Complete Beginner’s Guide to Coinmama Review 2020 Safe to Use?

Coinmama Review

Now all you need to do is repeat the previous steps to complete your purchase. At the final stage, you will be asked to enter your debit or credit card details, as well as your Bitcoin or Ethereum wallet address. The easiest way to open an account is to choose and enter the amount of cryptocurrency that you want to purchase, and press Buy. Coinmama supports Visa, MasterCard, ApplePay, SEPA, and some more payment options. Most cryptocurrency exchanges can be really scary when you are just starting out.

  • In order to verify your account, you will need to submit some form of identification.
  • To purchase Bitcoin using credit or debit cards, Coinmama doesn’t require users to register their credit or debit card in order to purchase cryptocurrency on the exchange.
  • This can be anything from a driver’s license to a passport.
  • However, it is easy for new users to open an account and start buying cryptocurrencies without the hassle of tackling reams of information.
  • Level 2 requires a secondary ID uploaded along with either a utility bill or a selfie of you holding your ID – maximum limit is raised to $50,000 for this level.

While Coinmama does support a number of payment methods the one thing we’d like to see more of is a higher number of cryptocurrencies available for trade on their platform. Hopefully in the future Coinmama will include more coins so that traders have more options to choose from. Besides the use of credit cards, Coinmama also lets traders and investors buy Bitcoin with a SEPA bank account transfer.

Currencies and Payment Methods

The same data is also provided for a wide range of coins not offered by the company. This Coinmama support article provides up-to-date information on their buying limits. Coinmana’s fees will depend on the payment method you choose for your transaction. There is no concrete information on their site about the exact fees.

Also, the site uses high-level encryption and authentication measures to ensure your details and money are safe. This is crucial, because sometimes Coinmama Review a day or two can mean wide price fluctuations in Bitcoin. This means that you could end up purchasing coins for more or less than you intended.

Fees & Charges

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.

It gives monthly buying and selling limits of $15,000, $50,000, and $100,000 in level 1, level 2, and level 3, respectively. Once Coinmama confirms payment, your newly purchased tokens will be on the way to your secure crypto wallet and should usually arrive within minutes. Coinmama uses a Know Your Customer (KYC) process to verify user identities, with different levels of verification allowing for different transaction limits.

CoinmamaUser Reviews

You can find out more about Coinmama’s customer service on this page. For example, if someone wants to buy Bitcoin and BTC is currently trading at $10,000 then the market rate for the sale on Coinmama will be $10,200. First, it allows Coinmama to make a higher profit on each purchase. For instance, as this article was being written Bitcoin appreciated in price by more than 10% in about 1 hour.

These transaction fees vary depending on the value of the transactions you make through the platform. Coinmama is one of many crypto exchanges that allow investors to participate in digital asset investments. Coinmama fees are quite high in comparison to some other sites and could be a potential roadblock for some users. However, these fees include the quality of service and streamlined transfer process of the site.

Conclusion – Is Coinmama legit and safe?

Plus, it allows users to buy cryptocurrency with a debit card, credit card, Apple Pay, or bank transfer, with instant coin delivery. While no exchange is perfect, Coinmama is definitely on the positive side. Although some might be cheaper when it comes to transaction fees, they might not offer the option to use your debit or credit card. So, for those of you looking to purchase Bitcoin, Ethereum, or another cryptocurrency for the first time, Coinmama is a great place to start. The crypto platform currently supports bitcoin, ethereum, litecoin, bitcoin cash, qtm, ripple, ethereum classic, cardano, tezos, and eos.

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