High-fee crypto exchange for buying Bitcoin

Coinmama is a small cryptocurrency exchange that allows users to sell Bitcoin for fiat currency. It offers a limited number of cryptocurrencies available for purchase, does not allow crypto-to-crypto trading, and charges high fees for buying and selling crypto.
Coinmama may appeal to beginners as an easy way to buy crypto, but advanced traders seeking access to crypto trading, low fees, and a larger coin selection will want to look elsewhere.

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Coinmama

FinCEN and FINTRAC

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Pros

  • Can quickly purchase crypto with fiat currency
  • Access to Bitcoin, Ethereum, and another top crypto
  • Phone support available (callback only)
  • No fees for crypto deposits or withdrawals

cons

  • Only nine cryptocurrencies for purchase
  • High fees
  • Can only sell Bitcoin
  • Must connect the third-party digital wallet to store coins
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Introduction

Coinmama is a cryptocurrency exchange that offers a simple way to buy and sell a few popular cryptocurrencies online. It doesn't allow crypto-to-crypto trading, and it also outsources many of its transactions to a third-party service (Simplex). Coinmama currently only supports nine cryptocurrencies, which is fewer than most exchanges.2

 

Coinmama users can buy Bitcoin and other popular cryptocurrencies using fiat currency. Users can also sell Bitcoin, but other cryptocurrencies must be withdrawn to a digital wallet to sell elsewhere. Coinmama is not a trading platform and does not offer some of the trading tools of different media, such as advanced charting, limit and stop orders, or trading on margin.

Crypto Exchange Details

  • Minimum Trade Size: $30
  • Maximum Leverage: 10x
  • Minimum to Open Live: $30
  • Established: 2013
  • Cryptocurrencies: bitcoin, bitcoin cash, litecoin, ethereum, tezos, ripple, cardano, dogecoin, uniswap and chainlink.
  • P2P Service : Yes
  • Yield-Farming: N/A
  • Payment Option: Fedwire, SEPA Instant, SEPA, SWIFT Fast Payment (UK), Open Banking (UK), Bank card, Apple Pay, Google Pay, Skrill,
  • Web Trading: Yes
  • Mobile Trading: Yes
  • Social Trading: Yes
  • Restricted Countries: Cuba, Crimea, Iran, Israel, Lebanon, North Korea, Palestinian Territories, South Sudan, Sudan, Syria, Somalia
  • Collateral: Yes
  • Staking: Yes
  • Auto-Invest: Yes
  • Deposit Methods:

    Users can purchase cryptos with credit and debit cards, Apple Pay, or bank transfer. Bank transfer options include Faster Payments, Fedwire, Sofort, SEPA, SWIFT, and Apple Pay.

  • Withdrawal Methods:

    Bank transfer, or by credit or debit card.

Cryptocurrencies

Coinmama offers a tiny selection of cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCS), Ethereum (ETH), and Dogecoin (DOGE). There are only nine supported cryptocurrencies on this platform, though they may add more in the future.3 Here is the complete list: 

 

  • Bitcoin (BTC)
     
  • Bitcoin Cash (BCS)
     
  • Ethereum (ETH)
     
  • Ethereum Classic (ETC)
     
  • Dogecoin (DOGE)
     
  • Cardano (ADA)
     
  • Litecoin (LTC)
     
  • Ripple (XRP)
     
  • Tezos (XTZ)


Coinmama does not currently support some of the top cryptocurrencies, such as Solana (SOL), Polkadot (DOT), Avalanche (AVAX), or Tether (USDT).

Trading Experience

Coinmama offers a simple trading experience, as users can only buy crypto or sell Bitcoin. You can deposit funds into your Coinmama account using a wire transfer or ACH transfer or deposit Bitcoin from your digital wallet into the Coinmama platform. Users can also purchase crypto in several other ways, including Google, Apple Pay, or any Mastercard or Visa card.
 

Users will need to connect a wallet address to store crypto, as Coinmama does not keep any user assets on its platform. This may be a hassle for new users, as finding a compatible wallet for your desired crypto may be confusing. Coimama also does not offer advanced charting or limit or spot orders so advanced traders may be underwhelmed at the trading features available.

Products

Coinmama users can buy bitcoin, bitcoin cash, litecoin, Ethereum, tezos, ripple, Cardano, dogecoin, uniswap, and chainlink.

Fees

Coinmama charges fees for buying and selling, plus additional fees depending on the payment method used. Coinmama fees are based on the TradeBlock XBX (a popular Bitcoin price index) list + 2% markup.5 In addition, Coinmama charges a fee for each transaction. These fees are much higher than most crypto exchanges.
 

Here’s a breakdown of Coinmama fees:
 

Security

Standard security features are available on Coinmama, including two-factor authentication (2FA) and encrypted servers. Coinmama also does not store any user crypto assets; and instead, it requires customers to use their software or hardware wallets. This keeps assets in user custody instead of on a centralized platform.
 

Here are some details of the security features offered by Coinmama:
 

  • Two-factor authentication (2FA). Coinmama offers two-factor authentication (2FA) via third-party authentication apps (such as Google Authenticator.)
     
  • User custody. Coinmama does not store user coins, and it requires connecting a digital wallet for your purchases. This ensures all users can secure their crypto off the Coinmama platform.
     
  • Biometric access. The Coinmama mobile app (only on Android) allows users to enable biometric access (such as a fingerprint) to secure the app further.

Mobile Trading

Although Coinmama's services are available through a mobile browser, it doesn't have a mobile application. The exchange is yet to offer an API for users to make custom applications that are suitable for the platform. Since Coinmama isn't a trading platform, there's little need.

Opening an Account & Manager

  1. Log in to your Coinmama account.
     
  2. Click on Verify account.
     
  3. Upload an updated KYC questionnaire.
     
  4. Wait for some news from our Verification team!

Earning Category

Coinmama lets you earn 15% of the Coinmama commission fee on each transaction made by someone who uses your affiliate link.

Trade Category

Coinmama doesn't support crypto-to-crypto trading, and users can only sell Bitcoin through this platform. If you want to sell another asset, you'll need to use a different exchange.

Gift & Campaign

Step 1: Buy your gift card! Choose how many coins you'd like and use your credit card or your PayPal account to purchase your gift card!

Step 2: Get the card. We will also send you a physical gift card in the mail!

Step 3: Redeem! Enter the personal code into our website, and your coins will be transferred into your wallet - It's that easy!

Research & Education

Documents required
 

  1. A government-issued ID (an international non-US passport, a driver's license, or other national ID)
     
  2. A piece of paper on which you've written "Coinmama" and today's date.
     

Once you've uploaded all of your documents, submit them to have your application reviewed. The review usually takes only a few minutes, but you may be asked to upload additional documentation, so check your email. You're officially on your way to Level 2 verification!

 

Customer Support

Coinmama offers customer service over the phone (callback only), via email, live chat, or social media. Users can call the voicemail service by dialing +1 (650) 600-9939 and leaving a message with a name and phone number.7 Coinmama customer service will call back to assist. Most crypto exchanges do not offer phone support, so this sets Coinmama apart from many of its competitors.

 

Users can also get essential support on Twitter. Overall, Coinmama offers more support options than most crypto exchanges.

frequently asked questions

Yes. Coinbase complies with all applicable laws and regulations in each jurisdiction in which it operates. United States Coinbase, Inc., the company which operates Coinbase and GDAX in the U.S., is licensed to engage in money transmission in most U.S. jurisdictions. Most of Coinbase’s money transmission licenses cover US Dollar Wallets and transfers. In some states, money transmission licenses also cover digital currency wallets and transfers on the platform. In other states, no money transmission license is required to operate a digital currency business. Coinbase is also registered as a Money Services Business with FinCEN.

You can see what cryptocurrencies are currently a part of the program by visiting Coinbase Earn - www.coinbase.com/earn . We add new cryptos on a regular basis.

ou may be able to start earning crypto immediately if you're signed in and meet the eligibility criteria listed above (note that photo verification may take up to 48 hours). The options available will be shown on the Earn screen. If you're signed in, but you don't see the option to earn, follow the instructions on the banner to continue setting up your account. If you're added to the waitlist, you'll have to wait to become eligible, which might take some time due to popular demand.

You can use your Coinbase wallets to send and receive supported cryptocurrencies. Sends and receives are available on both mobile and web. Note that Coinbase cannot be used to receive ETH or ETC mining rewards.

Coinbase may delay cryptocurrency transactions sent from your Coinbase account if they suspect that you did not authorize the transaction.

It's important to understand how Coinbase handles cryptocurrency transactions to ensure any returns reach the sender's account. Coinbase does not support cryptocurrency being returned directly to an address it was sent "from" (in the cryptocurrency world, we call these input addresses). When a Coinbase user sends cryptocurrency from their wallet, the address it comes "from" is one of Coinbase's many hot wallet addresses. Any crypto sent back to that address would be sent to Coinbase, not your own wallet.

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