Polina (Coinmama Support

coinmama-review

Coinmama is a crypto exchange platform that offers a safe and quick way to buy and sell the most popular cryptocurrencies. 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 provide a basic overview of Coinmama. Continue reading to discover if Coinmama suits you.

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Before you continue, 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 our article for a more comprehensive review of Coinmama.

Pros Polina (Coinmama Support

  • It’s simple and straightforward to use
  • offers access to 10 of the most popular cryptocurrencies
  • buy and sell crypto instantly with credit and debit cards
  • Multiple payment options
  • high spending limits

Cons

  • 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. The 10 cryptocurrencies are 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%.

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Why you should use 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. 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. 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

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 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 – 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. At this level, you can save 25% on the final price 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. 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: The monthly buy-or-sell limit is $100,000 for orders greater than 50

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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. 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.

An online wallet can be found easily through third-party providers. 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 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. 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. 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. 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 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.

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. 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. 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, 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.

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.

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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%. However, the buy or sell fees 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 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. Polina (Coinmama Support

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 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’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

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. Polina (Coinmama Support

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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FAQS Polina (Coinmama Support

  • 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 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?
    • 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. 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 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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