Coinmama Carding Method 2021

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. You will also find attractive features like multiple payment options and high spending limits.

This review will provide a basic overview of Coinmama. Continue reading to discover if Coinmama suits you.

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

Pros Coinmama Carding Method 2021

  • 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 cryptocurrency 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.

Coinmama allows you to buy as little as $30 and sell as much at $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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What’s great about 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.

Once you set up an account and get verified, purchasing on the platform is a pretty straightforward process. Transactions are processed within days after payment has been made.

Instantly buy and sell crypto

Coinmama is the fastest 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.

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 transaction flow is simple and saves time, making it more convenient for users.

Variety of 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 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. 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. At this level, you can save 25% on the final price of crypto.

Coinmama lets you spend up to 30,000 dollars at once, which is more than any other cryptocurrency exchanges. In other platforms, there can be some issues when buying large amounts of crypto, which is not the case with Coinmama.Your personal limit also increases as you buy more 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: Monthly buy or sell limit is $100,000 over 50 orders.

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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.

There is 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. 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.

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 that your personal information and funds are not available on the site. To avoid having your funds sent to the wrong address, be sure to enter your wallet address carefully. Coinmama can’t retrieve funds if you make a mistake because transactions on blockchain are irreversible.

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.

There are only a few 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.

How does Coinmama work?

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. Click on the amount that you wish to buy and then click on 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. However, take note that the option to sell crypto is only supported for Bitcoin and only 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. 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 charges a starting fee for buying at 3.81% and 3.90% for selling. However, the buy or sell fees 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. Coinmama Carding Method 2021

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 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 are interested in trading with only a handful of currencies, such as bitcoin and 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 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. Coinmama Carding Method 2021

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.

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FAQS Coinmama Carding Method 2021

  • 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.
  • How long does it take for Coinmama to send my bitcoins once I’ve paid?
    • Coinmama sends the coins to your personal wallet within 1 hour after both your payment and wallet address have been 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. 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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