Coinmama Vs Bitcoin Wallet

coinmama-review

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. 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 provide a basic overview of Coinmama. Read on to find out if Coinmama is right for you.

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Before you continue, you may want to check out this video by Bitcoin Made Easy on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review.

Pros Coinmama Vs Bitcoin Wallet

  • It’s simple and straightforward to use
  • offers access to 10 of the most popular cryptocurrencies
  • buy and sell crypto instantly with credit and debit cards
  • variety of payment options
  • High spending limits

Cons

  • 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.

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%.

Coinmama Vs Bitcoin Wallet

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Why you should use 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. 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.

Instantly buy and sell crypto

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 simple transaction flow saves time and is more convenient for the user.

Multiple payment options

You can pay with credit cards, bank transfers, debit cards and Apple Pay. Coinmama was the first crypto exchange that accepted credit and debit cards, unlike other exchanges that don’t 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.).

Loyalty program

Coinmama has a loyalty program that allows you to take advantage of lower 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. 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. 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: The monthly buy-or-sell limit is $100,000 for orders greater than 50

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The Downsides of 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. 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. 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. Just be careful when entering your wallet address to avoid sending your funds to the wrong address. Since transactions on blockchain are irreversible, Coinmama won’t be able to retrieve your funds in case of a mistake.

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. 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

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.

What does Coinmama do?

Coinmama is an intuitive and simple 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.

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. 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. 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. You will always have complete control over your funds, making it a safe way to buy and sell cryptocurrency.

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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. 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.

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 through Fedwire, SEPA, SWIFT, Open Banking are free of charge. Coinmama Vs Bitcoin Wallet

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 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’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 Vs Bitcoin Wallet

It’s a no-fuss, basic cryptocurrency exchange platform that lets you access the most popular currencies in a convenient and simple 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.

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FAQ Coinmama Vs Bitcoin Wallet

  • 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?
    • 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.

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