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.
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. 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. Continue reading to discover if Coinmama suits you.
Before you go on, you may want to watch this video by Bitcoin Made Easy on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review of Coinmama.
Pros Coinmama Transactions Failed Over Certain Transactions
- simple and easy to use
- Access to 10 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 crypto wallet
- no crypto-to-crypto transactions
What is Coinmama?
Coinmama gives you access to 10 cryptocurrencies, including major and less-known coins. 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.
The minimum amount to buy on Coinmama is $30, while the minimum amount to sell is $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
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.
Once you set up an account and get verified, purchasing on the platform is a pretty straightforward process. 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. 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.
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. 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 fees will be reduced the more you sell or buy over a 90-day period. 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. 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. 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.
The Downsides to Coinmama
Transaction fees are higher
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. 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 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.
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 your funds or personal information aren’t available on the site to be hacked. 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. Also, it doesn’t allow trades between sellers and buyers. 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. 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. 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. 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. Transfer the coins from your external wallet to Coinmama using a wallet address or a QR code. Fiat funds from the sale should land in your bank account after a few days. 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. It will give you complete control of your funds and make it safe to sell or buy 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. This index is used to calculate Coinmama’s rate 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. Over a rolling 90 day period, you will receive reduced fees when you sell or buy through their loyalty program.
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.
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 through Fedwire, SEPA, SWIFT, Open Banking are free of charge. Coinmama Transactions Failed Over Certain Transactions
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 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’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
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 Transactions Failed Over Certain Transactions
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.
FAQS Coinmama Transactions Failed Over Certain Transactions
- 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.
- What methods of payment does Coinmama offer?
- 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 legitimate and trustworthy cryptocurrency broker that is trusted by over 3,000,000 people across 188 countries since 2013.