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Coinmama is an online cryptocurrency exchange that supports the purchase of cryptocurrencies based in Ireland. Founded in 2013, the company has become a fast, secure and convenient gateway for cryptocurrencies for digital currency enthusiasts around the world. It may not be ideal for cryptocurrency enthusiasts looking for a robust set of products, but it could be the right place to simply buy or sell cryptocurrencies.
In fact, the stock market boasts more than 3 million users in 188 countries. Most people use the Coinmama platform for ease of use, helpful customer support, a wide range of supported payment methods, and a high level of security.
Basic information
| ✅Page type | cryptocurrency exchange office |
| ✅Easy for beginners | Yes |
| ✅Mobile application | No |
| 🌍Operator | NBV International ltd. |
| 🌍Company headquarters | Dublin, Ireland |
| 🌍Establishment of a company | 2013 |
| 💰Selection method | cryptocurrencies, fiat |
| 📉Available cryptocurrencies for purchase | 10 |
| 📉Fiat currencies | 5 |
| 📉Available cryptocurrencies for sale | BTC |
| ✅Verification | mandatory |
| 👮♂️Trust in society | strong |
| ☎Customer support | very active |
| ✅Language | English, Spanish |
| ✅Page | https://www.coinmama.com/ |
Coinmama reviews
Coinmama was founded in 2013 Nimrod Gruber, Laurence Newman and Ilan Schuster. She was among the first to support the purchase of Bitcoin using credit and debit cards.
The platform is the property of NBV International sro with its registered office at 3 Ballsbridge Park, Ballsbridge, Dublin, Ireland, D04 C7H2, a subsidiary of New Bit Ventures Ltd (company no. 514907880). Both companies are regulated entities registered as Money Service Businesses with FinCEN.
Coinmama is an extremely simple and straightforward platform, making it a great choice for beginners who want to shop and keep cryptocurrencies safe.
This is a necustodial broker, which means it does not provide digital wallet services. This is beneficial for you as a user because they will send your cryptocurrency directly to your personal cryptocurrency wallet. On the other hand, you will not be able to complete your purchase without first having a cryptocurrency wallet.
Coinmama supports the purchase of cryptocurrencies and the sale of BTC. Users can purchase cryptocurrencies supported by a currency exchange credit or debit card or bank transfer. All cryptocurrencies are immediately transferred to the buyer's wallet upon purchase.
Other key features of the platform include:
- Possibility to buy and sell cryptocurrencies in 188 countries. Coinmama runs a worldwide service, which means that it can be used by anyone, no matter where you live.
- Support for the top 10 cryptocurrencies. The exchange office allows you to buy Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Qtum, Ripple, Ethereum Classic, Cardano, Tezos and EOS
- Wide selection of payment methods. Buy cryptocurrency by credit or debit card, SWIFT or SEPA bank transfer via Apple Pay, Fedwire, FasterPayments, Sofort and more.
- 24/7 customer support. Exchange office It boasts top customer support services.
- Secure platform. With Coinmama, you have your private keys under control, so there is no additional risk.
- Quick verification. The registration and verification process takes a total of several hours.
- High limits. It is one of the highest daily limits in the industry.
- Immediate delivery. After payment, the Exchange will immediately deliver the crypto to your crypto-wallet.
- Easy to use. The platform is easy to use, so it is accessible for both advanced and novice cryptoinvestors.
Bottom line, Currency Exchange is a great platform for beginners and more experienced crypto users looking for a reliable fiat-to-crypto gateway. Fast, reliable and safe service are the hallmarks of Coinmama. It describes its mission to be "fast, secure and fun to buy digital currency anywhere in the world."
Coinmama charges
The price of cryptocurrencies displayed on Coinmama is based on a service called TradeBlock XBX. TradeBlock XBX lists the average rates of known providers to which the exchange adds 2 % and includes a Coinmama commission of up to 3.9 %.
Orders for credit and debit card purchases with a locked rate and immediate delivery will cost you more 5% payment processing fee.
Purchase orders placed via SWIFT bank transfer must be at least $ 1,000. Users wishing to place an order below this amount will be charged a flat fee of USD 20. This fee does not apply to SEPA and SWIFT Faster Payment transfers (UK only).
Sales orders are subject to the same average XBX + 2% standard deviation fee + Coinmama sales fee of 0.1 %-0.9 %.
When you select a transaction amount, your fee and rate are automatically adjusted based on your cumulative purchases over a 90-day period. These are:
- Crypto Curious - 2.9 %: purchases of cryptocurrencies worth up to $ 5,000.
- Cryptocurrency Enthusiast - 2.5 %: purchases of cryptocurrencies worth $ 5,000 to $ 18,000 over a 90-day period.
- Crypto Believer - 2.1 %: Cryptocurrency purchases of more than $ 18,000 in the last 90 days or cumulative purchases of more than $ 50,000.
Basic purchases at Coinmama therefore vary from 5.9 % to 10.9 % depending on your payment method. Selling cryptocurrencies with Coinmama is slightly cheaper and amounts to approximately 2-3 % per transaction.
Coinmama tutorial
Buying BTC and other cryptocurrencies through an exchange office is easy.
Registration
To open an account, go to the Coinmama homepage and click on "Sign up"At the top right of the homepage. Fill in the required information. This includes name, email, password and country of residence.
Once you have created an account, Coinmama will prompt you to complete your profile. This is the account verification process. You will require the following:
- Identity card issued by the government
- Your mobile phone with a functional camera for taking a selfie.
You will fill in personal data, take a photo of the document and you will have to take a selfie. The photo must include the document you just uploaded and a piece of Coinmama paper along with today's date.
Now you'll need to confirm everything via the confirmation link sent to your email address. At this stage, Coinmama will continue the verification process and will notify you by email when completed. The document verification process usually takes approximately 30 minutes, which is one of the fastest on the market. However, at peak times, the verification process can take several hours.
Coinmama platform
Coinmama provides a very easy-to-use platform to support the purchase of cryptocurrencies.
You can make a purchase via the "Buy“And choose a cryptocurrency from the drop-down menu. We will use for demonstration purposes Bitcoin.
You can choose either one of the offered bitcoin packages, or you can choose the amount of BTC you wish to buy by entering the amount of bitcoins or the equivalent in the currency of your choice. You can choose this simply by selecting it in the upper right part of the website.
Once you have decided on the amount of BTC you want to buy, click on "Buy now“. The minimum purchase amount is $ 50 or its equivalent in another currency. Once you click "Buy now", you will be prompted to enter the address of your target cryptocurrency and select a payment method.
There is a $ 15,000 limit for buying cryptocurrencies by credit or debit card.
To sell BTC, click on the "SellLocated at the top of your Coinmama page.
- Enter the number of BTCs you want to sell, then click "Sell".
- Then you need to enter your bank details.
- Send the BTC you want to sell to the specified bitcoin wallet address.
- Once the exchange has received the coins, the transaction will be processed and the funds transferred to your bank account.
loyalty program
The more cryptocurrencies you buy or sell with Coinmama, the more you save. Exchange office has 3 levels. When you upgrade, you must meet the cumulative minimum purchase amount over a 90-day period to maintain your status.
- Level 1 - Crypto Curious: New Coinmama users are Crypto Curious.
- Level 2 - Crypto Ethusiast: These users not only have reduced fees but also fast customer support. To maintain status, you need a cumulative purchase amount of $ 5,000 during a 90-day rolling period.
- Level 3 - Crypto Believer: In addition to higher fee discounts, the user of this level also has customer support without waiting. To maintain status. You must make a cumulative purchase of $ 18,000 during the 90-day rolling period. You can also make one purchase of $ 50,000.
Coinmama Business
Through their website, you can ask for help building long-term crypto portfolios worth up to $ 100 million. Coinmama runs a service for institutions and large institutions called the White Glove Service, which includes
- Coinmam's personal advisor, who will accompany the client through the entire process.
- Security experts who will perform best practices on BTC storage and security.
- Guidelines for compliance that are tailored to your company.
- Strategic consulting to help companies create a tailor-made business policy.
- Fee discount - Coinmama Business clients pay only a fee of 2.5 % for the entire service.
Deposit and withdrawal
Orders are placed as soon as Coinmama receives your payment, depending on the payment method you choose. You cannot insert a cryptocurrency on the platform.
Payment methods include:
- Faster payments: Delivery is within 1 business day and you do not pay any additional fees.
- Credit or debit card: Locked rate and fast delivery that is instant.
- SEPA bank transfer (EU banks only): Delivery is within 1 business day and no additional fees are charged.
- ApplePay: Enables millions of Apple users to seamlessly purchase bitcoins. Available via mobile application.
- Other payment methods include Fedwire, Swift and Sofort.
Safety
Coinmama is a non-custodial platform, which means that it does not hold user coins on its platform, and is therefore more secure than most centralized deposit exchanges. So far, it has not experienced any major coin hacking, although in early 2019 it experienced a serious breach of customer data when information about approximately 450,000 accounts leaked. The theft was part of a larger attack that affected twenty other sites, and fortunately no information about clients' credit cards was stolen.
As such, Coinmama is a secure platform, but it may not be the best choice for individuals who rely on privacy. It is regulated as a Money Service Business (MSB) by FinCEN in the United States, which means that you must submit personal information in order to participate in transactions. Compliance with regulators, on the other hand, makes Coinmama a legitimate and trustworthy crypto broker.
You can protect your account with a strong password on the user page, but there is no option to add 2-factor authentication (2FA). Still, it's a small difference, because none of your cryptocurrencies are held in your Coinmama account, because it sends everything directly to your personal wallet.
Overall, Coinmama is a trusted and secure crypto broker. It may not be an ideal choice for privacy lovers, but it's a solid way to get coins and store them directly in your wallet.
Customer support
Coinmama customer service operates 24 hours a day, 7 days a week and can be reached through a number of channels:
- UI live chat
- Contact form
- Social media channels: Facebook, Twitter, LinkedIn and Telegram.
In addition to customer support options, Coinmama also has help center, where users can find answers to common questions about account management, fees, and more.
- A very user-friendly platform supporting both novice and experienced cryptoinvestors.
- Coinmama offers the most popular cryptocurrencies on the market.
- There are no additional fees for selecting Coinmama coins.
- Delivers coins within minutes of purchase.
- Users' funds and cryptocurrencies are not held directly by Coinmama. This ensures that user assets are protected from theft.
- Fast verification process.
- No advanced trading tools.
- No call center for customer support.
- Coinmama only supports the sale of Bitcoin.
- Users must complete the verification process to purchase and sell cryptocurrencies.
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Závěrečné shrnutí
Coinmama is a renowned broker with great customer support and the platform itself is very user-friendly. You probably pay more to buy through Coinmama compared to other centralized exchanges, but in addition, Coinmama is a great choice for beginners who want to learn how to buy and store cryptocurrencies. |
5.0
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FAQ
How long does verification take on Coinmama?
Coinmama says verification should take between 30 minutes and up to one hour.
Does Coinmama accept bank cards?
Coinmama only accepts Visa and Mastercard. American Express, Discover and PayPal cards are not accepted.
Does Coinmama require an ID?
Yes. You will need to submit some form of identification to verify your account. It can be anything from a driver's license to a passport. A complete guide to which ID is required in each country.
How do I buy bitcoins at Coinmama?
The process of buying coins from Coinmama proceeds as follows:
- Register on the web
- Submit documents for verification
- Click on "Buy" and select the cryptocurrency you want to buy
- Decide the amount you want to buy and click "buy now"
- Submit payment information
- Get your coins immediately
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