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Coinmama was founded in 2013 and was later acquired in March 2022 for $3 million by Wellfield Technologies Inc. Company, a company providing regulated financial and open public blockchain services.
Coinmama is headquartered in Dublin, Ireland and Wellfield Technologies is a Canadian company.
In a nutshell, Coinmama simplifies how people use fiat to buy crypto and sell crypto held with fiat.
In this Coinmama review, we take a look at how the platform works, its pros and cons, and why you should use Coinmama before making a final decision.
One look at their website and you will probably notice that their platform is very easy to use as their business is simple and they allow users to buy and sell cryptocurrencies.
You can buy and sell virtual currencies by simply switching between Buy and Sell in the white box.
However, if you are a new client, you will first need to register for a Coinmama account and confirm that you are authorized to proceed with buying and selling cryptocurrencies on the platform. However, there are different levels and each requires specific documents for verification. Level 1 verification only requires you to submit your personal information and upload your ID or passport.
Once you have a verified Coinmama account, select Buy, insert the cryptocurrency you want to buy, place the amount of fiat you want to spend, and click Buy. You will then be asked to insert the wallet address you wish to deposit your cryptocurrency into and finally select the payment option you would like to use to make the payment.
How long the purchase process takes depends on the payment option you choose. Wire transfers take approximately 1-2 business days to process payments. After that, depending on the cryptocurrency you purchased, it will take minutes or seconds to verify your crypto transaction (e.g. Bitcoin takes an additional 10 minutes).
You can track the status of your order in the “My Account” tab to see where it is in the process.
The selling process is almost the same, the only difference is that you switch to “Sell”, select the crypto you want to sell and the amount, select your local fiat currency, click “Sell” and follow the prompts to create your order is to You will be asked to enter your bank country, account information, and personal information.
However, there is a limit to the total amount you can buy or sell on Coinmama. Currently, you can combine buy and sell transactions up to USD 15000 per day using bank transfer.
The majority of crypto service providers only allow customers to buy, send, receive, trade, and exchange cryptocurrencies without giving their customers the opportunity to convert the cryptocurrencies into fiat currency. Most crypto users are forced to jump from one platform to another in order to be able to convert their crypto assets into fiat currency.
Coinmama, on the other hand, offers the opportunity to buy cryptocurrencies using local fiat currency. You can also sell your crypto assets and receive money directly into your bank account without leaving the platform.
Additionally, you do not need to transfer crypto assets to your Coinmama account to buy or sell cryptocurrencies. All you need is to provide the public address of your crypto wallet. This not only saves transaction costs, but also ensures security.
If you are looking for a platform that allows you to buy cryptocurrencies using fiat currency, sell your crypto holdings and receive money in your bank account, Coinmama is a good choice.
The only thing you should know is that in order to buy cryptocurrencies on Coinmama, you need to complete your account verification. It also allows only users in selected markets to sell cryptocurrencies.
