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. You can easily purchase crypto using fiat (paper) currency, which then goes directly to your personal wallet, allowing you complete 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 check out this video by Bitcoin Made Easy on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review of Coinmama.
Pros Do I Need Socks For Coinmama To Bitcoin Carding Method
- simple and easy 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
- higher transaction fees
- supports only 10 cryptocurrencies
- no built-in crypto wallet
- no crypto-to-crypto transactions
What is Coinmama?
Coinmama offers access to 10 cryptocurrencies that include major coins as well as less common ones. 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.
Coinmama allows you to buy as little as $30 and sell as much at $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
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 makes the process less confusing through an easy to use interface and simple design. Anyone can start buying crypto even without experience or a lot of knowledge about the different currencies.
Once you set up an account and get verified, purchasing on the platform is a pretty straightforward process. Transactions are processed within days after payment has been made.
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.
Multiple payment options
You can pay with credit cards, bank transfers, debit cards and Apple Pay. 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 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’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, applies to 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 – 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. 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 of $15,000 for 50 or more 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.
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.
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. 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.
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. 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 easy to use, straightforward 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.
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. 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. 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. 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. 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.
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. 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. The fees for selling or buying 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 via Fedwire, SEPA, SWIFT, Open Banking, and SWIFT are free. Do I Need Socks For Coinmama To Bitcoin Carding Method
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 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’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. Do I Need Socks For Coinmama To Bitcoin Carding Method
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.
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 Do I Need Socks For Coinmama To Bitcoin Carding Method
- 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.
- 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. 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.