Add Coupons To Coinmama

coinmama-review

Cryptocurrency is becoming a means of legal tender. While the infrastructure isn’t supported enough worldwide, at least it’s getting easier within reach. This is the future for digital currency.

Don’t be nervous if this is your first introduction to cryptocurrency. Coinmama is here for you.

This review will go in-depth into its many features and services. You don’t have the time to read them all? You can look at the conclusion at the end of the article.

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Before you go on, you may want to check out this video by FX Empire on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of Coinmama.

Features Add Coupons To Coinmama

Coinmama offers brokerage services for all types of cryptocurrency. They currently accept these coins:

  • Bitcoin (BTC).
  • Ethereum (ETH).
  • Ripple (XRP).
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • Cardano (ADA)
  • Qtum (QTUM)
  • Ethereum Classic (ETC)
  • EOS (EOS)
  • Tezos (XTZ)

The service is best for cryptocurrency traders and bitcoin sellers. The system allows you to buy and sell directly from the company. When a transaction takes place, there are no middlemen and no hidden fees.

A quick look at the pros and cons

Here’s a sneak peek of Coinmama’s service on the surface level. These may vary from one user to the next.

Pros

  • It can be used to buy 10 cryptocurrencies.
  • Wide range of payment methods
  • There are no middlemen nor extra fees.
  • Direct selling of cryptocurrency

Cons

  • No mobile app
  • High transaction fees
  • No crypto to crypto transactions
  • There is no crypto wallet

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How Coinmama Works for Cryptocurrency

When you set up an account, you have to buy the coin and sell it. Sounds easy, right? Before you buy, it is important to know the accepted rates.

Exchange rates are displayed in the local currency until you make a purchase. Why? The majority of cryptocurrencies are listed in USD and EUR. In other words, it will be converted once you do make a transaction.

You can pay with debit cards, credit cards or bank transfers. Except they do not accept American Express, Discover, and PayPal.

Fees

The fees are the technical part. Cryptocurrency follows an index called TradeBlock XBX. It averages the rate of a market rate, which is where Coinmama bases their rate.

Coinmama charges a base brokerage fee of 5.9%. Coinmama charges a base brokerage service fee of 10.9% in total, which already includes a 5% credit card fee. With these percentages, you can calculate everything before you decide to make a purchase.

Below is a table that summarizes the costs of using this service.

ITEM/SERVICE COINMAMA COST
Transaction fee XBX rate + 2%
Commission fee (standard), — buy 3.9%
Commission fee (standard), — sell 0.9%
Card transaction fee 5%
SWIFT transfer under $1,000 USD Min. PS20
SWIFT transfers over $1,000 USD There is no additional charge
SEPA transfer There is no additional charge

 

The one thing you should know is the cost of the actual cryptocurrency. One Bitcoin can cost approximately $1000, depending on where it is sold. That amount can be converted to Coinmama prices. So you might need to be careful.

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Limits on Buying

There’s also a limit on how much you can spend depending on your account level. You will need to verify your identity. This prevents fraudulent information from leaking since you are the one doing the transaction.

Each succeeding level in your account can grant you more considerable spending limits. These are the stories.

  • Level 1 – 1 valid government-issued I.D. You also need a selfie of yourself holding your I.D. A note marked “Coinmama”, with today’s date, and with the word “Coinmama”.
  • Level 2 – A secondary I.D. to support your I.D.s. You will need to upload your utility bill in addition to the two I.D.s.
  • Level 3 – Fill out a short form.

A VIP level is an even higher level. You need to reach out to Coinmama if you want a custom limit with higher spending limits. All levels are based on 30 days and not a complete month.

After verification, Bitcoins can be purchased for 60 USD or equivalent in EUR, GBP and CAD. For Level 1, you’re limited to 5,000 USD daily, and the monthly limit may reach up to 15,000 USD.

Limited Selection

While it is known you can purchase ten cryptocurrencies; Bitcoin can only be sold in Europe. All other cryptocurrency can also be purchased and traded around the globe. Coinmama’s service is still the same as their goal.

User-Friendly Platform

The sheer volume of data available at every brokerage can make it difficult to understand. Everyone can’t understand statistics, graphs, all those. Coinmama simplifies it all down to the user experience.

It’s that simple. After you have created an account, you can buy the coins. If it goes well, the coins can be sold for more significant returns. Be careful how you’ll do it.

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Comparative Exchanges

Important note: the fee percentage applies to debit card and credit card transactions only. Broker fees are also included. These purchases will incur a credit clearing fee of between 3% and 5%.

Coinmama vs. Bitstamp

The service is almost identical to Coinmama, with Bitsamp charging 5%. While the percentage may look the same at first look, think again. Like Coinmama, it is available worldwide.

Coinmama vs. Coinbase

Coinbase’s fees are 3.99% lower than Coinmama. However, their cryptocurrency services don’t work worldwide. They are open in 103 countries, except their customer service does not have a good reputation.

Security and Customer Support

Coinmama’s best feature is its inability to withhold customer funds. Even your payment information won’t be affected. Security is reliable because the company is registered with FINCEN in the U.S.

Their customer service is available 24 hours a day. You can reach their dedicated support team via live chat to voice your concerns. You can also contact them via email or their official Facebook page.

Worldwide Availability

Coinmama is available to use in every country around the world. There are exceptions in the United States, however, since it is only available in 43 states. For example, residents of New York and Hawaii cannot use Coinmama.

You may be able to use their service if you reside in one of the U.S. states with access. You may have to look into alternatives.

What can be improved in Coinmama

A transaction problem could arise since there is no cryptocurrency wallet. Crypto wallets are needed from another vendor before you can buy. It does, at least, lessens the risk of having your cryptocurrency from being hacked. As a backup, Coinmama is partnered with Zeno, a third-party crypto wallet to store coins.

They don’t have an official app. Even if their interface is easy to navigate on a smartphone browser, it’s not accessible enough.

Conclusion

Coinmama is one of the best starting points for cryptocurrency. It is easy to use thanks to its simple interface and straightforward procedures. Even verification is quick. Add Coupons To Coinmama

Although it is a great product, there are some flaws. Having no crypto wallet nor app makes it tricky to access every transaction. Even the fees they use may be too high for newcomers who want to dive into cryptocurrency. It is important to know where you live. Add Coupons To Coinmama

All in all, Coinmama’s brokerage service is satisfactory. However, cryptocurrency’s irregular nature as a whole is something to be aware of. Invest your money wisely.

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Frequently Asked Questions (FAQs). Add Coupons To Coinmama

What is Coinmama?

Coinmama is a cryptocurrency service based in Israel. Since its founding in 2013, it is one of the leading financial companies for digital currency. They assure that all transactions are safe to use for your personal needs.

Is Coinmama safe?

Yes. Their services are secured, and it is a beginner-friendly platform for cryptocurrencies. While their fees are costly at times, you can’t deny the quality they give. A bank transfer can help you save more.

Does Coinmama accept cards?

Yes. Though there’s a catch, while Coinmama accepts Visa and Mastercard, they do not accept American Express, Discover, and PayPal as payment methods.

Are I.D.s required in signing up for Coinmama?

Yes. This is to ensure that the person using Coinmama is you alone. You can go through 3 levels of verification if you wish to increase your cryptocurrency spending.

What is the best way to buy Bitcoins in Coinmama

After signing up and submitting I.D.s you can click on the “Buy Now” button. Coinmama allows you to choose the amount and click the “Buy Now”. Next, you will need to review your payment information.

Once you have done that, you will receive the coins. These coins are cryptocurrency by default. With a volatile market, there are chances you can earn coins at a different price. Remember to time your investment wisely.

What is the verification process in Coinmama?

Verification in Coinmama can go as quick as 15 minutes or at most in 30 minutes. The way you verify on the platform goes through various levels. Each level will give you a higher spending limit.

Coinmama: Who should it be used for?

Coinmama is available to first-time buyers. If one doesn’t have any cryptocurrency at any point, it can be purchased with your credit card or debit card.

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