What Is Coinme?

What Is Coinme?

Coinme is a digital currency exchange and mobile app that allows users to buy and sell cryptocurrency. Coinme is the official exchange software used in Coinstar and MoneyGram ATM machines, allowing users to buy and sell cryptocurrency with cash or debit cards.

The Coinme mobile app is akin to a typical crypto exchange, allowing users to buy, sell, and transfer crypto with a debit card or prepaid card. The Coinme Bitcoin ATM software allows users to deposit cash into a Coinstar or MoneyGram ATM and receive a Coinme Bitcoin voucher that can be redeemed for Bitcoin on the Coinme app.

Key Takeaways

  • Coinme is a cryptocurrency exchange.
  • Coinme power Bitcoin ATMs for Coinstar and MoneyGram.
  • Coinme offers a mobile app to buy and sell crypto.
  • Coinme charges higher fees than most crypto exchanges.

Coinme ATMs

Coinme is the official exchange for Bitcoin ATMs provided by Coinstar and MoneyGram. Coinstar has more than 10,000 Bitcoin ATMs around the U.S. MoneyGram also has thousands of locations.

The Coinme software allows users to deposit cash in a Coinstar ATM and exchange it for a Bitcoin voucher. This voucher has a specialized code and PIN number that can be used in conjunction with the Coinme mobile app to redeem the deposits for Bitcoin.

While Coinstar offers unattended ATM machines, MoneyGram offers in-person transactions.

To use MoneyGram, users will need to initiate the Bitcoin transaction on the Coinme app first, and then bring a photo ID, cash, and their phone to a MoneyGram location to complete the transaction. Bitcoin will be deposited into the user’s Coinme wallet.

Coinme Mobile App (and Wallet)

The Coinme app is a cryptocurrency exchange and digital wallet that is used to buy and sell cryptocurrency, and to store Bitcoin and other supported crypto on the Coinme platform. The Coinme app is also used for Bitcoin ATM transactions, with the ability to redeem vouchers from both Coinstar or MoneyGram ATMs.

The Coinme exchange offers access to seven cryptocurrencies:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LITE)
  • Polygon (MATIC)
  • Chainlink (LINK)
  • Dogecoin (DOGE)
  • Stellar Lumens (XLM)

These cryptocurrencies can be bought or sold through the app using a Visa or Mastercard debit card or prepaid card. The app also allows users to transfer crypto to an external wallet, though there may be network fees, depending on the crypto being transferred.

Risks of Using Coinme

Coinme does come with a few risks, especially in light of $3.2 billion stolen through crypto hacks in 2021 alone, according to blockchain data analysis company, Chainalysis.

Here are a few of the risks of Coinme:

High Fees

Coinme charges 4% transaction fees for buying or selling crypto. In addition, using Coinme at a Bitcoin ATM charges an additional transaction fee. Coinstar Bitcoin ATMs charge a 4% conversion fee, while MoneyGram Bitcoin ATMs charge a flat fee of $2.75.

Lack of Insurance

Coinme does not offer insurance on its crypto wallet, so user funds are not protected. Unlike regular banks that offer FDIC Insurance up to $250,000 per depositor, Coinme offers no such protections, and funds stolen or lost will not be reimbursed.


While not attributable to Coinme directly, buying Bitcoin and other cryptocurrencies comes with the risk of massive volatility, with prices regularly dropping as much as 65% within a short time span. Using Coinme to buy crypto comes with the risk of loss, including total loss of capital.

High Interest Rates

Though some crypto loans offer low rates, most charge more than a 5% annual percentage rate (APR), with some charging up to 13% APR (or more).

How to Use Coinme

To use Coinme, users can sign up for a free account by downloading the Coinme app (available on both Android and iOS devices). Once signed up, people can find a nearby Bitcoin ATM with the ATM locator in the app.

At the ATM, users will need to select how much Bitcoin to purchase, enter a phone number, insert the cash needed, and receive a printed voucher to redeem within the Coinme app. Users will then need to verify their identity by submitting a photo ID and taking a selfie picture within the app.

To use the Coinme app to purchase Bitcoin or other crypto, users can simply link a Visa or Mastercard debit or prepaid card, choose how much crypto to purchase, and complete the transaction.

Is Coinme Safe?

Coinme is a secure crypto exchange that protects user information via SSL encryption, and follows Know Your Customer (KYC) best practices for identity verification.

Users can also enable Two-Factor Authentication (2FA) on accounts to add an extra layer of protection for access to their account. But Coinme only offers a digital hot wallet, and Bitcoin funds are not protected via cold storage. There is also no crypto insurance in the case of lost user funds due to theft or fraud. By comparison, most large crypto exchanges (such as Gemini) offer insurance against loss, and keep most user funds in offline storage vaults for protection from hackers.

What Are Coinme’s Fees?

Coinme charges several fees for use of its platform. Here’s a breakdown of the fees for both types of Bitcoin ATMs and for using the Coinme app exchange:

  • Coinme App purchase fees: 2% exchange fee + 3.25% card processing fee ($1 minimum)
  • Coinme App selling fees: 2% exchange fee + 1.5% instant withdrawal fee ($0.50 minimum)
  • Coinme Coinstar purchase fees: 7-11% cash exchange fee + 4% transaction fee (fees vary by location); USDC 4% transaction fee
  • Coinme MoneyGram purchase fees: 4% cash exchange fee + $2.75 transaction fee
  • Coinme MoneyGram selling fees: 4% cash exchange fee + $2.75 transaction fee

How Many Total Locations Does Coinme Have?

Coinme has at least 40,000 retail locations in the United States, including all its locations through Coinstar and MoneyGram. It has more than 10,000 Bitcoin ATMs and thousands of MoneyGram locations.

Can You Send Bitcoin From Coinme to Another Wallet?

Yes, you can send Bitcoin from your Coinme wallet to another wallet. In order to do so, you just need the recipient's wallet address. However, Coinme notes that users should triple check wallet addresses, since once the funds have been sent, there is no way to recover them if they went to the wrong wallet address.

The Bottom Line

Overall, Coinme charges much higher fees than most crypto exchanges, with over 10% being charged at Coinstar ATMs. But it is one of the few options for turning cash directly into Bitcoin.

Article Sources
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