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Download What is Coinmama?
Coinmama is limited in the cryptocurrencies offered and the features it provides. As a payment platform, Coinmama is absolutely safe because it does not store personal information of customers and any cryptocurrencies on its servers. All funds are stored only on clients’ wallets. There are only 15 coins to exchange, so the project is not suitable for fans of fresh ICOs. One way or another, the platform has regular users and impressive trading volumes. We believe that this is all thanks to three main features:
- Ease of use. Focus on tech. Who has just entered the cryptocurrency industry and is afraid of complex decisions and processes for buying/selling/exchanging cryptocurrencies? To purchase, just click the “Buy” button, select the desired asset and the amount you are willing to spend on it and confirm the transaction. The sales process is completely reversed.
- Transaction speed. A classic cryptocurrency exchange requires registration, verification, overcoming checks and obtaining trading limits, and so on. This is not the case on Coinmama, the payment is debited from the specified account, the crypt is credited to the specified wallet.
- Safety. The Coinmama crypto exchange does not accept money or coins to its accounts, and therefore does not store them, which means that there is no point in hacking it, there is simply nothing to steal.
At the same time, there is only one difficulty – a limited number of cryptocurrencies in the listing – only 15 and all of them are most in demand by the market. For those who are seeking the opportunity to buy fresh coins during the ICO, we offer you to look at our other reviews.
How does Coinmama work?
The principle of operation of this service differs from all other platforms for trading and exchanging cryptocurrencies. Consider the main differences between Coinmama and industry representatives:
- Easy to use – ideal for beginners;
- Buy and sell cryptocurrency instantly;
- 15 most popular cryptocurrencies available;
- You are always controlling your assets;
- Credit and debit cards accepted;
- Loyalty program – reduce commission and save money;
- Customer support with live chat and email assistance;
- High spending limits – up to $30,000 at a time.
Negative sides and disadvantages of Coinmama
Coinmama has some drawbacks that you should be aware of before deciding to open an account.
- Only 15 cryptocurrencies are supported;
- Higher transaction fees than some other crypto exchanges;
- Not available in all US states;
- There are no charts to view the price history of cryptocurrencies.
What services does Coinmama offer?
Let’s take a look at all the main features of Coinmama one by one so that you can make decisions based on facts, and not on advertising slogans.
Easy to use – ideal for beginners
A simple and intuitive interface, not overloaded with additional blocks and overhanging charts and numbers. You need to select an asset, select the amount for which to buy it and click the “Buy” button. No charts, trade entry points, orders and other complexities.
Buy and sell cryptocurrencies instantly
The exchange procedure is instantaneous, which saves a lot of time. Recall the procedure for working with a classic exchange, first you need to add payment details, then replenish your account on the exchange, place an order or buy on the market, wait for the transaction to be processed by the network and, finally, withdraw the crypt to a third-party wallet or cold storage, if the limits on the exchange allow and account verification status. Coinmama accepts money from any card instantly and also sends the crypt for the transaction to the wallet specified in the application.
15 most popular cryptocurrencies
Yes, there are not many assets to buy, but they are all very liquid and occupy the first lines in terms of market capitalization. In the future, it is planned to expand the list in the listing, but there was no news about the specifics.
You are always in control of your assets
The Coinmama exchange is only a broker that executes clients’ orders to buy or sell assets. They do not store your money in any form in their accounts, therefore, no additional permissions and withdrawal limits are required, and clients do not suffer from the risk of hacking or difficulties in accessing assets. Even if the service suffers from attacks, your funds will always be safe as they are on your card and your cold wallet.
Credit and debit cards accepted
Coinmama, unlike many other companies, does not limit customers in the payment and receiving fiat money tools and supports credit and debit cards, among other things.
Loyalty program – reduce commission and save money
The transaction fee may seem high at first glance, but you need to understand that it is a one-time fee, and does not consist of a series of small, imperceptible commissions at first glance. For example, depositing fiat to an exchange, then a commission on a transaction, withdrawing crypto to a wallet – all this together can bring fees for 5% per transaction. Coinmama offers transparent conditions for any direction, moreover, it is possible to reduce the base fee:
- Crypto Curious is entry level and the commission for buying and selling is 3.90%.
- Crypto Enthusiast – $5,000 cumulative purchase amount over a rolling 90-day period. Commissions for buying and selling are reduced to 3.41%.
- Crypto Believer – A cumulative purchase amount of $18,000 over a rolling 90-day period or a lifetime purchase amount over $50,000. The commission for buying and selling is now only 2.93%.
Customer support with live chat and email assistance
Any difficulties that arise before Coinmama customers are resolved in two stages. The first is a bot that operates with links to a knowledge base, where all the typical problems of customers are summarized. If he can’t cope, the case goes to a live person in the chat, who can solve absolutely everything related to the operation of the service.
If the decision takes time or the issue is caused by force of circumstances, communication is carried out via e-mail to save the history of correspondence and immediately understand what is at stake. Their experience of communicating with a support representative showed that they know all the functionality of the service perfectly, and they do not experience serious failures, again due to simplicity.
High spending limits – up to $30,000 at a time
You can make a one-time exchange for an amount not exceeding $30,000. For classic crypto exchanges, trades over 15,000 – 20,000 are usually placed on the OTC table or limited by the service so as not to cause a sharp movement in the rate or price slippage. Coinmama has a much larger limit per transaction, while the service guarantees that the price of an asset when booking its volume during the process of creating a transaction will remain unchanged at the time specified for its execution.
What I don’t like about Coinmama
There are several points that make working with Coinmama inconvenient, and for some, unacceptable:
Only 15 cryptocurrencies are supported
This narrows the market very much, especially for beginners who are interested in assets with a small price. And even though the listing contains only TOP coins with a stable trading history and high liquidity, the assortment is not enough.
Higher transaction fees than some other crypto exchanges
A fixed commission per transaction from 3.9% is a very high transaction fee against the background of an average fee for the crypto industry of 0.2%, but please note that Coinmama’s commission includes all fees for deposit / withdrawal of crypto and fiat transfers. A closer look at the calculation of these fees may show that they are more profitable than some companies using third-party payment gateways.
Not available in all US states
The disadvantage is rather conditional, since a huge number of cryptocurrency exchanges do not work at all in the United States due to the difficulties of overcoming legislative conflicts. Coinmama is represented in all states except Hawaii and New York. Some US states are served by a third party with which Coinmama has a cooperation agreement.
No charts to view the price history of cryptocurrencies
Since Coinmama is configured as an exchange machine, they do not display a price chart or even the current price of an asset. You can find out how much a coin from the listing is currently worth on a third-party site or exchange, or directly on Coinmama by indicating the number 1 in the “Purchase volume” column so that the system generates the amount for payment.
Coinmama loyal customers track rates on other platforms. Where it is possible to substitute analytics and indicators for forecasting, and when the price reaches the desired level, they make an exchange deal.
Coinmama fees
For frequent exchanges, commission is essential.
Coinmama deposit/payment fee
Since Coinmama does not accept deposits into its accounts, there are technically no fees. The commission is charged by the system through which the payment is made and it is already included in the Coinmama base rate:
- Fedwire, SEPA, SWIFT, Open Banking: free;
- Debit card, credit card, Apple Pay, Google Pay: 5% fee;
- Skrill: 2.5% commission.
Transaction fees
This fee is the only one that is applied on Coinmama. Its size depends on the level of loyalty that the user corresponds to. The basis for the transition from level to level will be the total volume of trade for 90 days.
- Crypto Curious – entry level. Commission for buying and selling: 3.90%;
- Crypto Enthusiast – $5,000 cumulative purchase amount over a rolling 90-day period. Commission for buying and selling: 3.41%;
- Crypto Believer – A cumulative purchase amount of $18,000 over a rolling 90-day period or a lifetime purchase amount over $50,000. Commission for buying and selling: 2.93%;
There is no withdrawal fee at all.
Pros and cons of Coinmama
From all of the above, most of the readers were able to draw their own conclusions and decide whether to add Coinmama to the list of exchanges and crypto services or not. Let’s summarize the key qualities of the platform for a better understanding of its real usefulness.
Pros
- Easy to use for instant buying and selling cryptocurrencies;
- Non-custodial platform, so you are controlling all your funds at all times;
- Absolute safety of work and storage;
- Free loyalty program to reduce commissions;
- Credit and debit cards accepted;
- Customer support with live chat and email assistance.
Minuses
- Only 15 cryptocurrencies are available;
- Higher transaction fees compared to some other exchanges;
- There are no charts to view the price history of cryptocurrencies.
Verdict
Cryptocurrency exchange-exchange Coinmama offers a very interesting service for instant buying/selling of assets at a fixed price with fairly high transaction limits and a more or less understandable commission that is charged once. A few coins available for exchange partly spoils the impression, but we hope that the owners of the company also understand this and take measures to expand the listing. All functionality is reduced to the exchange window, there are no charts, no trading orders or a glass of orders. Choose a coin to buy, fix its price for the transaction and pay the required amount. After that, you get the crypt to your wallet and no problems.
