Coinmama Review 2024: Complete Beginners Guide

As with Coinmama, Kraken doesn’t provide a wallet for storage. However, Kraken does offer futures trading and other advanced services. Additionally, Kraken’s fees are generally lower than what you see at Coinmama. The primary benefit of Coinmama is that it’s simple to use. It’s straightforward, which allows you to purchase cryptocurrencies using fiat currency.

Coinmama customer support

Coinmama does not store your credit card details or have access to your cryptocurrency holdings at any time. The platform is a non-custodial crypto broker, so your crypto purchases are always sent to your secure crypto wallet and not held on the exchange. Once the payment and wallet address are confirmed, the cryptocurrency is sent immediately to the user. 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. Coinmama doesn’t hold your funds on the exchange, so you don’t need to withdraw money from Coinmama.

Does Coinmama accept prepaid cards?

That’s an incredible move and Coinmama’s 2% markup tries to protect the platform against sudden volatility. While it’s easy to buy Bitcoin on Coinmama they don’t offer support for very many other cryptocurrencies. On Coinmama you can buy Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Ripple XRP, Cardano, Litecoin and QTUM. In this Coinmama review we’ll cover how Coinmama works, who can use it, what the Coinmama fees are and everything else you’ll need to know in order to get started using their service. Coinmama also supports the purchase of cryptos in Aussie Dollars, Canadian Dollars, EUROs, Great British Pound, and Japanese Yen. The crypto price shown on Coinmama is based on a service called TradeBlock XBX.

Does Coinmama sell Dogecoin?

At this stage, Coinmama will proceed with the verification process and notify you by email upon completion. The document verification process usually takes around 30 minutes, which is one of the quickest in the market. At peak times, however, the verification process could take a couple of hours. As always, while Coinmama has generally a good reputation, it’s always important to do your own research and due diligence when choosing a cryptocurrency exchange. Instead, when you buy crypto using the site (or the Android app), the coins are sent to your external wallet.

How to sign up on Coinmama exchange

As a result, Coinmama enables the purchase of digital assets, but no funds are stored directly on the exchange, significantly reducing the risk of a digital attack. Although Coinmama keeps its exact security measures under close wraps, the platform offering two-factor authentication and being non-custodial helps to keep users safe. While the range of supported fiat currencies is lower than other exchanges, Coinmama has ensured that every user is provided with a viable payment method. Coinmama accepts credit and debit cards, bank transfers, Google Pay, Apple Pay, and Skrill. Unfortunately, while the most cost-effective option, bank transfer payments can take between 1-3 days to complete. Coinmama is available to users in 188 countries and 48 U.S. states, excluding Hawaii and New York.

• Finding a reputable cryptocurrency exchange can be difficult.
• Coinmama is a simple-to-use exchange that enables users to purchase 16 cryptocurrencies using various payment methods.
• Coinmama offers reduced fees to buy and sell through its loyalty program.
• For our Coinmama review, we tested the support team’s response time and received an email back in less than an hour, which was impressive.
• There are always lots of graphs, charts and statistics — making things seem complicated.
• The document verification process usually takes around 30 minutes, which is one of the quickest in the market.

There’s also a non-custodial wallet option through Coinbase, where you control your private keys. In fact, you could potentially send coins you buy on Coinmama to your Coinbase wallet. Coinbase also charges relatively high fees, but you could still save money on fees using Coinbase instead of Coinmama.

I’ve seen some of the reviews are about losing their money, so, how can I trust this app if this is a problem with other clients… I’d like and answer from Coinmama please. They attend to their clients and resolve issues within a reasonable time frame. As a standard we recommend you place your cryptocurrency in cold storage offline by using a hardware wallet like these. This is because these hardware wallet have an excellent track record.

Coinmama Mobile App (Crypto Wallet)

However it is the easiest exchange to use for beginners and customer service agents are helpful. Quite a lot of cryptocurrency related businesses do not have good customer support. However we are happy to say that Coinmama customer service are on the ball and have great support. The amount of cryptocurrency that a user may purchase is dependent on the level of verification that they have reached with the platform. The more documentation that the user provides, the more currency that they are entitled to purchase.

Supported Fiat Currencies

But at the end it was fullfilled.Conor from tech suppor was really nice to explain and answer any doubt I had. 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. Depending on your Coinmama Review country of residence, you may not be able to use all the functions of the site. It is your responsibility to follow those rules and laws in your country of residence or in the country from which you access this site and service. In order to change the purchase currency, simply go to the current dropdown menu and select your preferred currency.