Coinmama Exchange Review 2023: Fees, Wallet Is It Safe?

Coinmama Review
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Coinmama has higher fees than some other providers, though these fees fall as the amount of crypto you purchase and the time you’ve been a customer increase. NerdWallet, Inc. is an independent publisher and comparison service, not an investment advisor. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only.

Coinmama Review
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Those are lifetime account limits, so if you reach the limit for a level, you need to apply for the next one. After the first level, each subsequent level has a spending prerequisite before you can apply. The only things you can do on Coinmama are buy certain types of cryptocurrency and sell one of them (Bitcoin). One of the most common pieces of advice for safely storing cryptocurrency is to keep it in your own wallet, not on an exchange. Altogether Coinmama is a reliable, established exchange and definitely one of the better platforms for the purchase of crypto.

It was my first experience and it’s good…

As such, UK traders can still withdraw from their accounts with the broker. In this review I’ll cover the company, its services and also compare it to other leading brokers. Coinmama charges a spread, a commission, and an additional transaction fee for certain payment methods. The spread is based on a service called TradeBlock XBX that averages the rates of known providers to track a market rate.

  • Lastly, Coinmama won’t send your coins until you’ve confirmed your digital wallet address.
  • It has also recently collaborated with Apple Pay & Google Pay, and now Coinmama supports multiple payment options via those gateways.
  • This account type ensures instant execution and settlement services will be provided securely and professionally, no matter the volume.
  • Set up top crypto wallets and enter your wallet address from the preferred third-party provider (broker).
  • Once you create your account, Coinmama will ask that you verify your account to prove your identity.

Regarding the SWIFT transferred there is a minimum of 20 GBP for orders under $1000. The security Coinmama provides may seem expensive, but the platform offers the best security compared to other crypto exchanges. The cryptocurrency exchange platform charges 2.3% more than the current market rate, and levies commission up to 3.9% on crypto purchases and 0.9% on sales. Payments made by credit card, debit card, Apple Pay, or Google Pay have a 4.99% fee issued.

Customer Service

Coinmama does not offer trading options like margin trading and futures. Coinmama does not provide a wallet service, and thus you won’t be keeping any of your funds on the exchange. You can only buy crypto and have it sent directly to the wallet address you provide. You can sell Bitcoin (the only coin supported for selling at the time of writing) and have the cash sent to your SEPA bank account.

Due to higher fees, traders prefer to leave Coinmama and join other cryptocurrency exchanges to get the benefits of lower exchange fees. Buying financial products such as Bitcoin or other leading cryptocurrencies becomes easier if you have a registered Coinmama account. Coinmama is the perfect platform for first-time Bitcoin buyers with its experience in the cryptocurrency space. However, seasoned buyers can switch to other platforms anytime they wish. 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%.

Payment Method

Both Coinmama and BlockFi are cryptocurrency exchanges allowing customers to buy and sell digital assets; however, there are some notable differences between the two platforms. Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Coinmama is a cryptocurrency exchange that offers investors a straightforward buying and selling experience. It might not be ideal for the cryptocurrency enthusiast looking for a robust suite of products, but it could be the right place if you simply want to buy or sell crypto. Market rate plus up to 3.9% for users to buy; market rate plus 0.99% for users to sell. An “Express Fee” is also charged when using certain payment methods, including credit/debit cards, Google Pay, Apple Pay, Skrill and Neteller.

If Coinmama is flagged for these and other crimes, users will likely know. The company also has well-known members in its team, which helps build further trust for a business that has been in operation since 2013. This time I had the pleasure of liaising with Conor and the issue was handled expediently and with care.

CoinmamaUser Reviews

The exchange holds no assets on the platform, making it unappealing to hackers.Traders can buy 16 cryptocurrencies but can only sell Bitcoin through Coinmama. However, it is a secure platform that has successfully helped over 3 million users purchase digital assets in 188 countries.Coinmama is more of a brokerage than a crypto exchange. The platform to doesn’t custody assets for you, which means that any purchase you make is sent directly your wallet address of choice. Coinmama offers a simple crypto trading solution for some of the most popular coins and tokens in the world. The broker boasts an excellent set of educational features and market analysis functionality, including detailed crypto statistics and even AI-powered price predictions.

Coinmama Review
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So much so, that some sellers may actually change your order even after the transaction is registered. Coinmama’s price, while competitive, is typically not the lowest out there. 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. Coinmama was established in 2013 and has served over three million customers around the world.

Over a rolling 90-day period, the firm tracks how much you have traded. Users that buy more crypto through Coinmama in each 90-day period are given a higher loyalty level. Coinmama has several different payment methods Coinmama Review available to users, with a differing number available depending on whether you are buying or selling tokens. Coinmama has a bespoke Into The Block trading platform built around ease of use and simplicity.

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