Coinmama Review – Buy and Sell Cryptocurrency Online
Crypto has been within the information for the entire mistaken causes in recent years due to the cave in of FTX and a handful of smaller exchanges. You’d be forgiven for questioning whether or not the entire sector resides on borrowed time.
That query is above my pay grade. What I know is that no longer all Crypto exchanges are created equivalent. For each it appears fraudulent entrance like FTX, there’s a reputedly reputable choice like Coinmama.
I need to be transparent right here: You wish to do your individual analysis ahead of opting for a house to your Crypto transactions, and indubitably ahead of buying any cash (if you happen to’re no longer already a hodler). But the entirety I’ve noticed from Coinmama suggests it’s no longer an out-and-out rip-off like a few of its now-former competition. And it’s a lot more beginner-friendly than your same old Crypto alternate.
What Is Coinmama?
Coinmama is a spot to shop for and promote cryptocurrencies on-line.
You can purchase greater than a dozen Crypto cash on Coinmama, from super-popular ones like Bitcoin and lesser-known ones like Litecoin. You can handiest promote Bitcoin right here, so it’s no longer the most efficient position to dump your cash.
Coinmama fees commissions on each acquire or sale it executes. Though those charges are upper than maximum competition, Coinmama makes up for it with beginner-friendly options like instructional sources, hands-on beef up, and helpful calculators. It’s additionally the counterparty in each transaction that happens at the platform, so that you’ll by no means care for random other folks right here.
What Sets Coinmama Apart?
Coinmama sticks out for 3 causes:
- Super Beginner-Friendly. Coinmama is extremely beginner-friendly as Crypto buying and selling platforms move. It has a ton of instructional sources for rookies, makes it simple to shop for Crypto with a credit score or debit card, and doesn’t overcomplicate issues with complex buying and selling or analysis gear. Even if you happen to’ve by no means held Crypto ahead of, you gained’t really Feel crushed right here.
- No Third Parties. When you purchase or promote Crypto on Coinmama, you all the time care for Coinmama itself, reasonably than nameless third-party consumers and dealers. It’s like purchasing a automotive from the dealership as an alternative of a random individual on Craigslist.
- Strong Privacy and Data Protections. Coinmama encrypts all buyer knowledge and abides through GDPR knowledge coverage laws, which might be stricter than any U.S. knowledge laws aside from the ones in impact for California-based customers. Its appreciate for buyer privateness even extends to the surfing revel in — that is what you spot while you click on “Cookie Settings” within the footer advised.
Key Features of Coinmama
Like what you spot up to now? Great — time to dive into the main points.
These are the core options that make Coinmama what it’s.
Buying Cryptocurrency on Coinmama
Coinmama lately provides 18 other cryptocurrencies on the market, regardless that the precise quantity is matter to switch. The minimal acquire quantity is $50 USD for all cash.
Options vary from well known stalwarts like Bitcoin (BTC) and Ethereum (ETH) and stablecoins like USDC and USDT to lesser-known (and riskier) oddballs like OMG Network (OMG) and EOS. The complete lineup:
How Can You Buy Coins on Coinmama?
You can buy your cash with a credit score or debit card (Visa or Mastercard handiest) — a pleasing comfort — or by way of financial institution switch. If your cost card or checking account knowledge lives in a Google Pay or Apple Pay account, you’ll use the ones.
Who Are You Buying From?
Coinmama all the time sells cash out of its personal stock. In different phrases, while you purchase BTC or XRP or COMP right here, you’re purchasing immediately from Coinmama, no longer a random individual with Coinmama performing because the middleman. Though the entire level of Crypto is you don’t must agree with your counterparty and even know their identification, the anonymity is off-putting for some rookies. It’s great to grasp who you’re purchasing your cash from.
You Need an External Wallet
Importantly, Coinmama doesn’t retailer its shoppers’ cash. Unlike some competition, it doesn’t be offering sizzling or chilly wallets. This is a modest inconvenience that’s truly a internet receive advantages as it reduces the monetary penalties of a possible hack, however simply consider that you wish to have to create a Crypto pockets out of doors Coinmama ahead of buying cash right here. If you’re a Crypto novice, see Coinmama’s lend a hand article about putting in a pockets right here.
In any case, Coinmama processes acquire transactions speedy. You will have to obtain your Crypto inside mins after Coinmama confirms your cost knowledge and pockets deal with.
Selling Bitcoin on Coinmama
You can handiest promote Bitcoin on Coinmama. Or, extra correctly, to Coinmama.
If you need to promote any of the opposite 17 cryptocurrencies that can be purchased right here, you’ll wish to accomplish that on every other alternate or brokerage.
The minimal BTC sale quantity is $200. That’s a tiny fraction of a complete Bitcoin (a couple of hundredths at late-2022 costs).
Locking Your Price
Coinmama locks for your Bitcoin value for half-hour after you start up the sale transaction to your finish. You have that lengthy for the cash to submit to the Blockchain. It will have to be lots if you happen to switch your cash once you hit “promote” — however don’t put out of your mind to finish this step as a result of Coinmama can’t do it for you.
Getting Paid in Fiat Currency
Coinmama wishes your SWIFT code or IBAN quantity to pay you. These are lengthy (in IBAN’s case, truly lengthy) alphanumeric codes which might be necessarily your checking account’s deal with on this planet of global finance.
If you’re no longer positive of your SWIFT code or learn how to to find it, WikiHow has detailed directions. The SWIFT code construction symbol under additionally comes from WikiHow.
Coinmama permits blended acquire and sale transactions totaling as much as $15,000 in line with day while you use the financial institution switch choices.
Limits for credit score and debit card transactions could also be decrease and might be suffering from your financial institution or card issuer’s day-to-day transaction limits. Some banks prohibit debit card transactions to a couple of thousand greenbacks in line with day, even though you will have more money for your account.
Coinmama Fees (Commissions)
There’s no loose lunch at Coinmama. All transactions incur platform commissions starting from 0.99% to a few.9% for purchases. Sale transactions price a flat 0.9%.
You’ll know your fee ahead of you finalize your transaction, however Coinmama doesn’t supply a lot of a information ahead of that. It simply says that costs range in response to order dimension, loyalty stage, and marketplace prerequisites.
There’s no transparency at throughout how order dimension and marketplace prerequisites impact pricing. With regards to loyalty stage, Coinmama provides first rate reductions to customers in its two upper spending tiers (of 3 overall):
|Loyalty Level||Discount to Full Commission||Required Spend Over 90 Days|
|Crypto Enthusiast||12.5%||$5,000 USD|
|Crypto Believer||25%||$18,000 USD or $50,000 lifetime|
Other Potential Fees
Coinmama doesn’t fee some other charges, however Crypto transactions made on Coinmama might incur third-party financial institution or card issuer charges. The maximum standard of those are:
- Cash advance charges (most often no more than 5% of the transaction quantity)
- Foreign alternate charges for purchases denominated in currencies as opposed to U.S. greenbacks or euros (variable)
- International transaction charges (most often no more than 3% of the transaction quantity)
Security & Data Protection
Coinmama is founded in Ireland, which is a part of the European Union. Accordingly, it will have to conform to all GDPR knowledge coverage laws, which might be a lot stricter than knowledge coverage laws in pressure in many of the remainder of the sector. Even if you happen to’re no longer founded within the E.U., Coinmama offers you an identical rights as customers who’re.
Coinmama takes different common sense steps to offer protection to customers’ safety as neatly. It encrypts all non-public knowledge and not shops cost knowledge on its servers. And as it doesn’t retailer shoppers’ cash in its personal wallets, you don’t have to fret about hackers making off along with your cryptocurrency right here. (Though that’s a chance if you happen to retailer cash bought on Coinmama in a sizzling pockets in different places.)
Educational Resources, Tools & Support
Coinmama is considered one of the crucial beginner-friendly Crypto exchanges as it makes purchasing and promoting Crypto truly simple for rookies.
It doesn’t prevent there regardless that. Coinmama has a ton of helpful instructional sources and gear, my non-public favourite being its to hand Crypto calculators that value out cash and fiat foreign money in actual time.
Coinmama additionally has a pleasing library of in-depth articles on newbie and intermediate Crypto subjects. If you’re a complete amateur, I’d counsel spending a while with mentioned library ahead of making your first acquire.
Finally, Coinmama has an AI chat characteristic that’s to be had 24/7 and human beef up brokers to be had all through prolonged trade hours. User evaluate recommend that those brokers are pleasant, useful, and truly know their stuff, which is all you’ll ask for.
Advantages of Coinmama
Coinmama has a large number of upside. It’s beginner-friendly, simple to make use of, and it appears protected, amongst different advantages.
- Fast Delivery. When you purchase cash on Coinmama, you’ll be expecting to obtain them inside mins. This isn’t totally surprising or distinctive, but it surely’s indubitably reassuring.
- Extremely Beginner-Friendly. Coinmama is among the maximum beginner-friendly Crypto platforms I’ve ever encountered. If you’re crushed through Crypto at a baseline, this can be a excellent position to begin.
- Excellent Customer Support. Coinmama’s buyer beef up workforce in reality cares about its customers. At least, that’s how it kind of feels from the out of doors. Many Crypto exchanges have a “you’re by yourself” mentality.
- No Third Parties Involved. Coinmama is the counterparty for all acquire and sale transactions at the platform. You don’t have to fret about encountering scammers right here, and even in a different way truthful other folks you don’t know. You all the time know who you’re coping with.
- Apparently Secure. Security is all the time a problem within the Crypto international, however Coinmama provides extra reassurance than maximum on that entrance. It doesn’t retailer cost card or checking account knowledge and abides through strict GDPR knowledge coverage regulations, the gold same old for virtual privateness international.
- Coinmama Doesn’t Hold Your Coins. I may just spin this as an obstacle as it’s much less handy than exchanges that supply sizzling pockets garage. But individually, the professionals outweigh the cons, in large part as it method a hack focused on Coinmama most likely gained’t impact your Crypto holdings.
Disadvantages of Coinmama
Coinmama has a couple of disadvantages that undergo point out. Chief amongst them are its restricted coin variety (particularly at the promote aspect) and its fairly prime charges.
- Limited Selection of Crypto Coins. You can purchase and promote handiest about 20 cash on Coinmama, lower than many competing platforms. (Some be offering 100 or extra.) This is okay if you’ll to find the cash you need right here, however no longer nice if you happen to’re a real Crypto fanatic and need to develop your publicity.
- Can Only Sell Bitcoin. Coinmama is a greater position to shop for than promote cryptocurrency. In reality, you’ll handiest promote Bitcoin right here. Sure, it’s the sector’s hottest coin, however it will be great to have extra choices.
- Higher Fees Than Many Competitors. Coinmama isn’t the most cost effective position to shop for and promote Crypto. Its commissions vary as prime as 3.9%, relying to your loyalty stage (upper loyalty ranges imply decrease charges general). In the screenshots under, you spot how a lot Coinmama takes to the air the highest of each acquire and sale transactions.
Is Coinmama Legit?
Yes, Coinmama seems to be reputable and aboveboard. It encrypts all non-public knowledge equipped through its shoppers and completely complies with GDPR knowledge coverage laws, which might be stricter than similar laws in many of the United States.
This doesn’t imply Crypto you purchase on Coinmama gained’t lose price, nor that the platform will probably be round ceaselessly. The previous yr has proven us that even the strongest-seeming Crypto exchanges can fail.
But Coinmama does no longer seem to be a rip-off. Its greatest downsides are fairly prime charges and restricted choices for promoting Crypto. You can purchase greater than a dozen cryptocurrencies on Coinmama, however promote handiest Bitcoin, so that you’ll wish to to find every other position to dump the others.
How Coinmama Stacks Up
Not positive if Coinmama is your only option to your Crypto purchasing and promoting wishes? See the way it compares to Coinbase Pro, a extra complex Crypto buying and selling platform constructed for severe Crypto-heads. As you’ll see, there’s no longer a lot overlap between the 2.
|Fees||0.99% to a few.9%, relying on loyalty stage||Up to 0.6%, relying on quantity|
|Ease of Use||Easy||Difficult|
I’m extra Crypto-agnostic than Crypto-skeptic, however the previous yr has shaken my religion slightly. Some of my previously gung-ho buddies have sworn off Bitcoin and different cash totally, whilst others undertake a wait-and-see posture.
Against this backdrop, it’s a reduction to peer it appears aboveboard Crypto brokerages like Coinmama making their manner. While I’m no longer an insider and will handiest move on publicly to be had knowledge, the entirety I’ve noticed suggests Coinmama is at the up and up.
Is that sufficient for fellow Crypto skeptics? Put it this manner: If you’re serious about entering Crypto after the entirety that’s came about in recent years, you’re most likely prepared to head the additional mile and do your individual analysis. So do it — check the ideas I’ve equipped right here, achieve out to Coinmama’s beef up workforce with questions, and make your individual resolution as as to if to open an account.