How to withdraw from Coinmama Step-by-step guide

However, it doesn’t allow crypto-to-crypto transactions; to purchase crypto, you must use fiat currency, such as USD or GBP. Coinmama is an easy, and convenient way to buy and sell cryptocurrencies instantly. Although ideal for novice users looking to get hold of digital currencies, you will need to look for another exchange in order to trade your coins, if you ever need to.

Whether you’re a seasoned investor or a novice looking to dip your toes into the crypto waters, selecting the right platform is crucial. Both Coinbase and Coinmama provide much better security when compared with other exchanges. They have not been involved in any kind of cyber attacks or hacks to date, and as a result, both exchanges have equally gained the trust of the crypto community. Apart from the limits, Coinmama has set a minimum purchase amount of at least 60 EUR/USD to buy cryptocurrencies on its exchange.

Coinmama: A Customer-Centric Exchange

Or, you might be able to start trading after entering your basic contact information. Coinmama has an excellent track record of keeping users’ funds safe. The platform has had no major security breaches over the years. As far as we can tell, Coinmama keeps your information private and does not share it with any third party partners.

However, the site’s FAQ and service desk support documents are reasonably comprehensive and easy to understand.Coinmama has a help center available to users, in addition to a contact form. Reviews of customer service on Trustpilot are good, with many stories of helpful, prompt support. As a peer-to-peer exchange, Coinmama brokers deals directly between buyers looking to purchase crypto with fiat currency and sellers looking to sell their crypto for fiat currency. Bank transfers made through SWIFT, SEPA, and Faster are charged a fee of 20 GBP (roughly $27) for purchases below $1,000 and zero fees for bank transfers of more than $1,000. Coinmama is actually one of the first crypto exchanges in the world to have ApplePay as a payment option.

Locate your desired cryptocurrency from the drop-down menu, set a trading pair and fill out the Coinmama transaction form. You can change your fiat currency from a drop-down menu at the top of the page. Coinmama has numerous FAQ sections so you can learn more about cryptocurrencies and the Coinmama service. The exchange also has a blog with numerous articles about Coinmama and the further crypto industry. Coinmama does not keep financial information saved in its database. Any stored information is fully encrypted and kept on secure services.

• The exchange follows a KYC process, requiring details such as name and address and submission of a valid ID like a driver’s licence or passport.
• Interestingly, Coinmama does not charge fees for crypto deposits or withdrawals, which can be a major advantage for users who plan to move their crypto assets frequently.
• It’s essential to choose a secure crypto wallet and research which one is best for the coins you wish to buy.
• The exchange doesn’t store any kind of users’ sensitive or personal information of on its servers.
• It has established itself as a reputable platform with a range of features that cater to both novice and seasoned investors.

Which cryptocurrencies can I buy and sell?

You might consider a hot wallet (online) or a cold wallet (an offline hardware wallet), which is regarded as “safer” than an online wallet. Unlike other exchanges, cashing out requires manually sending crypto to an address provided by Coinmama, and then receiving funds into your bank account. Coinmama is a desktop-only platform offering a simple and intuitive interface that caters to crypto novices.

Your crypto is sent immediately after both your payment and wallet have been confirmed. Then, Coinmama will tell you how much coinmama exchange review you will receive for that amount (prices include fees). Another nice thing about Coinmama is that the exchange accepts users from a long list of countries. In fact, residents of virtually every country in the world should have no trouble accessing Coinmama. Coinmama doesn’t allow users from sanctioned countries (like North Korea), nor does it accept users from 27 states in America.

Can I use leverage or margin trading on Coinmama?

Coinmama is GDPR compliant, and all personal information and documentation is encrypted. Coinmama does not store credit or debit card details on the website or servers. Coinmama supports users with 24/7 access via email or telephone, which positions it well in the cryptocurrency space when compared to other exchanges.

These regulations require you to provide proof of your identity and address. This helps the crypto exchange to combat fraud and keep your account safe. Once you’ve signed up, you’ll be able to withdraw your coins immediately. If you decide to sell your cryptocurrency, you can easily do so through Coinmama. If you have used Coinmama to buy some crypto, and now you’re wondering how to sell that crypto to withdraw money from Coinmama, this article will help you do that.

Customer Support

If you have been trading on the Coinmama platform and would now like to withdraw your cryptocurrency, you can do so by moving it from the Coinmama platform to an external wallet. If you have been trading on the Coinmama platform and would like to withdraw your cryptocurrency, Coinmama will allow you to do so. What would happen if you submitted a Coinmama withdrawal request but then changed your mind and decided to revoke and cancel your Coinmama withdrawal request?

Once your account is verified, click the “Buy” tab to purchase cryptocurrencies. Enter the amount of fiat currency you want to spend, and Coinmama will show you the equivalent amount of cryptocurrency. Coinmama exchange charges a flat 5.9% fee for every transaction, irrespective of payment method used and cryptocurrency bought.

You may find another exchange with better sale limits if you want to sell other cryptocurrencies. If you are looking for an exchange that offers options trading, try Binance or Coinbase. Since launching 12 years ago, Bankless Times has brought unbiased news and leading comparison in the crypto & financial markets. Coinmama doesn’t charge any additional fees to withdraw coins. If the payment is declined, the charge will automatically void up to 48 hours, depending on your bank’s policy. Providers of financial services are required to collect certain details about their clients.

The exchange supports several fiat currencies, including EUR and USD. Coinmama exchange is a brokerage service which allows users to buy Bitcoins and other altcoins instantly using a credit/debit card. An XBX index is a real-time representation of Bitcoin’s equivalent in USD, which is calculated by an algorithm based on observable trading activity on leading Bitcoin exchanges. The good thing about Coinmama is that it locks the price at the time of purchase. Hence, there will not be any fluctuations after placing the order and users will receive the exact amount of coins when the order was placed.

Coinmama Phone Support

Even though the Instant buy option is available on both exchanges, CoinSpot charges only a marginal fee when compared with the high fees charged by Coinmama. If you don’t live in any of the countries listed under the ‘Excluded’ section, then you can go ahead and create your account on Coinmama exchange and start buying cryptocurrencies. To get Level 1 status, users must upload two documents, namely a valid ID issued by a national government and an image of yourself holding the ID and with a paper note. The note should contain the written word “Coinmama” with the specific date that the photo was taken on.

• For this reason, we’ve excluded it from our ranking and instead provided a review for users seeking these types of services.
• Based on the level, Coinmama sets different purchase limits for Bitcoins or altcoins.
• Before you can create a Coinmama account, you’ll have to verify your email address, phone number, and identity.
• If you have a look at our article on the best crypto exchanges, you will find many excellent platforms.

Keeping your crypto secure

It provides a straightforward way to buy and sell cryptocurrency using fiat, avoiding the complexities of spot, futures, or leveraged trading. During testing, I found the process efficient and the interface clear. To complete my tests, I decided to sell some of the crypto I had just purchased. 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.

First, carefully review Coinmama’s features to decide if you want to make a purchase through the platform. If you want to get started with Coinmama, register for an account on the platform’s website. It’s then just a matter of registering for an account, choosing which cryptocurrency you’d like to buy, completing payment and confirming your wallet address. On the other hand, CEX.io could be more attractive to users valuing security, mobile app availability, and a wider range of supported cryptocurrencies. However, potential users should be aware of the relatively high fees on both platforms. Coinmama is a user-friendly platform for buying and selling popular cryptocurrencies like Bitcoin, Ethereum, and Dogecoin.