Seamlessly capture ID data with user-friendly tech for the best quality images and accuracy. Securely validate any ID, eID, ePassport or digital identity globally, remotely or on-premise. Log in to your Coinmama account, Click on “my profile,” then click on “Close account”. You can also send an email to They revert to you within 24 hours.
Instead, all user coins are immediately sent to their own addresses . Coinmama fees are higher than Coinbase, which is another very reputable exchange. Keep in mind that you’ll need to at least cover the fee cost to break even when selling your cryptocurrencies. Everyone who opens a new account with Coinmama starts as a Level 1 user. Once you’ve purchased at least $2,400 in cryptocurrency on the site, you can apply for Level 2 status which has a spending limit of $50,000. Since Coinmama is actually selling coins instead rather than acting as a middle man, it can offer faster transactions. In fact, the moment you place your order, you get your coins instantly without any cash deposit requirement.
How Do I Get My Money Out Of Coinmama?
In this Coinmama review, all details regarding the exchange will be discussed to help traders decide on whether to use this exchange to sell or buy cryptocurrencies of their choice. However, if you’re looking to trade cryptocurrency with other individuals, Coinmama won’t be the right crypto investing website for you. Instead, you’ll want to look other sites like Coinbase, Gemini, or eToro. For more options,check out our full list of top cryptocurrency exchanges. Coinmama uses an encrypted website and payment transactions are also encrypted. No credit card information is stored on Coinmama’s website. In short, Coinmama is a secure website and you can feel confident in using it.
Even though Coinmama does not have trading options like margin trading, users find it appealing and prefer it. One of the reasons users prefer it is because they continuously add cryptocurrencies and alternate payment methods.
Whats The Verification Process? How Long Does It Take?
However, you also have to remember that no matter where you buy cryptocurrency, if you are using real-world money then there will always be fees involved. Coinmama is a cryptocurrency broker/exchange that is located in Israel. Originally created in 2013, the website explains that they offer a fast, safe and fun way to buy a digital currency from anywhere what is coinmama in the world. If you’re hesitant to use credit card, you can just send money through Western Union after the verification is complete. Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market. The Coinmama Affiliate Program is another unique aspect of the platform.
When you make payment via credit or debit card, all your personal, as well as card details, are 100% secured. Since online transactions occur via HTTPS authentication, none of your data is saved at Coinmama, hence no chance of data theft. In case you’re reluctant to utilize credit or debit card, you can send cash through Western Union once you are authorized user.
Are There Any Transaction Limits?
The platform is operated by Cmama Ltd, a daughter company of New Bit Ventures Ltd. Cmama Ltd is a regulated entity and is registered with FinCEN. Many or all of the products here are from our partners that pay us a commission. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. We do receive compensation from some partners whose offers appear on this page. Compensation may impact the order in which offers appear on page, but our editorial opinions and ratings are not influenced by compensation. I order to verify your account you will need to submit some form of identification.
Trade with USD on Binance.US, the American dollar onramp of the world’s largest cryptocurrency exchange. Non-US residents can read our review of Binance’s main exchange here. Copy the trades of leading cryptocurrency investors on this unique social investment platform. Non-US residents can read our review of eToro’s global site here.
What is 2 Step verification code on Coinbase?
Two-factor authentication (2FA), also known as 2-step verification, is a security layer in addition to your username and password. With 2FA enabled on your account, you will have to provide your password (first “factor”) and your 2FA code (second “factor”) when signing in to your account.
Unfortunately, their service is not currently offered in all the U.S. states residents due to legislation reasons. As Coinmama is only active in certain countries and territories, we need to know you’re from an area we serve. You must scan the entire front page of the bill with all four sides showing, or upload an electronic PDF. Having an uploaded image of your ID along with a photograph of you holding that ID protects you from identity theft and prevents someone else from impersonating you.
How To Use Coinmama
The prices listed on CoinMama rely on the TradeBlock XBX average + 2%. In addition to this, there are CoinMama commission fee (3.90%) on buy transactions and 0.9% fee on sell transactions. Undoubtedly, an added benefit is that users can also sell Bitcoin for fiat money. Coinmama also supports the purchase of cryptos in Aussie Dollars, Canadian Dollars, EUROs, Great British Pound, and Japanese Yen. Coinmama is a simple, straightforward exchange where you can buy a selection of cryptocurrencies and sell Bitcoin. Rather than a credit card that’s even better since you’ll save 5% in total fees. The minimum amount of Bitcoins you can buy is 60 USD or the equivalent in EUR/GBP/AUD/CAD/JPY.
- In summary, the following factors will dictate how quickly you will receive your bitcoin.
- The card processing fee will be added after choosing your method of payment.
- In order to change the purchase currency, simply go to the current dropdown menu and select your preferred currency.
- It’s a real shame that most cryptocurrency exchanges are not regulated by any governmental department, however, Coinmama is in fact registered with FINCEN in the U.S.
- Coinmama has limits based on cash purchase, credit card purchase, and verification status.
- This immensely helps the traders in times of fluctuations that may lead to spending on buying Bitcoin that the trader had expected.
- Instead, all purchases of cryptocurrency by customers are transferred directly from the company’s own holdings, making transactions more secure than some of its competitors.
Holding the paper and the ID you’ve just uploaded, take a photograph of yourself. Make sure your face, ID, and paper note are all clearly visible. Log into your Coinmama account and select the desired crypto.
However, it doesn’t allow someone to come in and buy $1 million worth of Bitcoin right off the bat. Instead, it breaks all of its users up into three account levels. Coinmama sells cryptocurrencies out of its personal inventory. It only takes 30 minutes to few hours to verify the user’s documents. This is the fastest and quickest KYC verification that anyone would ever get from any other platform.
If you’re looking to purchase not only Bitcoin, but also ETH, LTC, BCH, ETC, XRP, QTUM, and ADA in a hassle-free way, then CoinMama is the way to go. First, you register your account with basic information and gain access to the account where you can customize your purchase. Second, you can choose how much information you want to add, depending how much you want to buy in one shot. Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation.
Once you click on submit, it normally only takes around 10 minutesfor Coinmama to verify your ID. Make sure your images are clear, otherwise they might ask you to take them again. Once you have logged into your account, navigate to the Buy page, and select what you’d like to purchase – in this case, I’ll assume that it’s Bitcoin. Don’t forget to confirm your email address by clicking the link Coinmama send to your email!
Another critical, shocking revelation is that United States residents can also use it. On CoinMama there are no direct deposits or linked credit/ bank accounts. One thing to keep in mind is that you have 30 minutes before you place an order and confirm your wallet address.
Launched back in 2013, Coinmama is registered in Slovakia, while owners New Bit Ventures are based in Israel. However, traders can also use wire transfers like SEPA, SWIFT, Sofort, Fedwire, FasterPayments, etc., instead of credit card; with this, they can save 5% in total fees.
It can be used with any kind of browser regardless of the device being used. Customers can pay for goods and services by Bitcoin, Litecoin, Ether, and 50 other virtual currencies. The Bitpay card is an option that does have a monthly fee, but it primarily used on that side of the world and has a similar user experience. I have also experienced an issue where the card was declined once, but it was the merchant who I was using who said his bank was declining it. Once I called Bitpay’s card services, I was able to have them unblock it on their end and it went through perfectly. Use your USD, EUR or RUB to buy and sell cryptocurrency at competitive exchange rates and with high maximums for verified accounts.
This shows that the exchange is very reliable and that any fraudulent activities on their site will be investigated accordingly. Initial verification on Coinmama usually takes 10 minutes. After initial verification, all purchases will have bitcoins delivered instantly. However, level 2 and 3 verification may take up to six hours. Fill in your first and last name, email address, and country of residence to get started.
While Coinmama does not offer trading options like margin trading, users find its high security and ease of use, especially when buying Bitcoin with a credit card, very appealing. This review of Coinmama contains everything you should know about the exchange, including how it compares to its peers in the industry. This Coinmama review has covered all the key metrics you need to consider when choosing a crypto exchange to suit your trading needs. These metrics include everything from payments and fees to safety and user experience. In summary, we found that eToro is simply a better option as it has competitive fees and offers heaps more in comparison to Coinmama. When it comes to fees, Coinmama is renowned for its low-cost commission model. Coinmama calculates its fees based on the TradeBlock XBX Index, which is the mean rate or market rate based on all registered providers.
Author: William Watts