Our estimates are based on past market performance, and past performance is not a guarantee of future performance. When it comes to bank transfer times, SEPA and FSP deposits normally arrive within one business day while SWIFT (Global) can take up to 3-5 business days. Once you’ve completed the signup process, the verification process itself should takes between 30 minutes to an hour according to Coinmama. Unfortunately, since the experience of using the Coinmama website and signup was so annoying, we did not bother verifying the verification process time ourselves. One of the many downsides of Coinmama is that it only has 20 cryptocurrencies available for trading. However, the company does offer Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash.
- Accepted payment methods include credit and debit cards, Apple Pay, Google Pay, and ACH transfers.
- Customers are only able to buy/sell directly from the company itself.
- One potential downside of Coinmama is the lack of transparency on its website regarding fees.
Coinmama’s app is available on Android only, but has received fairly good reviews. All market data (will open in new tab) is provided by Barchart Solutions. Please note this article is for information purposes only and does not in any way constitute investment advice. It is essential that you seek advice from a registered financial professional prior to making any investment decision.
However, if you’re interested in a range of financial products and services on one platform, BlockFi may be the better option. Understanding how to transfer funds from Coinmama to a crypto wallet is a key component coinmama exchange review to using the platform. While the process of transferring funds is relatively simple, those who aren’t familiar with it may be more inclined to look at different exchanges that offer built-in wallets.
Coinmama VIP Business Program
Unlike many leading crypto platforms, with hundreds of cryptocurrencies listed, Coinmama has a small range of the top coins. Coinmama charges a spread, a commission, and an additional transaction fee for certain payment methods. The spread is based on a service called TradeBlock XBX that averages the rates of known providers to track a market rate. After finishing the payment, the cryptocurrency is sent immediately to the user’s private wallet address, not a wallet that is kept on Coinmama servers. The minimum purchase amount on Coinmama is 60 USD (or its equivalent in EUR) at present, although this is based on the price of Bitcoin. For those looking to purchase or sell cryptocurrencies, Coinmama will likely be a great fit.
Okay, there are two things that we don’t like about Coinmama. First, there is no live chat and this is a little frustrating for any user. Especially when they have this programmed robot to answer questions. It doesn’t come anywhere near a human being and the answers are so far off what you are looking for. Coinmama does not offer any active short-term trading at all.
Coinmama Review: Is Coinmama Right for Me?
Coinmama boasts that their verification process takes somewhere between 30 minutes and an hour on average to get a user up and trading. Of course, this is subject to how busy their verification support team is when you open an account. Their website uses a secure encryption service to keep personal information safe, and no credit card information is stored anywhere in their database.
Additionally, the only crypto you can sell to Coinmama is bitcoin. Coinmama’s trading fees are 0.1% to 0.9% plus the 2% spread to sell cryptocurrency. Furthermore, an additional spread fee charged at 2% above the market rate is used to offset volatility. Once the payment details are accepted, the Bitcoin (BTC) is immediately sent to your wallet address. If, for whatever reason, the order aborts, Coinmama reverses the money into your bank account within 48 hours. Depending on the account verification levels, Coinmama provides surprisingly high transaction limits.
Coinmama Supported Countries
The reason for this is Coinmama’s commitment to certifications, and compliance with regulations and insurers. Because the issue that I had with an order that I made wrong and then I cancelled was solved promptly today. Because I got the possibility to receive the bitcoins or to receive the funds back. According to my wish after receiving these informations I got within approximately 20minutes my bitcoins ordered on my wallet. I used the chat feature and they said it was a security concern, but they would not tell me what it was.
More details about Coinmama’s ratings
The platform is easy to use, and it’s possible to trade more than 100 cryptocurrencies in addition to buying and selling them. For crypto enthusiasts looking for a more advanced trading platform and a wider variety of cryptocurrencies, Kraken could be a good choice. As with Coinmama, Kraken doesn’t provide a wallet for storage.
The company provided a platform for hundreds of customers to buy and sell bitcoin before it was widely accessible. Coinmama is one of many crypto exchanges that allow investors to participate in digital asset investments. When it comes to selling https://broker-review.org/ Bitcoin, sellers are charged 2% of the market value for the cryptocurrency. There’s also a sell fee of up to 1.9% based directly on your loyalty level. Level 1 users will have a maximum buying limit of 15,000 USD with a credit/debit card.
The more you understand the crypto space, the better your grasp of how to secure your cryptocurrency holdings. In the example below you can see that you enter the fiat currency amount and Coinmama automatically shows how much Bitcoin (BTC) you will get for that purchase. For each level, Coinmama requires deeper verification details.
The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments. Coinmama is an exchange that requires KYC verification for all users. Unfortunately, the signup process is quite frustrating as you are required to upload all your personal information and KYC documents before even having the chance of seeing the interface. Additionally, Coinmama has a relatively low rating on the app store with only 10K downloads and a 3.1-star rating based on 5,000 reviews.
The company focuses on customer experience and customer service so that transactions are super quick (user verification takes around 30 minutes). Brokerage Services – Other platforms first matches buyer and seller orders and then sell cryptocurrency against credit cards. However, Coinmama supplies a brokerage service for the cryptocurrencies. Coinmama was one of the earliest crypto exchanges and has grown into an industry leader for crypto investors everywhere. It offers a secure crypto wallet, a crypto exchange and personalized services for large investors. Although not mentioned anywhere on their site, Coinmama’s support team can cancel your service.