Coinmama Recovers $25k Worth Of Bitcoin In Customer’s Unconfirmed Wallet From 2016

All in all, despite the high fees, you get what you pay for – a responsive, fast, trusthworthy place to buy and sell crypto with a support team that cares about you and listens to you. If there is one exchange a crypto-novice can use to buy their first coin, it’s CoinMama.

At the moment, you can buy Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Ripple, Cardano, Qtum, EOS, and Tezos. The Coinmama exchange is different from the Coinbase exchange. Therefore, it is suggested that you do your own research in choosing the best crypto exchange for you. Today, the Coinmama exchange continues its operation in providing the easiest way to buy crypto assets.

Buy Order Fees

You are required to provide your wallet details during the transaction process. Coinmama offers reduced fees to buy and sell through its loyalty program. Fees fall to 2.86% for those in the highest loyalty program.

An index called TradeBlock XBX averages the rates of all known providers to track a market rate, and Coinmama sets its rate based on that average. Coinmama’s base transaction fee is based on the XBX rate plus 2%. It also charges a commission fee of up to 3.9% for buying and up to 0.9% for selling. Tiered loyalty levels, based on your buying activity, get reduced commission fees.

Coinmama Contact And Customer Service

When it comes to cryptocurrency exchanges there are several different types. A decentralized exchange does not use an intermediary to hold customer funds and accounts. Peers trade directly amongst each other (peer-to-peer) and funds are transferred between their cryptocurrency wallets. Coinmama is not a wallet provider which means the exchange does not store users’ digital assets and users have to check to verify they are sending cryptocurrency to the correct address. Coinmama has a great support team, with users able to access them via email. There is also a live chat feature that users can opt for, although Coinmama is yet to offer a 24/7 service. For further support, users are encouraged to visit the exchange’s FAQ page which provides up-to-date information about the company, its products and users can buy various cryptocurrencies.

They streamlined the buying process, explained it in detail, and CoinMama sends you coins fast. Rather than a credit card that’s even better since you’ll save 5% in total fees. Bitstamp’s brokerage service is almost identical to Coinmama’s, with about 0.5% difference between the services. Bitstamp is one of the oldest and most respected exchanges out there so it’s a solid alternative for Coinmama. Also, just like Coinmama, the exchange supports a wide variety of countries worldwide. In order to make any type of purchase you’ll need to complete some form of identity verification.

Coinmama Reviews

After your Coinmama account has been successfully created and verified you can simply enter the desired wallet address, fill out the transaction form and purchase BTC instantly. Coinmama also accepts payments via Mastercard and Visa, however, Discover, American Express, and PayPal are not accepted payment methods. As we have already mentioned, cryptocurrencies are not monitored or managed by central banks and as a result, each provider selects its own rate. Coinmama’s fees are based on the TradeBlock XBX Index, which is the market rate based on all known providers.

As you might have already noticed in this Coinmama review, this exchange is setting itself apart from the rest in many respects, this one included. However, when you enter your payment details and buy crypto on Coinmama, your coins are instantly sent to your own wallet as soon as the payment goes through!

Is Coinmama For Me?

Coinmama doesn’t hold user coins, so there is nothing to steal. Plus, it allows users to buy cryptocurrency with a debit card, credit card, Apple Pay, or bank transfer, with instant coin delivery. Coinmama accepts payment in any fiat currency, but your bank might charge an exchange fee if you pay with something else. You can pay with credit card, debit card, Apple Pay, what is coinmama or bank transfer. (American Express, Discover, PayPal, and ACH transfer aren’t supported.) Purchases land in your wallet within an hour. You can purchase a range of cryptocurrencies with a bank account, credit card, or debit card at Coinmama. Fees for buy transactions can range from 2.38% to 3.83%, while sell transaction fees generally range from 0.91% to 1.87%.

This extra cost needs to be paid irrespective of the cryptocurrency exchange used for purchasing cryptos; extra costs always accrue every time traders use fiat money . The crypto platform currently supports bitcoin, ethereum, litecoin, bitcoin cash, qtm, ripple, ethereum classic, cardano, tezos, and eos. Keep in mind that you can’t store digital assets with a Coinmama wallet; the exchange doesn’t offer wallet services, but it sends your coins to the external wallet provider you choose. Coinmama was founded in 2013 and is registered in Slovakia. The exchange is currently based in Israel and is owned by NBV International, a subsidiary of New Bit Ventures Ltd. It was one of the first cryptocurrency exchanges to add support for buying Bitcoin using a credit card. In 2019, Coinmama added support for the popular coins Tezos and Eos, opening up the platform to more users across the globe.

Key Features Of The Coinmama Platform

Coinmama is a Slovakia-based exchange platform known as one of the fastest and easiest ways to buy Bitcoin or Ethereum with a credit or debit card. The platform is available in over 210 countries and sells BTC or ETH to its users, accepting Visa, MasterCard, and Western Union payments. Coinmama is one of the oldest Bitcoin exchanges in business, and it has been selling Bitcoins via credit/debit cards for longer than any other company. We will take a deeper dive into workings of this exchange in our Coinmama review – so let’s go. Coinmama is a cryptocurrency broker-exchange that sells cryptocurrencies directly to customers while a regular exchange will have users trade coins for one another. Most of the exchanges prefer digital tokens like Ether, etc. as a deposit for cryptocurrencies like Bitcoin. CoinMama states it currently serves over 1,900,000 users in 188 countries.

• You can cash out only after 3 successful orders made by at least 3 different people you referred.
• The platform allows users to purchase crypto with fiat money.
• On the purchase screen you will enter the fiat or coin amount you wish to purchase, then enter an address to which you want the coins deposited, and then a payment method.
• Coinmama does indeed have a KYC verification program that investors will need to complete before they can purchase cryptocurrencies on their platform.
• Additionally, mobile users can earn up to 8.6% APY on their holdings, and through the application, they can manage their balance, trade, borrow money, earn interest, etc.
• When it comes to fees and commissions, you only pay a 0.5% fee to deposit funds via an e-wallet or debit card, which is much lower than the 5% express fee charged by Coinmama.

CoinMama advises you to contact your bank and dispute this fee. Orders by bank transfer don’t have a momentum fee, and carry no extra fees if your purchase is over 1,000 USD.

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Coinmama uses full encryption technology to secure your personal details and uploaded documents. Details related to your credit card are never kept on the Coinmama website or its exchange servers, while their website is HTTPS certified. For this reason, among other security measures, Coinmama is safe for anyone looking to quickly buy cryptocurrencies.

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. Once Coinmama has received your payment and your crypto wallet has been confirmed, the crypto exchange will send your coins. This typically takes around ten minutes and you will be able to find them on the blockchain once they are confirmed and reach your crypto wallet.

In spite of the fact that Coinmama does not store user funds, it holds records of its users credit/debit card information. However, in efforts to keep such data safe, the site explains that it does not store the information on the exchange servers. As a crypto platform, Coinmama does not hold digital assets on behalf of its users. Thus, it is less susceptible to hacking than other exchanges in terms of user funds. Coinmama has a help center and support page that offers free crypto and blockchain tutorials.

The nice person on the other end asks you to send him/her the small sign of love in the form of BTC. In these cases, you’ll need to submit additional valid ID, Proof of residence, and Source of funds confirmation. CoinMama limits count all your transactions—both buy and sell—together. Source – Coinmama The Bank Transfer method is available through SEPA transfer in Europe and SWIFT transfer everywhere else. If you don’t mind waiting, CoinMama accepts bank transfer orders of up to 12,000 USD per business day.

So, for those of you looking to purchase Bitcoin, Ethereum, or another cryptocurrency for the first time, Coinmama is a great place to start. To trade cryptocurrency, Coinmama charges a rate that’s based on the market rate of TradeBlock’s XBX Index plus 2%. In addition, there is a commission fee of up to 3.81% on crypto purchases and up to 0.9% to sell bitcoin. In all, Coinmama is great for those who would rather not have to deal with traditional cryptocurrency exchanges and don’t mind paying a little extra get their hands on some coins. They are regarded as an entirely safe, responsible operation that won’t accept your money if they can’t process an order and never require customers to hold funds directly on the site. Coinmama seeks to make buying and selling coins as easy and accessible as possible.

These are just a few of the advantages offered by the exchange. You will also find a step-by-step guide on how to get started with your trading experience on the platform. 68% of retail investors lose money when trading CFDs with this provider.

• Crypto Curious – the initial level, and fees for buying are 3.81% and selling are 3.90%.
• For this reason, among other security measures, Coinmama is safe for anyone looking to quickly buy cryptocurrencies.
• Lastly, Coinmama won’t send your coins until you’ve confirmed your digital wallet address.
• Many clients were satisfied with the selection of cryptocurrencies they offer and the wide range of payment options as well.
• Coinmama immediately notified its users about the incident and had them all change their passwords.

First, it can take the blockchain a few minutes to confirm a transaction. Then, your credit card issuer, or Western Union if using cash, may take up to several hours to confirm payment. Lastly, Coinmama won’t send your coins until you’ve confirmed your digital wallet address. In summary, the following factors will dictate how quickly you will receive your bitcoin. The creators of digital currencies are often independent of the digital currency exchange that facilitate trading in the currency. Customers buy or sell digital currency from digital currency exchanges, who transfer the digital currency into or out of the customer’s DCP account. Some exchanges are subsidiaries of DCP, but many are legally independent businesses.

Coinmama is registered under FinCEN in the US as a money service business. It thus operates under the stringent regulations set out by the authority. As a regulated service, one of the key requirements is a stable security framework for protection of user funds. With this in place, the platform offers significant safety for account holders. A 5 percent processing fee is added to credit/debit card payments. But as noted, Coinmama does not store its customers’ credit card information, and the hackers were only able to obtain email addresses.

• In the past, when you could buy Bitcoins with Western Union, you’d have to wait for a wire confirmation to arrive from Western Union.
• Benson is a crypto enthusiast and content creator with extensive experience covering topics on Bitcoin, blockchain technology, and financial news.
• The exchange aims to provide a fast way to buy crypto assets around the world.
• The group has useful information including relevant FAQs, YouTube content, and discussions about the user experience on the Coinmama platform.
• If you live outside of Europe or the UK, you can buy crypto through a SWIFT bank transfer.

Coinmama is safe, because it never holds customer funds or stores payment information. You always have complete control of your digital and fiat funds. Not all cryptocurrency platforms support credit cards or the use of a debit card but Coinmama does.

In the Level 2 verification process, the traders need to upload a secondary ID and a valid utility bill. There are 3 Coinmama verification levels procedures that the users need to go through for making any kind of purchase. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.

Author: Chaim Gartenberg