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.
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. 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. Read on to find out if Coinmama is right for you.
Before you go on, you may want to watch this video by Bitcoin Made Easy on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of Coinmama.
Pros Coinmama Countries Reddit
- simple and easy 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
- 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. 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%.
What’s great about 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 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. Transactions are processed within days after payment has been made.
Buy and sell crypto instantly
Coinmama offers the quickest 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. 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.
Multiple 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.).
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 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 – 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 – 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. 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.
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. 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 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. 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.
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.
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 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.
Click Buy to buy cryptocurrency. You will see options with exchange rates listed 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. 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. 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.
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%. 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 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. Coinmama Countries Reddit
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 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 an easy-to-use and convenient crypto exchange platform
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. Coinmama Countries Reddit
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.
FAQ Coinmama Countries Reddit
- 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.
- 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?
- Coinmama is non-custodial and therefore safe. 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.