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. 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. Read on to find out if Coinmama is right for you.
Before you go on, you may want to watch 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.
Pros Transfer From Coinmama To Binance To Buy Iota
- 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
- 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 lets you buy cryptocurrencies with fiat currency. This money is then sent to your wallet directly. 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
You might feel overwhelmed by complex charts and data on other cryptocurrency exchanges if you are a beginner.
Coinmama makes the process less confusing through an easy to use interface and simple 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. 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. 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 is the first cryptocurrency exchange to accept credit and debit cards. This is in contrast to other exchanges that do not 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 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 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. The fees for buying transactions have been reduced to 3.34%, while the selling transaction fees have been lowered to 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. 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. 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: 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. The fees go down as you purchase more crypto on the platform.
There is no crypto wallet
Coinmama does not have a crypto wallet that you can use to store your coins. Coinmama will simply send coins to an external wallet that you own. This means you need to set up your own personal wallet to store the cryptocurrencies you buy.
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.
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 cryptocurrencies sold are from Coinmama’s inventory, so the transaction is purely between you and the company.
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. 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 easy to use, straightforward exchange platform.
Once you have set up your account, and been verified, you are able to immediately begin 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.
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. Select the amount you want to purchase then click 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. 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. 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. It will give you complete control of your funds and make it safe to sell or buy 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. Coinmama charges a rate based on this index 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.
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 through Fedwire, SEPA, SWIFT, Open Banking are free of charge. Transfer From Coinmama To Binance To Buy Iota
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 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 is a platform that makes it easy to buy and sell crypto. It has an easy to use interface and simple transaction process. This is a great option for those new to crypto trading. Transfer From Coinmama To Binance To Buy Iota
It’s a no-fuss, basic cryptocurrency exchange platform that lets you access the most popular currencies in a convenient and simple 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.
FAQS Transfer From Coinmama To Binance To Buy Iota
- 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.
- 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.
- Which payment methods does Coinmama accept?
- 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. 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.