Can You Buy Bitcoin With A Visa Gift Card On Coinmama

coinmama-review

The legal tender of cryptocurrency is growing rapidly. Although the infrastructure isn’t well-developed, it is becoming more accessible. This is the future for digital currency.

If this is your first time hearing about cryptocurrency, don’t worry. Coinmama is here to help.

This review will cover all aspects of the product, including its features and services. You don’t have the time to read them all? The conclusion can be viewed at the end.

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Before you go on, you may want to watch this video by FX Empire on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.

Features Can You Buy Bitcoin With A Visa Gift Card On Coinmama

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. When a transaction takes place, there are no middlemen and no hidden fees.

A quick look at the pros and cons

Here is a glimpse of Coinmama on the surface. Do know that these may differ from user to user.

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
  • No crypto to crypto transactions
  • No crypto wallet

Can You Buy Bitcoin With A Visa Gift Card On Coinmama

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How Coinmama works for Cryptocurrency

You must buy and sell the coins when you open an account. 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? Most cryptocurrencies are listed in USD, EUR, GBP, CAD, AUD, and JPY. It will, therefore, be converted when you organize 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. 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%. 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 Rate + 2% at XBX
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 transfer over $1,000 USD There is no additional charge
SEPA transfer No additional fee

 

One thing that you need to know is the price of actual cryptocurrency. One Bitcoin may cost around $1000 or more, depending on the market. Use that amount and convert it to the prices used by Coinmama. You might need to be cautious.

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Buying Limits

There is a limit to how much you can spend, depending on the account level. To confirm, you will go through identity verification. Since you are the one performing the transaction, this prevents any fraudulent information being leaked.

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. Also, you will need to take a photo of yourself holding your I.D. A note marked “Coinmama”, with today’s date, and with the word “Coinmama”.
  • Level 2 – 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. If you need a customized limit with higher spending limits, please contact Coinmama. All levels are based on 30 days and not a complete month.

After verification, you can buy Bitcoins for at least 60 USD or the equivalent in EUR, GBP, CAD, AUD, and JPY. You can only buy Bitcoins at Level 1 for a daily limit of 5,000 USD and a monthly limit of up to 15,000 USD.

Limited Selection

Although it is well-known that you can buy ten different cryptocurrencies, Bitcoin cannot be sold outside of Europe. Every other cryptocurrency can be bought and sold around the world. Coinmama’s service is still the same as their goal.

User-Friendly Platform

Every other brokerage service can be daunting with the amount of data. Statistics, graphs, and all that stuff are difficult for everyone. Coinmama simplifies it all down to the user experience.

It’s that simple. After you have created an account, you can buy the coins. The coins can also be sold for higher returns if everything goes according to plan. You need to be careful about how you do it.

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Comparative Exchanges

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

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. It is also available worldwide, just like Coinmama.

Coinmama vs. Coinbase

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

Security and Customer Support

The excellent aspect about Coinmama is that the company is not withholding the customer’s funds. Even your payment information won’t be affected. The company is registered with FINCEN USA. This ensures security.

As for their customer support, they’re available 24/7. 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 can be used in any country in 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. If not, you may need to consider an alternative.

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. Coinmama has partnered with Zeno to store coins as a backup.

They don’t have an official app. Their interface is not easy to use on a smartphone browser.

Conclusion

Coinmama is a great place to start with cryptocurrency. The straightforward interface and simple procedures make it a breeze to use. Even verification is quick. Can You Buy Bitcoin With A Visa Gift Card On 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. The most significant factor here is where one lives. Can You Buy Bitcoin With A Visa Gift Card On Coinmama

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). Can You Buy Bitcoin With A Visa Gift Card On Coinmama

What is Coinmama?

Coinmama is a cryptocurrency service based in Israel. 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. They offer secure services and are a beginner-friendly platform to use cryptocurrencies. Although their fees can be expensive at times, they provide a high level of quality. A bank transfer can help you save more.

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 ensure that the person using Coinmama is you alone. 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. Coinmama allows you to choose the amount and click the “Buy Now”. The next step is to review the payment information.

Once you have done that, you will receive the coins. Those 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.

How long is the verification time in Coinmama?

Coinmama verification can be completed in as little as 15 minutes, or as fast as 30 minutes. There are several levels to verify your identity on the platform. Each level will give you a higher spending limit.

Coinmama: Who should it be used for?

First-time buyers can use Coinmama. 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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