Coinmama review
- Regulator registration
- None
- Supported assets
- 71
- Fiat currencies
- 32
Summary
Should you buy Bitcoin, Ethereum or other leading cryptocurrencies on Coinmama? Our review can help you decide.
Founded in 2013, Coinmama aims to make it quick and easy for users in over 190 countries to trade cryptocurrency. This popular cryptocurrency marketplace allows users to buy Bitcoin (BTC), Ethereum (ETH) and 16 other leading digital currencies with their credit or debit card, or via bank transfer.
So, how does Coinmama work and is it the best place for you to buy cryptocurrency? Let's take a closer look at its features and drawbacks to find out.
Pros
-
Instantly purchase popular cryptocurrencies with AUD
-
Self-custodial wallet app
Cons
-
High fees
-
Small range of coins
-
Doesn't store your coins on your behalf
Details
Product details
| Product Name | Coinmama |
| Fiat Currencies | USD, EUR, AUD, CAD, GBP, JPY & 26 more |
| Cryptocurrencies | BTC,ETH,USDT,BNB,SOL,XRP,USDC,ADA,DOT,WBTC & 61 more |
| Deposit Methods |
Bank transfer Credit card Debit card Apple Pay Google Pay |
| Trading Fee | 0.99—3.9% |
| Deposit Fees |
Credit card: 3.24–3.34% Debit card: 3.24–3.34% Bank transfer: 1.89% |
| Withdrawal Fees | 0.1–0.9% |
What is Coinmama?
Coinmama is a global online marketplace designed to make it as simple and straightforward as possible to buy digital currency. You can buy a handful of cryptocurrencies with AUD using a credit or debit card, bank transfer, Apple or Google pay or a Skrill account.
Founded in 2013, it's helped more than 1 million people in more than 190 countries buy crypto coins and tokens using fiat currency. Coinmama is headquartered in Canada.
You can buy Bitcoin and other currencies on Coinmama by completing the following steps:
- Register for an account. You'll need to provide your name, email address, country of residence and proof of ID.
- Enter transaction details. Specify which digital currency you want to buy and how much you want to purchase.
- Enter your wallet address. You'll need to have your own cryptocurrency wallet to receive your coins.
- Choose your payment method. Select the credit or debit card you will use to pay for the transaction.
- Fill out the payment form. Provide your card details and follow the prompts.
- Complete payment. The final step is to submit your payment and confirm your wallet address.
Which cryptocurrencies can I buy and sell?
Coinmama users can buy 18 cryptocurrencies through the platform, including popular assets like BTC, ETH, USDT, USDC, DOGE, XRP and LINK.
You can also sell Bitcoin through the platform, and receive AUD straight into your bank account.
Coinmama also offers a swap feature that allows you to swap between more than 500 cryptocurrencies.
Available countries
Coinmama is currently available in more than 190 countries worldwide, including Australia, and it also accepts five other local currencies (USD, EUR, GBP, CAD).
Which payment methods are accepted?
- Visa credit/debit cards
- Mastercard credit/debit cards
- Apple and Google Pay
- Bank transfer
- Skrill
How much will it cost me to use Coinmama?
Coinmama fees are complicated and fairly high, compared to most other exchanges available in Australia.
Purchases start at 3.9% of the total, but can decrease to 0.99% if you increase your loyalty level.
On top of that is a variable spread fee, as well as fee that will depend on the payment method chosen.
This fee can be up to 5% for credit or debit cards.
| Fee | |
|---|---|
| Transaction fee | 3.9% |
| Credit card purchase fee | 5% |
| Cash advance fee | Varies (may be charged by your bank or card issuer) |
It will cost you at least $1,105 to buy $1,000 worth of Bitcoin using Coinmama. It might even be more, if you are assessed a cash advance fee or a fee for using a currency other than US dollars or euros.
* This is a fictional, but realistic, example.
What is a rate lock?
The price of Bitcoin and most other digital currencies can fluctuate wildly. To avoid any problems that this may cause, Coinmama “locks” the crypto rate at the time of purchase. This means you will receive exactly the amount of coins or tokens you ordered, regardless of whether the price went up (or down) between the time you placed the order and when you receive your coins.
How soon can I get my cryptocurrency?
There are a few key factors that affect how long you'll have to wait before you can access your funds:
- Time for bank or credit card processor to verify your payment
- Time required for you to confirm your digital wallet address
- Time for the blockchain to confirm each transaction
Once your payment has been approved and you have confirmed your wallet, Coinmama usually sends the coins within 10 minutes. You'll then have to wait for the relevant blockchain to confirm the transaction, which may take another 10 minutes.
Are there any transaction limits?
The minimum amount you can purchase in any single transaction with Coinmama is US$5 or equivalent via card or bank transfer, or US$10 for ETH, ERC-20 or DOT transactions. There is a US$20 limit for Skrill and Neteller transactions.
There is a maximum transaction size of US$10,000 for bank transfers, US$20,000 for card transactions and $US200,000 for Skrill or Neteller.
Daily and monthly transaction limits also apply as follows, depending on your payment method:
- Credit or Debit card: Unlimited
- Skrill or Neteller: US$200,000 daily
- Bank transfer: US$1,000,000 monthly
Is it safe to use Coinmama?
Coinmama is owned by Wellfield Technologies. Inc. and is based in Vancouver, Canada. The company has been selling digital currency since 2013 and employs a couple of key security measures to help ensure the safety of customer funds. These include encrypting personal details and documents and never storing customer credit card details on its website or servers.
However, there's always an element of risk when buying cryptocurrency online, so make sure to exercise normal safety precautions.
Customer support
Coinmama offers support via email (support@coinmama.com) and zendesk. However, it also offers an online help centre with answers to a wide range of frequently asked questions.
Compare Coinmama against other exchanges
Next steps
First, carefully review Coinmama's features to decide if you want to make a purchase through the platform. If you want to get started with Coinmama, register for an account on the platform’s website. It's then just a matter of registering for an account, choosing which cryptocurrency you'd like to buy, completing payment and confirming your wallet address.
Your reviews
Tim Finder
Writer
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