It also has a customer-centric approach and has received positive reviews for its customer support. Coinmama supplies a brokerage service for Bitcoin and other cryptocurrencies. This means that the company sells you the coins directly, as opposed to a trading platform where you buy the coins from other people. https://forex-review.net/coinmama-review/ Coinmama’s easy interface and simple transaction flow may be attractive to those new to cryptocurrency trading, but its fees are pricier than many competitors. View our picks for best bitcoin and cryptocurrency exchanges. Our partners cannot pay us to guarantee favorable reviews of their products or services.
- It has gained a lot of respect in this space, owing to the safe and fast access to digital currencies like Bitcoin and Ethereum.
- All Coinmama cryptocurrencies are established in the market, so choosing a supporting wallet for your crypto purchases is easy.
- On the other hand, complying with regulators makes Coinmama a legit and trustworthy crypto broker.
- However, despite that, we suffer from poor exchange volumes, latency, and unreliable services to quench the thirst of crypto-investors.
- Instead, it breaks all of its users up into three account levels.
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I’m a beginner in the bitcoin land
With the documents, you will also be asked to upload your picture with your document and a page containing some details. Go to your mail inbox, and open the Coinmama verification email. Click on the “Confirm Your Email” to complete the verification process. Despite the fact that the prices are usually higher than its peers like Coinbase or CEX, one should keep Coinmama as an option because of its ease of use and good support from the team.
Conclusion – Is Coinmama Legit and Safe?
Before you decide on using Coinmama, research other platforms to determine whether another might better meet your needs. Rather than being an exchange that allows you to trade and sell cryptocurrencies as well as buy, Coinmama only allows you to purchase cryptos using fiat currency. Additionally, the only crypto you can sell to Coinmama is bitcoin.
All Coinmama cryptocurrencies are established in the market, so choosing a supporting wallet for your crypto purchases is easy. You might consider a hot wallet (online) or a cold wallet (an offline hardware wallet), which is regarded as “safer” than an online wallet. It’s uncommon to find a cryptocurrency exchange with rave reviews, but Coinmama succeeds where others fail, proving a solid commitment to its users. One potential downside of Coinmama is the lack of transparency on its website regarding fees.
Coinmama Ease of Use
While the platform has found itself in hot water for past security breaches, the Coinmama team has worked hard to improve its security. While some customers have complained about this verification process, it is an important part of Coinmama’s broader commitment to security. It’s also standard practice for any exchange that complies with Anti-Money Laundering laws.
Quick, reliable, and secure service are the hallmarks of Coinmama. Some users lament that Coinmama doesn’t have a crypto wallet, but it’s easy to set up a wallet quickly. You either love or hate them, and there would be little point as your cryptos aren’t on the Coinmama system. They are in your crypto wallet, which you can probably download to your mobile.
Cryptocurrencies Available on CoinMama
Investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any financial decisions. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies, nor can the accuracy or timeliness of the information be guaranteed. Before you can even get started trading on Coinmama, you have to go through the rigorous verification process (which usually involves proof of identification). The reason for this is Coinmama’s commitment to certifications, and compliance with regulations and insurers. There is no guarantee that any crypto asset will have at any time in the future certain value (if any) or market liquidity.
If you would like to check out Kucoin, more recommended broker exchange, then check out this full review. You can also enter a custom amount of BTC that you’d like to purchase, too – the price will be presented in the currency of your choice. In the next section of this Coinmama review, I will show you how to verify your account. In this Coinmama review, I am going to give you all the information you need before getting started. I will also provide you with a step-by-step guide on how to set up an account, along with some helpful screenshots. Log in to your Coinmama account, Click on “my profile,” then click on “Close account”.
Coinmama Academy
Double-check that you have entered the correct information or it may delay the process! Once you have logged into your account, navigate to the Buy page, and select what you’d like to purchase – in this case, I’ll assume that it’s Bitcoin. If you need to contact them outside of these hours, you can either send an email, raise a support ticket or even contact them on Facebook! However, after taking a deeper look through their website, I noticed that most of the common problems are answered on their FAQ page. Check the analysis report on Top-rated Crypto Wallets that are safest for your funds.
Since Coinmama is a cryptocurrency broker/exchange, you can buy, tade and exchange cryptocurrency. If you’re looking for a platform where you can trade and sell more coins, you should check out Binance. It’s a real shame that most cryptocurrency exchanges are not regulated by any governmental department, https://forex-review.net/ however, Coinmama is in fact registered with FINCEN in the U.S. This shows that the exchange is very reliable and that any fraudulent activities on their site will be investigated accordingly. Although the services are limited, unlike many crypto exchanges, it is available in the U.S.
As with most cryptocurrency exchanges, online reviews of their customer service response has been mixed. Coinmama offers high buying limits, especially in respect of credit card transactions. Verified users can purchase up to $5,000 per day, with a maximum limit of $30,000 per month. Daily limits last for 24 hours from the moment that the limit is reached, while monthly limits is a moving sum of the previous 30 days. In order to confirm wallet addresses, users will receive an email link from Coinmana to allow them to confirm that the address is valid.
So, Coinmama customers can still buy Ethereum and other top cryptos, and it will be interesting to observe if Coinmama develops further from its current offerings as a crypto exchange. Comparing Coinbase with Coinmama is tricky because they’re different beasts. Coinbase has an excellent reputation but has a few negative user reviews.
