Can I Send Coins From Coinmama To Binance

coinmama-review

Coinmama, a cryptocurrency exchange platform, offers a fast and safe way to purchase and sell most of the most popular cryptos. 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 provide a basic overview of Coinmama. Continue reading to discover if Coinmama suits you.

coinmama-logo

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

Pros Can I Send Coins From Coinmama To Binance

  • simple and easy 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
  • Only 10 cryptocurrencies supported
  • no built-in crypto wallet
  • No crypto-to-crypto transaction

What is Coinmama?

Coinmama gives you access to 10 cryptocurrencies, including major and less-known coins. 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 lets you buy cryptocurrencies with fiat currency. This money is then sent to your wallet directly. The fiat currencies accepted by Coinmama are USD, EUR, GBP, CAD, AUD, and JPY.

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%.

Can I Send Coins From Coinmama To Binance

> > Click Here to Check out Coinmama < <

Why you should use Coinmama

Simple, user-friendly platform

If you’re a beginner to the world of cryptocurrency, then you might have experienced being overwhelmed by the complicated charts and data in other exchange platforms.

Coinmama makes the process less confusing through an easy to use interface and simple 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. After payment is made, transactions are settled within a couple of days.

Instantly buy and sell crypto

Coinmama offers the quickest 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. 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

Payment options include credit cards, debit cards, Apple Pay, Google Pay, and bank transfer. 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 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’ll talk more about Coinmama’s fees in the later on, so for now, here are the three loyalty levels:

  • Crypto Curious – the initial level, applies to all new users.
  • Crypto Enthusiast – you reach this level when you’ve made a minimum cumulative purchase amount of $5 000 USD 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. This level will allow you to save 25% on the final cost of crypto.

Coinmama lets you spend up to 30,000 dollars at once, which is more than any other cryptocurrency 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. These 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

person-holding-phone

> > Click Here to Check out Coinmama < <

The Downsides of 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. However, you can take advantage of reduced rates through their loyalty program. 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.

An online wallet can be found easily through third-party providers. You simply need to share your wallet address with Coinmama when you purchase or sell coins. This is a string of numbers that serves as a “public key” for your wallet.

This is great because Coinmama does not store your funds, or your payment information. 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. Coinmama can’t retrieve funds if you make a mistake because transactions on blockchain are irreversible.

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.

There are only a few cryptocurrencies

You may not find as many currencies on Coinmama as you would on other exchange platforms which have more than 50 currencies. However, Coinmama supports a number of major coins so if you’re only interested in the most popular ones such as bitcoin or ethereum, then you may not find it much of an issue.

How does Coinmama work?

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. Unlike other exchanges that require you to pre-fund your account, there is no need for you to do so. You will only need to deposit fiat currency first, then buy crypto and then transfer the funds into an external wallet.

Here, you make your payment only at the time of purchase, then Coinmama sends the coins directly 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. Your purchases will go directly into your personal wallet within an hour.

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

Again, what’s great about Coinmama is that it’s non-custodial, so it never holds customer cryptocurrency funds, nor stores your payment information. You will always have complete control over your funds, making it a safe way to buy and sell cryptocurrency.

crypto-coins

> > Click Here to Check out Coinmama < <

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. 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%. However, the buy or sell fees 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 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 via Fedwire, SEPA, SWIFT, Open Banking, and SWIFT are free. Can I Send Coins From Coinmama To Binance

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 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 buy crypto using a debit or credit card
  • You’re interested in trading only with a few select currencies such as bitcoin or ethereum
  • You’re based in Europe or the U.K. (where features won’t be as limited)
  • You want a convenient and simple to use 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 is a great option for those new to crypto trading. Can I Send Coins From Coinmama To Binance

It’s a no-fuss, basic cryptocurrency exchange platform that lets you access the most popular currencies in a convenient and simple 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.

silver-gold-coins

> > Click Here to Check out Coinmama < <

FAQ Can I Send Coins From Coinmama To Binance

  • 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.
  • What methods of payment does Coinmama offer?
    • You can buy cryptocurrencies at Coinmama with a credit card, debit card or by bank wire transfer.
  • Is Coinmama safe?
    • Yes, Coinmama is safe, because it is a non-custodial crypto broker. 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 legitimate and trustworthy cryptocurrency broker that is trusted by over 3,000,000 people across 188 countries since 2013.

bitcoin-graph

> > Click Here to Check out Coinmama < <

error: Content is protected !!