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In some states, it offers service by a third-party partner, and in two states, Hawaii and New York, it’s not available at all. In order to verify your account, you will need to submit some form of identification. This can be anything from a driver’s license to a passport.

Coinmama security measures

If you want to know what documents are required to achieve each KYC verification level you can check Coinmama’s website. When certain information isn’t readily available, a newbie might ask, “What are they hiding?” for example, the website does not list Coimama fees. It’s easy to register an account with Coinmama by entering your email, password and other details required (see below image), and clicking ‘Create Account’. Each section opens to more in-depth details on each subject, so you might be able to get an immediate answer. If not, click on “Connect” at the top right of the page, and you have two options, send an email form or call Coinmama on the telephone. Coinmama is available in 200 countries and has over 3 million users.

• Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgments on which ones will best meet your needs.
• Thankfully, these thieves made off with only email addresses and hashed passwords of older user accounts.
• The exchange offers instant order delivery (when you purchase different coins), multiple payment options, high spending limits, and more.
• Coinmama is a platform that stands out among similar services by selling cryptocurrencies directly to users from their own inventory, not from some third-party seller.
• The site is fully mobile-friendly and easy-to-use, so buying and selling will be just as easy on a phone or tablet.
• However, it accepts orders in all currencies, while noting that exchange fees may be applicable to customers that are purchasing in fiat currencies other than USD or EUR.

Some users lament that Coinmama doesn’t have a crypto wallet, but it’s easy to set up a wallet quickly. You either love or hate them, and there would Coinmama Review be little point as your cryptos aren’t on the Coinmama system. They are in your crypto wallet, which you can probably download to your mobile.

Coinmama Academy

Still, the benefit is that it makes you think seriously about setting up a secure digital wallet instead of taking the easy option. Many leading cryptocurrency exchanges provide an online (hot) wallet, but the downside is they have access to your private keys. Unlike many other crypto exchanges, you cannot trade crypto with Coinmama. There are no staking opportunities, and Coinmama does not have a mobile app or a crypto wallet.

Once the payment details are accepted, the Bitcoin (BTC) is immediately sent to your wallet address. If, for whatever reason, the order aborts, Coinmama reverses the money into your bank account within 48 hours. Depending on the account verification levels, Coinmama provides surprisingly high transaction limits.

Selling Fees

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). It provides users with a platform to purchase Bitcoin and Ethereum using credit and debit cards.

• Coinmama was started in 2013 as a startup in Israel and has since expanded and served over 2m customers in over 180 countries with over 30 employees.
• In addition, Coinmama doesn’t offer a crypto wallet and therefore doesn’t store any of your money or cryptocurrency.
• The same data is also provided for a wide range of coins not offered by the company.
• One of these is Coinmama – a site where you can quickly purchase Bitcoin and Ethereum that we’ve reviewed below.
• Users can click the “Chat” link and search by topic for filed articles.
• The more documentation you provide, the more currency you can buy on Coinmama.

Instead, they normally ask you to deposit using another cryptocurrency (such as Ethereum) that you obviously can’t do if you don’t have any! Deciding which cryptocurrency exchange to use can be difficult as there are hundreds of different options to choose from. However, one of the most popular and favored exchanges is Coinmama. What’s cool about the Coinmama loyalty program is that everyone is automatically enrolled and you don’t have to purchase anything to get involved. 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.

How to Purchase

Also, it is very easy for beginners to buy cryptocurrencies via Coinmama because everyone prefers using cards while buying things these days. If you have any issues setting up your account, the Coinmama support team can help you through the process. The Coinmama Wallet also has instant transactions, 24/7 customer support and an app available for iOS and Google Play. Coinmama charges a fee on every transaction that goes through its exchange.

Personal Finance Insider evaluates company trustworthiness by researching each investment platform’s Better Business Bureau profile. These include Iran, North Korea, Cuba, Syria, and the Ukrainian/Russian Crimea region. More information about Coinmama’s current team and vacations can be found here. Considering that Coinmama has such a beginner-friendly design, it’d be nice to see it improve its educational content. The exchange’s blog has some articles, but many of the crypto education sections haven’t had new pieces published in years.

Should you choose to sell Bitcoin, the crypto can only be sold for regular currency (USD, EUR, GBP, AUD, CAD, and JPY) on the cryptocurrency exchange. There is no way to trade Bitcoin for https://www.tokenexus.com/ other types of cryptocurrency. Their website uses a secure encryption service to keep personal information safe, and no credit card information is stored anywhere in their database.