Currently there are three levels to the loyalty program that we’ll talk about in this Coinmama review. While Coinmama has never actually been affected by a hack that led to a loss of cryptocurrency, they have been hacked. Early in 2019 an attacker was able to make off with about 450,000 email addresses and passwords from the exchange, some of which eventually turned up on the dark web. For example, if someone wants to buy Bitcoin and BTC is currently trading at $10,000 then the market rate for the sale on Coinmama will be $10,200. First, it allows Coinmama to make a higher profit on each purchase. For instance, as this article was being written Bitcoin appreciated in price by more than 10% in about 1 hour.

Is Coinmama safe?

Coinmama is strictly a crypto exchange and doesn’t hold user funds on its platform. Users must have a crypto wallet to initiate a transfer of funds. This security feature removes some of the risks users are exposed to when using a platform to store their funds. Unlike most cryptocurrency exchanges, Coinmama is designed like an instant crypto swap service rather than a trading platform.

• The platform has a small number of popular cryptocurrencies available, notably established cryptos like Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC), and stablecoins USDC and USDT.
• Here is a list of other top exchanges you can check out and compare.
• It’s good to note that the Coinmama team responds considerately to every Trustpilot review.
• I’m a beginner in the bitcoin land, I opened an account with Coinmama, gave a wallet address and my coins disappeared.
• To purchase Bitcoin using credit or debit cards, Coinmama doesn’t require users to register their credit or debit card in order to purchase cryptocurrency on the exchange.

Are There Any Fees?

For instance, some other exchanges offer discounts on trading fees but in order to qualify for the discount you first must purchase some of their exchange token. A derivatives exchange offers products like futures or options. These allow traders and investors to bet on future prices. Derivatives exchanges also commonly have leverage which allows crypto traders to use margin to take out a larger position. The most famous crypto derivatives exchanges is Bitmex which offers up to 100x leverage. Once you have completed the payment details, complete the transaction.

Coinmama Ratings at a Glance

For beginners it might be good to have help from customer service. Since they are not familiar with exchanges and need a helping hand. You can of course offset the cost if you are eligible for their loyalty program. We will cover the loyalty program further down this Coinmama review. You can also transfer larger sums of money by using bank transfer. You have a choice of various deposit methods to buy cryptocurrency.

• The easiest way to open an account is to choose and enter the amount of cryptocurrency that you want to purchase, and press Buy.
• When you place a buy order, you need to provide a wallet address to receive the cryptocurrency.
• However, if you’re looking to trade cryptocurrency with other individuals, Coinmama won’t be the right crypto investing website for you.
• Yes, Coinmama is a legitimate place to buy cryptocurrencies and sell bitcoin.
• Documents uploaded to Coinmama for verification tend to be processed within a few hours during business hours, with longer processing times to be expected during evenings and weekends.

Coinmama Review: Customer Service

Today they took money from my account and didn’t complete transaction. They said I needed verification and my account is disabled. Altogether Coinmama is a reliable, established exchange Coinmama Review and definitely one of the better platforms for the purchase of crypto. With the Coinmama loyalty program everyone is automatically enrolled, you don’t have to sign up for anything.

How do I withdraw money from Coinmama?

Coinmama Development And Growth

• Users must have a crypto wallet to initiate a transfer of funds.
• The Coinmama commission on a $1,000 sale is $55 and 15% of that commission goes to the affiliate.
• While the platform experience is simple, certain assets do require a minimum purchase amount.
• There is a USD15,000 limit on the purchase of cryptos by credit or debit card.
• The final trade fee is displayed before the transaction is confirmed, making it simple for users to see a cost breakdown before buying.