You can use any payment method for purchases but cannot use bank transfer, debit or credit card, Google Pay, SEPA Instant or SWIFT for selling cryptocurrencies. Coinmama’s payment system closely resembles Paybis, likely due to outsourcing some of its payment processing to them. When you withdraw money from Coinmama using certain payment methods like a credit card or bank account, you might be subject to additional fees that are not from Coinmama. Coinmama’s VIP service offers personalized support for institutions, businesses, and high-net-worth individuals seeking to place large crypto orders. The Coinmama exchange doesn’t store users’ personal information, such as credit card details or the supporting documents on their servers. Since the exchange doesn’t store the coins, users must take extra precautions, such as ensuring that they provide a valid wallet address to receive their cryptocurrencies.
Coinmama doesn’t charge any fee for SEPA transfers, however, it does for card payments. To make comparing even easier we came up with the Finder Score. Supported coins, account fees and features across 28 cryptocurrency trading platforms are all weighted and scaled to produce a score out of 10.
While Coinmama offers an essential service, there are areas where it could improve. The website could provide more detailed information, especially regarding fees. The tutorials could be updated to reflect current market conditions. While Coinmama has implemented security measures, more transparent information about its practices would be beneficial. Coinmama, one of the world’s oldest Bitcoin Broker, has its headquarters located in Slovakia. It is owned by NBV International (the daughter company of New Bit Ventures Ltd).
Terms of service and privacy policy
Coinmama’s crypto search feature is quite basic, consisting only of a simple search bar. Unlike platforms such as YouHodler or Gemini, which provide categorized listings of popular or different types of cryptocurrencies, Coinmama lacks this functionality. This is unfortunate, as discovery tools are valuable for crypto beginners to explore and identify the coins that best suit their needs. With offices in Israel and Canada, Coinmama focuses on simplifying cryptocurrency purchases for beginners. After a 2019 data breach, it strengthened security and continues to serve a global user base with an emphasis on safety and ease of use. However, if the Coinmama withdrawal status displays as “In Process,” then Coinmama are unable to assist you and you will need to get in touch with the Coinmama customer support team.
Dealing with an unregulated company like Coinmama increases the risk factor of your money. Once the money is deposited with it, it stops responding to the queries.. Therefore, we do not recommend you to invest money with Coinmama. Scammers employ persuasive tactics to convince you to make an initial minimum deposit. They entice with promises of doubling the deposit within 24 hours and similar claims.
Paybis
- Coinmama is a financial service business that makes buying digital currency “fun, fast and safe, from anywhere in the world”.
- Our news coverage spans the whole crypto-sphere so you’ll always stay up to date — be it on cryptocurrencies, NFTs, ICOs, Fintech, or Blockchain.
- When you click on the cryptocurrency that you want to send to Kraken, you will see a deposit screen like the one below.
- Type in how much of your crypto you wish to sell, or you can simply select the “MAX” button, which will sell the total amount.
- When your request for a withdrawal has been completely handled by Coinmama, you will be notified of this via email.
When you click on the cryptocurrency that you want to send to Kraken, you will see a deposit screen like the one below. Click on the “Generate deposit address” button (circled in red in the screenshot below) to create a wallet address to receive the crypto in your Kraken account. If you want to sell Bitcoin outside of Europe, or if you want to sell any of the other cryptocurrencies you have, you won’t be able to do it directly using Coinmama. Instead, you will have to open an account on a different crypto exchange.
What Are The Deposit And Withdrawal Fees, Limits, And Speeds?
While there are a few negative comments, they often stem from misunderstandings about KYC requirements. As one of the world’s largest Bitcoin brokers, Coinbase has built itself quite the reputation within the cryptocurrency market. It’s available in most countries worldwide, including the US & UK. Security is second to none and its reputation is a force to be reckoned with. Every cryptocurrency exchange will have its own fee structure and limits. Coinmama lets you sell your Bitcoin on the platform as long as you have a SEPA bank account.
The Actual Accumulation of Coinmama Funds
You have sold your Kraken for fiat currency, and the last thing to do is withdraw money from Kraken to your bank account. In your Kraken account, click on “Funding” in the top menu, then next to your fiat currency (in our case, US Dollar), click the Withdraw icon (shown by the red arrow in screenshot below). To open an account at Coinmama, the first step to get started is to provide your name, email address, password, and the state you live in. Once you log in, you will be asked to provide your number and verify it.
You already paid Coinmama’s high fees, so there’s no need to pay additional fees to withdraw those funds again. coinmama exchange review Those funds in your personal wallet can be transferred to another exchange to be sold and withdrawn, if you choose to do so. However, you can only sell bitcoin, and money can only be transferred via SEPA to European banks. If you bought crypto via credit or debit card initially, then you’ll need to sell bitcoin using another exchange. You’re buying and selling crypto directly to and from Coinmama.
- Using Coinmama exchange, you can buy any of the top cryptocurrencies, including BTC, ETH, ETC, LTC, BCH, and XRP.
- Many leading cryptocurrency exchanges provide an online (hot) wallet, but the downside is they have access to your private keys.
- Coinmama provides its cryptocurrency wallet, but traders can bring their wallets.
- To make comparing even easier we came up with the Finder Score.
- Nonetheless, Coinmama remains a decent option for novice traders and individuals interested in buying and holding crypto for the long term.
It has customer-focused values, endeavouring to put the customer first. They describe the platform as the “friendliest exchange in the world”, and the team page only lists first names, which is a nice touch. The platform also provides an FAQ section, but it is limited.
Main Features
Coinmama is an Israeli/Slovakian cryptocurrency exchange, best known for its long-term offering of “buy bitcoin with credit card and debit card”. Over the years they’ve added more crypto coins and additional methods of payment such as SEPA and Swift bank transfers, making it really easy to buy bitcoin. Coinmama also offers high spending limits and verifies accounts quickly. Moreover, they claim that once a payment is approved, the coins are sent instantly. Coinmama also offers highly professional and friendly customer support. The first step is to choose a crypto exchange that is secure and supports the sale of cryptocurrencies, and withdrawals of fiat currency.
On these transfers, you’ll pay 0% to deposit money into the platform, although you’ll still pay the unavoidable 5.9% exchange rate fee. Coinmama is a non-custodial exchange, so it never holds your crypto or your money. You cannot transfer money from Coinmama to your bank account, because Coinmama does not have any of your money. When you purchased crypto on Coinmama, your crypto was sent directly to your external crypto wallet.
Coinmama Trading View
As long as you have a verified Coinmama account, you are able to submit a request for a Coinmama withdrawal. On your Coinmama account dashboard, the box next to your username ought to be checked. Log in to Coinmama to check if your account has already been validated and to see if you have any pending account verification documents that Coinmama still requires. Coinmama supports the Simplex, Paybis withdrawal methods depending your region.
The company allows users to set up 2-factor authentication, SMS alerts and other account security measures.Insurance. Coinmama has no insurance, because it doesn’t store user funds. Master The Crypto is a financial publisher that does not offer any personal financial advice or advocate the purchase or sale of any security or investment for any specific individual. Members should be aware that investment markets have inherent risks, and past performance does not assure future results. MTC has advertising relationships with some of the offers listed on this website. MTC does attempt to take a reasonable and good faith approach to maintaining objectivity towards providing referrals that are in the best interest of readers.
If you have a look at our article on the best crypto exchanges, you will find many excellent platforms. In our guide here, we will use screenshots from a Kraken account, our top recommendation for selling crypto. Kraken accepts 200+ cryptocurrencies, you can easily sell crypto and withdraw fiat to your bank account, and there is 24/7 live chat support too.