Coinmama When Can You Use Your Bitcoin

coinmama-review

Coinmama, a cryptocurrency exchange platform, offers a fast and safe way to purchase and sell most of the most popular cryptos. 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. 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.

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Before you go on, you may want to watch this video by Bitcoin Made Easy on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review.

Pros Coinmama When Can You Use Your Bitcoin

  • 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

Cons

  • Higher transaction fees
  • supports only 10 cryptocurrencies
  • no built-in crypto wallet
  • No crypto-to-crypto transaction

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 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%.

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Why you should use 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 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. 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. 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.

Variety of 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. 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. 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 of $50,000 for 50 or more orders.
  • Level 3: Monthly buy or sell limit is $100,000 over 50 orders.

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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. You can take advantage of their loyalty program, which offers lower rates. As you buy more crypto on the platform, your fees will decrease.

There is 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. 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.

This is great because Coinmama does not store your funds, or your payment information. 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. 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 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

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.

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.

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. 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. 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.

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.

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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’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. You get reduced fees as you buy and sell through their loyalty program, over a rolling 90-day period.

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 through Fedwire, SEPA, SWIFT, Open Banking are free of charge. Coinmama When Can You Use Your Bitcoin

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 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 based in Europe or the U.K. (where features won’t 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 can be attractive to those who are new to the world of crypto trading. Coinmama When Can You Use Your Bitcoin

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.

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FAQ Coinmama When Can You Use Your Bitcoin

  • 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 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. This means your funds are sent directly to your personal wallet once you purchase it, and are never held online in your Coinmama account.
  • 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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