Coinmama is a functional platform for buying and selling cryptocurrency. However, it lacks features like a comprehensive crypto discovery tool, and some information is inaccessible from the main navigation. It asks for details like your address and ID proof (passport or driver’s license) and lets you switch to your phone for a photo if needed. It also includes a preference check that takes several face photos. Similar to most UK-compliant exchanges, Coinmama asks questions to confirm your understanding of crypto risks before allowing you to complete the transaction. After Coinmama has received your Coinmama withdrawal request, you will receive a confirmation email regarding the status of your Coinmama withdrawal within two business days.

Verification

• If you wish to sell your Bitcoin in the US, of if you want to sell other cryptocurrencies that you purchased from Coinmama, you will need to follow a different set of instructions.
• However, it is a secure platform that has successfully helped over 3 million users purchase digital assets in 188 countries.Coinmama is more of a brokerage than a crypto exchange.
• In our guide here, we will use screenshots from a Kraken account, our top recommendation for selling crypto.
• You’ll pay 0% deposit fees with SWIFT or SEPA and a 5% deposit fee with Visa/Mastercard (all cryptocurrency purchases on Coinmama are also subject to a 5.90% exchange rate fee).
• You choose your crypto from the drop-down list, enter your wallet details and pay with your preferred method.

Coinmama makes a solid choice for traders looking to trade crypto as it has a sleek, easy-to-use interface, signing up is straightforward, and most of its processes are simple. It offers a vast collection of cryptocurrencies to trade, and users can also earn staking rewards, among other things. Coinmama registered users can request support through email, phone, live chat when available. Support options are available through the Coinmama website and apps.

This is easy to do, and there are only six easy steps to follow, which I will expand on below, with screenshots. The steps to sell Bitcoin and withdraw money to your bank account are simple. Log in to your Coinmama account, and click on “Sell” in the menu on the left.

If you have any inquiries or concerns, please get in touch with the Coinmama support team so that they can assist you. After signing up to Kraken, you should see the verification process. To deposit crypto, sell crypto, and withdraw your money to your bank account, you will need at least “Intermediate” level verification. If the verification process did not begin automatically, click on your name in the top right corner, and click “Get Verified” as shown in the screenshot below.

How to Buy Ethereum (ETH) on Coinmama

Although Coinmama has a vast variety of altcoin choices for beginner investors to interest themselves in. Those seriously wanting to trade in altcoins may not find a good selection there.

Founded in 2013, Coinmama boasts a three million-strong member base in over 188 countries. Unlike other exchanges, users buy crypto from Coinmama’s own inventory using their personal digital wallet funds. After you receive level 1 verification, you can increase your purchase limit and daily transaction limit by getting coinmama exchange review level 2 verification.

• Coinmama offers numerous customer support options, including email, social media, phone, and chat.
• As Coinmama’s fee structure is unclear, I wanted to test the fees for each of the above payment methods with $1000.
• You can change your fiat currency from a drop-down menu at the top of the page.
• Coinmama also has a “Help” section for less complicated issues.

This involves providing personal information like your name, address, and email to ensure account security. Unlike Coinmama, CoinSpot allows users to store cryptocurrencies on the multi-coin wallets provided by the exchange. CoinSpot is mainly devoted to Australian users, with little attention given to users from the rest of the world. Coinmama, on the other hand, provides its service to all parts of the world with minimal restrictions. Coinmama exchange allows the customers to use any of the payment methods listed below depending on their geographical location. It is important to note that the price will be locked only when the exchange receives your money and not at the time of placing the order.

Coinmama Trading View

As mentioned previously, it displays inaccurate information on fees, leading me to believe some of the content is outdated. The crypto swaps tool supports 500 tokens — well beyond the 82 tokens available on the main exchange. It operates without requiring an account or KYC and is accessible regardless of geographical restrictions, so it was odd it was not accessible through the main navigation while logged in. Coinmama’s £5.69 fee for a small sale of just £23.69 felt excessively high for such a small amount, a 24.06% fee! I appreciate the concept behind Coinmama, but its high fees make it an exchange I wouldn’t personally use. Coinmama makes it simple to get your money out of the Coinmama platform.

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 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 is excellent for beginners because it is easy to use.

After verifying your account, select a cryptocurrency and connect your wallet. As soon as a purchase is made, the currency is instantly transferred to a wallet or bank account selected at the time of the transaction. In addition to this, Coinmama also offer credit and debit cards as deposit methods (VISA & Mastercard) and bank transfers (Faster Payments (UK), Fedwire, SEPA, Sofort, and Swift). Coinmama is ideal for beginner crypto users seeking to buy their first bitcoin.

Security and Transparency

First, check that you are signed in to your Coinmama account, and then continue on with the steps below. Click the “Reverse” button whenever you are presented with the Coinmama withdrawal that you wish to cancel. After that, verify that the Coinmama cancellation request was successful, and after that, click the “click here” link to view your Coinmama withdrawal history. Coinmama will send you an email to let you know that they have processed your withdrawal request once you have submitted the Coinmama withdrawal request form. Your Coinmama withdrawal method may also have daily limits of 10,000 to 50,000.

You will see a string of characters, which is your Kraken deposit address (covered by green rectangle in screenshot below). Copy the deposit address by clicking the blue ‘Copy deposit address’ button at the bottom. If you prefer to scan the QR code of the deposit address, you can also do that. The Coinmama app can be found on the Play Store on all Android devices, offering the same features as the desktop website. The Coinmama app can be found on Apple’s App Store on all Apple devices, offering the same features as the desktop website. Liquidity also allows for significant transactions without any problems.

Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Coinmama’s mobile app is free to download for Android and easy to use. The app lets you purchase crypto coins at your own convenience, offering the same features as the desktop version. Coinmama offers a loyalty program to reduce fees for regular users. If you make $5,000 in purchases within 90 days, your sales fee is reduced by 12.5%; $18,000 in 90 days or an overall purchase of $50,000 gets a 25% sales fee reduction. Once you buy coins from Coinmama, those coins are in your personal wallet.

Is It Possible for Me to Cancel My Coinmama Withdrawal Request?

Master The Crypto is a user-first knowledge base featuring everything bitcoin, blockchain and cryptocurrencies. The MTC resource center aims to bridge the gap by featuring easy-to-understand guides that build up and break down the crypto ecosystem for many. Coinmama offers two factor authentication (2FA) and we highly recommend setting it up. Coinmama can send a request to Google Authenticator on your phone to verify your identity.

Yes, we are going to sell your crypto, but this is the quickest way to get to the sell crypto screen. As you can see in the screenshot below, the “Sell” button is there under the Account Balance and the “Buy” button. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. The overall interface is brilliant and easily navigable, with a search bar that lets you explore the crypto offerings available at Coinmama. However, it also offers an online help centre with answers to a wide range of frequently asked questions.