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. 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 provide a basic overview of Coinmama. Continue reading to discover if Coinmama suits you.
Before you go on, you may want to check out 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 Pending It Died Jim
- simple and easy to use
- Access to 10 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 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 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%.
Why you should use Coinmama
User-friendly, simple 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.
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 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.
Multiple payment options
Payment options include credit cards, debit cards, Apple Pay, Google Pay, and bank transfer. 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. 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.).
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 – 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. 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 is $15,000 over 50 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.
The Downsides to 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. You can take advantage of their loyalty program, which offers lower rates. As you buy more crypto on the platform, your fees will decrease.
No crypto wallet
Coinmama does not have a crypto wallet that you can use to 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. 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 your funds or personal information aren’t available on the site to be hacked. Just be careful when entering your wallet address to avoid sending your funds to the wrong address. 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. It also doesn’t facilitate trades between buyers and sellers. 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 intuitive and simple 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.
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. Within an hour, your purchases will be in your personal wallet.
To sell crypto, simply select the “sell” option and enter the amount you want to sell. Transfer the coins from your external wallet to Coinmama 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.
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.
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 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 via Fedwire, SEPA, SWIFT, Open Banking, and SWIFT are free. Coinmama Pending It Died Jim
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 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
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 Pending It Died Jim
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. It has higher fees than other providers, however, these fees are reduced the more crypto you buy and 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 Pending It Died Jim
- 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?
- 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 trusted and legitimate cryptocurrency broker. It has been trusted by more than 3,000,000 people in 188 countries since 2013.