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Coinmama Review 2022

Blockchain Technology


Coinmama is a basic, easy-to-use cryptocurrency exchange where you can purchase a small selection of digital currencies or invest in Bitcoin. While it's catered to beginners with a simple and user-friendly platform, and it was the first crypto exchange to allow purchases with a credit card. Read our full Coinmama review to find out if it’s right for you.

Full Coinmama review

This cryptocurrency exchange is a good fit for: Beginners who want an easy way to use USD, GBP, EUR, or other fiat currency to buy crypto they can hold onto or use for purchases and trades on other cryptocurrency exchanges.

Pros and Cons

Pros

1. High spending limits

2. Buy with a credit card

3. Fast verification

4. Beginner friendly

Cons

1. No wallet

2. High fees

3. Limited currency selection

Top perks

High spending limits

Coinmama’s transaction limits (the total of how much you buy and sell) are higher than many competitors, and your personal limit goes up as you buy more on the platform. Limits are based on your verification level, which are as follows:

Level 1: Every user starts here once their identity is verified. Monthly buy/sell limit is $15,000 over 50 orders.

Level 2: You become eligible once you purchase $2,400 in cryptocurrencies through the exchange. The monthly buy/sell limit is $50,000 over 50 orders.

Level 3: You can apply once you get close to your Level 2 limit of $50,000 in monthly transactions. The monthly buy/sell limit is $100,000 over 50 orders.

More: If you want an even higher transaction limit, you can reach out to Coinmama for VIP verification and custom limits.

These are rolling limits, which means they apply to any 30-day period, not a calendar month.

Buy with a credit card or Apple Pay

Coinmama was the first crypto exchange to be authorized for purchases through credit and debit cards and Apple Pay.

You can purchase digital currency with any Visa or Mastercard debit or credit card, or Apple Pay; as well as SEPA bank transfer (in Europe), SWIFT (in the U.K.), or wire transfer (outside of Europe and the U.K.).

You can’t exchange cryptocurrencies directly through the platform; you can only buy with and sell for fiat currency.

Fast verification

Like any cryptocurrency company, Coinmama is required to verify your identity before you can buy and sell on the platform.

To get Level 1 verified, you’ll just need to snap a photo of the front and back of a government-issued ID along with a piece of paper where you’ve written "Coinmama" and the day’s date.

Users report verification takes anywhere from 10 minutes to a couple of hours, with most in the lower range, between 15 and 30 minutes.

Beginner-friendly platform

Getting started and making purchases through Coinmama is extremely easy even if you’ve been baffled by other platforms. You don’t have to have experience trading in cryptocurrencies, and you don’t necessarily need to know a lot about various currencies.

Once your account is set up and verified, purchasing on the platform is simple, and transactions are settled within one or two days. You have the option to make a purchase with Apple Pay or a credit or debit card, so the transaction is almost as easy as any online shopping experience.

What could be improved

No wallet

Coinmama isn’t a crypto wallet provider, which means it doesn’t have a place to store your coins (similar to a bank account). You have to set up your own wallet, which you can find for free or at a low cost through a third-party provider.

When you purchase or sell coins through Coinmama, you’ll share your wallet address, which is a "public key" that consists of a string of numbers, similar to a bank account number.

The drawback of not having your wallet connected to the exchange is that you have to be extra careful to always enter your wallet address correctly. Transactions on blockchain, the system cryptocurrency is built on, are irreversible, so Coinmama can’t retrieve your funds if you accidentally send them to the wrong address.

High fees

You’ll have to surrender a large chunk of your purchase to Coinmama, especially if you take advantage of its convenient debit or credit card payment option.

Coinmama’s base transaction fee is based on the XBX (or market) rate plus 2%. It also charges a commission fee of up to 3.9% for buying and up to 0.9% for selling. Tiered loyalty levels, based on your buying activity, get reduced commission fees.

On top of those fees that apply to all transactions, Coinmama charges an additional 5% fee for credit and debit card transactions and a minimum fee of £20 on orders less than $1,000 USD for SWIFT transfers.

For SEPA transfers and SWIFT transfers higher than $1,000 USD, there’s no additional fee.

Limited currency selection

Through Coinmama, you can only purchase 10 cryptocurrencies. Selling is only supported for Bitcoin and only in Europe. It offers major currencies for purchase, including Bitcoin, Ethereum, and Litecoin but not other popular coins, like Monero or Dogecoin.

Fees overview

Each cryptocurrency exchange sets its own transaction rates. An index called TradeBlock XBX averages the rates of all known providers to track a market rate, and Coinmama sets its rate based on that average.

In addition to that fee, you’ll pay commission, credit card fees, and bank transfer fees.

Cryptocurrency selection

Coinmama sells 10 cryptocurrencies, including major coins like Bitcoin, Ethereum, and Litecoin, as well as less common coins like Qtum, Cardana, and Tezos. The full list includes:

Bitcoin (BTC)

Ethereum (ETH)

Litecoin (LTC)

Bitcoin Cash (BCH)

Qtum (QTUM)

Ripple (XRP)

Ethereum Classic (ETC)

Cardano (ADA)

Tezos (XTZ)

EOS.IO (EOS)

How Coinmama works

Coinmama is a simple, straightforward exchange where you can buy a selection of cryptocurrencies and sell Bitcoin.

Once your account is set up and verified, all you have to do is log in and select the coin you want to purchase. The platform displays easy options with exchange rates listed in your local currency. You’ll select the amount you want to purchase, then enter your payment method and your wallet address to complete the transaction.

Rates are displayed in USD, EUR, GBP, CAD, AUD, and JPY. Coinmama accepts payment in any fiat currency, but your bank might charge an exchange fee if you pay with something else. You can pay with credit card, debit card, Apple Pay, or bank transfer. (American Express, Discover, PayPal, and ACH transfer aren’t supported.) Purchases land in your wallet within an hour.

To sell Bitcoin, you must be located in a SEPA European country. If you qualify, the process is simple: Log in to your account, select the "sell" option, and enter the amount you want to sell. You’ll transfer the coins from your wallet to Coinmama’s with a wallet address or by scanning a QR code. Payment should land in your bank account within a few business days.

Coinmama doesn’t facilitate trades between buyers and sellers; you’ll only transact with Coinmama itself. It also doesn’t let you exchange one cryptocurrency for another. You’ll always purchase crypto with your local currency and get paid in Euro for selling Bitcoin.

Coinmama doesn’t include a wallet, and it doesn’t facilitate other types of investing, like in the stock market.

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