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.
FinCEN and FINTRAC
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 Users can also sell Bitcoin, but other cryptocurrencies must be withdrawn to a digital wallet to sell elsewhere.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.
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.
Bank transfer, or by credit or debit card.
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:
Coinmama does not currently support some of the top cryptocurrencies, such as Solana (SOL), Polkadot (DOT), Avalanche (AVAX), or Tether (USDT).
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.
Coinmama users can buy bitcoin, bitcoin cash, litecoin, Ethereum, tezos, ripple, Cardano, dogecoin, uniswap, and chainlink.
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:
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:
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.
Coinmama lets you earn 15% of the Coinmama commission fee on each transaction made by someone who uses your affiliate link.
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.
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!
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!
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.