Buying a limited number of cryptocurrencies is possible on Coinmama, a straightforward and simple-to-use cryptocurrency exchange. It is notable for enabling credit card purchases, but it also accepts other forms of payment like bank account transfers and payment apps. Sadly, fees can be quite expensive. To determine if Coinmama is a good fit for you, read our complete review.
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What Is Coinmama Wallet
An established and uncomplicated cryptocurrency exchange is Coinmama. It lacks a specific crypto wallet and only supports a few digital assets. You might want to look elsewhere if you’re looking for a cryptocurrency exchange with a wide variety of products and tools. In contrast to some other exchanges, Coinmama is a straightforward exchange that might be suitable for inexperienced cryptocurrency investors with wallets on other platforms.
Users of Coinmama can purchase Bitcoin and other well-known cryptocurrencies using fiat money. Users can also sell Bitcoin, but in order to sell other cryptocurrencies, they must first withdraw them to a digital wallet. As a non-trading platform, Coinmama does not provide some of the trading tools found on other platforms, including advanced charting, limit and stop orders, and margin trading.
Features Of Coinmama Wallet
Payment options
A popular payment method on Coinmama is the use of credit or debit cards to buy cryptocurrencies. Although it may have gained supporters, investment advisors are probably not among them: Using a high-interest credit card to buy any investment, such as cryptocurrency, can be risky. Coinmama and Apple came to an agreement in September 2020 to permit the use of Apple Pay for cryptocurrency purchases.
Simplicity
Because all cryptocurrencies sold on Coinmama come from its own inventory, unlike many other exchanges, the transaction is only between users and the business. However, you will require a personal digital wallet to keep the cryptocurrencies you purchase safe.
Pros And Cons Of Coinmama
Pros
- Easy way to buy crypto
- 10 digital currencies offered
- Multiple payment options
- Fast verification
Cons
- High fees
- No smartphone app
- Limited features
- Mediocre educational content
- Small cryptocurrency selection
Is Coinmama Wallet The Best Option For You?
For those who are just starting out in cryptocurrency trading, Coinmama’s user-friendly interface and straightforward transaction process may be appealing. However, its fees are higher than those of many rivals.
Whatever you decide, keep in mind that buying cryptocurrencies like bitcoin is very risky and has a reputation for volatility. Never invest more money than you can afford to lose, according to sound advice.
The Benefits Of Coinmama
- Purchase Bitcoin right away. You should receive your coins in around ten minutes when paying with a credit or debit card, or using online banking.
- the secure method of buying bitcoin. Neither Coinmama nor your payment information are ever kept on file.
- To have total control over your coins, use the third-party wallet of your choice.
- High spending limits; you can purchase up to 30,000 USD at once using your bank account.
- Users in a few markets can now sell Bitcoin, even if they bought it from a different exchange.
- Our Happiness Heroes are here for you and provide outstanding support.
How To Sign Up On Coinmama
You will need to enter your email address and password when creating a Coinmama account. You can log in and secure your account with 2FA after your email address has been verified. To do this, you must use your authenticator app to generate a six-digit code that expires and scan a Coinmama QR code.
Coinmama demands user identity verification prior to any transactions (including withdrawals). This entails giving your name, address, and other personal data in addition to uploading a photo of a photo ID that was issued by the government. Additionally, you must upload a photo of yourself holding a piece of paper with the words “Coinmama” written on it. This aligns with modern Know Your Customer (KYC) standards of security in the U.S
Fees Of Coinmama Wallet
Depending on the account tier, Coinmama assesses trading fees as a percentage of each transaction. Three tiers make up the platform:
- Curious: Under $5,000 in transactions over a 90-day period
- Enthusiast: Over $5,000 in transactions over a 90-day period
- Believer: Over $18,000 in transactions over a 90-day period or over $50,000 in transactions total
The fee for each buy or sell transaction for users in the Curious tier is 3.9%. 3.41% goes to enthusiasts, and 2.93% goes to believers. The trading fees on Coinmama are relatively high when compared to those of other cryptocurrency exchanges. On Coinmama, spread fees are referred to as “rates” and users may also be charged additional fees based on the payment method they choose.
Security Of Coinmama Wallet
Two-factor authentication (2FA) and encrypted servers are just a couple of the standard security features offered by Coinmama. A similar practice is followed by Coinmama, which mandates that users use their own hardware or software wallets and does not store any of the cryptoassets they use. As a result, users maintain custody of their assets rather than a centralized platform.
The security features that Coinmama provides are described in more detail below:
- Two-factor authentication (2FA). Through third-party authentication apps (like Google Authenticator), Coinmama offers two-factor authentication (2FA).)
- User custody. User coins are not stored by Coinmama, and you must connect a digital wallet in order to make purchases. This guarantees that everyone using the Coinmama platform can secure their cryptocurrency.
Conclusion
Coinmama is the ideal platform for users who want to easily and instantly buy Bitcoin, but the transaction fees are excessively high (5.5% to 5.9%, roughly). Due to its high fees, absence of a crypto wallet, and lack of a mobile app, Coinmama received a poor rating in the review. However, Coinmama earns a perfect score for simplicity, speed of transaction, and customer service.
It is strongly advised for beginners because Coinmama offers excellent support in the event of any problems. Coinmama does have a fee structure that is somewhat more expensive than average, but it makes up for it with first-rate customer support that makes the money well spent.