Coinmama review Australia 2025 Security & fees

Coinmama is a reputable platform for buying and selling cryptocurrency that’s been in operation since 2013. To ensure the security of its customers, Coinmama does not store your credit or debit card details in its system. Coinmama’s payment system closely resembles Paybis, likely due to outsourcing some of its payment processing to them. The Coinmama web platform sells ETH and BTC to registered users, allowing them to pay with Visa or MasterCard or through a 3rd party service (Western Union). There are 4 verification levels with different lifetime purchase limits. The platform doesn't offer an API or mobile app, but they plan to add other features, such as allowing users to sell cryptos and supporting more coins.

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As a standard we recommend you place your cryptocurrency in cold storage offline by using a hardware wallet like these. This is because these hardware wallet have an excellent track record. There are 3 loyalty levels which you can get promoted to. You will need to maintain this status by meeting a minimum purchase amount over a 90 day rolling period.

Coinmama takes pride in offering one of the most responsive and accessible customer support teams. This is notable because customer service can be a weak point in a lot of fintech services, especially trading platforms and crypto exchanges like Coinmama. While the ability to use credit or debit cards to buy crypto is convenient, it’s not cheap. You can get around this fee by using direct bank transfers which Coinmama doesn’t charge any additional fees for. Coinmama accepts deposits via three main methods, including Visa/Mastercard, SWIFT, or SEPA. 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).

Exchange Fees

Since Coinmama offers a relatively small number of coins to choose from as well as comes with pretty high fees, you should consider another cryptocurrency broker exchange. Yes, Coinmama is a reliable company that comes with robust security and an easy-to-use platform that's suitable even for beginners. The only issue is that Coinmama offers relatively high fees when purchasing coins with fiat money. The easiest way to open an account is to choose and enter the amount of cryptocurrency that you want to purchase, and press Buy.

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. Once Coinmama confirms payment, your newly purchased tokens will be on the way to your secure crypto wallet and should usually arrive within minutes.

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The platform boasts supporting a wide selection of 500+ digital assets for swapping. Coinmama has an excellent track record of keeping users’ funds safe. The platform has had no major security breaches over the years.

You will also need to upload a utility bill or bank statement. Depending on your country of residence, you may also need to upload a selfie. Once you’ve uploaded these documents, a Coinmama employee will verify the information you have provided. Within seconds, you’ll receive a confirmation email in your inbox. Click on the link in that confirmation email to verify your email address. After completing the initial sign-up form, users are required to fill out a second form with their personal information.

In the example below you can see that you enter the fiat currency amount and Coinmama automatically shows how much Bitcoin (BTC) you will get for that purchase. 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.

That means you can sign up for Coinmama, get your documents verified, and buy your first bitcoin in under 30 minutes. I agree to receive newsletters from CryptoVantage and accept the data privacy statement. To apply for the VIP service, click "VIP" and complete the form at the top of the page. The Academy is easy to navigate and written for even the virgin crypto novice. On your account dashboard, you can click the ‘Orders’ button on the sidebar menu to review your orders.

I checked my bank balance, and the cash was in my account. The KYC process begins during the final steps of your first crypto purchase or sale. KYC was immediate after I submitted a clear photo of my government-issued ID, a separate selfie, and completed a brief FCA questionnaire.

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• A maker fee is the fee charged when you propose an order for other traders to take.
• You can use a passport, driver’s license, or national ID document.
• The platform also provides an FAQ section, but it is limited.
• However, it depends on how fast the payment is processed.
• The site doesn’t allow cryptocurrency trading (like a traditional exchange).

Selling via Coinmama proved to be a highly manual process, requiring users to send the crypto directly to Coinmama. The platform provided an address to copy and a QR code for mobile convenience to facilitate the transaction. Coinmama is a financial service business that makes buying digital currency "fun, fast and safe, from anywhere in the world". The interface is designed for beginners to easily, quickly, and securely purchase cryptocurrency that resembles Paybis, a similar fiat-to-crypto exchange we have reviewed.

While credit card payments are easily reversible, cryptocurrency transactions cannot be canceled. Read the Sign-Up Process section of our Coinmama review for the types of ID they accept. While the range of supported fiat currencies is lower than other exchanges, Coinmama has ensured that every user is provided with a viable payment method. Coinmama accepts credit and debit cards, bank transfers, Google Pay, Apple Pay, and Skrill. Unfortunately, while the most cost-effective option, bank transfer payments can take between 1-3 days to complete.

Coinmama Review: Fees

Coinmama has created a help center filled with articles covering how to buy and sell, account security, and the verification process to assist its users with everyday issues. Furthermore, Coinmama coinmama exchange review offers a live chatbot to help users with basic requests. However, users can contact the Coinmama team for less common queries via email.

Based in the UK, he holds a degree in Politics and Social Policy from the University of Brighton. Of this, Coinmama’s fee came to £11.37 or 11.39%, making it the most expensive exchange I’ve reviewed for buying crypto. Buy, sell and trade a range of digital currencies on this high-liquidity exchange – suitable for beginners right through to advanced traders. All centralised exchanges, including Coinmama, are vulnerable to counterparty risks like hacking, theft and insolvency.

Since the user is selling a hard asset and receiving fiat, Coinmama knows that there is no way for the user to reverse the transaction and potentially defraud the brokerage. This platform is not intended to be used for frequent buy and sell orders by advanced traders. Coinmama has actually been targeted by hackers once before but no funds were successfully retrieved, which says something about the security measures the site employs. The site is registered with FINCEN (Financial Crimes Enforcement Network) in the US, which is a rarity in the cryptocurrency space. After completing the payment information, enter your wallet address then click ‘Complete Payment’.

In the next section of this Coinmama review, I will show you how to verify your account. Personally, I’d rather buy digital assets than food anyway. In this Coinmama review, I am going to give you all the information you need before getting started. I will also provide you with a step-by-step guide on how to set up an account, along with some helpful screenshots.

• Learn more about what the platform offers and how the service holds up to its competitors in our Coinmama review.
• A taker fee is a fee charged when a buy order is matched immediately with a sell order on the books.
• Many leading cryptocurrency exchanges provide an online (hot) wallet, but the downside is they have access to your private keys.
• Coinmama is a cryptocurrency exchange headquartered in Israel that focuses heavily on providing excellent customer support and ease of use to its users.
• As a result the transaction of buying crypto could become quite expensive.

Review of the Top Features on Coinmama

It provides the most popular cryptocurrencies available on the platform to purchase. If you currently don’t own any cryptocurrency then the easiest way to buy it is to use a debit or credit card, which is made simple at Coinmama. When you enter your card details and make a purchase with Coinmama, your coins are sent to your private wallet as soon as the payment goes through!