Who Owns Coinmama? Wiki

coinmama-review

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 provide a basic overview of Coinmama. Read on to find out if Coinmama is right for 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 overview. Afterward, you will want to read the rest of our article for a more comprehensive review of Coinmama.

Pros Who Owns Coinmama? Wiki

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

Cons

  • Higher transaction fees
  • supports only 10 cryptocurrencies
  • 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. 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.

Fees for buy transactions can range from 2.38% to 3.83%, while sell transaction fees generally range from 0.91% to 1.87%.

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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 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 is the fastest 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. Once you have received the crypto, it will be sent 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 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.).

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 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. 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.

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The Downsides of 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. 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.

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. 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 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.

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 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.

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. 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. Transfer the coins from your external wallet to Coinmama 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.

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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 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 via Fedwire, SEPA, SWIFT, Open Banking, and SWIFT are free. Who Owns Coinmama? Wiki

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 are interested in trading with only a handful of currencies, such as bitcoin and ethereum
  • You’re based in Europe or the U.K. (where features won’t be as limited)
  • You want an easy-to-use and convenient 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. Who Owns Coinmama? Wiki

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.

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FAQS Who Owns Coinmama? Wiki

  • 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 will send the coins to your wallet within one hour of your payment and wallet address being 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?
    • Yes, Coinmama is safe, because it is a non-custodial crypto broker. 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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