Coinmama account opening

Welcome to the ultimate guide on opening an account with Coinmama!

If you’re looking to buy, sell, or trade cryptocurrencies with a straightforward, user-friendly platform, you’ve come to the right place. In this article, we’ll walk you through the entire process of setting up your Coinmama account—from initial registration to full verification. Whether you’re a crypto newbie or an experienced investor, you’ll find all the information you need to get started smoothly and securely.

Let’s dive in and get you trading in no time!

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Quick overview of how to create coinmama account

First of all, click on the button to start the account opening process.

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  1. Account Creation: Go to the Coinmama sign-up page, enter your name, email, and country of residence. Confirm your email to activate the account.
  2. Personal Information: Complete the personal details form with your address, phone number, and date of birth.
  3. Verification Process: Upload your government-issued ID, and a selfie holding the ID along with a piece of paper that has “Coinmama” and today’s date written on it. This is mandatory as part of the KYC process.
  4. Availability: Coinmama is available in most countries except sanctioned regions like Iran, North Korea, and specific US states like New York and Hawaii.

Step-by-step video on how to create an account on coinmama

Here’s the detailed step-by-step process on how to open an account on Coinmama:

Step 1: Create Your Account

  1. Visit the Coinmama sign-up page and click on the “Sign Up” button.
  2. Enter your first and last name, email address, and select your country of residence.
  3. Set a strong password for your account and accept the terms and conditions.
  4. You will receive a confirmation email from Coinmama. Click the link in the email to verify your account and proceed to the next steps.

Step 2: Fill in Personal Details

  1. Log in to your new account and navigate to the “My Account” section.
  2. Complete your profile by providing additional details such as your date of birth, phone number, and full residential address.
  3. These details are necessary to comply with Coinmama’s KYC (Know Your Customer) requirements.

Step 3: Verify Your Identity

  1. Select the type of ID you want to upload, which can be a passport, national ID card, or driver’s license. U.S. residents can use a driver’s license or a non-driver’s ID card for verification.
  2. Upload clear photos of both the front and back of your ID. Ensure all four corners are visible, and the image is not blurry.
  3. Take a selfie holding your ID and a piece of paper with “Coinmama” and today’s date handwritten on it. This helps prevent fraud and confirms that the ID belongs to you.
  4. Submit your documents for verification. Coinmama typically reviews and approves accounts within 30 minutes to a few hours.

Step 4: Complete Email Verification

  1. After submitting your documents, you will receive an email for further verification.
  2. Click the “Confirm Your Email” link in the message to finalize your account verification.

Step 5: Start Trading

  1. Once your account is verified, you can begin buying and selling cryptocurrencies.
  2. Link a payment method (such as a credit/debit card or bank transfer) and provide your digital wallet address where purchased cryptocurrencies will be sent.

Different Types of Accounts on Coinmama

Coinmama offers three levels of accounts, each with its own verification requirements and transaction limits:

  1. Level 1 Account:
    • Verification Requirements: Basic verification requiring a government-issued ID (passport, driver’s license, or national ID card) and a selfie holding the ID along with a piece of paper stating “Coinmama” and the current date.
    • Limits: You can buy up to $15,000 worth of cryptocurrency. Daily limits are $5,000 for credit cards and $12,000 for bank transfers, with a monthly limit of $15,000.
    • Usage: Ideal for beginners or users making smaller transactions.
  2. Level 2 Account:
    • Verification Requirements: In addition to Level 1 requirements, you need to provide a secondary ID (such as a utility bill) and proof of residence.
    • Limits: Increases the buying limit to $50,000. Daily limits are $5,000 for credit cards and $30,000 for bank transfers, with a monthly limit of $30,000.
    • Usage: Suitable for more frequent or higher-value transactions.
  3. Level 3 Account:
    • Verification Requirements: Requires further documentation and direct contact with Coinmama’s support for a more personalized review process.
    • Limits: Provides the highest transaction limits with no cap on account purchases. Daily limits are $7,500 for credit cards and $30,000 for bank transfers, with monthly limits of $40,000 for credit/debit cards and $100,000 for bank transfers.
    • Usage: Best for high-volume traders and those needing greater flexibility in transaction sizes.

Minimum Deposit on Coinmama

Coinmama does not require a minimum deposit to open an account, as it operates differently from traditional exchanges. Instead of holding funds, Coinmama allows you to directly purchase cryptocurrencies using various payment methods, such as credit/debit cards, bank transfers, Apple Pay, and more.

Key Points:

  • No Minimum Deposit: Coinmama does not hold client funds, so you do not need to deposit money into the platform. You buy cryptocurrencies directly with your payment method, and the purchased coins are sent immediately to your personal wallet.
  • Minimum Purchase Amount: The minimum purchase amount is based on the value of the cryptocurrency. For Bitcoin, for example, the minimum amount is typically around 0.1 BTC, but this may vary slightly based on market conditions and Coinmama’s policies.
  • Fees: Purchases using credit or debit cards incur a 5% express fee, while SEPA and SWIFT bank transfers generally do not have additional fees for orders above $1,000. However, there might be a fee of about 20 GBP for SWIFT orders below that amount.

Countries That Can and Cannot Open an Account

Supported Countries: Coinmama is available in over 190 countries, making it widely accessible for most users globally. This includes most of North America, Europe, Asia, Australia, and parts of Africa and South America. If your country is not on the prohibited list, you are likely eligible to open an account with Coinmama.

Prohibited Countries: However, Coinmama does not operate in certain regions due to regulatory restrictions. These include:

  • Sanctioned Countries: Iran, North Korea, Cuba, Syria, and Crimea (region in Ukraine).
  • U.S. Restrictions: Residents of New York and Hawaii are prohibited from using Coinmama due to local regulatory requirements.
  • U.S. Embargoed Countries: Any country or territory under U.S. embargoes.
  • Specially Designated Nationals: Individuals on the U.S. Treasury Department’s Specially Designated Nationals List or the U.S. Commerce Department’s Denied Persons List are also restricted from using Coinmama.

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