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.
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. Read on to find out if Coinmama is right for you.
Before you continue, you may want to watch this video by Bitcoin Made Easy on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
Pros Coinmama Debit Card Wont Work
- 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
- higher transaction fees
- supports only 10 cryptocurrencies
- No built-in cryptocurrency wallet
- no crypto-to-crypto transactions
What is Coinmama?
Coinmama gives you access to 10 cryptocurrencies, including major and less-known coins. 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. 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
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 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.
After you have created an account and been verified, it is easy to purchase on the platform. 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.
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. 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 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 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. Fees for buy transactions are reduced to 3.34% and selling transaction fees are now 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. These are the verification levels.
- Level 1: Monthly buy or sell limit is $15,000 over 50 orders.
- Level 2: Monthly buy or sell limit is $50,000 over 50 orders.
- Level 3: The monthly buy-or-sell limit is $100,000 for orders greater than 50
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. 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. This means you need to set up your own personal wallet to store the cryptocurrencies you buy.
An online wallet can be found easily through third-party providers. 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. Since transactions on blockchain are irreversible, Coinmama won’t be able to retrieve your funds in case of a mistake.
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.
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 easy to use, straightforward 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.
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. You will see options with exchange rates listed in your local currency. Select the amount you want to purchase then click Buy Now. To complete your transaction, enter your payment method. 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. You should note, however, that only Bitcoin is supported and can only be sold in Europe.
Coinmama’s advantage is that it’s non- custodial. It doesn’t hold customer cryptocurrency funds nor store 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
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. 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.
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 Debit Card Wont Work
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 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 based in Europe or the U.K. (where features won’t be as limited)
- You want an easy-to-use and convenient crypto exchange platform
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 Debit Card Wont Work
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.
Although Coinmama is not as feature-rich as other cryptocurrency exchanges, it does offer other benefits such as the convenience of debit or credit card payments, the ability to instantly buy and trade crypto, high spending limits and loyalty programs, as well as the safe and secure way to buy and sell cryptocurrency.
FAQ Coinmama Debit Card Wont Work
- 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?
- 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.