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.
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. 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 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 Delete Coinmama Sccount
- 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 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. 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%.
What’s great about Coinmama
Simple, user-friendly 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 is the fastest 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 simple transaction flow saves time and is more convenient for the user.
Variety of 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.).
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 will talk more about Coinmama fees later, but for now, these 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. This level will allow you to save 25% on the final cost 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 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
The Downsides of 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. 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. To store the cryptocurrencies that you purchase, you will need to create your own wallet.
You can easily find an online wallet through a third-party provider. 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.
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. 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. 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.
Limited number of 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.
How does Coinmama work?
Coinmama is an intuitive and simple exchange platform.
After setting up your account and getting verified, you can immediately start buying and selling. There is no need to pre-fund your account unlike other exchanges, where you will need to first deposit fiat currency into your account, buy crypto, then transfer the funds to your external wallet.
You pay only once at the time you purchase. Then Coinmama will send the coins 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. Enter your payment method and wallet address to complete your transaction. Payment methods include credit card, debit card, Apple Pay, or bank transfer. 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. 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
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. 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.
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. Delete Coinmama Sccount
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 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 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. Delete Coinmama Sccount
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.
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.
FAQS Delete Coinmama Sccount
- 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?
- 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.