Will Coinmama Count As Balance Transfer

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.

It’s perfect for beginners due to its simple and user-friendly interface. You can easily purchase crypto using fiat (paper) currency, which then goes directly to your personal wallet, allowing you complete 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.

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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 our article for a more comprehensive review of Coinmama.

Pros Will Coinmama Count As Balance Transfer

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

Cons

  • 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 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.

The minimum amount to buy on Coinmama is $30, while the minimum amount to sell is $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%.

Will Coinmama Count As Balance Transfer

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Why you should use Coinmama

Simple, user-friendly 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. 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 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. 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. 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.).

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. 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. 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 is $15,000 over 50 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 to Coinmama

Higher transaction fees

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. The fees go down as you purchase more crypto on the platform.

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. 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.

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

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.

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. 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.

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. There will be options for exchange rates in your local currency. Select the amount you want to purchase then click Buy Now. To complete your transaction, enter your payment method. 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, 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. After a few days, the fiat money from the sale should be in your bank account. 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. 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

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. You get reduced fees as you buy and sell through their loyalty program, over a rolling 90-day period.

Other fees include commission, bank transfer fees, and credit card 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. Will Coinmama Count As Balance Transfer

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 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 an easy-to-use and convenient crypto exchange platform

Conclusion

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. Will Coinmama Count As Balance Transfer

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.

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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FAQ Will Coinmama Count As Balance Transfer

  • 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?
    • Coinmama allows you to buy cryptocurrencies with a debit card, credit card or 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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