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.

Coinmama

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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 Users can also sell Bitcoin, but other cryptocurrencies must be withdrawn to a digital wallet to sell elsewhere.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.

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frequently asked questions

Certain deposits, such as first-time ACH instant purchases, debit or credit card purchases or digital wallet purchases, may trigger a withdrawal hold for up to 72 hours. Withdrawal holds may also be triggered by deposits from certain banks as well as security reasons. Trading is unaffected, you will still be able to trade throughout the period of the withdrawal hold.

Kraken does not accept transfers, to or from, third-party payments processors (TPPPs) for compliance reasons. This is because it is difficult to verify that a transaction actually came from or is destined for an account associated with the client on Kraken. Whenever possible, we request TPPPs to block us from their services. Our system will also automatically return deposits from TPPPs and cancel withdrawals to TPPPs. IMPORTANT: We are unable to assist with the tracing of transactions through TPPPs that have not reached our systems. Such problems lie with the TPPP and needs to be resolved by them. Ensure that you read the full deposit information on deposit pages when funding your account. Examples of TPPPs: - The Currency Cloud - Earthport - Neteller - PayPal - Paysera - WesternUnion - Exceptions If a TPPP issues you a unique bank account or IBAN that is in your name, we might be able to accept deposits or withdrawals via them. Check our list of incompatible banks. If your TPPP is not on that list, double-check with our Support team or send a small amount (above the minimum) as a test deposit. If you are unsure whether you have been issued a unique bank account or IBAN in your name, ask your TPPP's support team for assistance.

To change or update any of your saved bank account details: 1. Navigate to the Funding page of your account. 2. Select the applicable withdrawal currency. 3. Select the applicable method from the drop-down menu. 4. Click on the “Manage” button. 5. Select the registered bank account you wish to change details for by clicking on its “Description”. Once you are there, you can change the bank account details. 6. Click on the “Save bank account” button when done. To delete any of your saved bank account details: 1. Navigate to the Funding page of your account. 2. Select the applicable withdrawal currency. 3. Select the applicable method from the drop-down menu. 4. Click on the “Manage” button. 5. Click on the red "X" button next to the bank account you wish to remove. 6. Click on the "Delete bank account" button on the confirmation window.

We only support physical cash (in person) and debit card deposits (in-person) for Canadian Dollars (CAD) via our Canada Post partnership. For all other fiat currency deposits (USD, EUR, GBP, AUD, CHF, JPY) Kraken does not currently accept physical cash, checks, debit cards, credit cards, PayPal or similar services. Debit or credit card use with the Buy Crypto feature is available to instantly purchase a range of cryptocurrencies. This service is currently limited to certain geographical regions, so please review our Support article here for further information.

It is not possible to transfer cash (or cryptocurrencies) between two Kraken accounts. Cash deposits & withdrawals can only happen from a bank account under the same name as the verified name on your Kraken account.

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