Numerous crypto exchanges and trading platforms do not facilitate the sale of cryptos and withdrawal of fiat money. Then you will go through the verification process, uploading an identifying document and a selfie. According to Coinmama, the verification process takes about 30 minutes. Once you finish the process, you can use your credit or debit card, or your bank account, to begin purchasing coins.

What does Coinmama offer?

The platform was established to create the simplest financial service in the crypto space. Since the genesis, Coinmama is trusted by over 2,300,000 people across 197 countries. Additionally, Coinbase offers a custodial wallet, where you can hold your coins on the exchange.

More On Cryptocurrency

• For more details about the categories considered when rating brokers and our process, read our full methodology.
• This is notable because customer service can be a weak point in a lot of fintech services, especially trading platforms and crypto exchanges like Coinmama.
• If you sell bitcoin to the exchange, Coinmama will put what you receive in your bank account as fiat currency.
• There have been no security audits performed on Coinmama.
• Coinmama fees are higher than Coinbase, which is another very reputable exchange.
• Still, the benefit is that it makes you think seriously about setting up a secure digital wallet instead of taking the easy option.

Coins are delivered fast, but can take 24 hours for payment team is checking all very well, secure. Quick and painless transaction once you get past the initial verification process. Fees are a little higher than some services I have used in the past, but still much less than using a Bitcoin ATM. Bitcoin was in my wallet and confirmed in less than 30 minutes, but that could depend on how heavy the traffic is at any given time. On the other hand if you want to save on fees then we suggest using a trading platform.

Coinmama VIP Service

One of the most common pieces of advice for safely storing cryptocurrency is to keep it in your own wallet, not on an exchange. You’ll begin the account creation process by inputting some basic information, such as your country of residence, address, and email. Once you submit that information, a confirmation link will be sent to the email address used to create your profile. After you click the confirmation link, the final steps to create your account include uploading a valid ID and a selfie to verify your identity.

Understanding how to transfer funds from Coinmama to a crypto wallet is a key component to using the platform. While the process of transferring funds is relatively simple, those who aren’t familiar with it may be more inclined to look at different exchanges that offer built-in wallets. Coinmama customers have mixed feedback about this exchange, though it has a relatively high rating of 4.1 out of five stars across 446 Trustpilot reviews.

Coinmama Review: Step-by-step Guide to Buying Coins

Coinmama supports over 15 cryptocurrencies, but some notable assets are missing. Namely, BNB, Solana and Lido Staked Ether, which are in the top 20 cryptos by market cap. In total, 9 of the top 20 cryptos are available on Coinmama. All your trading is also done with Coinmama instead of with buyers and sellers on the platform.

We also considered if the exchange is regulated by a proper agency or entirely decentralized. Our full cryptocurrency exchange methodology, including the review process and weighted data points, is available for review. Coinmama offers customer service via a form on its website and a chatbot. In addition to its customer Coinmama Review support options, Coinmama also has a help center where users can find answers to common questions about account management, fees, and more. Coinmama offers high buying limits, especially in respect of credit card transactions. Verified users can purchase up to $5,000 per day, with a maximum limit of $30,000 per month.

Coinmama Verification of Account

We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own enquiries. The platform has a limited range of cryptocurrencies, all established, well-known tokens. Coinmama doesn’t provide a wallet as many other exchanges do, but that’s not necessarily bad. It’s essential to choose a secure crypto wallet and research which one is best for the coins you wish to buy. It may seem inconvenient that Coinmama doesn’t provide an online wallet. Still, the benefit is that it makes you think seriously about setting up a secure digital wallet instead of taking the easy option.