Coinmama was founded in 2013 and later Wellfield Technologies Inc. Acquired by Co., a company that provides regulated financial and open public blockchain services, in March 2022 for $3 million.
Coinmama is headquartered in Dublin Ireland while Wellfield Technologies is a Canadian company.
In short, Coinmama simplifies the way people buy cryptocurrencies using fiat and sell their crypto holdings for fiat currencies.
In this Coinmama review, we’ll look at how its platform works, its pros and cons, and why you should use Coinmama before making a final decision.
how it works
Taking a look at their website, you will realize that their platform is extremely easy to use as their business is straightforward: allowing users to buy and sell cryptocurrencies.
You switch between “Buy” and “Sell” on the white box to buy and sell cryptocurrencies respectively.
However, if you are a new customer, you will first need to register for a Coinmama account and be verified to be allowed to buy and sell cryptocurrencies on the platform. The verification process takes about an hour. However there are different levels each of which requires specific documents for verification. For level one verification, you will only need to submit your personal information and upload your ID or passport.
Once you have a verified Coinmama account, you can select buy, enter the cryptocurrency you want to buy and keep the amount of fiat you wish to use, and buy Click on You will then be prompted to enter the wallet address in which you wish to deposit your cryptocurrency and finally select the payment option you wish to use to make the payment.
How long the purchase process takes depends on the payment option you choose to use. Payments in wire transfers take approximately one to two business days to be processed after which it should take an additional few minutes to seconds for a crypto transaction to be verified depending on the cryptocurrency you purchased (for example an additional 10 in bitcoin). will take minutes).
You can track the status of your order under the “My Account” tab to see what stage the process is in.
The sell process is almost the same, the only difference is that you switch to “Sell”, choose the crypto and the amount you want to sell, select your local fiat currency, and follow the prompts to create your order. Click on “Sell”. You are asked to enter your bank country, account information and personal details.
However, there is a limit to the total amount of purchases and sales an individual can make on Coinmama. Currently, it allows combined buy and sell transactions up to a maximum of 15000 USD in a day when using bank transfer.
Pros and Cons of Coinmama
professionals
- Coinmama users can buy crypto using a wide range of fiat currencies through a wide range of payment options including Visa and MasterCard’s debit and credit cards, Apple Pay and bank transfer.
- Users can sell their crypto holdings and receive funds in their bank accounts.
- While selling, users can also sell the cryptocurrencies they purchased on other crypto exchanges.
- Its easy to use.
- It has a high spending limit which is currently on a combined sale and makes transactions amounting to 15000 USD a day.
- The buying and selling process is quite simple and users are guided throughout the process.
- Coinmama is non-custodial. It does not hold customer funds or store payment information. It ensures maximum protection against hackers for its users.
Shortcoming
- An average purchase transaction takes about an hour for the funds to be reflected in the wallet address.
- Before buying any crypto on Coinmama you need to verify your account and the verification process takes about an hour which is quite inconvenient especially if you want to buy cryptocurrency at its current price.
- Users can only receive payments for selling crypto in their bank accounts. It does not support other digital payment methods such as PayPal and the like.
- It only allows the sale of cryptocurrencies in select countries.
Why should you use Coinmama?
Most crypto service providers only allow their customers to buy, send, receive, trade and exchange cryptocurrencies without giving them the opportunity to convert cryptocurrencies into fiat currencies. Most crypto users are forced to jump from platform to platform in order to be able to convert their crypto assets into fiat currency.
Coinmama, on the other hand, offers you the opportunity to buy cryptocurrencies using your local fiat currency and allows you to sell your crypto holdings and receive funds directly into your bank account in a quick and easy way without leaving the platform .
Furthermore, you do not need to transfer your crypto assets to your Coinmama account to buy or sell cryptocurrencies, all you need to do is provide the public address of your crypto wallet. This not only saves you on transaction costs but also ensures security.
final call
If you are looking for a platform where you can buy cryptocurrencies using fiat currencies and sell your crypto holdings and get money in your bank account, then Coinmama is a good option.
The only thing you need to be aware of is that you need to complete an account verification to buy crypto on Coinmama. It allows selling cryptocurrencies only to select market users.