Coinmama Review Australia – Features, Pros, And Cons Revealed

Hello readers, if you are in search of an unbiased Coinmama Review Australia you have landed at the right destination

Coinmama is a worldwide online marketplace, that aspires to make the process of trading digital money as simple and uncomplicated as possible for its customers.

Since its inception in 2013, this service has provided assistance to more than 1,000,000 consumers in more than 180 different countries.

Coinmama Review Australia – Is This Exchange Safe To Trade Cryptos?

Coinmama was one of the first Bitcoin exchanges to take credit and debit cards, making it a pioneer in the field of payment processing. Despite the fact that Coinmama is based in Israel, it is registered in Slovakia.

Since its inception, the Coinmama exchange has gained the trust of more than 2,300,000 people in 197 countries around the world.

In this Coinmama Review Australia, we are going to cover its different aspects in detail. 

Exchange Name	Coinmama
Country	Ireland
Supported Currencies	USD, EUR, CAD, AUD, GBP, JPY
Key Features	15 Cryptocurrencies Available High Spending Limits – Up To $30,000 Debit And Credit Cards Accepted
Coins Supported	15
Trading Fee	3.81
Average Spread	–
Payment Type	SWIFT, Bank Card, Google Pay, and SEPA.
Security	Two-factor authentication
Pros	Coinmama delivers coins within minutes of completing the transaction
Cons	No advanced trading tools for Bitcoin
Promotion	15% Commission on referral

What Is Coinmama?

Every day, the need for crypto trading is growing. It eliminates the centralized authorities and gives users full ownership of their assets, resulting in multiple advantages.

If you want to buy Ethereum, Bitcoin, and other cryptocurrencies in an easy, fast, and safe manner, look no further than the Coinmama exchange. One of the most popular ways to buy and sell cryptocurrency is through Coinmama, which is noted for its speed.

Because of its ease of use, reliable customer support, a wide range of supported payment methods, including Apple Pay, and high levels of security, the Coinmama crypto exchange is a popular choice for most Australians.

To purchase or sell cryptocurrencies in Australia, you can utilize Coinmama, a user-friendly platform. Coinmama is a trustworthy and easy-to-use cryptocurrency trading platform. Limited digital assets are currently supported, and a cryptocurrency wallet is not included in the Coinmama cryptocurrency exchange.

Anybody hoping to get their hands on an extensive set of cryptocurrency-related products and services should search elsewhere. With Coinmama, beginners who already have crypto wallets on other platforms may find it easier to buy and sell cryptocurrencies than they would on other exchanges.

Coinmama exchange is available in 188 countries across the world and has been started by Nimrod Gruber, Laurence Newman, and Ilan Schuster in Ireland.

Key Features & Advantages of Coinmama

Coinmama, being one of the world’s oldest cryptocurrency exchanges, has never let its users down. They have always added new features to make trading easier for their users.

Some of the important features are as follows

15 Cryptocurrencies Available

Coinmama in Australia provides users with access to 15 of the most widely used cryptocurrencies in the world today.

• Bitcoin (BTC)
• Ether (ETH)
• Litecoin (LTC)
• Bitcoin Cash (BCH)
• Cardano (ADA)
• Qtum (QTUM)
• Ethereum Classic (ETC)
• Ripple (XRP)
• Tezos (XTZ)
• EOS (EOS) 

High Spending Limits – Up To $30,000

Traders have the option to buy Bitcoin at any time for a maximum of $30,000 USD. In order to purchase Bitcoin on the Coinmama crypto platform, you must have at least $60 USD. Customers are restricted from making purchases if their account balance is less than $60. 

Debit And Credit Cards Accepted

Coinmama users also have the advantage of being able to make use of a variety of payment options. Coinmama exchange accepts Visa and Mastercard credit and debit cards as well as electronic checks.

This makes purchasing cryptocurrency more convenient, as opposed to many other exchanges that do not accept credit or debit card payments.

Who Is Coinmama Designed For? 

A website dedicated to making it simple for people all over the world to purchase cryptocurrency was the starting point of everything.

As a result of the company’s phenomenal growth, people can now purchase more than seven other cryptocurrencies through it, you can buy LTC and XRP, along with other cryptocurrencies.

A user and beginner-friendly website have been developed to facilitate the process of tedious trades, which has completely transformed the way by which trade was being done before.

Can Coinmama Be Trusted?

Coinmama Australia is a cryptocurrency marketplace that has been in operation since 2013, it was founded in 2013 as a legal online cryptocurrency marketplace with a focus on security and privacy.

With a user base of more than 3 million people in over 188 countries throughout the world, it is available in almost all the countries. The wide range of operations and old legacy make Coinmama a trustable exchange. 

Coinmama Fees

In this segment of the Coinmama review Australia, we are discussing different fees that are included in the Coinmama exchange. 

Deposit Fee

The primary deposit fees for Coinmama’s cryptocurrency marketplace are 0-5%, and there are several methods for depositing funds, including Fedwire, SWIFT, bank card, Google Pay, and SEPA. You can quickly deposit funds using any of these methods.

Withdrawal Fee 

The withdrawal fees for the Coinmama cryptocurrency exchange are variable and based on the amount of the assets that are transmitted to the user’s third-party wallet account. It may change from token to token as well. 

Trading Fees 

Trading fees include the blockchain rates, which can be as high as 3.81 percent for a customer’s total purchase. In addition, any cryptocurrency marketplace has a market rate of  0.9 percent for users when selling cryptocurrency that is included in this fee for Coinmama.

Minimum Trade

A minimum of $30 in trading costs is charged by Coinmama’s cryptocurrency exchange for purchasing cryptocurrencies, and a maximum of $100 in trading fees is charged for selling any cryptocurrency on the exchange. 

Coinmama User Interface Experience

Coinmama was established in 2013 and is a cryptocurrency exchange that provides investors with a smooth buying and selling experience when it comes to digital currencies in general.

Nonetheless, it may not be the most suitable alternative for the cryptocurrency enthusiast who is searching for a comprehensive suite of products; instead, it may be the most suitable option if you are merely looking to buy or trade cryptocurrencies without any additional technical hassle. 

A straightforward platform for purchasing and selling cryptocurrencies, Coinmama is easy to navigate and has a straightforward user interface. For other clients, the fact that it is so simple to use makes it an excellent choice for them.

Customers searching for further product offerings, such as bitcoin rewards credit cards or cryptocurrency-backed loans, would be better served to explore elsewhere due to the high fees connected with these types of products and services on the Coinmama exchange. Other than that the smooth operation of trades makes it a user-friendly platform

Does Coinmama Have a Wallet?

Coinmama crypto exchange does not offer a digital wallet service at this time. Coinmama Australia is purely a cryptocurrency exchange, and it does not store any of the cryptos that its users send or receive through it.

In order to initiate a financial transfer, users must have a crypto wallet on their device. Because of this security feature, clients are less exposed to some of the risks that come with holding their money on a cryptocurrency exchange like other major exchanges.

None will be able to retrieve your assets unless you retain or hold any coins at the Coinmama exchange. This adds an additional layer of protection for the users of Coinmama. 

If you don’t have a wallet, pick one from our list of best wallets mentioned below

• Best Ethereum Wallets Australia
• Best Shiba Inu Wallets Australia
• Best Bitcoin Wallets in Australia

Coinmama Security And Safety

Coinmama crypto trading platform provides its users with a high level of protection through end-to-end encryption.

The following measures have been implemented in the Coinmama marketplace: 

• A (KYC) approach to safeguard all user accounts and reduce fraud
• Coinmama users are required to verify their identity by presenting a driver’s license, passport, or another government-issued identification card that is currently in good standing. 
• The use of two-factor authentication is also strongly advised, while it is not mandatory.
• Customer information such as credit card numbers or bank account details are not saved on the Coinmama platform, and the company also provides guidance on how to construct a strong password and username.

Coinmama Pros And Cons

In this segment of the Coinmama review Australia, we are going to discuss some of the key pros and cons of the Coinmama crypto exchange in Australia to assist you to know both sides of the coin. 

Coinmama Customer Reviews And complaints

However, despite the fact that Coinmama Australia obtained a relatively good rating of 4.1 out of five stars from 446 Trustpilot reviews, customers’ opinions of the company are divided on the subject.

A number of Coinmama consumers have voiced their happiness with the company’s customer support department.

But there were two major issues that needed to be addressed before the project could proceed. New clients needed to resubmit identification information more than time in order to authenticate their identity, which was only a tiny number of people.

Many others have complained that their accounts were terminated without prior notification.

Is Coinmama Legitimate?

It is undeniable that Coinmama Australia has been in business since 2013, and that it is an authentic and reliable cryptocurrency exchange and a broker. It is currently available in 190 countries and has provided services to more than 3 million customers to this point. That makes things clear on the legitimacy of the platform. 

Coinmama Contact And Customer Service

The Coinmama crypto exchange team is committed to providing better customer service and a better customer experience to its clients. This includes processing transactions in the quickest amount of time that is reasonably achievable.

As part of its complete customer service center, the new bit ventures platform also has a specialized help channel, which can be accessed through an email dialogue with the company’s people (among other things).

The Coinmama exchange claims to have a response time lower than 24 hours which makes it an ideal exchange for those who are looking for an exchange that can cater to their complications at all times. 

Coinmama Review Australia – Account Setup

There are some of the steps which you need to follow to make the process of trading smooth and easy.

Step 1: Open a Coinmama Account

Creating an account is as simple as entering some contact information, such as your name, address, and email address. You can create an account with the Coinmama platform by going to the sign-up page.

To begin, please provide your first and last name, email address, and country of residence in the fields provided. They will send you a link through email to verify your account. To begin the verification process, click the link. 

Step 2: Verify Identity

If you have all the necessary tools, Coinmama account verification is a straightforward process. Make sure you have the following before you start with the verification process:

•  Passport or driver’s license with a government-issued photo ID. Customers in the United States are only permitted to utilize a driver’s license or non-ID driver’s card for level 1 verification.
•  Coinmama’s name and today’s date written on a piece of paper
•  A functioning camera on a mobile phone.

After submitting these details you can complete the verification process easily. 

Step 3: Deposit Funds / Instant Buy

Enter the Coinmama account you created in step 1, enter the appropriate wallet address, complete the form, and then you will be able to purchase cryptocurrencies immediately. There are a plethora of options for purchasing cryptos.

You can buy cryptos with a credit card, a debit card, a bank transfer, and many more such options are available to traders from the Coinmama exchange. 

Step 4: Storage

Using a paper wallet is one of the most cost-effective ways to safeguard your crypto assets. Bitaddress.org allows you to construct a Bitcoin address and generate an image comprising two QR codes, one of which is the public address that you can use to receive cryptos, and the other of which is the private key, which you can use to transmit cryptos kept at the address. This method can be used if you do not have a hardware or software wallet. 

Coinmama Review Australia: Conclusion

Coinmama was one of the first Bitcoin exchanges to accept credit and debit cards, making it a pioneer in the field of payment processing. Coinmama exchange provides users with access to 15 of the most widely used cryptocurrencies.

High spending limits – up to $30,000 USD can be spent on Coinmama. Acceptance of Visa and Mastercard credit and debit cards as well as electronic checks.

Coinmama Australia does not store any of the money that its users send or receive through it. This means clients are less exposed to some of the risks that come with holding their money on a cryptocurrency exchange like Coinbase.

Customers searching for bitcoin rewards credit cards or cryptocurrency-backed loans would be better served to explore elsewhere.

Hence if you are looking for the mentioned features in a crypto exchange then this Coinmama review Australia will give you a deep insight into the process. 

Frequently Asked Questions

How do I withdraw money from Coinmama?

You can withdraw your money from Coinmama by selling your asset directly to the exchange and then receiving the funds either in your bank account or Coinmama funds. 

How long does it take Coinmama to verify?

Within 30 minutes, their verification team will get back to you and the process of verification at Coinmama will be completed. 

What is the limit of Coinmama?

In the case of Coinmama, the maximum order value is 7,500 USD, and the maximum order quantity for bankcards is 5.

Does Coinmama require an ID?

Verification for Coinmama requires an ID but Coinmama does not require an ID to use the service. To use this service, you must present a photo ID such as a passport or driver’s license.

To your application, attach a selfie with this ID and a handwritten note with the words “Coinmama” and the date.