How to withdraw from Coinmama | Step-by-step guide

How to withdraw from Coinmama | Step-by-step guide

Robert McDougall 

October 5, 2022

Cryptocurrency

If you have used Coinmama to buy some crypto, and now you're wondering how to sell that crypto to withdraw money from Coinmama, this article will help you do that. First, we need to understand how Coinmama operates, since it differs from most crypto exchanges. While other crypto exchanges store your crypto in their platform, Coinmama is non-custodial, so it never holds your cryptocurrencies or fiat assets. Instead, when you buy crypto, you pay for it, and the coins are sent directly to your external wallet. In the same way, when you want to sell your crypto, you send it directly from your crypto wallet, and the money is sent straight to your bank account.

Unfortunately, with Coinmama, only Bitcoin can be sold directly from the exchange, and money can only be sent to your bank if you are from Europe. If you wish to sell your Bitcoin in the US, of if you want to sell other cryptocurrencies that you purchased from Coinmama, you will need to follow a different set of instructions. I will cover both of these below.

How do I sell Bitcoin on Coinmama in Europe?

The steps to sell Bitcoin and withdraw money to your bank account are simple. Log in to your Coinmama account, and click on "Sell" in the menu on the left. You should see a screen like the screenshot below.

You can select how much BTC you want to sell, or alternatively, type in the amount that you wish to receive in fiat currency. In our example here, we will sell €500 worth of Bitcoin, which is worth 0.0268538 BTC at the time of writing. Click the blue "Sell" button, and you will see a screen like the one below. Choose the country your bank is in, enter the IBAN, then click "Next". 

You will see a screen asking you to confirm which exchange you got the coins from (select Coinmama), and then tick a box to confirm you are the legal owner of these coins. Then click "Next". You will see a screen like the one below, and you can see the amount of Bitcoin you want to sell, and a wallet address. This is a string of letters and characters (covered by the red rectangle below), also displayed as a QR code (covered by the yellow box).

Go to your wallet where you have stored your Bitcoin, and click "Send" or "Transfer", then copy and paste the wallet address from Coinmama to your external wallet. Complete the form, and send the Bitcoin. Once the coins have been received, your payout will be processed to your bank account. It may take a few business days for you to see the funds in your bank. 

How do I sell Bitcoin or other crypto on Coinmama?

If you want to sell Bitcoin outside of Europe, or if you want to sell any of the other cryptocurrencies you have, you won't be able to do it directly using Coinmama. Instead, you will have to open an account on a different crypto exchange. This is easy to do, and there are only six easy steps to follow, which I will expand on below, with screenshots.

Step 1: Choose a crypto exchange

Step 2: Create an account

Step 3: Verify your account

Step 4: Send crypto from your wallet into your new crypto exchange

Step 5: Sell crypto for fiat currency

Step 6: Withdraw your money into your bank account

Step 1 - Choose a crypto exchange

The first step is to choose a crypto exchange that is secure and supports the sale of cryptocurrencies, and withdrawals of fiat currency. If you have a look at our article on the best crypto exchanges, you will find many excellent platforms. In our guide here, we will use screenshots from a Kraken account, our top recommendation for selling crypto. Kraken accepts 185+ cryptocurrencies, you can easily sell crypto and withdraw fiat to your bank account, and there is 24/7 live chat support too. To learn more about Kraken, read this review article.

If you want to sign up with Kraken, simply click here: www.kraken.com

Top 3 Recommendations

#1

Kraken

   Best Overall  

Rating

4.9

#2

Gemini

Most Secure

Rating

4.6

#3

Uphold

Wide Range of Assets

Rating

4.4

To research other options before choosing a crypto exchange, see this list of the top crypto platforms.

Step 2 - Create an account

After choosing which crypto exchange to use, it is time to register an account. If you want to use Kraken, click on this link: https://r.kraken.com/ which will take you to the Kraken homepage. Click on 'Create Account' in the top right corner, and you will see a page like the screenshot below. Enter your email address, choose a username, and create a password. Choose the country you live in, the state/province, and then finish the process by clicking "Create Account".

Step 3 - Verify your account

After signing up to Kraken, you should see the verification process. To deposit crypto, sell crypto, and withdraw your money to your bank account, you will need at least "Intermediate" level verification. If the verification process did not begin automatically, click on your name in the top right corner, and click "Get Verified" as shown in the screenshot below. Click on the "Verify" button to start the process.

Step 4 - Send crypto from your wallet to your new crypto exchange

After completing verification of your Kraken account, you are ready to send crypto to Kraken from your external wallet. In Kraken, click on "Funding" at the top of the screen (circled in green below), and then click "Deposit" (circled in red in the screenshot below). You will see a pop-up where you can type which coin you wish to deposit in the search field. In our example, we will send Ethereum to Kraken, so I typed in Ethereum, then selected ETH from the list of Crypto Assets. 

When you click on the cryptocurrency that you want to send to Kraken, you will see a deposit screen like the one below. Click on the "Generate deposit address" button (circled in red in the screenshot below) to create a wallet address to receive the crypto in your Kraken account.

You will see a string of characters, which is your Kraken deposit address (covered by green rectangle in screenshot below). Copy the deposit address by clicking the blue 'Copy deposit address' button at the bottom. If you prefer to scan the QR code of the deposit address, you can also do that.

Now sign into your wallet where your crypto is held, and click "Send" or "Transfer". Paste the wallet address that you just copied from Kraken to your external wallet. Double check that it is the correct address that you have copied over, and then finalise the transaction.

Step 5 - Sell crypto for fiat currency

It can take some time for the crypto to transfer to Kraken, depending on network congestion, but usually it will take less than 10 minutes. To see if your crypto has arrived, click "Funding" in the menu along the top, then scroll down to the list of Crypto Assets.

When your coins have transferred successfully, you can sell your crypto. The easiest way is to click on "Buy Crypto" in the top menu. Yes, we are going to sell your crypto, but this is the quickest way to get to the sell crypto screen. As you can see in the screenshot below, the "Sell" button is there under the Account Balance and the "Buy" button.

Click on the "Sell" button, and you will be taken to another page, similar to the screenshot below. Type in how much of your crypto you wish to sell, or you can simply select the "MAX" button, which will sell the total amount. Once you are ready to sell your crypto, click "Review".

You will see a confirmation screen like the one below, with a summary of the details of your transaction, including the total amount of fiat currency you will receive. Once you have double checked that your transaction is correct, click the purple "Confirm" button.

You will now see a screen (like the one below) confirming that you have successfully sold your crypto for fiat currency.

Step 6 - Withdraw your money into your bank account

We are at the final step now! You've managed to send your crypto from your external wallet to Kraken. You have sold your Kraken for fiat currency, and the last thing to do is withdraw money from Kraken to your bank account. In your Kraken account, click on "Funding" in the top menu, then next to your fiat currency (in our case, US Dollar), click the Withdraw icon (shown by the red arrow in screenshot below).

You will now see a screen like the one below. Select your withdrawal type from the dropdown box, then click "Continue" to add your bank account details. After adding your bank details you can process the withdrawal of money directly to your bank account. Congratulations, you have managed to withdraw money from Coinmama to your bank account, via Kraken! 

If you ever get lost while using Kraken, you can contact their responsive live chat support team, who are always available 24/7.

Frequently Asked Questions:

How do I get my money from Coinmama?

Coinmama does not hold your cryptocurrencies or your money. When you used Coinmama to purchase crypto, the coins were sent directly to your external crypto wallet. To sell that crypto and withdraw money to your bank account, you will need to send your crypto to another exchange, such as Kraken, then sell it and withdraw money. Follow the step-by-step guide here.

How do I transfer money from Coinmama to my bank account?

Coinmama is a non-custodial exchange, so it never holds your crypto or your money. You cannot transfer money from Coinmama to your bank account, because Coinmama does not have any of your money. When you purchased crypto on Coinmama, your crypto was sent directly to your external crypto wallet. Now, if you want to sell those cryptocurrencies and withdraw money to your bank, you need to use a separate crypto exchange to do so. Follow the simple steps here to learn how.

Does Coinmama have a wallet?

No, Coinmama does not provide any wallets. If you wish to purchase crypto using Coinmama, you need an existing external crypto wallet, because the coins are sent directly there after you pay with your fiat currency.

Can you transfer from Coinmama?

When you purchase crypto on Coinmama, the crypto is sent directly to an external wallet, and is never stored on Coinmama. Therefore you cannot transfer crypto from Coinmama as there is nothing to transfer. Your cryptocurrencies are in your external wallet, and you can transfer from there to another wallet if you like. 

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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