In today’s world, cryptocurrencies seem to have become a revolutionary phenomenon that’s transforming the way internet users interact with the marketplace. It has been said that in order to understand cryptocurrency, one needs to understand everything there is to know about finances as well as computers. However, today buying, selling, and trading cryptocurrency have become easier than ever, as there are many online platforms that make these services more accessible.
Coinmama is just one of these many platforms that have grown exponentially in popularity ever since its creation. Today, Coinmama is well-known for being a user-friendly and highly accessible crypto exchange on which users can exchange cryptocurrency for fiat currency and vice versa.
Whether you want to buy crypto on Coinmama or sell crypto, you will have to first have to create a Coinmama account. Once created, you must opt for level 1 account verification on Coinmama as that is the only way you can start buying crypto on Coinmama. To learn how to set up a Coinmama account and get it verified, read our Beginner’s Guide to Coinmama here.
In this article, we will guide you through the steps of buying crypto on Coinmama. By the end of this article, you shall be equipped with the tools you need to easily and successfully use Coinmama to exchange cryptocurrency across the crypto sphere. So let’s get into it.
Introduction to Coinmama
Coinmama is a popular cryptocurrency exchange, which today, in 2021, provides its services to 188 countries worldwide. Coinmama users can buy and sell different types of cryptocurrency, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Cardano, and Ethereum Classic.
Further, on Coinmama, cryptocurrency can be bought using bank transfer, debit card, credit card, and Apple Pay. Due to the user-friendly experience that Coinmama provides, exchanging cryptocurrency has never been easier.
Buying Crypto on Coinmama
You can only buy and sell crypto on Coinmama once you have created an account that is verified at level 1. Coinmama offers three levels of account verification, each with a consecutively larger cap on the amount of cryptocurrency that the user can exchange.
Once you log in, you will be greeted by your account dashboard, as shown below. From here, you can navigate through your account settings, as well as to the Buy and Sell pages listed in the toolbar on the left-hand side.
Alternatively, you can start purchasing crypto on Coinmama using the widget on the right-hand side of the home screen. This is one of the many tools that make Coinmama an accessible platform for beginners to buy and sell cryptocurrency.
3. Place Crypto Order
Using the Buy/Sell widget on the Coinmama home screen, select Buy as shown below.
Next, use the drop-down menu to select the type of cryptocurrency you would like to buy off the Coinmama exchange. As shown in the example below, we will be buying Bitcoin in this guide.
After choosing the cryptocurrency, you would like to purchase; enter the amount in fiat currency for which you would like to buy crypto. Based on this amount, Coinmama will provide you with the amount of crypto you will receive according to current exchange rates.
Please note that Coinmama also takes a small fee for any transaction made on their platform. This means that the final amount of crypto you receive in exchange for your fiat currency will be slightly less than the market value.
Once you have entered the amount of fiat currency and are happy with the exchange rate shown, click the blue button that reads ‘Buy.’
4. Enter Wallet Address
After clicking ‘Buy,’ you will be redirected to the page shown below. Here you will be asked to enter your crypto wallet address. This could either be the private key of your wallet or the mnemonic seed for your HD wallet. Either way, this is so that Coinmama can send your purchased cryptocurrency to you in a safe location from where you can access and interact with it.
If you do not have a crypto wallet, you will definitely need to create one in order to buy crypto on Coinmama. To find out more, read our Beginner’s Guide to setting up a Crypto Wallet here.
5. Complete Purchase
After this, Coinmama will ask you to select a payment method and enter the relevant payment details. Since Coinmama is a worldwide cryptocurrency exchange service, users can pay using debit or credit cards, bank transfers, and even Apply Pay.
Once you have entered your payment information, select ‘Buy’ for the last time. Congratulations! You have just purchased your first cryptocurrency using Coinmama.
For card payments as well as Apple Pay, Coinmama takes about 10 minutes to confirm the purchase. This is because the transaction needs to be confirmed by the cryptocurrency network (in this case, Bitcoin) before the amount can be transferred to your crypto wallet.
For crypto purchases made by wire transfer, the transaction can take a little longer to be made. Typically, it takes about 1-2 business days for a crypto purchase by wire transfer to be confirmed. Please note that due to this small latency period, the amount of cryptocurrency you eventually receive might be slightly more or less than the initial amount quoted to you by Coinmama. This is because of the high volatility of the prices of cryptocurrencies, which tend to fluctuate on a daily or even hourly basis.
So there you have it! That’s really how easy it is to buy crypto on Coinmama. If you are new to cryptocurrency, you will find that Coinmama is extremely easy to navigate and provides its users with a simple interface on which to manage their crypto purchases.
So start buying crypto on Coinmama today and become a part of the ever-expanding crypto-sphere in less than no time.