Bought Bitcoin With Coinmama Then Got Scammed By Ico

coinmama-review

The legal tender of cryptocurrency is growing rapidly. While the infrastructure isn’t supported enough worldwide, at least it’s getting easier within reach. This is the future of digital currency.

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

This review will cover all aspects of the product, including its features and services. Can’t read everything? The conclusion can be viewed at the end.

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Before you continue, 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 our article for a more comprehensive review.

Features Bought Bitcoin With Coinmama Then Got Scammed By Ico

Coinmama offers brokerage services for all types of cryptocurrency. These coins are currently accepted by Coinmama

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

The service is best for cryptocurrency traders and bitcoin sellers. Their system is straightforward, where you buy and sell directly to the company. There are no middlemen or extra hidden fees when a transaction is made.

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.
  • There are many payment options available
  • No middlemen or extra fees are involved.
  • Direct selling of cryptocurrency

Cons

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

Bought Bitcoin With Coinmama Then Got Scammed By Ico

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How Coinmama works for Cryptocurrency

When you set up an account, you have to buy the coin and sell it. It sounds simple, 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.

Payment methods include debit cards, credit cards, and bank transfers. American Express or Discover cards, nor PayPal are not acknowledged.

Fees

Here’s the more technical part, the fees. The TradeBlock XBX index is the one that Cryptocurrency uses. It averages the rate of a market rate, which is where Coinmama bases their rate.

Coinmama includes a base brokerage service fee of 5.9%. There is also a 5% credit card processing fee, which adds 10.9% for Coinmama’s price alone. 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. Use that amount and convert it to the prices used by Coinmama. So you might need to be careful.

crypto-coins

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Limits on Buying

There is a limit to how much you can spend, depending on the account level. To confirm, you will go through identity verification. This prevents fraudulent information from leaking since you are the one doing the transaction.

Every level you reach in your account will allow you to spend more. Here are the stories:

  • Level 1 – 1 valid government-issued I.D. Also, you will need to take a photo of yourself holding your I.D. and a note with “Coinmama” with today’s date written on it.
  • 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.

An even higher level, only for the VIP, is also available. You need to reach out to Coinmama if you want a custom limit with higher spending limits. Note: all levels follow 30 days, not a full month calendar.

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. Nonetheless, Coinmama’s service remains the same as their company’s goal.

User-Friendly Platform

Every other brokerage service can be daunting with the amount of data. Everyone can’t understand statistics, graphs, all those. In Coinmama’s case, they simplify it 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.

cryptocurrency-coins

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Comparison to Similar Exchanges

Important note: the fee percentage applies to debit card and credit card transactions only. Broker fees are also covered. A credit clearing fee of around 3%-5% will be present in these purchases.

Coinmama vs. Bitstamp

This service is nearly identical to Coinmama’s offerings, with Bitsamp’s fees at 5%. While the percentage may look the same at first look, think again. Like Coinmama, it is available worldwide.

Coinmama vs. Coinbase

Notably, Coinbase charges its fees at 3.99%, which is lower than that of Coinmama. However, their cryptocurrency services don’t work worldwide. They are available in 103 countries. However, their customer service is not well-respected.

Security and customer support

Coinmama’s best feature is its inability to withhold customer funds. Your payment information will not be compromised. The company is registered with FINCEN USA. This ensures security.

Their customer service is available 24 hours a day. They have a dedicated support team via live chat where you can voice out concerns. They can be reached via email or on their official Facebook page.

Worldwide Access

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. Coinmama is not available to residents of New York or Hawaii.

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. Before you can purchase crypto wallets, you will need to get them from another vendor. This reduces the chance of your cryptocurrency being hacked. Coinmama has partnered with Zeno to store coins as a backup.

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. The straightforward interface and simple procedures make it a breeze to use. Even the verification process is fast. Bought Bitcoin With Coinmama Then Got Scammed By Ico

Although it is a great product, there are some flaws. Having no crypto wallet nor app makes it tricky to access every transaction. For newcomers to cryptocurrency, the fees charged may seem prohibitive. The most significant factor here is where one lives. Bought Bitcoin With Coinmama Then Got Scammed By Ico

Overall, Coinmama’s brokerage services are satisfactory. However, cryptocurrency’s irregular nature as a whole is something to be aware of. Make wise investments.

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Frequently Asked Questions (FAQs) Bought Bitcoin With Coinmama Then Got Scammed By Ico

What is Coinmama?

A cryptocurrency exchange based in Israel, it is called Coinmama. It has been one of the most trusted financial institutions for digital currency since its inception in 2013. 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. Doing a bank transfer can give you more savings, at least.

Does Coinmama accept cards?

Of course. 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 make sure that Coinmama users are you. If you want to increase your cryptocurrency spending, you can go through three levels of verification.

What is the best way to buy Bitcoins in Coinmama

After signing up, submitting I.D.s, you can click the “Buy” button. In Coinmama, you decide the amount and select the “Buy Now” option. The next step is to review the payment information.

When done, you get 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?

Coinmama verification can be completed in as little as 15 minutes, or as fast as 30 minutes. The way you verify on the platform goes through various levels. Each level will give you a higher spending limit.

Who should use Coinmama?

Coinmama is available to first-time buyers. You can purchase cryptocurrency with your debit or credit card if you don’t own it at the time.

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