Coinmama Review: Cryptocurrency’s Best Coin Exchange?

Coinmama Review

If you’re ok with buying and selling coins directly from Coinmama, it offers a lot of benefits. You get instant coin delivery, multiple payment options, and high spending limits. Coinmama is one of the oldest Bitcoin exchanges in business, and it has been selling Bitcoins via credit/debit cards for longer than any other company.

  • After you’ve input your payment details and they’ve been accepted, your cryptocurrency will be sent to the specified wallet immediately.
  • Verified users can purchase up to $5,000 per day, with a maximum limit of $30,000 per month.
  • Unlike many of its competitors, Coinmama does not provide an online wallet for users to store their cryptocurrency on the exchange.
  • Keep in mind that there is a limit for first time users on how much you can buy (at the time or writing this limit is $5,000 per day, and up to $20,000 worth per month).

You can easily buy and sell bitcoin and other supported coins, as well as recommend this service for your newbie friends looking for a simple yet secure way to accumulate crypto. As such, basic purchases at Coinmama vary from 5.9% to 10.9% based on your payment method. Selling crypto with Coinmama is slightly cheaper and amounts to approximately 2-3% per transaction. As a result, Coinmama comes out on the more expensive end of fiat-to-crypto gateways in the market. The best thing about Coinmama is how beginner-friendly it is. To buy crypto, simply plug in the amount you want to spend, and then provide your payment method and crypto wallet address.

Background and history of Coinmama

In addition, Coinmama also marks up the market rate by 2% before the sale. The first thing that any Coinmama review should cover is who can actually use the platform. Like almost every other cryptocurrency exchange, there are regulations about who can access the platform. Then there are the buying platforms, also known as onboarding platforms, which is where Coinmama comes in.

Coinmama is a popular cryptocurrency exchange that aims to provide streamlined and user-friendly cryptocurrency trading options to the retail market. Traders can buy a range of tokens via a fiat on-ramp, store their tokens in a third-party wallet and earn loyalty bonuses for trading with Coinmama. Millions of clients from over 180 countries have signed up to the firm. If you have the option to use alternate payment methods like ACH, bank transfer, SEPA, Neteller, or Skrill rather than a credit card, that’s better since you’ll save on fees. Wallet woesHonestly in the past I never had any issues with their wallet app (or their customer support services), which they offer, also on their website FYI! Then they claimed also that they didn’t offer a wallet App, well that’s weird because I’ve been using that also for nearly a year!

Exchange Services, Supported Cryptocurrencies & Payment Methods

While there are no monthly membership fees or other regular surcharges, Coinmama does have a kind of complicated fee structure that applies to each transaction. During a purchase, you’ll need to enter the crypto wallet address where you want to receive your order. The level 3 account requires you to be near the £50,000 account limit of the level 2 account and fill out an updated Coinmama Review KYC questionnaire. Both the daily and monthly max order quantities stay the same as for level 2, though daily order amounts for bankcards and wire transfers rise to £20,000 and £50,000 respectively. Monthly buy limit sizes rise to £40,000 and £100,000, while total order limits rise to £1,000,000 for both methods. Those looking to order more will need to open a VIP account.

That’s an incredible move and Coinmama’s 2% markup tries to protect the platform against sudden volatility. Whether you choose Coinbase or Coinmama will depend on your needs and expectations. If you don’t want to trade cryptos but want to buy and sell coins, Coinmama has you covered. Depending on your loyalty level, they range from 0.99% to 3.90%.

Don’t Like to Read? Watch Our 2-Minute Coinmama Review

The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments. Together with offering amongst the highest daily buying limits in the industry, it justifies its global reach of more than 188 countries. Undoubtedly, an added benefit is that users can also sell Bitcoin for fiat money. The crypto price shown on Coinmama is based on a service called TradeBlock XBX. TradeBlock XBX lists an average of known provider rates, to which Coinmama adds 2% (Std Dev) and includes Coinmama’s commission fee of up to 3.9%.

  • There’s also a 4.99% fee for payments made by credit card, debit card, Apple Pay, or Google Pay.
  • Posting the latest news, reviews and analysis to hit the blockchain.
  • Coinmama also makes it simple to sell bitcoin (it doesn’t work with other above-mentioned coins yet).
  • There seems to be a 10% credit or debit card fee when purchasing.

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