Can I Use Coinmama In Nigeria

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.

It’s perfect for beginners due to its simple and user-friendly interface. 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 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.

Pros Can I Use Coinmama In Nigeria

  • It’s simple and straightforward to use
  • offers access to 10 of the most popular cryptocurrencies
  • buy and sell crypto instantly with credit and debit cards
  • Multiple payment options
  • High spending limits

Cons

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

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 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.

Fees for buy transactions can range from 2.38% to 3.83%, while sell transaction fees generally range from 0.91% to 1.87%.

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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. Anyone can start buying crypto even without experience or a lot of knowledge about the different currencies.

Once you set up an account and get verified, purchasing on the platform is a pretty straightforward process. After payment is made, transactions are settled within a couple of days.

Buy and sell crypto instantly

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. 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 has a loyalty program that allows you to take advantage of lower rates and save money. The fees will be reduced the more you sell or buy over a 90-day period. 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 – 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. The fees for buying transactions have been reduced to 3.34%, while the selling transaction fees have been lowered to 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. 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 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 of Coinmama

Higher transaction fees

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. As you buy more crypto on the platform, your fees will decrease.

There is 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.

This is great because Coinmama does not store your funds, or your payment information. This means that your personal information and funds are not available on the site. 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 cryptocurrencies sold are from Coinmama’s inventory, so the transaction is purely between you and the company.

Limited number of 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.

What does Coinmama do?

Coinmama is an intuitive and simple exchange platform.

After setting up your account and getting verified, you can immediately start 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.

To buy cryptocurrency, simply click Buy and select the coin you want to purchase. You will see options with exchange rates listed in your local currency. Click on the amount that you wish to buy and then click on Buy Now. To complete your transaction, enter your payment method. 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 crypto, simply select the “sell” option and enter the amount you want 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. 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. 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.

There are different payment fees depending on the method used to make purchases. For example, purchases made with a credit card, debit card, Google Pay, or Apple Pay will incur an additional 5%. Payments made via Fedwire, SEPA, SWIFT, Open Banking, and SWIFT are free. Can I Use Coinmama In Nigeria

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 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’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 a convenient and simple to use 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. Can I Use Coinmama In Nigeria

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. Although it has higher fees than some other providers, the fees are reduced the more crypto that you buy or 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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FAQS Can I Use Coinmama In Nigeria

  • 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.
  • 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?
    • 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 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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