This can become really expensive if you’re purchasing cryptocurrencies in large amounts or on a regular basis. If you have a problem with your account and need some help from the Coinmama team then you have a few support options to choose from. The best way to contact them is through live chat though, however, this is only available during business hours, which I have listed below. 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. We may receive compensation from our partners for placement of their products or services.
Coinmama Review 2024: Complete Beginners Guide
The College Investor® provides the latest news and analysis for saving and paying for college, student loan debt, personal finance, banking, and college admissions. Everyone who opens a new account with Coinmama starts as a Level 1 user. Once you’ve purchased Coinmama Review at least $2,400 in cryptocurrency on the site, you can apply for Level 2 status which has a spending limit of $50,000. And once you near that limit, you can apply for Level 3. There was a problem retrieving transaction data on the Coinmama platform.
Financial Intelligence for Cryptocurrencies
Finally, if you use a SWIFT bank transfer, you will pay a fee of 20 GBP if your order isn’t worth at least $1,000. Coinmama provides a simple way to purchase cryptocurrencies with a credit card, debit card, or bank wire transfer. This Coinmama review will take a look at what you can expect from the exchange and help you decide whether using Coinmama is right for you.
My service experience with Coinmama
Not all cryptocurrency platforms support credit cards or the use of a debit card but Coinmama does. They allow their traders and investors to buy Bitcoin or any other currency with a credit card or debit card at any time. All credit card purchases incur a 5% commission which is fairly typical and certainly a lower commission than some other platforms. Coinmama is a simple, straightforward platform for buying and selling crypto. Its ease of use makes it a great option for certain customers. However, it has relatively high fees and users looking for expanded product offerings such as crypto rewards credit cards or crypto-backed loans will need to look elsewhere.
Coinmama Review: Step-by-step Guide to Buying Coins
Customers can click the Buy or Sell tab to initiate a transaction on their online dashboard or the mobile app, which is available for Android. Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Coinmama offers reduced fees to buy and sell through its loyalty program.
Depending on your loyalty level, they range from 0.99% to 3.90%. It’s tricky to find details of fees on the Coinmama website, but it is information quickly revealed from Coinmama documentation with a quick Google search. In the example below you can see that you enter the fiat currency amount and Coinmama automatically shows how much Bitcoin (BTC) you will get for that purchase. Coinmama has 3 levels of verification for crypto purchasing, each requiring more details than the last. It has customer-focused values, endeavouring to put the customer first.
The Affiliate Program
In comparison to its rivals, Coinmama’s transaction fees are quite high, with a 5.50% fee paid to Coinmama per transaction. This fee is included in the Bitcoin or Ethereum rate that is shown on Coinmama’s website. With a background in professional poker, George became interested in cryptocurrency after looking for potentially lucrative investment opportunities. He now spends a lot of time navigating through the wealth of misinformation on altcoins in order to decide which will be the next addition to his portfolio.
- When you use Coinmama, you pay a fee for each transaction.
- Both security specialists have confirmed that 256-Bit SSL encryption is actively used on pages that contain private information.
- I am happy that the support team quickly provided the necessary transaction data and explained the features of the platform.
- Credit/debit transactions incur an additional 4.99% charge.
Which is better Coinbase or Coinmama?
