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. Coinmama is a cryptocurrency exchange that was first established in 2013 to serve the growing demand for cryptocurrency. Today the service has over 2.5 million users in some 188 countries around the world. It runs under the watchful eye of parent company New Bit Ventures.
The only problem is that you cannot expand your portfolio beyond a limit. This happens because the platform offers only a few cryptocurrency coins. The company should also work on additional support options as well, including telephone support. We believe Coinmama is an excellent choice for those who need a user-friendly cryptocurrency exchange. Unlike many other exchanges, It takes a few extra steps to improve the privacy, transparency, and security of crypto transactions.
The company’s mission is to simplify the way the world handles cryptocurrency and makes crypto easy, friendly, and safe for the growing cryptocurrency community. The leadership team consists of many established professionals in the cryptocurrency and blockchain arena. If you are not from these areas, you can use it to buy and sell cryptocurrency with ease.
Coinmama users can buy bitcoin, bitcoin cash, litecoin, ethereum, tezos, ripple, cardano, dogecoin, uniswap and chainlink. However, users can only sell bitcoin for fiat currency https://forex-review.net/ (such as U.S. dollars) on the exchange. That may be a turnoff to users looking to cash in other cryptocurrencies or make cryptocurrency-to-cryptocurrency trades.
Does Coinmama require ID?
You will be able to track the status of the purchase under the “My Account” tab on the exchange’s website. In the Level 2 verification process, the traders need to upload a secondary ID and a valid utility bill. We simply send your Coins to your personal wallet after you purchase them. Coinmama charges some high fees that can run even higher depending on your payment method. 100 USD is the minimum purchase amount for orders to buy cryptocurrency.
In short, all your crypto exchange transactions are safe at Coinmama. Coinmama is a perfect platform for users who want to buy Bitcoin instantly with ease, But the transaction fees are too high(5.5% – 5.9% approx). Coinmama review scores down due to high fees, lack of crypto wallet, and no mobile app. Though, Coinmama gets full stars in case of ease, quick transaction, and customer support.
Though they are regulated, I pretty sure that they should be looked at closer. There are things for which they do on their approval / disapproval methods which does not add up. Especially when they will not provide a reason for denial which is within the rights of the consumer. I had used a Retired Military ID, in which the denial became permanent denial, with back ups of my Veteran Status. There is no other reason in which denial could be reached. Everything was done in a legitimate way, legal identification processes complied with.
This Coinmama review will provide you with the information you need to decide if the platform is right for you. Click any category or tag to find all companies with shared products and services. 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.
At this level there is a 25% reduction in Coinmama purchase fees. In order to qualify you must purchase more than $18,000 worth of crypto in any given 90 day period. Crypto enthusiast level – This is for any trader who purchases more than $5,000 worth of crypto in any given 90 day period. Yes, Coinmama does require a valid government issued ID in order to purchase cryptocurrencies on their platform.
Scheinbar legt weder Coinmama noch…
However, depending on the payment method, you may have to pay an additional fee as well. I contacted there support and they said it wasn’t there fault, with no other explanation. When you sign into coinsquare there is a four digit code and I guess it is easy to hack. I would not recommend this site for crypto, very unsecure. The customer service is only through e-mail only and even though it says 24 hours it’s never actually 24 hours. Will keep this review up and update everyone if and how long it took for my issue to be resolved.
This growing crypto exchange has captured the attention of beginner and professional crypto investors and enthusiasts in the past years. However, if you have read about the controversies and attacks involving crypto exchanges, you may have some doubts, after all. In this article, we will help you solve those doubts through an in-depth Coinmama review in 2021. There are multiple exchanges like the Coinmama crypto exchange.
Coinmama Review: What Is Coinmama?
The best way to avoid this fee is by using a bank transfer, which has no added fees. The platform is set up for lightning-fast transfers, often taking users as little as 10 to 20 minutes to receive their crypto through the use of a credit card. These perks do come with some higher fees than other brokers. The Israel and Slovakia based platform is not a wallet, but rather a direct buyer and seller of cryptocurrencies with a daily combined buy/sell limit of $12,000.
- I am a fortune 100 retired top level executive with an unblemished credit, tax and legal record.
- Last but not least, it employs one of the best security systems among crypto exchanges.
- Coinmama accepts Visa and Mastercard credit and debit cards.
- If you have been mistakenly charged for a Failed or Expired order, we would be more than happy to refund the money back to your bank.
- Coinmama appears to be the least dominant option for traders if it want to lead as a best crypto exchange.
- After initial verification, all purchases will have bitcoins delivered instantly.
Crypto assets are highly volatile and largely unregulated. There is no guarantee that any crypto asset will have at any time in the future certain value or market liquidity. The transaction will always be between you and Coinmama. I hope this helps clear things up and please don’t hesitate to get back to us via if you have any further questions.
It is no secret that 2022 has been a solid year for cryptocurrencies and many crypto-assets so far. Following Elon Musk’s tweets and Tesla’s investments in Bitcoin, more investors have turned to invest in BTC. PayPal is also contributing to the overall growth of Bitcoin and Blockchain. They update, I lose access to my account, and NO REPLY, going on a week now.. Sent many messages to their stupid chat line, which is a joke, as well, found an email to email them, but NOTHING..
Unfortunately, we do not have record of your email or name ever having an account at coinsquare. I received an email from coinsquare informing that my account is in the list of accounts that got affected due to the app upgrade on May 2nd 2021. I submitted all the requested documents as proof of ownership of the account and there is no response from them yet. My first tip on their operations should have been no phone number for customer service. However, this is to be noted that there are no withdrawal fees on the Coinmama exchange. Our support team is full of crypto knowledge & ready to share it with the world.
We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The final output produces star ratings from poor to excellent . Coinmama’s app is available on Android only, but has received fairly good reviews. The minimum amount to buy on Coinmama is $30, while the minimum amount to sell is $100. Many or all of the products featured here are from our partners who compensate us.
But once done, it does the job and offers much more than other competitors. An account was opened separately without his knowledge. The lady made a blunder and now he is supposed to be responsible for it. Certain documents were also coinmama review processed in order to attract new investors. The only limitation is that it does not allow you to seek support via telephone. The Contact page also shows a mobile phone number based in California, but it is a call-back system.
Coinmama Review: Is Coinmama Safe and Legit?