Coinmama, a cryptocurrency exchange platform, offers a fast and safe way to purchase and sell most of the most popular cryptos. It was founded in 2013 and the first platform to allow purchases using 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’ll want to read the rest of our article for a more comprehensive review of Coinmama.
Pros How Long Does Coinmama To Verify
- It’s simple and straightforward to use
- Access to 10 most-popular cryptocurrencies
- Buy and Sell Cryptocurrency Instantly with Credit and Debit Cards
- variety of payment options
- High spending limits
- Higher transaction fees
- Only 10 cryptocurrencies supported
- No built-in cryptocurrency wallet
- No crypto-to-crypto transaction
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. The fiat currencies accepted by Coinmama are USD, EUR, GBP, CAD, AUD, and JPY.
Coinmama allows you to buy as little as $30 and sell as much at $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
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.
After you have created an account and been verified, it is easy to purchase on the platform. Transactions are processed within days after payment has been made.
Buy and sell crypto instantly
Coinmama is the fastest 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.
When selling crypto, you simply transfer funds from your external wallet to Coinmama, then the funds from the sale are sent directly 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. 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 more you buy or sell over a rolling 90-day period, the more the fees are reduced. 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. Fees for buy transactions are reduced to 3.34% and selling transaction fees are now 3.41%.
- Crypto Believer – fees for buying are reduced to 2.86% and selling fees are now just 2.93% when you’ve made a cumulative purchase amount of $18 000 USD over a rolling 90-day period, or a lifetime purchase amount above $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 is $15,000 over 50 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 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.
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.
You can easily find an online wallet through a third-party provider. 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. 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 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.
There are only a few 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.
How does Coinmama work?
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. 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.
Click Buy to buy cryptocurrency. There will be options for exchange rates 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. 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. Fiat funds from the sale should land in your bank account after a few days. However, take note that the option to sell crypto is only supported for Bitcoin and only 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. 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. 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. How Long Does Coinmama To Verify
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 an easy way to use fiat currency to buy crypto that you can use for trading 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. How Long Does Coinmama To Verify
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 How Long Does Coinmama To Verify
- 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 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 legitimate and trustworthy cryptocurrency broker that is trusted by over 3,000,000 people across 188 countries since 2013.