Coinmama Contact Number

coinmama-review

Coinmama is a crypto exchange platform that offers a safe and quick way to buy and sell the most popular cryptocurrencies. It was founded in 2013 and the first platform to allow purchases using a credit card.

Because of its easy-to-use interface, it’s great for beginners. It is easy to purchase crypto using fiat currency (paper money), which then goes directly into your personal wallet. This gives you full 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.

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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 our article for a more comprehensive review of Coinmama.

Pros Coinmama Contact Number

  • 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 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. 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%.

Coinmama Contact Number

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Why you should use Coinmama

User-friendly, simple 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 simplifies the process with its simple interface and 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. Transactions are processed within days after payment has been made.

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. Once you have received the crypto, it will be sent 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

You can pay with credit cards, bank transfers, debit cards and Apple Pay. Coinmama is the first cryptocurrency exchange to accept credit and debit cards. This is in contrast to other exchanges that do not support card payments. Digital currency can be purchased with any Visa or Mastercard debit or credit card, or Apple Pay, SEPA bank transfer in Europe, SWIFT in the U.K., or wire transfer (outside of Europe and the U.K.).

Loyalty Program

Coinmama offers a loyalty program where you can take advantage of reduced rates and save money. The fees will be reduced the more you sell or buy over a 90-day period. We will talk more about Coinmama fees later, but for now, these 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 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. 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 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

Coinmama’s fees for buying and selling are more expensive than other cryptocurrency exchanges. They charge 3.81% to buy and 3.90% to sell. You can take advantage of their loyalty program, which offers lower rates. As you buy more crypto on the platform, your fees will decrease.

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. This means you need to set up your own personal wallet to store the cryptocurrencies you buy.

You can easily find an online wallet through a third-party provider. 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. 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 does not offer crypto-to-crypto trading. This means that you can only use fiat currencies such as USD and GBP to buy 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.

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. 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 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.

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. 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. You can pay by credit card, bank transfer, debit card or Apple Pay. 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. 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

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’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. 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.

The commission fee is up to 3.81% on crypto purchases and up to 0.9% to sell bitcoin.

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. Coinmama Contact Number

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 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 is a great option for those new to crypto trading. Coinmama Contact Number

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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FAQ Coinmama Contact Number

  • 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.
  • 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.
  • 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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