The Coinmama Wallet is accessible through a free mobile app, which doubles as a mobile trading platform and is available on the Apple iOS App Store and Android Google Play Store. This application allows you to send, receive, buy and sell cryptocurrencies. It offers instant Bitcoin and Ethereum transactions, “bulletproof” security and 24/7 customer support. However, the wallet only supports Bitcoin and Ethereum (at the time of writing). Coinmama is an established, straightforward cryptocurrency exchange. It supports a small number of digital assets and doesn’t offer a dedicated crypto wallet.

When you buy, your coins are transferred to your wallet within the hour. When you sell, the USD or EUR cash is deposited directly into your bank account. If you need general help with buying, selling or learning about crypto, you can also check out the Help Center. It’s a comprehensive https://www.tokenexus.com/ database of explainers and resources to help you learn more about how Coinmama’s exchange works as well as how cryptocurrency works more broadly. It’s a great resource for anyone who’s new to the world of crypto. Whichever channel you use, you can expect an answer within 24 hours.

Conclusion – Is Coinmama Legit and Safe?

There are 3 Coinmama verification levels procedures that the users need to go through to make any purchase. The sending limits increase with each level of identity verification. Traders can buy Bitcoin whenever they want, worth up to 30,000 USD.

• To withdraw, you must first translate all your desired crypto into Bitcoin as the firm does not support withdrawals directly from another coin.
• 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.
• Coinmama is an established, reputable, beginner-friendly and easy-to-use platform.
• To open or register an account on Coinmama, follow the below process carefully.
• Since 2013, it has now about 2.2 million active users across 197 countries.
• They recently added an option to sell Bitcoin for Customers in the 37 European countries that are part of SEPA (Single Euro Payments Area).

The exchange is also making serious efforts to reduce brokerage fees as much as possible. No, Coinmama is not a wallet provider, so if you need a place to store your coins, you should check out some of the most recommended cryptocurrency wallets. This exchange platform also allows users to purchase multi-currency made in USD, GBP, EUR, AUD, JPY, and CAD. Everyone who opens a new account with Coinmama starts as a Level 1 user. Once you’ve purchased at least $2,400 in cryptocurrency on the site, you can apply for Level 2 status which has a spending limit of $50,000. We’re proud of our content and guidance, and the information we provide is objective, independent, and free.

Is Coinmama safe and legit?

Co-CEOs and founders Nimrod and Laurence built the company to make buying, selling and holding cryptocurrencies as easy as possible for the masses. NerdWallet’s comprehensive review process evaluates and ranks platforms and companies that allow U.S. customers to buy and/or sell cryptocurrency. Our aim is to provide an independent assessment of providers to help arm you with information to make Coinmama Review sound, informed judgments on which ones will best meet your needs. Our partners cannot pay us to guarantee favorable reviews of their products or services. If you have the option to use a bank transfer (SEPA, SWIFT, Fedwire, FasterPayments, etc.) rather than a credit card, that’s even better since you’ll save 5% in total fees. Coinmama is a reputable company and their support is pretty good.

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. What we’ll do here is to show how much crypto you can buy at the various KYC levels. If you want to know what documents are required to achieve each KYC verification level you can check Coinmama’s website.

Instant Selling of Bitcoin

With an automatic entry into this money-saving scheme, users are treated to the chance of lowering their fees to 25%. Users must sign up for a Coinmama account, verify a purchase, and begin trading cryptocurrency. Coinmama is an Israel-based online cryptocurrency exchange platform to buy and sell cryptocurrencies. It was created to build the most straightforward and easy crypto exchange platform. Since 2013, it has now about 2.2 million active users across 197 countries.

• Users are automatically enrolled in the loyalty program when they sign up, starting at the base level of Crypto Curious.
• You will also need to take a selfie of you holding the ID, which is to make sure you are who you say you are.
• Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
• However, if you’re interested in a range of financial products and services on one platform, BlockFi may be the better option.
• It gives monthly buying and selling limits of $15,000, $50,000, and $100,000 in level 1, level 2, and level 3, respectively.
• NerdWallet’s comprehensive review process evaluates and ranks platforms and companies that allow U.S. customers to buy and/or sell cryptocurrency.