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Coinmama Cryptocurrency Exchange Platform in Singapore
Background Information About Coinmama
Coinmama is a cryptocurrency exchange platform that provides a fast, safe, and fun way to buy digital currency anywhere in the world. Coinmama was founded in 2013 by Ilan Schuster, Laurence Newman, and Nimrod Gruber. It boasts of having more than 2.7 million customers across the world. The company is known for a wide range of payment options, including the ability to purchase cryptocurrencies with Visa or Mastercard debit/credit cards. Coinmama promises to deliver the simplest financial service in the simplest possible language that customers understand, backed by top-quality customer service. It is a leading cryptocurrency exchange in Singapore.
Table of content
Pros
- Available in 180+ countries
- More than 2.7 million customers
- Active since 2013
- Multiple payment options
- Quick and easy transactions
Cons
- Higher fees
- Has limits on transactions
- Offers only 10 cryptocurrencies
- Limited advanced trading features
How to get a verified account to buy cryptocurrency online at Coinmama in Singapore?
Before you start to create a verified account on Coinmama, you need to have the following:
- Any Singapore government-issued identity card like a passport or driver’s license.
- A slip of paper on which you have to write “Coinmama” and today’s date
- Mobile phone with a camera
Step 1: Creating your account in Coinmama from Singapore
- a) Visit the official website of Coinmama and click on the “Sign-Up” button.
- b) After clicking on the “Sign-Up” button, you will be redirected to the sign-up page. Here, you have to email address, country of residence (Singapore), and create a password.
- c) You will receive a confirmation email from Coinmama to the registered email address. Open your email inbox and click on the “Verify Email” link in the email you received to start the verification process.
Step 2: Adding personal details to your Coinmama Cryptocurrency Account
In this step, you have to add your details like name, residential address in Singapore, phone number, date of birth, among other details. After filling, the requested details, click on the “Next” button.
Step 3: Uploading your documents
Now, you have to choose the ID type you want to upload based on your country of residence (Singapore). You have to take a photograph of the front and backside with your phone camera ensuring that all the image and text is clear and that all four corners are visible, then upload them to your account.
After this, write “today’s date” and “Coinmama” on a slip of paper. Now, hold the paper slip and ID you have uploaded, and take a photograph of yourself. You have to make sure that your face, paper slip, and ID are visible. You can now upload the selfie/photo to your account. Now, click on the “Send for Approval” button.
Once your documents are uploaded and sent for verification, the verification team from Coinmama will review your form and documents, and if everything is correct, you’ll be approved to buy crypto online with Coinmama. The process may take a minimum of fifteen minutes; however, may get delayed in some cases.
Bonus
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How to buy cryptocurrency at Coinmama from Singapore?
To buy cryptocurrency at Coinmama, you need to follow the below steps:
- To buy crypto, you have to sign in to your account and choose the crypto (Bitcoin, Ethereum, etc.) you want to buy, and then choose the currency you would like to pay with.
- Next, you have to select one of the cryptocurrency packages offered by Coinmama, or else you can enter a specific amount you’d like to buy, and then click on the “Buy Now” button.
- Now, you have to enter your wallet address from the third-party wallet provider of your choice.
- After this, you have to select your payment method. You have the option to buy cryptocurrency with a credit/debit card or directly from your bank account.
- Now you have to confirm your wallet address to receive coins. Here, you have to check for the wallet confirmation link received in your email inbox and click on it if the wallet address is correct.
Once your payment is approved, and the wallet address is confirmed, you’ll immediately receive the coins in your wallet. If you want to check the status of your order, then have to visit the “My Account” tab.
Free quently asked questions
1Is Coinmama Cryptocurrency Exchange Platform legit?
Yes, Coinmama is a legitimate company that employs robust security for securing the digital assets of customers. The company is also a regulated entity that is registered as Money Service Businesses with FinCEN.
2Can I use a credit card to make purchases on Coinmama Crypto Account?
Yes, Coinmama allows you to purchase virtual currency with any Visa or MasterCard credit/debit card.
3Are there any transaction fees on Coinmama Cryptocurrency Exchange Platform?
Yes, Coinmama enforces fees based on the XBX + 2% market rate. Additionally, it also charges a commission fee of up to 3.90% on buy transactions and up to 0.9% on sell transactions. For debit/credit card users, it adds a 5% momentum fee; however, for SEPA bank transfer, there is no additional fee. For SWIFT bank transfers, there is a minimum fee of 20 GBP on orders below US$1000 and no additional fee on orders above US$1000.