Coinmama is a cryptocurrency exchange aiming to enable digital currency purchasing with fiat currency in an easy, quick, and efficient way. Since its inception in 2013, the company has expanded worldwide, serving over 3 million customers across 190 countries.
With Coinmama, you can instantly buy crypto and acquire the coins directly into your wallet. Selling your crypto is also easy, regardless of whether you’ve acquired it in another exchange, while your payment is sent directly into your bank account.
Coinmama is a safe platform to use, primarily because it never stores any information on payment or holds your funds. This means that you’ll always have total control of both your fiat and digital assets.
What is Coinmama?
Coinmama is a cryptocurrency exchange that operates in a vastly different manner compared to others. Where most other crypto platforms require you to deposit money into your account, then use it to purchase crypto, Coinmama simplifies the process.
You simply pay for your crypto directly at the time of purchase, just like buying an item from an online store. The coins are automatically sent to your personal crypto wallet, and are never stored on Coinmama. If you want to sell crypto, it is just as easy, and the money is sent to your bank account.
Coinmama is incredibly simple to use, offering the quickest way to buy and sell crypto, employing top-notch security protocols.
Here’s a list of the top features of this platform and why 3 million people have decided to use Coinmama:
- Easy to use - ideal for beginners
- Instantly buy and sell crypto
- 15 cryptocurrencies supported
- Non-custodial exchange - assets are always in your possession
- Debit and Credit cards accepted
- Loyalty program rewards frequent users
- Customer support with live chat and email
- Up to $30,000 spending limit
Australian Alternatives to Coinmama
Easy to Use Platform - Ideal for Beginners
Coinmama has a great user-friendly interface, making it simple and easy to navigate around, which is especially useful for beginners to the world of crypto.
The platform makes it incredibly easy to buy Bitcoin with three pre-set sums you can choose from. Additionally, you can type your preferred sum to the far-right yourself, and there are no confusing markets or charts before you buy the crypto of your choice.
Instantly Buy & Sell Crypto
The simple interface and quick actions on this platform allow users to instantly buy the crypto of their choice. It’s pretty convenient, saves time, and the platform itself also trims down the purchasing process.
Namely, Coinmama doesn’t require you to pre-fund your account, with payments being conducted at the time of purchase while the crypto gets delivered directly into your personal crypto wallet.
When you decide to sell, the cryptocurrency leaves straight from your crypto wallet, while the AUD from the sale is delivered directly into your bank account.
15 Cryptocurrencies Available
Unfortunately, at the moment, Coinmama offers only 15 cryptocurrencies for trading. However, they are planning on adding more coins in the future, so you best keep an eye out for newer options.
Non-Custodial - Your assets are always in your possession
This is one of the best features of Coinmama and what separates it from its competitors. The non-custodial feature enables users to be in control of their assets every step of the way.
Since Coinmama doesn’t store any crypto, fiat or data, you can rest assured that you are trading safely at all times. Since your funds are stored in your own wallet, they are safe even if Coinmama is hacked.
Debit and Credit Cards Accepted
Coinmama is one of the rare crypto brokers that accepts both debit and credit cards. This feature allows users to make crypto purchases in a convenient manner, contrary to other crypto exchanges’ policies that do not support card payments.
Loyalty Program - Opportunity to save money and reduce fees
Depending on the purchasing sums, Coinmama offers three basic levels of loyalty. Signing up is free, with all savings being applied automatically. The more coins you buy or sell, the more your savings will add up.
However, upon promotion to a higher level, you’ll then need to meet the progressive minimum sum over a 90-day period if you wish to maintain your loyalty level status.
- Crypto Curious - Level 1 - this loyalty level is available to all new users on Coinmama.
- Crypto Enthusiast - Level 2 - when you reach this level, you’ll enjoy certain benefits, such as reduced fees and fast-track customer support. To maintain this status, you’ll need a progressive purchasing sum of $5,000 over a 90-day period.
- Crypto Believer - Level 3 - similar to the previous level, you’ll also enjoy reduced fees and queueless customer support, meaning your queries will be answered almost instantly. To maintain this status, you’ll need to buy crypto for at least 30 days, in addition to a progressive purchasing sum of $18,000 over a 90-day period.
Customer Support with available email assistance and Live Chat
The help centre is filled with a thorough library of articles to assist with any issue users might have. If you happen to find your query not being answered by the help topics, you can always rely on the Live Chat feature.
Initially, you’ll be in contact with a bot that will try to redirect you to the right data, and if that doesn’t help with your query, you can then click the button to Chat. Online agents can assist you instantly, but if there are no agents available at the time, you can always leave an email, and they’ll respond to it as soon as they’re able to.
High Spending Limits - up to $30,000
One of the best things about Coinmama is the spending limit. Namely, if you’re looking to buy large quantities of crypto, you can do so on this platform, provided you don’t pass the $30,000 mark.
While other crypto exchanges have slippage issues when trying to place large orders, at Coinmama, the price you agree to on the screen is the price you will receive, even for large orders.
Fees and Payment Methods
Unlike other crypto exchanges, Coinmama doesn’t require its users to deposit funds to pre-fund their accounts. The fees are charged at the time of purchase, and vary depending on what method you select:
- SEPA, SWIFT, Fedwire, Open Banking - Free of Charge
- Credit Card, Debit Card, Google Pay, Apple Pay - 5% Fee
- Skrill: 2.5% Fee
Australians can only access credit/debit card, Google Pay, and Apple Pay, all of which incur a 5% fee.
On top of the payment fee, you will need pay another fee which is based on your loyalty level. This loyalty level is based on the progressive sum you purchase over the previous 90 days.
For those who have just signed up to this platform, your loyalty level is labelled Crypto Curious. Here are the fees for buying or selling crypto for the different loyalty levels at Coinmama:
- Crypto Curious - the basic level has fees of 3.90%
- Crypto Enthusiast - intermediate level requires a progressive purchasing sum of $5,000 over a 90-day period. Buying/selling fees of 3.41%
- Crypto Believer - advanced level requires a progressive purchasing sum of $18,000 over a 90-day period or a lifetime progressive purchasing sum of $50,000. Buying/selling fees of 2.93%
Coinmama is a safe platform to use because it’s non-custodial. This means that it will never hold your digital assets or your fiat currency,so you are in possession of your funds at all times. Even if Coinmama gets hacked, you will not lose your crypto as the funds are not held online within the platform.
Additionally, your personal details are not stored online, so you can have peace of mind in the knowledge that neither your data nor funds can be mishandled.
If you’re looking for a safe and secure platform to buy and sell crypto, Coinmama is definitely one of the best crypto marketplaces you should consider using.
Pros and Cons of Coinmama
Coinmama is an easy to use crypto exchange that supports 15 cryptocurrencies. Even though this platform’s features are limited, Coinmama’s aim is not to be a feature-rich exchange.
Instead, its target audience is people who want a quick and efficient way to buy and sell crypto with ease. It’s very simple to use, purchases can be made incredibly quickly, and there’s no hassle regarding deposits and transferring crypto into a personal wallet.
No funds, crypto assets, payment information, or personal details are stored on the platform, making it amazingly reliable and secure. This composition allows all your data to be safe, even if the platform is subject to a hacking attack.
Some users say that the fees are quite high in comparison to other exchanges, but remember that your coins are going straight to your personal crypto wallet. You do not need to pay transfer fees like on other exchanges. If you prefer lower cost options, have a look at our article on the best crypto exchanges in Australia. There is also a quick comparison table below for your convenience.
Australian Alternatives to Coinmama
Frequently Asked Questions
Yes, Coinmama is a completely legitimate platform operating since 2013. Up until today, it has expanded to 190 countries with over 3 million users registered and using its services.
Yes, this platform is incredibly safe, primarily due to the non-custodial feature. All crypto assets are transferred to your personal wallet after each purchase, meaning it’s never held in your account at Coinmama. Additionally, there’s no need to pre-fund the account so that you can buy crypto. Instead, you can do so directly at the point of sale.
Yes, just like any other platform, Coinmama can be hacked. In fact, in 2019, this platform endured a hack revealing over 450,000 email addresses and passwords.
However, there were no cryptocurrency losses because Coinmama is a non-custodial broker, meaning all funds are safe. No crypto assets are stored online with Coinmama but are in your own personal wallet.