Coinmama Cheaper Than Coinbase

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

Pros Coinmama Cheaper Than Coinbase

  • simple and easy to use
  • offers access to 10 of the most popular cryptocurrencies
  • Buy and Sell Cryptocurrency 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 transaction

What is Coinmama?

Coinmama offers access to 10 cryptocurrencies that include major coins as well as less common ones. 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. 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%.

Coinmama Cheaper Than Coinbase

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What’s great about Coinmama

User-friendly, simple 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. 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.

Buy and sell crypto instantly

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 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 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. The fees for buying transactions have been reduced to 3.34%, while the selling transaction fees have been lowered to 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 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. 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.

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.

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. 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.

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

You may not find as many currencies on Coinmama as you would on other exchange platforms which have more than 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.

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

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. 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. 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’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.

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

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. Coinmama Cheaper Than Coinbase

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 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 buy crypto using a debit or credit 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 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 Cheaper Than Coinbase

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 Cheaper Than Coinbase

  • 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 sends the coins to your personal wallet within 1 hour after both your payment and wallet address have been confirmed.
  • Which payment methods does Coinmama accept?
    • 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 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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