Coinmama Wallet

If you’re looking to buy and sell cryptocurrencies, the Coinmama website is the easiest place to start. It’s a digital currency brokerage that lets you buy a variety of cryptocurrencies across 188 countries. Coinmama never holds customer funds or stores your payment information. It allows you to use a third party wallet of your choice for complete control over your coins.

The Coinmama Crypto Wallet is non-custodial, which means that you have full control of your private keys. You can buy, store, send, and receive crypto all within the app.

If you have an existing wallet on another application (ie. Metamask, ZenGo, etc.) then you can easily import it by entering your 12-word recovery phrase in the Coinmama Wallet App.

When completing the onboarding process you will be required to complete a mnemonic phrase validation to ensure that you wont lose your recovery phrase. We also made it optional for a user to access a password-encrypted recovery file that contains the mnemonic phrase. If you choose to do this process, you can either save it to your local device, send it to someone, or save it to whatever cloud storage service you have available. These processes are implemented to ensure to the highest degree that you don’t loose your recovery phrase, but in a case that you still do your funds will be lost.

There is a distinct difference between these two types of wallets and something that you should be aware of when buying and storing crypto;

• Using a custodial wallet means the private keys in your crypto wallet are controlled by someone else. These wallets are typically exchange or web-based wallets that you can access through your phone or desktop. Examples of custodial wallets are the Coinbase app or crypto.com app. In the case that something happens to these exchanges or businesses, you risk loosing your assets.
• A non-custodial crypto wallet enables you to control your private keys yourself, rather than delegating the job of securing the keys to a third party, like an exchange. This is considered more secure and why Coinmama has built our app as a non custodial wallet.

You can buy Bitcoin and Ethereum directly through the wallet app. Once you have gone through the onboarding process and either imported or created a wallet, there will a buy feature which will take you directly to the Coinmama web interface. In that interface you will be able to login or sign up and complete the necessary verification steps for buying crypto. Once this s completed you can buy crypto and easily send it to your Coinmama wallet for safe storing.

Once you have downloaded the app, you will have the ability to either “import” or “create” a wallet. After selecting “import” you will be prompted to either enter your 12 word mnemonic phrase or import a file with your private key.

Currently the Coinmama wallet only supports bitcoin and Ethereum. In the near future we plan to support additional ERC-20 token, including a variety stablecoins. Make sure to follow us on social media as we will be announcing this soon!

You can send cryptocurrencies by either entering a wallets public address. You also have the ability to use a QR code scanner to add a wallets public address. When sending your crypto be certain that the address entered:

• is on the right network
• has no errors or omissions
• is controlled by the intended recipient