you have acquired into your account. If you live in the EU, you may also sell Bitcoin and receive cash using a SEPA transfer if you choose to do so.

Since Coinmama does not offer a wallet service, it might be considered a non-custodial broker because it does not store consumers' bitcoin on their behalf.

On the other hand, and this is one of the reasons why the exchange has such a high reputation, the firm holds its cryptocurrency assets in safe cold wallets, from which consumers may acquire cryptocurrency.

It is recommended that you create a personal wallet to store the assets you have acquired prior to registering for an account with Coinmama. This wallet will be used to keep the assets you have purchased. This is an essential first step; as has already been established, Coinmama does not provide a wallet service and does not hold cryptocurrency on behalf of its users. Coinmama does not store cryptocurrency for its consumers.

Users are required to have their own wallets set up, and they may only use their accounts to purchase or sell cryptocurrency directly to the exchange.

Coinmama is compatible with a wide variety of wallets, some of which include the traditional Legacy wallet, also known as (P2PKH), the Nested SegWit wallet, also known as (or P2SH addresses) that start with a "3," Ethereum wallets, XRP wallets, and Bitcoin Cash wallets, amongst others.

After registering for an account on Coinmama, you will be able to purchase or sell any of the cryptocurrencies listed below, which are supported by Coinmama. As was mentioned before, the exchange allows for quick purchases to be made using credit/debit cards as well as bank transfers.

Bitcoin (BTC)
Ethereum (ETH)
Litecoin (LTC)
Bitcoin Cash (BCH)
Cardano (ADA)
Qtum (QTUM)
Classic Ethereum (ETC)
Tezos (XTZ)
EOS (EOS)

Coinmama also allows customers to buy cryptocurrencies using a variety of different currencies, including AUD, CAD, EUR, JPY, GBP, and USD.

Because Coinmama places a high priority on the safety of its customers' cash, the company will not transfer coins to your wallet until you have confirmed the address of your wallet by responding to a confirmation email that has been provided to you. Once the authorization of the payment has been completed, the confirmation link will be emailed to you if you paid with a credit or debit card. If you want to pay using a bank transfer, a link will be supplied with the purchase data, and customers will be able to confirm both the transaction and their address details whenever they choose.

Despite the fact that the platform was hit by a security breach in 2019 that involved an effort by hackers to obtain credit card information, it is crucial to note that Coinmama has never been responsible for the loss of any customer cash due to a security breach.

However, as was said, Coinmama does not keep the credit card information of its users, and the hackers were only successful in obtaining consumer email addresses. The data breach served as a sobering warning that bad actors will carry on with their illegal activities, and the fact that Coinmama has already managed to prevent the loss of cash is quite promising. It is of the utmost importance that you protect not just the password to your account but also to avoid using the same email address that you use for dealing with firms that are unrelated to Bitcoin.

Always make sure that two-factor authentication is turned on for your account, and keep the private keys to your wallet in a secure location offline, ideally in a hardware wallet.

Since Coinmama does not offer a wallet service, you will not be able to save any of your money on the exchange platform at any time. You may only purchase cryptocurrency and have it sent directly to the wallet address that you supply after making the purchase. You are able to sell Bitcoin, which is the only coin that is supported for selling at the time this article was written, and have the cash delivered to your bank account that is associated with the SEPA region.

After you have selected the cryptocurrency that you wish to purchase, you will be prompted to enter your payment information, which may be a credit card, a debit card, or a bank transfer. Coinmama will provide the customer their newly acquired coins as soon as the payment has been processed.

After verifying your account, you can start the sale by logging in and selecting the "Sell" option on your dashboard. Then, select the number of bitcoins that you want to trade in order to get started. After that, you will need to give the needed information, input the particulars of your bank account (including the International Bank Account Number, abbreviated IBAN), and then proceed with the trade.

Coinmama will offer a wallet address that you will need to send the Bitcoin to in order to complete the transaction. Make a copy of the address, and then paste it into the box provided for the recipient address. If you are using a wallet that was created by a third-party software, another option is for you to simply scan the QR code that is presented on the screen during the checkout process to complete the transaction.

Coinmama will initiate a SEPA bank transfer to your designated bank account as soon as the coins have been delivered to the exchange.

Note that you can only use this function if you're transacting with Bitcoin and only in EU countries that enable SEPA transfers.

The following is a list of Coinmama's fees:

Payment methods and limits The following percentages apply: 5 percent for transactions made with credit cards and debit cards; 0 percent for bank transfers (including SWIFT, SEPA, and Faster Payments).
Customers of Coinmama have the ability to acquire cryptocurrencies using a variety of payment methods, including credit cards, debit cards, and bank transfers. As of the time this article was written, there is no support for PayPal.

Payment types available:
Payment options include Visa, MasterCard, and bank transfer.
SWIFT SEPA (EU banks)
Faster Payments (UK banks)

On a periodic basis, Coinmama will apply transaction restrictions, and these limits will change depending on the legislation, the user's selected payment method, and the amount of verification required.

The applicable restrictions are updated every 24 hours or every 30 days based on the amount of money you spend, and this includes both purchases and sales.

Minimum purchasing limit for Bitcoin: 0.1BTC

Account Restrictions:

Verification Level 1:

Account limit: $15,000
Credit cards are limited to a daily maximum of $5,000, while wire transfers are limited to $12,000.
The maximum for each month is $15,000
Verification Level 2:

Account limit: $50,000
Card limit of $5,000 per day, bank transfer maximum of $30,000.
a maximum of $30,000 each month
Verification Level 3:

Account limit: No limit
Credit card daily limit of $7,500; maximum daily bank transfer limit of $30,000.
Card limit of $40,000 and bank transfer limit of $100,000 per month
The functionality, features, and overall performance

Coinmama provides users with a user-friendly interface that is meant to assist them in purchasing Bitcoin and having it sent immediately to the wallet address they provide. The marketplace is often considered to be among the best for making direct purchases of a variety of cryptocurrencies.

It has a straightforward user interface without all of the graphs and charts that might be confusing to novice users and cause them to give up. It has such an appeal that continues to make the exchange appealing to new users as well as those who have been using it for a long time seven years after it was first established.

Coinmama is presently only available online and does not have mobile support or an application programming interface (API).

You are unable to engage in trading on Coinmama; nevertheless, you are able to sell your bitcoins to the exchange. In addition to that, consumers get access to a few different features.

The continuing usage of the Coinmama exchange by customers enables them to participate in a loyalty program that awards them with exchange fee reductions as a reward for their continued business with the company. As a result of this, frequent customers are likely to save a significant amount of money on the fees (which can be high depending on the payment method and location).

You have reached this level if you have spent a total of $5,000 on crypto assets in the past three months (both buying and selling). When a user reaches this level, they are eligible for discounts of 12.5%.

Crypto Believer: If you spend $18,000 over the course of 90 days or $50,000 throughout your lifetime, you will save 25% on fees.

If you participate in the Coinmama affiliate program, you will have the opportunity to earn a commission equal to fifteen percent of the fees that each of your referrals pays to use the Coinmama platform for as long as they continue to do so.

The commissions are paid out by the exchange once each month, provided that you have reached $100 since the time of the last distribution.

Coinmama's services may be accessed in over 190 countries throughout the globe, including those in Europe, Latin America, the Middle East, and Africa. Coinmama is available globally. The exchange is also regulated in some states inside the United States where Coinmama has secured permits to operate as a money transmitter.

However, access to the services is denied to nations and territories that are subject to sanctions. These nations and territories include North Korea, Cuba, and Iran, in addition to Syria, Lebanon, Sudan, and South Sudan. Coinmama does not provide its services to people living in Israel despite the fact that its headquarters are located in the nation.

The users of Coinmama have access to an excellent customer service staff in the form of an email inbox. In addition, users have the option to participate in live chat, however Coinmama does not yet provide this service around the clock. Customers are advised to check the frequently asked questions page of the exchange for more help. This page contains up-to-date information on the firm, its goods, and the manner in which users may acquire a variety of cryptocurrencies.

Coinmama is a cryptocurrency exchange, however it does not provide customers with the ability to trade. You are unable to transfer one kind of cryptocurrency for another, such as exchanging your Bitcoin for Ethereum directly. A user who is interested in buying and selling options in addition to trading options will be disappointed to learn that the platform does not allow users to engage in trading with one another.

Coinmama features a support website and assistance center that both feature free cryptocurrency and blockchain lessons, respectively. There is also a Support FAQ and News page that is regularly updated and includes the majority of the information a client would need to know about how to utilize the platform, as well as how to acquire bitcoin and how to use it.

On the Coinmama platform, customers have the ability to purchase and sell cryptocurrencies, and the site imposes daily, monthly, and lifetime limits on each account based on the verification level the account has attained. At the time of this writing, Coinmama only accepts Bitcoin as payment for cryptocurrencies that you wish to sell to the marketplace. However, the company has future plans to extend its offering. Coinmama does not provide its users with trading alternatives like as futures or margin trading.

Coinmama does not provide users with the option to select from a variety of account kinds. Instead, the exchange makes advantage of its authentication procedure in order to provide consumers with access to larger spending limitations. Coinmama has three different tiers of account verification, which are as follows:

Level 1

You are required to present a government-issued ID that is still current and legitimate, such as a passport, national ID, or driver's license.

Level 2

For this level of verification, a supplementary form of identification is required. A statement from your bank or credit card company, a bill for your power or water service, etc.

Level 3

In this section, you will be responsible for filling out a given form, which you may obtain by getting in touch with the Coinmama support staff.

Coinmama is one of the oldest cryptocurrency exchanges in the world. It has built a reputation for itself as a reliable marketplace where users can buy and sell cryptocurrencies in a short amount of time. It is compatible with all fiat currencies and takes credit cards from Visa and Mastercard. Its high spending restrictions and lightning-fast delivery of digital items that have been acquired both contribute to its allure.

A user interface that is both straightforward and safe makes it possible for everyone interested in purchasing Bitcoin to sign up without encountering any obstacles along the way. However, the costs that are levied for using credit and debit cards are among of the highest in the business, and this may be enough to dissuade some traders from using those payment methods. However, by participating in the platform's loyalty program, these costs may be significantly reduced, and additional profits can be gained by becoming an affiliate in the highly successful affiliate network that the platform offers.

The reliability and security of the Coinmama exchange continue to improve, which helps establish industry standards for how other exchanges should operate. Before you buy coins from Coinmama, you must first create an offline wallet, ideally one of the best hardware wallets on the market. If you are interested in using Coinmama for your cryptocurrency purchases, you must do this first.

Coinmama is a global cryptocurrency marketplace that was established in 2013. The company's primary objective is to simplify and speed up the process of buying digital currency using traditional currencies. Since it was first established, it has spread to 190 countries and now provides services to more than 3 million consumers all over the world. You are able to make fast purchases of cryptocurrency using Coinmama, with the coins moving straight to your own personal wallet. Even if you purchased the cryptocurrency on a different exchange, selling it is simple, and the money will be sent directly into your bank account. Because it does not handle client cash and does not save payment details, Coinmama is a trustworthy platform. You will never lose total control of either your digital or your traditional funds.

Both the number of coins it supports (just 15) and the functions it offers are quite limited on the Coinmama platform. However, the goal that they set for themselves was to create an online marketplace where it would be easy and quick to acquire and sell cryptocurrencies, and they were successful in achieving that objective. Here are the three most compelling arguments in favor of Coinmama that you should take into consideration.

1) Coinmama's user interface is intuitive and simple, making it an ideal choice for anyone new to the world of cryptocurrencies. To acquire virtual money, you just only to click Buy, choose the coin you wish to buy, enter the desired amount in conventional currency, and then click Buy Now. There is no requirement to make an order on the market or to keep an eye on how prices move. The procedure of selling is equally as uncomplicated.

2) Buying bitcoin with Coinmama is the easiest way to do so. On certain cryptocurrency exchanges, you are required to first deposit fiat cash into your account, then buy cryptocurrency, then finally move the funds from your account to an external wallet. On the other hand, Coinmama will collect your cash at the point of sale and then transfer the cryptocurrency to the wallet that you choose. When you sell your cryptocurrency, the proceeds are sent directly from your external wallet to your bank account, and the money in your external wallet are replaced with fiat currency.

3) Buying and selling cryptocurrencies with Coinmama is risk-free since the platform is non-custodial. This means that Coinmama will never store either your crypto assets or your fiat cash. Your money are never stored online with Coinmama; they are always maintained safely in your hands. This means that even if Coinmama is hacked, you cannot lose your cryptocurrency.

It is important for me to point out that Coinmama is not very extensive because it only supports 15 different cryptocurrencies. If you are looking for a cryptocurrency exchange that has a broader variety of coins available, you may choose between Coinbase and KuCoin. Coinbase has over 160 distinct cryptocurrencies available, while KuCoin has over 600.

Coinmama is the cryptocurrency marketplace that you should use if you are looking for a means to purchase and sell the most popular cryptocurrencies in a way that is both secure and speedy.

Coinmama is not like many other cryptocurrency exchanges; therefore, you might be wondering what it has to offer. Let's take a look at what Coinmama has in store for you so that you know what to anticipate.

Coinmama offers a highly user-friendly interface that is straightforward to browse, even for total newbies in the cryptocurrency sector. This makes it ideal for people who are just starting out in the cryptocurrency industry. You may get a good idea of how simple it is to acquire Bitcoin by looking at the screenshot that follows. You have the option of selecting one of three pre-set sums (either $150, $500, or $1000), or you may put in a different amount to the far right of the box if you choose. There is no need to struggle through complicated charts or marketplaces in order to acquire cryptocurrency because neither of those things are required.

Buy and sell bitcoin quickly Coinmama gives its consumers the ability to buy cryptocurrency instantaneously, which is both convenient and helpful in terms of time management. The majority of cryptocurrency exchanges demand that accounts be pre-funded before trading can begin. This means that you must first deposit fiat currency into your account, then purchase the cryptocurrency of your choice, and finally move the funds from your online exchange wallet to an external wallet. This procedure is sped up by Coinmama since your payment is performed immediately at the moment of purchase and the cryptocurrency is transferred directly to your personal wallet, regardless of whether it is hot or cold. When you sell your cryptocurrency, the proceeds are sent directly from your external wallet to your bank account, and the money in your external wallet are replaced with fiat currency.

Access to 15 of the World's Most Popular Cryptocurrencies Coinmama gives users access to 15 of the most popular cryptocurrencies currently in circulation. You will, of course, be able to buy Bitcoin and Ethereum, in addition to a number of other cryptocurrencies. They want to introduce other currencies in the near future, so keep a look out for more possibilities as they become available.

You will never lose control of your assets because they are not kept in a third party's custody. Since Coinmama is a non-custodial cryptocurrency broker, this means that they do not store any of your cryptocurrency assets or fiat monies in their possession. Because you never lose control of the money and always have it safely in your hands, you never have to worry about trusting Coinmama with your financial assets. Because your cryptocurrency is never held on Coinmama but rather in a personal hot or cold wallet, you will never lose any of it even if the service is compromised.

One of the cryptocurrency brokers that takes credit and debit cards is Coinmama. Coinmama is also one of the brokers that allows customers to use PayPal. In contrast to the majority of other exchanges, which do not enable card payments, this makes the purchase of cryptocurrency quite straightforward.

Savings and cost reductions offered through a loyalty program: Coinmama provides customers with a loyalty program that has three tiers to progress through based on the total value of their purchases. It is not necessary to take any action to enroll, and your savings will be applied immediately upon enrollment. The following are the three levels of loyalty:

The Crypto Curious starter package includes a 3.90 percent transaction charge for purchasing and selling cryptocurrency.

To qualify as a Crypto Enthusiast, your total purchases must equal or exceed $5,000 USD over the course of the previous three months. The total percentage of discount applied to both purchasing and selling transactions is now 3.41 percent.

A total purchase amount of $18,000 USD over a rolling period of 90 days, or a lifetime purchasing amount that is greater than $50,000 USD. These days, the commission rate for purchasing and selling goods is only 2.93 percent.

Customer service, including support through Live Chat and email: Coinmama has a Help Center where you can get assistance if you run into a problem using their platform. You may begin by searching the many assistance subjects, and if that does not solve your problem, there is also a Live Chat tool available to you. You will first be presented with a bot that will make an effort to guide you to the appropriate information; but, if this is not adequate, you will have the option to click the button to Chat. If there are any agents available to assist you at this time, they will do so; otherwise, you can send them an email and they will get back to you as soon as they can. When I tried out the Live Chat feature, I was able to start a conversation with a real person in about two minutes, and the individual I spoke to was very helpful and quick to respond.

At Coinmama, the maximum quantity of cryptocurrency that may be purchased in a single transaction is capped at $30,000 USD. This allows customers to make huge cryptocurrency purchases. On certain other cryptocurrency exchanges, placing a big order could be difficult for you to do because of liquidity and slippage concerns. On Coinmama, the price that you pay to make a purchase will not change from the predetermined amount.

The fact that it only supports 15 different cryptocurrencies is one thing I don't like about Coinmama. The fact that Coinmama only supports 15 different cryptocurrencies is the primary factor that drives the platform's rating down. If you are only interested in purchasing popular coins, then this may not be a problem for you; however, if you are looking for a wider selection of cryptocurrencies, you should try some other well-known crypto exchanges such as Coinbase (160+ coins), KuCoin (600+ coins), Kraken (120+ coins), or Gemini (90+ coins).

Transaction costs that are significantly higher than those charged by some other cryptocurrency exchanges Coinmama's fees for buying and selling bitcoin (3.90 percent) are significantly higher than those charged by the majority of other cryptocurrency exchanges. Gemini offers trading costs of 0.25 percent / 0.35 percent (maker/taker), Kraken charges 0.16 percent / 0.26 percent (maker/taker), and KuCoin charges just 0.1 percent every deal. If you are searching for exchanges with cheaper fees, you may want to choose Gemini, Kraken, or KuCoin.

Coinmama is not available in all states inside the United States. New York and Hawaii, both of which are prohibited regions, are not included in this. Other states in the United States, including Alabama, Arkansas, Connecticut, Delaware, Georgia, Florida, Iowa, Louisiana, Nevada, New Mexico, Oregon, Rhode Island, South Dakota, Washington, and Vermont, are served by third parties. These states include Vermont, South Dakota, Washington, and Rhode Island. You can obtain information on the operation of third-party transactions by clicking on the link provided below if you are a resident of one of these states. Kraken is a cryptocurrency exchange that can be used in 48 states (with the exception of New York and Washington), while Gemini is available in all 50 states. If you are looking for an exchange that is accessible in your state, Gemini is your best option.

The user interface of Coinmama is so straightforward that it does not feature a price chart that displays the history of each coin's value. This limitation prevents users from viewing the price history of cryptocurrencies. There is no way to determine if the price has increased or decreased over the course of the past several days or weeks. To search the price history of any currency on Coinmama, you are need to use a third-party website, which is an annoying limitation of the platform. In addition, the exchange rate for the coin that you are about to purchase or sell is not crystal obvious. The only method to determine this from the site is to put "1" next to the quantity of coin you wish to purchase or sell, and then look up how much the corresponding amount is in fiat money. This is the only way to determine this information. You can see that I did this to determine how much Coinmama are charging for 1 BTC by looking at the screenshots that are provided below. This equates to a total cost of $46,814.87 (inclusive of fees). When I compared this to the price of one Bitcoin on CoinMarketCap, which is now $44146.84, I was able to determine that Coinmama costs around 6 percent more than the market price (inclusive of its fee of 3.90 percent ). You may register an account with Coinbase, KuCoin, Kraken, or Gemini if you want to trade cryptocurrencies using a platform that displays price charts.

In a strict sense, Coinmama does not have deposits because its users do not make deposits in order to pre-fund their accounts. Coinmama, on the other hand, takes money immediately throughout the purchasing process. The costs associated with each manner of payment are different from one another.

There is no cost associated with using Fedwire, SEPA, SWIFT, or Open Banking.
Fee of 5 percent applies to payments made using debit cards, credit cards, Apple Pay, and Google Pay.
Skrill: 2.5 percent charge

Your loyalty level determines the amount of the transaction fee that you are responsible for paying when buying and selling cryptocurrency on Coinmama. The total amount you've spent in the store over the course of the past three months determines your loyalty tier. Your loyalty level at Coinmama is considered to be Crypto Curious if you have recently signed up with the company. These are the buy-and-sell fees that apply to each of the different loyalty levels.

Crypto Curious starts out with the very first level. The expenses for buying and selling amount to 3.90 percent

To qualify as a Crypto Enthusiast, your total purchases must equal at least $5,000 USD over the course of the previous three months. The expenses for buying and selling amount to 3.41 percent

A total purchase amount of $18,000 USD over a rolling period of ninety days, or a lifetime purchasing sum that is greater than $50,000 USD. The costs for buying and selling amount to 2.93 percent.

Coinmama is a cryptocurrency exchange that only offers a restricted selection of coins, with only 15 distinct digital assets now accessible for purchase. It does not even offer pricing charts for the coins you are interested in purchasing, which is another function that is absent from this product. However, Coinmama does not plan to become a feature-rich exchange that supports a diverse range of cryptocurrencies in the near future. Coinmama has designed its platform to cater to customers who are looking for a fast and easy way to purchase and sell cryptocurrency, and I applaud them for reaching such a high level of success in this endeavor.

Coinmama is easy to use, and purchases are completed immediately when they are approved. There is no need to go through the hassle of depositing money into an online account, then making a purchase on a market, and finally moving the cryptocurrency to a personal wallet. When you are ready to buy cryptocurrency with Coinmama, you will just be asked for your payment method, and after that, the coins will be delivered directly to your own personal wallet, regardless of whether it is hot or cold. Coinmama will never keep any of your cryptocurrency, nor will they store any of your payment information. This guarantees that both your personal information and your digital money are protected at all times. Your cryptocurrency cannot be stolen or stolen from you, even if Coinmama is hacked, because it is in your personal possession.

If Coinmama doesn't seem like the right fit for you, have a look at my article on the best cryptocurrency exchanges. In it, I list six of the most reputable choices available to those living in the United States. You will definitely be able to locate a cryptocurrency exchange that is suited for your requirements. You may quickly verify the important particulars using the table that has been provided here.

The Following Are Some of Coinmama's Pros:

Simplicity of the platform Coinmama is a plain and uncomplicated platform that enables clients to purchase and trade cryptocurrency. It does not include any additional features, which may be advantageous for those searching for an exchange that is simple to operate.

Coinmama is a well-established site in the cryptocurrency field, having been launched in 2013. The platform has been around for quite some time.
Strong emphasis placed on security; Coinmama checks its users in order to reduce the risk of fraudulent activity and uses features like as two-factor authentication in order to safeguard user accounts.

The Downsides of Coinmama Exposed:

There is no cryptocurrency wallet available: In contrast to a number of other services, Coinmama does not provide a cryptocurrency wallet. This might be a disadvantage for certain customers, particularly those who value the ease of being able to purchase, sell, and store their cryptocurrency in the same location.

Coinmama exclusively supports the buying and selling of cryptocurrencies, thus your options are quite limited. Users who are interested in additional financial goods or tools will need to search in other places for those possibilities.

Fees that are much greater than those charged by competing platforms that provide a comparable service but do so at a lower overall cost to users.

Coinmama is a basic cryptocurrency exchange that has been around for a while. It only supports a limited amount of digital assets and does not provide a cryptocurrency-specific wallet option. People searching for a cryptocurrency exchange that offers a wide variety of tools and goods may want to seek in other places. Coinmama is a simple cryptocurrency exchange, in contrast to some other exchanges that provide users with access to a comprehensive collection of goods and features. Because of this, Coinmama may be a good option for rookie cryptocurrency investors who keep their wallets on other platforms.

Speculative investments, such as those made in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs), come with a high degree of risk, and the markets itself may be very unpredictable. Before making any decisions about your finances, you should discuss your options with a knowledgeable expert. This article does not constitute a recommendation to invest in cryptocurrencies on the part of Investopedia or the author, nor can the accuracy or timeliness of the information included herein be guaranteed.

Since its founding in 2013, Coinmama has provided services to more than three million clients from all over the world. Nimrod Gruber, Laurence Newman, and Ilan Schuster are the individuals that were responsible for establishing this corporation, which has its headquarters in Ireland. At the time of writing, Coinmama supported a total of nine different digital assets, three of which were Bitcoin, Cardano, and Ethereum.

Users may access Coinmama from 188 countries and 48 states in the United States, with the exception of Hawaii and New York. Customers have the ability to buy cryptocurrency using a variety of payment methods, including credit cards, debit cards, bank transfers, Apple Pay, and Google Pay.

Coinmama provides a smaller variety of accessible assets for purchase compared to other cryptocurrency exchanges, which may number in the hundreds. At the moment, it is only able to support nine assets, which include the following:

Bitcoin (BTC) (BTC)
Bitcoin Cash in Full (BCH)
Cardano (ADA)
Dogecoin (DOGE)
Ethereum (ETH)
Classic Ethereum (Ethereum) (ETC)
Litecoin (LTC)
Ripple (XRP) Tezos (XTZ)

Coinmama provides a trading platform that is both user-friendly and easy to understand. On the other hand, there aren't that many choices. Coinmama does not enable the trade of cryptocurrencies with other cryptocurrencies; hence, users of this site may only sell Bitcoin. If you wish to sell another asset, you will have to utilize a different exchange than the one you are now using. Customers may start a transaction on their web dashboard or on the mobile app, which is available for Android devices, by clicking the Buy or Sell tab and selecting the appropriate option.

Even if the experience of using the site is straightforward, there are some goods that demand a particular minimum purchase quantity. For example, the least amount required to make a purchase of Bitcoin (BTC) is $50, but the minimum amount required to make a purchase of Chainlink (LINK) is $760. There is also a minimum order requirement, and it varies depending on the mode of payment that you select.

Coinmama allows customers to make payments using a variety of ways, including as credit cards, debit cards, bank transfers, Apple Pay, and Google Pay.

Trading fees on Coinmama are calculated as a percentage of each transaction, and the amount of these fees varies depending on the account tier. There are three levels to the platform:

Curious: less than $5,000 in total transactions during the last three months

Over $5,000 in total transactions during a three-month period qualifies one as an enthusiast.

Over $18,000 in sales over a period of three months or over $50,000 in sales overall are required to be considered a believer.

Those who want to participate at the Curious level will be subject to a cost of 3.9 percent for each purchase or sell transaction. The rate for Believers is 2.93 percent, while the rate for Enthusiasts is 3.41 percent. The trading costs on Coinmama are very expensive when compared to the fees charged by other cryptocurrency exchanges. Additionally, users will be responsible for spread costs, which are referred to as "rates" on Coinmama. Furthermore, users may be liable to additional fees depending on the payment method that they select.

Coinmama is exclusively a cryptocurrency exchange; customer money are not stored on the platform in any way. To begin the process of sending or receiving cash, users are need to have a crypto wallet. When a user stores their cash on a platform, they are subject to a variety of threats; however, this security feature mitigates some of those dangers. Coinmama also provides customers with instructions on how to generate a secure password and username, and the platform does not keep sensitive client information such as credit card numbers or bank account data. Customers may use Coinmama to buy and sell cryptocurrencies.

In addition to these features, users of Coinmama are needed to authenticate their identities by submitting a driver's license, passport, or any other kind of official government-issued identification that is in good standing. Customers are strongly urged to implement two-factor authentication, despite the fact that this security measure is voluntary.

It is crucial to remember that Coinmama was one of numerous firms that were attacked in 2019 during a large-scale hack, which resulted in a security breach that revealed customer emails and passwords to those who planned the theft. This occurred in January of this year.

The Ease of Opening a CoinMama Account The ease with which a CoinMama account may be opened is one of the aspects that many of the platform's users find to be its primary selling point. Make certain that you are in possession of a government-issued ID that is still current and that you are also ready to generate a one-of-a-kind password before you begin the process of registering an account.

The process of creating an account will begin once you have entered some fundamental details about yourself, such as your country of origin, address, and email address. After you have put in those details, an email including a confirmation link will be sent to the address you provided when you created your profile. After you have clicked the confirmation link, the last stages in the process of creating your account involve uploading a photo of yourself with a valid identification card and taking a selfie.

Coinmama provides customer care to users by way of a web-based form as well as a chatbot. Coinmama provides its users with many methods for customer service, in addition to a help center where users may get answers to frequently asked concerns regarding account administration, fees, and other topics.

Customers of Coinmama have a variety of opinions on this exchange, despite the fact that it has received a relatively good rating of 4.1 out of five stars across 446 reviews on Trustpilot.

A number of customers have expressed satisfaction with the quality of customer assistance provided by Coinmama.

However, there were two major problems that needed to be addressed. In order to verify the identities of some of our brand-new clients, we requested that they resubmit their identifying information more than once. Others have experienced having their accounts unexpectedly closed.

Users of Coinmama have the option of logging in to the company's internet site or using the Coinmama app, which can be downloaded for free on Android devices. After successfully logging in, users are able to examine the status of their orders, which may range from "pending" to "failed" to "finished."

A crucial aspect of utilizing the Coinmama platform is gaining an understanding of how to move money from Coinmama to a cryptocurrency wallet. People who aren't familiar with the procedure of transferring cash may be more likely to investigate various exchanges that provide built-in wallets, despite the fact that the method itself isn't very complicated.

Coinmama is a basic and uncomplicated platform for purchasing and selling cryptocurrency. Because of how simple it is to operate, it is a fantastic choice for a number of different kinds of clients. Users who are interested in additional product offerings, such as crypto rewards credit cards or crypto-backed loans, will need to search elsewhere because of the comparatively high costs that are associated with using this platform.

Customers have the ability to acquire a limited number of cryptocurrencies and sell Bitcoin using Coinmama, which is a straightforward and simple site. However, the fees it charges for each transaction are very substantial, and it does not offer all of the services and goods that its rivals may supply. Despite this, Coinmama receives generally excellent reviews from customers, and the platform's ease of use may make it an appealing choice for those who are new to investing in cryptocurrencies.

Sites like Coinmama in the UAE

Here is a list of quality Forex, CFD, Stock and Crypto Brokers for new and professional traders living in the UAE:

 

 

Reviewed by Arpita Singh

Arpita SinghArpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.