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Sadly, Coinmama doesn’t support American Express, Discover, ACH transfer, as well as PayPal. And in the US, Coinmama is available in 48 states excluding New York and Hawaii. Coinmama provides its customers the option to buy crypto using their debit cards, credit cards, or Google Pay, and Apple Pay. Unfortunately, the exchange doesn’t support Discover, American Express, ACH transfer, and Paypal. Coinmama is available in 48 US states and 188 countries around the world.
- The only problem is that you cannot expand your portfolio beyond a limit.
- One of the best things about Coinmama is that users can also sell Bitcoin for fiat money.
- Unfortunately, the exchange doesn’t support Discover, American Express, ACH transfer, and Paypal.
- Cryptocurrency with a high-interest credit card can be risky business.
- Instead, as soon as a user makes the purchase, Coinmama will send the cryptocurrencies to a user-provided crypto wallet.
This registration prevents Coinmama from many issues such as international money laundering, terrorist financing, and other crimes. As a resident of the United States, you can count on these institutions when you want to trade via Coinmama. The Coinmama hack on February 15, 2019, is a testimony to this claim. The hackers got access to the email IDs and passwords of some older Coinmama accounts, but that is it. The company asked customers to change their passwords, and everything was back to normal. The whole Coinmama website uses military-grade data encryption technology.
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One of the great things about Coinmama though is that they support a bunch of different currencies which makes them a good choice for European traders. Currencies supported by Coinmama include GBP, CAD, EUR, USD and AUD. You’ll begin the account creation process by inputting some basic information, such as your country of residence, address, and email. Once you submit that information, a confirmation link will be sent to the email address used to create your profile.
Currently there are three levels to the loyalty program that we’ll talk about in this Coinmama review. Also, you can find many customer support topics already documented in the Coinmama help section. Coinmama also allows a few other jurisdictions to use their service except that the transaction happens through a third party. So a trader goes to the Coinmama website and enters the purchase order, but the actual clearing of the trade is handed by a third party.
Coinmama is really designed for international users who wants a fast and hassle-free way to purchase cryptocurrency. Since they accept bank transfer, credit cards and debit cards as a payment method Coinmama is a versatile platform that doesn’t hold you back. The Coinmama customer support department is also quick to respond in the event of a trading problem. Its simple interface allows individuals to buy Bitcoin and other popular coins through payment methods such as credit cards, debit cards, and bank transfers. Users are limited to a European bank transfer in order to use the platform.
To buy cryptocurrency, Coinmama’s available payment options include credit or debit cards issued by Visa or Mastercard. Coinmama also allows https://forex-review.net/ transfers from a bank account as a payment method along with Apple Pay. Purchase prices are limited to EUR, USD, GBP, AUD, CAD, or JPY.
I was weary after having a previous bad experience with a different company, however my experience with Coinmama were the complete opposite. Customer support have solved any IT interference within minutes. He even went ahead and made sure my case was notified, and it got solved as soon as possible. In the end, Coinmama support did surprise me and I was able to have my problem solved – so a satisfactory experience.
Coinmama Review: Crypto Exchange
As an added bonus to users, Coinmama has a loyalty program that can reduce the fees required to buy and sell. Coinmama sells fractional shares of Bitcoin and is made available to customers for as low as $50 worth of Bitcoin, based on the current trading rate. Coinmama has higher fees than some other providers, though these fees fall as the amount of crypto you purchase and the time you’ve been a customer increase. Our partners cannot pay us to guarantee favorable reviews of their products or services. For example, if someone wants to buy Bitcoin and BTC is currently trading at $10,000 then the market rate for the sale on Coinmama will be $10,200. First, it allows Coinmama to make a higher profit on each purchase.
The rates are displayed in Australian Dollar , Japanese Yen , Canadian Dollar , British Pound Sterling , Euros , US Dollars . The crypto platform accepts payment in any fiat currency. No matter how we justify it, the lack of cryptocurrency coins is a massive problem with this exchange. It does not allow you to buy even some popular crypto-assets like XRP and Monero, which is a problem. You cannot use the platform to purchase stablecoins like USDT, either. So, it takes a few steps back when posed against the diversified portfolio question.
At Coinmama, traders have a limited option of cryptocurrencies to choose from. It allows traders to buy only 9 cryptocurrencies at a time that includes two leading cryptocurrencies, Bitcoin and Ethereum . This is a disadvantage of Coinmama compared to other crypto exchanges like Coinbase coinmama review – One of the top Bitcoin exchanges, which offers more than 100 cryptos to its users. Coinmama appears to be the least dominant option for traders if it want to lead as a best crypto exchange. Coinmama provides brokerage services to buy Bitcoin and other leading cryptocurrencies.
Very transparent with their transactions
Please know, we never hold or store any funds for customers. We simply send the coins to the wallet address you provided us with while creating the order. All in all, I hope you enjoyed this comprehensive Coinmama review!
You can use all the popular types of credit, debit, virtual, and prepaid cards to buy Bitcoin and other crypto-assets. However, you may have to pay a convenience fee of 5% while using cards for payment. You can also use Apple Pay and bank transfer, or wire transfer )if you’re outside of the UK and Europe) to make the deposit and finish the crypto transaction. It is also important to note that Coinmama does not store any digital currency on its servers. Instead, as soon as a user makes the purchase, Coinmama will send the cryptocurrencies to a user-provided crypto wallet.
Is Coinmama safe?
I came across multiple crypto platforms and Coinmama is the best. This can cause delays, but we think it’s worth the additional effort as it often saves our customers from falling victim to fraud and scams. If you’re hesitant to use credit card, you can just send money through Western Union after the verification is complete.
Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. . Coinmama is a cryptocurrency exchange that offers investors a straightforward buying and selling experience. 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.
In addition to these features, Coinmama users are required to verify their identity by providing a driver’s license, passport, or another valid government-issued ID. Customers are also encouraged to enable two-factor authentication, though it isn’t required. Investing in cryptocurrencies, Decentralized Finance , and other Initial Coin Offerings is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any financial decisions.
You can get technical support through the Contact Form and Live Chat. We should also appreciate the excellent set of tutorials and guides available on its official support page. Here are a few things you should know about depositing money to buy crypto from Coinmama. In terms of digital security, Coinmama is the closest to perfect. It may take a while but you will lose whatever money you trust with this company.
