Coinmama Review Reviewing the pros and cons of exchange

Coinmama Review Reviewing the pros and cons of exchange

Furthermore, the additional spread and express fees reduce the value offered by Coinmama even further. Coinmama platform has been around since 2013, which makes it one of the oldest cryptocurrency exchanges. It has gained millions of users due to its safety, where users can quickly buy and sell cryptocurrencies.

LENDING PLATFORMS

Some people have complained about the verification process taking a few tries before it finally works. Coinmama says that verification can take from a few minutes to up to 30 minutes. Also, you can find many customer support topics already documented in the Coinmama help section. What we’ll do here is to show how much crypto you can buy at the various KYC levels. If you want to know what documents are required to achieve each KYC verification level you can check Coinmama’s website.

• Consult with a qualified professional before making any financial decisions.
• Exchanges were reviewed on points including security, fees, number of cryptocurrencies available, and more.
• Then you will go through the verification process, uploading an identifying document and a selfie.
• On February 15, 2019, Coinmama was hacked as part of a larger hacking operation that targeted various industries.
• Coinmama is an established cryptocurrency exchange where users can buy and sell popular cryptos.

Instead, Coin mama is a buying platform which enables traders and investors to purchase cryptocurrencies like Bitcoin and Ethereum. Although the services are limited, unlike many crypto exchanges, it is available in the U.S. For more intensive trading (buying more than $15,000 worth of crypto per month), you will need to supply additional verification documents. There are 2 additional tiers of trading activity, based on how much crypto you buy per day or per month. You don’t have to go through the verification process for those additional tiers until you decide you want to trade more than what the first level allows. To sum up this Coinmama review we believe Coinmama is a great exchange platform for newbies.

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The other social media platforms of Coinmama are Twitter, LinkedIn, and Instagram. To open or register an account on Coinmama, follow the below process carefully. If there are no issues with the documents you submitted for verification, this process should only take about an hour. However, delays can happen if there’s a problem with the document you uploaded for the verification. The fees earned go towards building this website’s resources.

Customer Support

The platform has a limited range of cryptocurrencies, all established, well-known tokens. Coinmama doesn’t provide a wallet as many other exchanges do, but that’s not necessarily bad. It’s essential to choose a secure crypto wallet and research which one is best for the coins you wish to buy. If we’re going to nitpick a little, Coinmama could be more transparent concerning security and protection for its customers. Hackers breached user data in early 2019, gaining access to 450k email addresses and hashed passwords.

• TheCollegeInvestor.com strives to keep its information accurate and up to date.
• Hedge With Crypto is an independent publisher that provides objective and free content.
• Coinmama takes pride in offering one of the most responsive and accessible customer support teams.
• This is the fee charged when you place a market buy order.
• The initial Coinmama verification should take only about 10 minutes, however, when purchasing coins, you might need to wait up to 6 hours to get verified.
• While the lack of a mobile app and an in-platform crypto wallet might make Coinmama feel a little incomplete, the overall service is still solid for its convenience and security.

After registering, Coinmama sends an email asking you to verify your account. After clicking the link, you will be redirected back to the site. Each section opens to more in-depth details on each subject, so you might be able to get an immediate answer. If not, click on «Connect» at the top right of the page, and you have two options, send an email form or call Coinmama on the telephone. This Coinmama exchange review will help you decide if it’s the right fit for you. Once logged in, users can view the different stages of their orders ranging from pending, failed, or completed.

Supported Crypto & Trading Pairs

If you currently don’t own any cryptocurrency then the easiest way to buy it is to use a debit or credit card, which is made simple at Coinmama. Most cryptocurrency exchanges can be really scary when you are just starting out. There are always lots of graphs, charts and statistics — making things seem complicated. Not only this, but you also have lots of different options such as market orders and kill-or-fill orders.

While Coinmama does support a number of payment methods the one thing we’d like to see more of is a higher number of cryptocurrencies available for trade on their platform. Hopefully in the future Coinmama will include more coins so that traders have more options to choose from. While the ability to use credit or debit cards to buy crypto is convenient, it’s not cheap. You can get around this fee by using direct bank transfers which Coinmama doesn’t charge any additional fees coinmama exchange review for.

Once you submit the following documents you will be able to buy up to 50K. Coinmama and their clients were not the only ones affected. The breach affected another 30 companies from different industries. The amount of information hackers got from Coinmama was limited. Hackers got email addresses and hash passwords and no other information. Coinmama themselves pride themselves on this and it shows.

However, it is worth remembering that no matter which cryptocurrency exchange you use, if you want to pay with your debit or credit card then there will always be extra costs. Fortunately, Coinmama make the buying process really simple. All you have to do is open and verify your account, enter your card details and choose how many coins you want to buy. No previous knowledge of trading is required to purchase cryptocurrency from Coinmama. Hi Oma, This does happen – some banks are reluctant to allow payments to crypto exchanges because of security concerns.

When you buy, your coins are transferred to your wallet within the hour. When you sell, the USD or EUR cash is deposited directly into your bank account. The site is fully mobile-friendly and easy-to-use, so buying and selling will be just as easy on a phone or tablet.