Area Where Coinmama Works

coinmama-review

Coinmama is a crypto exchange platform that offers a safe and quick way to buy and sell the most popular cryptocurrencies. It was founded in 2013 and the first platform to allow purchases using a credit card.

Because of its easy-to-use interface, it’s great for beginners. You can easily purchase crypto using fiat (paper) currency, which then goes directly to your personal wallet, allowing you complete control over your funds. You will also find attractive features like multiple payment options and high spending limits.

This review will cover the basics of what you need to know about Coinmama. Continue reading to discover if Coinmama suits you.

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Before you continue, you may want to watch this video by Bitcoin Made Easy on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.

Pros Area Where Coinmama Works

  • simple and easy to use
  • offers access to 10 of the most popular cryptocurrencies
  • Buy and Sell Cryptocurrency Instantly with Credit and Debit Cards
  • variety of payment options
  • High spending limits

Cons

  • higher transaction fees
  • Only 10 cryptocurrencies supported
  • no built-in crypto wallet
  • No crypto-to-crypto transaction

What is Coinmama?

Coinmama offers access to 10 cryptocurrencies that include major coins as well as less common ones. The 10 cryptocurrencies are Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Dogecoin (DOGE), Cardano (ADA), Litecoin (LTC), Ripple (XRP), Tezos (XTZ), Chainlink (LINK), and Uniswap (UNI).

Coinmama allows you to buy cryptocurrencies using fiat currency, which is sent directly to your personal wallet. Coinmama accepts USD, EUR, GBP, CAD, AUD, and JPY as fiat currencies.

The minimum amount to buy on Coinmama is $30, while the minimum amount to sell is $100.

Buy transaction fees can be as low as 2.38% or as high at 3.83%. Sell transaction fees range from 0.91% up to 1.87%.

Area Where Coinmama Works

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Why you should use Coinmama

Simple, user-friendly platform

You might feel overwhelmed by complex charts and data on other cryptocurrency exchanges if you are a beginner.

Coinmama simplifies the process with its simple interface and design. Even if you don’t have any experience with crypto, anyone can buy it.

After you have created an account and been verified, it is easy to purchase on the platform. Transactions are processed within days after payment has been made.

Instantly buy and sell crypto

Coinmama is the fastest way to buy cryptocurrency. Coinmama is different from other cryptocurrency exchanges, which require you to first deposit fiat currency before you can purchase crypto. You can choose the crypto you wish and then pay at checkout just like any other online shopping experience. Once you have received the crypto, it will be sent to your external wallet.

When selling crypto, you simply transfer funds from your external wallet to Coinmama, then the funds from the sale are sent directly to your bank account. This simple transaction flow saves time and is more convenient for the user.

Variety of payment options

You can pay with credit cards, bank transfers, debit cards and Apple Pay. Coinmama was the first crypto exchange that accepted credit and debit cards, unlike other exchanges that don’t support card payments. Digital currency can be purchased with any Visa or Mastercard debit or credit card, or Apple Pay, SEPA bank transfer in Europe, SWIFT in the U.K., or wire transfer (outside of Europe and the U.K.).

Loyalty Program

Coinmama offers a loyalty program where you can take advantage of reduced rates and save money. The more you buy or sell over a rolling 90-day period, the more the fees are reduced. We will talk more about Coinmama fees later, but for now, these are the three loyalty levels.

  • Crypto Curious – the initial level, applies to all new users.
  • Crypto Enthusiast – a level that you can reach if you have made a minimum of $5 000 USD in cumulative purchases over a rolling 90 day period. Fees for buy transactions are reduced to 3.34% and selling transaction fees are now 3.41%.
  • Crypto Believer – fees for buying are reduced to 2.86% and selling fees are now just 2.93% when you’ve made a cumulative purchase amount of $18 000 USD over a rolling 90-day period, or a lifetime purchase amount above $50 000 USD. At this level, you can save 25% on the final price of crypto.

Coinmama allows you to spend up to 30,000 USD at a time, which is higher than other crypto exchanges. Coinmama is different from other platforms. You can have issues buying large amounts of crypto in other platforms but not in Coinmama. Your personal limit increases as you make more purchases on the platform. Your verification level determines your personal limit. Here are the verification levels:

  • Level 1: Monthly buy or sell limit of $15,000 for 50 or more orders.
  • Level 2: Monthly buy or sell limit of $50,000 for 50 or more orders.
  • Level 3: The monthly buy-or-sell limit is $100,000 for orders greater than 50

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The Downsides to Coinmama

Transaction fees are higher

Compared to other crypto exchanges, Coinmama’s fees are higher at 3.81% for buying and 3.90% for selling. You can take advantage of their loyalty program, which offers lower rates. The fees go down as you purchase more crypto on the platform.

No crypto wallet

Coinmama doesn’t have a built-in crypto wallet where you can store your coins. Coinmama will only send your coins to an external wallet you have. To store the cryptocurrencies that you purchase, you will need to create your own wallet.

You can easily find an online wallet through a third-party provider. Upon purchasing or selling on Coinmama, you simply need to share your wallet address, which is a string of numbers that serve as a “public key” for your wallet.

An upside to this is that it’s a safe way to buy and sell cryptocurrency, since Coinmama doesn’t hold your funds or even your payment information on the platform. This means your funds or personal information aren’t available on the site to be hacked. To avoid having your funds sent to the wrong address, be sure to enter your wallet address carefully. Since transactions on blockchain are irreversible, Coinmama won’t be able to retrieve your funds in case of a mistake.

There are no crypto-to-crypto transactions

Coinmama doesn’t offer crypto-to-crypto trading, which means you can only use fiat currency such as USD or GBP in order to purchase crypto. It also doesn’t facilitate trades between buyers and sellers. All the cryptocurrencies that are sold by Coinmama come from its inventory. The transaction is between the buyer and seller.

Limited number of cryptocurrencies

The small selection of currencies can be quite limited compared to other exchange platforms that have over 50 currencies. Coinmama does support a variety of major coins, so if you are only interested in bitcoin or ethereum it may not be a problem.

What does Coinmama do?

Coinmama is an easy to use, straightforward exchange platform.

Once you have set up your account, and been verified, you are able to immediately begin buying and selling. There is no need to pre-fund your account unlike other exchanges, where you will need to first deposit fiat currency into your account, buy crypto, then transfer the funds to your external wallet.

You pay only once at the time you purchase. Then Coinmama will send the coins to your wallet.

Click Buy to buy cryptocurrency. There will be options for exchange rates in your local currency. Select the amount you want to purchase then click Buy Now. Enter your payment method and wallet address to complete your transaction. Payment methods include credit card, debit card, Apple Pay, or bank transfer. Within an hour, your purchases will be in your personal wallet.

To sell, simply select the “sell” option, and then enter the amount that you wish to sell. You can transfer the coins from an external wallet to Coinmama by using a wallet address, or a QR code. Fiat funds from the sale should land in your bank account after a few days. You should note, however, that only Bitcoin is supported and can only be sold in Europe.

Coinmama’s advantage is that it’s non- custodial. It doesn’t hold customer cryptocurrency funds nor store your payment information. It will give you complete control of your funds and make it safe to sell or buy cryptocurrency.

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Overview of Fees

Coinmama, like other cryptocurrency exchanges, sets its own transaction rates based upon an index called TradeBlock XBX. This averages all the rates from known providers to track a market price. This index is used to calculate Coinmama’s rate plus 2%.

Coinmama’s starting fees for buying is 3.81% while for selling is 3.90%. The fees for selling or buying depend on your loyalty level. Over a rolling 90 day period, you will receive reduced fees when you sell or buy through their loyalty program.

Other fees are commission, credit card fees, and bank transfer fees.

The commission fee is up to 3.81% on crypto purchases and up to 0.9% to sell bitcoin.

Payment fees vary depending on payment method, with an additional 5% for purchases made by credit card, debit card, Google Pay or Apple Pay. Payments made via Fedwire, SEPA, SWIFT, Open Banking, and SWIFT are free. Area Where Coinmama Works

SWIFT bank transfers (the required method for all transactions from U.S. banks) that are below $1000 are charged 20 British pounds while transfers of $1000 or more are free of charge.

  • You’re brand new to cryptocurrency
  • You want to be able to easily use fiat currency to purchase crypto, which you can then use to trade on other crypto exchanges
  • You want to purchase crypto with a credit or debit card
  • You are interested in trading with only a handful of currencies, such as bitcoin and ethereum
  • You’re located in Europe or the U.K. (where features will not be as limited).
  • You want an easy-to-use and convenient crypto exchange platform

Conclusion

Coinmama is a platform that makes it easy to buy and sell crypto. It has an easy to use interface and simple transaction process. This can be attractive to those who are new to the world of crypto trading. Area Where Coinmama Works

It is a simple, straightforward cryptocurrency exchange platform that allows you to access most of the most widely used currencies in an easy and convenient way. It has higher fees than other providers, however, these fees are reduced the more crypto you buy and sell on the platform.

Coinmama may not be as feature-packed as other cryptocurrency exchange platforms out there, but it offers other advantages such as a convenient debit or credit card payment option, the ability to buy and sell crypto instantly, high spending limits, a loyalty program, and a safe way to buy and sell cryptocurrency.

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FAQ Area Where Coinmama Works

  • What is a Cryptocurrency exchange?
    • A cryptocurrency exchange allows you to convert digital currencies such as Bitcoin, Ethereum and other currencies to fiat (paper) currency or any other digital currency.
  • What is the time it takes for Coinmama, once I have paid, to send my Bitcoins?
    • Coinmama will send the coins to your wallet within one hour of your payment and wallet address being confirmed.
  • Which payment methods does Coinmama accept?
    • Coinmama allows you to buy cryptocurrencies with a debit card, credit card or bank wire transfer.
  • Is Coinmama safe?
    • Coinmama is non-custodial and therefore safe. Your funds are immediately sent to your personal wallet after you have purchased it. They are never stored online in your Coinmama accounts.
  • Is Coinmama legitimate?
    • Yes. Coinmama is a trusted and legitimate cryptocurrency broker. It has been trusted by more than 3,000,000 people in 188 countries since 2013.

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