So, even though you can only purchase the two most popular cryptocurrencies, both BTC and ETH will allow you to trade with all the smaller, less popular cryptos. Coinmama allows you to buy only 10 coins, including Bitcoin (BTC) and Ethereum (ETH). When you compare this to other exchanges, such as Kucoin, that have more than 100 coins available, this is quite poor. The verification process of Coinmama includes submitting your documents like a government-issued I.D. With the documents, you will also be asked to upload your picture with your document and a page containing some details. Go to your mail inbox, and open the Coinmama verification email.
It was created to build the most straightforward and easy crypto exchange platform. Since 2013, it has now about 2.2 million active users across 197 countries. Coinmama is a reputable broker with great customer support. While you’re likely to pay more for purchases via Coinmama compared with other centralized exchanges, bank card payments typically come with higher fees.
You will need to get a crypto wallet from a third-party provider in order to receive the coins you purchase from Coinmama. It provides a really thorough and easy-to-follow guide in their help center to show you where to find a no-fee, secure crypto wallet to store the coins you buy from Coinmama. Coinmama seeks to make buying and selling coins as easy and accessible as possible. It provides a secure platform to buy and sell crypto and rewards frequent traders with generous discounts on commissions and other fees. The CoinMama app is designed as a self-custody wallet that gives users full control of their cryptocurrency.
Since Coinmama is a cryptocurrency broker/exchange, you can buy, tade and exchange cryptocurrency. If you’re looking for a platform where you can trade and sell more coins, you should check out Binance. 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. This shows that the exchange is very reliable and that any fraudulent activities on their site will be investigated accordingly.
Keep in mind that cryptocurrencies are a new asset class and price swings are common. When investing money, it’s important to coinmama exchange review understand the purpose of an asset in your portfolio. Different assets have various levels of risk and potential returns.
After the initial account verification, purchased coins immediately go to your digital wallet. Note that you’ll need to already have a digital wallet that you use since Coinmama is not a wallet provider and doesn’t hold coins for you. 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 platform has been around since 2013, which makes it one of the oldest cryptocurrency exchanges. It has gained millions of users due to its safety, where users can quickly buy and sell cryptocurrencies.
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. It currently displays pricing in USD and EUR with additional currencies to be added soon. However, it accepts orders in all currencies, while noting that exchange fees may be applicable to customers that are purchasing in fiat currencies other than USD or EUR. Yes, Coinmama does require a valid government issued ID in order to purchase cryptocurrencies on their platform. That ID can either be a passport or a state issued driver’s license or other national or state identity card.
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.
The private keys for your crypto are never held in Coinmama’s custody. As a peer-to-peer exchange, Coinmama brokers deals directly between buyers looking to purchase crypto with fiat currency and sellers looking to sell their crypto for fiat currency. Coinmama offers discounts on commissions through its loyalty program.
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. This Coinmama support article is the only published document. However, by testing some sample orders myself, I was able to gather some data. To use Coinmama, you have to know how to set up a self-custodial crypto wallet, as your crypto purchases are sent directly to you.
At the end of this post, you can see how Coinmama compares to other exchanges. Finder.com is an independent comparison platform and
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So, no need to wait for hours and days to start buying and selling cryptocurrencies. Overall, CoinMama is a reliable and secure cryptocurrency exchange with a user-friendly interface. Coinmama is a cryptocurrency exchange based in Ireland that was founded in 2013 by Nimrod Gruber, Iian Schuster, and Laurence Newman. It offers a small number of popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and stablecoins like USDC and USDT.
In order to confirm wallet addresses, users will receive an email link from Coinmana to allow them to confirm that the address is valid. Because of this validation procedure, customers are unable to purchase cryptocurrency for, or on behalf of, others. They proceed to create the order by choosing how much they want to buy, entering their wallet address and then filling out their card details on the checkout page. Coinmama does not store customer’s credit or debit card details on their servers.
CoinCentral’s owners, writers, and/or guest post authors may or may not have a vested interest in any of the above projects and businesses. None of the content on CoinCentral is investment advice nor is it a replacement for advice from a certified financial planner. There are three steps before you can buy and sell coins on Coinmama. Its stated business hours are Sunday to Thursday, from 11 pm to 7 am Pacific Time. Coinmama was founded in 2013 by Ilan Schuster, Laurence Newman, and Nimrod Gruber. The company is based in Ireland and is a subsidiary of a company called New Bit Ventures Ltd.
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