Coinmama Review For Novice Traders

Coinmama Review For Novice Traders

Traders can use our free service but should do their own due diligence and make their own decisions when choosing an online trading broker suited to their individual needs. Every purchase at Coinmama is transacted in USD or EUR, however the company says it will accept any local currency. It does have the caveat that the user is responsible for any exchange fees that may be charged by their own bank or credit card company. One benefit of Coinmama is that there is no need for you to register your credit or debit card with Coinmama to make a purchase.

If you don’t already have a wallet for cryptocurrencies, you may want to have a look at our guide to creating a wallet. Unlike other exchanges, all of the sales of Bitcoin and Ethereum made by Coinmama are fulfilled by its own stock of coins. This makes transactions far more secure than with many of its competitors. Additionally, Coinmama does not offer its own wallet on the site. Any purchases need to be sent to the users own cryptocurrency wallet offsite. Additionally, the customer support is amazing at their job and provides their services round the clock. Lastly, the wide reach of the platform all across the globe speaks volumes of its success story.

  • It changes when the value of a cryptocurrency changes with time.
  • To buy/sell/exchange any cryptocurrency, you need a trading platform.
  • You could do far worse than Coinmama, and one thing you can be sure of is that they won’t lose your coins.
  • Unlike many other exchanges, there is no need to exchange the fiat currency into crypto using an exchange hosted wallet, which often attracts additional fees.
  • Their privacy policy as well as their Ts&Cs are well-spelled out in a simple language.

Users will be given an opportunity to sell cryptocurrency. The website has a section with a blog where you can find all the news about the work of the exchanger. That’s where the information should appear on the additional functions of the exchange.

Since its launch in 2013, Coinmama has grown into an established cryptocurrency exchange used by over 2,300,000 people across 188 countries. They offer an easy way to trade a wide variety of digital currencies. Clients are provided with a range of trading and learning tools, as well as a client support team. Coinmama is unique among cryptocurrency exchanges in that it provides users a place to buy Bitcoin and Ethereum using credit cards, debit cards and cash . The unique part is that it does not offer any ability to sell cryptocurrencies or to trade cryptocurrencies.

Coinmama will immediately send the coins, but the time it takes to reach your wallet is dependent on network congestion. You can pay for your digital coins’ purchase with fiat money via Western Union, credit and debit cards of Visa and MasterCard brands. Coinmama entered into the digital currency market in 2014 when the possibility of buying BTC with a plastic card is almost zero. At this initial stage, it allowed its clients to pay for BTC via Western Union which increased its popularity. Coinmama is a cryptocurrency exchange that has been in operation in Slovakia since 2013, giving traders access to trade a wide variety of digital assets online.

Let us look into some obvious pros and cons of trading through Coinmama. You will receive a wallet confirmation link in your mail inbox. Select the cryptocurrency you wish to buy and the currency you will pay with. Once you are through with the signing up and verification processes on the platform, log in to your Coinmama account. You do not require to search for a buyer or seller on your own. However, Coinmama’s brokerage fees are slightly more than others, considering it provides you direct service.

Paying with the right brand of a debit/credit is quite simple. Just follow the instruction and complete the payment form. Make a choice of payment method which can be through Western Union or a plastic card of Visa or MasterCard. It also provides a strong support service to make it much simpler for its clients. Working with payments on the internet inevitably requires the use of a secure service. The reviewed project has managed to earn the trust of users and can boast of the security of its website. The latter, by the way, works on Comodo and Trust Guard technologies.

Since the website is pretty secure, you can use your debit/credit card for faster transactions without the fear of sensitive information leakage. In case you wish to purchase a lesser-known coin, you would still need to trade it with a popular coin like Bitcoin or Ethereum. Coinmama is an excellent platform to initiate these transactions. Crypto coins’ transaction can be settled via certain payment methods and each attracts some fees. Similarly, Coinmama charges some amount for trades carried out via its platform. Here, you will find details about these features of the website.

Beginners Guide To Coinmama: Complete Review

The purchase price depends on the current market situation. The system adjusts itself to the exchange rate and offers the purchase of packages for a fixed price. You can buy another crypto quantity or enter a fiat amount that is not less than the cheapest and not bigger than the most expensive packages. Due to the growing demand for cryptocurrencies, new services that offer the possibility of purchasing them for fiat currencies or exchange are constantly appearing. One of these websites, Coinmama, offers such services.

In the following part of our Coinmama review, we’re explaining how to start your account on the platform and get going with it. For buying, Coinmama has a commission fee of up to 3.90%. Also, there is 5% more if you’re using a Credit/debit/prepaid/virtual cards. Coinmama has a presence in almost all countries, leading to an understanding of how popular Coinmama is.

coinmama review for novice traders

Buying Bitcoin and Ethereum is all it does, but it does that extremely well. It may well be the fastest, safest, and easiest way to buy Bitcoin and Ethereum. The project belongs to a subsidiary of New Bit Ventures LTD, which is registered as a service for working with money and has a certificate. The service began its work in 2013 and since then offers services for the purchase of two of the most popular currencies for fiat money using a bank card. The creators of Coinmama were one of the first to offer this method of buying cryptocurrency, which allowed them to quickly take a high position in the ranking of market leaders. The main benefit Coinmama offers over other sites is a very simple and easy way to buy cryptocurrency using a credit or debit card.

Type Of Account has more than 10 million users and provides services in 90+ countries globally. For security, 100% of user crypto is kept in cold storage, while the hot wallets that are used to ensure fast transaction speeds contain corporate funds. Therefore, it may be advisable to choose to have more than one bitcoin wallet. Many investors choose to use individual wallets for each currency to facilitate easier transactions and for added security. This is a written document which details your public bitcoin address as well as the private key which allows you to conduct transactions.

We think not because Coinmama is a secure crypto exchange with a great offering that lets you dive into the world of cryptocurrencies. Coinmama accepts Mastercard or Visa credit and debit cards. It also accepts payments via SWIFT and SEPA bank transfers. It charges zero processing fees via Sofort, Fedwire, FasterPayments, SWIFT, and SEPA. Apart from these, it accepts payment through Apple Pay too. The prices are of the denominations USD, EUR, AUD, GBP, JPY, or CAD. While the ability to send cash payments through Western Union is great, and the use of credit and debit cards is convenient, the lack of other payment methods can be frustrating.

This avoids the confusion that could occur if clients were to receive a different amount of coin than they expected, simply because of fluctuating prices. If an order is aborted for any reason the Coinmama system voids the payment and it is refunded to the customer account within 48 hours. If you require faster verification for some reason simply contact the Coinmama support team and they will attempt to expedite your verification request.

Some Coinmama features and products mentioned within this Coinmama review may not be available to traders from certain countries because of legal restrictions. The broker does not offer its services to residents of countries or jurisdictions where the use of such services would be contrary to local laws or regulations. Despite the downsides there are still some positives for using Coinmama. One very positive factor is that it forces users to learn to setup their own digital wallet and to make it secure. Putting that aside, Coinmama is distinctive in that it has never had a security breach. The exchange is also growing slowly and steadily, and has registered in the U.S. as a money service business with the United States Treasury Department Financial Crimes Enforcement Network .

Only proceed if you fully understand and agree to them. Clients are provided with a range of useful trading tools that are designed to enhance their trading process, such as the Bitcoin Calculator. The views expressed on this blog are based on personal opinion and experience, and should not be considered as professional financial investment advice. For our live charts & news, we’re using the awesome APIs from CryptoComapreandCryptopanic. You can also use Coinmama in many European countries as well as across Asia and in Central and South American countries.

A private key is a secret number attributable to a specific bitcoin which is saved in the wallet of the purchaser. Founded in 2012, Bitfinex was one of the first professional platforms set up to accommodate for the booming interest in cryptocurrency trading. Secondly, Enter your wallet address to where you want purchased coins to be transafered. Furthermore, exchanges ease trading; you can easily place orders and transfer funds between your wallets and exchanges.

Coinmama operates in the United States of America as money service business registered under FINCEN. The business is not very much exposed to cybercriminal attacks because it does not keep digital coins for its customers. Coinmama has not encountered any security leak even though it is still a small trading platform in the cryptocurrency industry. The network is gradually and continuously gaining ground and establishing their market share.

Conclusion And Final Thoughts: Secure Crypto Exchange

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. All providers have a large percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Trading Brokers have spent thousands of hours researching and conducting in-depth analysis on hundreds of online trading brokers. Coin mama offers one live trading account for trading on their website.

It is one of the few platforms where you can safely transfer funds via credit/debit card. The result is instantaneous; hence we feel the fee is logical. However, Coinmama is working on a strategy to reduce its fees further. Of course, you have the loyalty levels to reduce your fee amount. TradingViewis a dedicated platform for providing technical analyses to cryptocurrency traders. The website offers an advanced user interface with brilliant charting tools that is convenient for traders to exchange their trading ideas.

Since then, it has grown its reach to about 188 countries and more than two million happy customers. Coinmama is headquartered in Israel by New Bit Ventures while holding its registration in Slovakia. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. They steal your personal information and use it for fraudulent activities.

This fee is included in the price that is quoted to you for the Bitcoin and Ethereum on the Coinmama platform. In addition to that transaction fee, you’ll be charged an additional 5% when using a credit or debit card for your purchase.

Fees And Charges

As the original wallet, it’s ideal for beginners as they get started with bitcoin and blockchain technology. When you send crypto from the DeFi wallet, you can decide the speed you want it to be sent, and the relevant network charge for use.

It does not save your credit card data on their network. Thus, the possibility of your personal details being disclosed or going into a wrong hand is very slim. The same could be said of your account login credentials. Coinmama accepts customers from many nations and it’s likely to have the highest coverage than any other digital coin trading network. Membership is not available for people from sanctioned countries.

Note that your credit/debit card address must match the address on your Coinmama account. The fees will depend on the payment method and the “loyalty levelfor buying a currency.” The prices shown on the website are based on XBX +2% standard deviation. If you wish to transact through debit/credit/virtual/prepaid cards, an extra fee is added to your order amount. For instant delivery and transactions with a locked crypto rate, the website charges an additional express fee of 5%. It implies that your information does not get saved by Coinmama.