Coinmama Review 2021
Content
Coinmama is a perfect platform for users who want to purchase Bitcoin easily, but the transaction fees are too high (5.5% – 5.9%). Still, traders can avail of Coinmama https://www.tokenexus.com/what-is-bitcoin-mining/ Loyalty and leverage discounts upon continuous trading. This review scores down due to its relatively high fees, lack of a crypto wallet, and mobile app.
The exchange has over 2.2 million users, features a fast-track verification process and is available in 190 countries worldwide. The company also operates in the United States, but services are limited to the states where it has received regulatory approval to offer cryptocurrency services. It can typically take a few hours until you receive your Bitcoin, despite the straightforward process. First, it can take the blockchain a few minutes to confirm a transaction. This wait time occurs no matter who you buy your Bitcoin from. Then, your credit card issuer, or Western Union if you’re using cash, may take up to several hours to confirm payment.
Currencies and Payment Methods
Coinmama charges a commission each time someone uses their platform to buy Bitcoin or any other cryptocurrency. They charge a variable commission fee that can be as high as 3.9%. In addition, Coinmama also marks up the market rate by 2% before the sale. In general, commissions fees range from as low as 0.99% to up to 3.9%, but that depends on your Loyalty Level. Level one is Crypto Curious, and there is no discount on fees. If you’re a Crypto Enthusiast, you’ve spent $5,000 over a period of ninety days, and that entitles you to faster customer support, as well as fee discounts of 12.5%.
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. All you will be required to do is sign up for an account and get it verified. Then, you will enter the details of your card and start purchasing coins. The College Investor is an independent, advertising-supported financial media publisher, focusing on news, product reviews, and comparisons. Coinmama sells cryptocurrencies out of its personal inventory. Here, you will fill in a provided form which you can get by contacting the Coinmama support team.
Restricted Countries
While the platform experience is simple, certain assets do require a minimum purchase amount. For instance, there’s a minimum of $50 to make a Bitcoin (BTC) purchase and $760 to make a Chainlink (LINK) purchase. There is also a minimum order based on which payment method you choose. For beginners, Coinmama Review this is an excellent option for buying your first Bitcoin. More advanced users can use alternative trading platforms to save on transaction fees. Coinmama has a great loyalty program which is designed to reward all of those traders and investors who use the platform regularly.
- The simple answer to that question would be yes but let us explain.
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- Though the ability to use debit and credit cards for purchasing cryptos on the Coinmama exchange is a boon for traders, they are costly.
- If you are looking for a trustworthy bitcoin investment site with high spending limits, then this exchange is for you.
- You can receive fiat payment directly to your bank account or virtual debit card, which is another product offered by the company.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website. A taker fee is a fee charged when a buy order is matched immediately with a sell order on the books. A maker fee is the fee charged when you propose an order for other traders to take.
Trading Platform
Or else you can manually enter the specific purchase amount that you would like to spend to purchase Bitcoin. Coinmama offers brokerage services worldwide in over 188 countries except for some sanctioned countries and several US states. The next step is to decide the amount the trader wants to spend purchasing his select coins. Once he clicks the “Buy Now” tab and submits the payment details, the purchased coins will be credited to the trader’s own wallet.
- The exchange is also regulated in some US where Coinmama has received money transmitter licenses.
- Conor was super fast in responding, very polite and gave me excellent service and response to the question that I needed answered.
- That means that if a new trader uses a debit card, or any other payment methods, to buy $1,000 worth of Bitcoin then you will get $8.25.
- As such, basic purchases at Coinmama vary from 5.9% to 10.9% based on your payment method.
- To date, it has branched out to Dublin and boasts over 2.6 million users spread across 188 countries.
Then there are the buying platforms, also known as onboarding platforms, which is where Coinmama comes in. On Coinmama it’s not possible to trade cryptocurrencies or to trade crypto derivatives like Bitcoin futures. Instead, Coin mama is a buying platform which enables traders and investors to purchase cryptocurrencies like Bitcoin and Ethereum.