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 provide a basic overview of Coinmama. Continue reading to discover if Coinmama suits you.
Before you go on, you may want to watch this video by Bitcoin Made Easy on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of Coinmama.
Pros How To Make A Fake Coinmama Account
- 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 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 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%.
Why you should use Coinmama
User-friendly, simple 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. 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. 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 transaction flow is simple and saves time, making it more convenient for users.
Variety of 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 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 for 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 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 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
Higher transaction fees
Compared to other crypto exchanges, Coinmama’s fees are higher at 3.81% for buying and 3.90% for selling. However, you can take advantage of reduced rates through their loyalty program. 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. 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. 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.
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.
There are only a few 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.
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. You will see options with exchange rates listed 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. 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. 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
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%. 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 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.
Payment fees vary depending on payment method, with an additional 5% for purchases made by credit card, debit card, Google Pay or Apple Pay. Payments made via Fedwire, SEPA, SWIFT, Open Banking, and SWIFT are free. How To Make A Fake Coinmama Account
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’re interested in trading only with a few select currencies such as bitcoin or 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
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 can be attractive to those who are new to the world of crypto trading. How To Make A Fake Coinmama Account
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.
FAQ How To Make A Fake Coinmama Account
- 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 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?
- 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.