Can Coinbase Get Hacked

coinmama-review

Coinmama is a crypto exchange platform that offers a safe and quick way to buy and sell the most popular cryptocurrencies. Founded in 2013, it was the first exchange platform that allowed purchases with 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. Other attractive features are the multiple payment options, high spending limits, loyalty program, and more.

This review will cover the basics of what you need to know about Coinmama. Read on to find out if Coinmama is right for you.

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Before you go on, you may want to check out this video by Bitcoin Made Easy on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review of Coinmama.

Pros Can Coinbase Get Hacked

  • It’s simple and straightforward to use
  • Access to 10 most-popular cryptocurrencies
  • Buy and Sell Cryptocurrency Instantly with Credit and Debit Cards
  • variety of payment options
  • high spending limits

Cons

  • Higher transaction fees
  • supports only 10 cryptocurrencies
  • No built-in cryptocurrency wallet
  • No crypto-to-crypto transaction

What is Coinmama?

Coinmama gives you access to 10 cryptocurrencies, including major and less-known coins. These cryptocurrencies include Bitcoin (BTC), Bitcoin Cash(BCH), Ethereum (ETH), Dogecoin (DOGE), Cardano (ADA), Litecoin (LTC), Ripple (XRP), Tezos (XTZ), Chainlink (LINK) and Uniswap (UNI.)

Coinmama lets you buy cryptocurrencies with fiat currency. This money is then sent to your wallet directly. 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%.

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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 makes the process less confusing through an easy to use interface and simple design. Anyone can start buying crypto even without experience or a lot of knowledge about the different currencies.

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 offers the quickest way to buy cryptocurrency. Unlike other crypto exchanges that require you to deposit fiat currency first before you can buy crypto, you can select the crypto that you want then pay during checkout, just like any online shopping experience. The crypto will then be sent directly to your external wallet.

You can simply transfer funds to Coinmama from an external wallet. The funds from the sale are then sent to your bank account. This simple transaction flow saves time and is more convenient for the user.

Multiple 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. You can purchase digital currency with any Visa, Mastercard debit or credit card or Apple Pay, SEPA Bank Transfer in Europe, SWIFT within the U.K. or wire transfer (outside Europe and the U.K.).

Loyalty program

Coinmama has a loyalty program that allows you to take advantage of lower 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 for 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 – Buying fees have been reduced to 2.86%, and selling fees are now only 2.93% if you have made cumulative purchases of $18 000 USD in a rolling 90-day period or more than $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 is $15,000 over 50 orders.
  • Level 2: Monthly buy or sell limit is $50,000 over 50 orders.
  • Level 3: Monthly buy or sell limit is $100,000 over 50 orders.

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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 does not have a crypto wallet that you can use to store your coins. Coinmama will simply send coins to an external wallet that you own. To store the cryptocurrencies that you purchase, you will need to create your own wallet.

An online wallet can be found easily through third-party providers. 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. Just be careful when entering your wallet address to avoid sending your funds to the wrong address. 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. Also, it doesn’t allow trades between sellers and buyers. 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 intuitive and simple 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.

Here, you make your payment only at the time of purchase, then Coinmama sends the coins directly to your wallet.

To buy cryptocurrency, simply click Buy and select the coin you want to purchase. There will be options for exchange rates in your local currency. Select the amount you want to purchase then click Buy Now. To complete your transaction, enter your payment method. 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. After a few days, the fiat money from the sale should be in your bank account. However, take note that the option to sell crypto is only supported for Bitcoin and only 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

Like other cryptocurrency exchanges, Coinmama sets their own transaction rates based on an index called TradeBlock XBX which averages the rates of all known providers to track a market rate. Coinmama charges a rate based on this index plus 2%.

Coinmama charges a starting fee for buying at 3.81% and 3.90% for selling. The fees for selling or buying depend on your loyalty level. You get reduced fees as you buy and sell through their loyalty program, over a rolling 90-day period.

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

For crypto purchases, the commission fee can be up to 3.81% and up to 0.9% for bitcoin sales.

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 through Fedwire, SEPA, SWIFT, Open Banking are free of charge. Can Coinbase Get Hacked

Transfers to SWIFT banks (the required method for all transactions from U.S. Banks) below $1000 incur 20 British Pounds, while those above $1000 are free.

  • You’re new to cryptocurrency
  • You want an easy way to use fiat currency to buy crypto that you can use for trading on other crypto exchanges
  • You want to purchase crypto with a credit or debit card
  • You’re interested in trading only with a few select currencies such as bitcoin or 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’s aim is to provide a quick and easy way to buy and sell cryptocurrency through an easy to use interface and simple transaction flow. This can be attractive to those who are new to the world of crypto trading. Can Coinbase Get Hacked

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.

Although Coinmama is not as feature-rich as other cryptocurrency exchanges, it does offer other benefits such as the convenience of debit or credit card payments, the ability to instantly buy and trade crypto, high spending limits and loyalty programs, as well as the safe and secure way to buy and sell cryptocurrency.

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FAQS Can Coinbase Get Hacked

  • What is a Cryptocurrency Exchange?
    • A cryptocurrency exchange is a service for changing digital currencies, such as Bitcoin, Ethereum, and more, to fiat (paper) currencies or for other digital currencies.
  • How long does it take for Coinmama to send my bitcoins once I’ve paid?
    • Coinmama will send the coins to your wallet within one hour of your payment and wallet address being confirmed.
  • What methods of payment does Coinmama offer?
    • Coinmama allows you to buy cryptocurrencies with a debit card, credit card or bank wire transfer.
  • Is Coinmama safe?
    • Yes, Coinmama is safe, because it is a non-custodial crypto broker. This means your funds are sent directly to your personal wallet once you purchase it, and are never held online in your Coinmama account.
  • Is Coinmama legitimate?
    • Yes. Coinmama is a legitimate and trustworthy cryptocurrency broker that is trusted by over 3,000,000 people across 188 countries since 2013.

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