Coinmama 150 Limit

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 go in-depth into its many features and services. Can’t read everything? You can look at the conclusion at the end of the article.

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

Features Coinmama 150 Limit

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 (ETC).
  • EOS (EOS)
  • Tezos (XTZ)

This service is ideal for both bitcoin sellers and cryptocurrency traders. 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 in 10 cryptocurrencies.
  • There are many payment options available
  • There are no middlemen nor extra fees.
  • Selling cryptocurrency directly

Cons

  • No mobile app
  • Transaction fees high
  • There are 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. It sounds simple, right? One thing you should know before buying: the accepted rates.

Exchange rates are listed in your local currency until a purchase is made. 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. 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 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 transfers over $1,000 USD There is no additional charge
SEPA Transfer There is no additional charge

 

One thing that you need to know is the price of 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.

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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. 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. You also need a selfie of yourself holding your I.D. and a note with “Coinmama” with today’s date written on it.
  • 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.

A VIP level is an even higher level. 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. For Level 1, you’re limited to 5,000 USD daily, and the monthly limit may reach 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. 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

Every other brokerage service can be daunting with the amount of data. Everyone can’t understand statistics, graphs, all those. Coinmama simplifies it all down to the user experience.

It’s as easy as that. You open an account, verify it with your details, and you can purchase the coins. The coins can also be sold for higher returns if everything goes according to plan. Be careful how you’ll do it.

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Comparison to Similar Exchanges

Important Note: The fee percentage only applies to credit card and debit card transactions. 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%. Although the percentage might seem similar at first glance, it is not. It is also available worldwide, just like Coinmama.

Coinmama vs. Coinbase

Notably, Coinbase charges its fees at 3.99%, which is lower than that of 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

Coinmama’s best feature is its inability to withhold customer funds. Your payment information will not be compromised. 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 Access

Coinmama is available to use in every country around the world. However, there are some exceptions in the United States as it is not available in all states. For example, residents of New York and Hawaii cannot use Coinmama.

If you live in the U.S. states that have access, you may avail of their service. You may have to look into alternatives.

What Can be Improved in Coinmama

The fact that no crypto wallet exists may pose a transaction problem. 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. Even if their interface is easy to navigate on a smartphone browser, it’s not accessible enough.

Conclusion

Coinmama is a great place to start with cryptocurrency. It is easy to use thanks to its simple interface and straightforward procedures. Even the verification process is fast. Coinmama 150 Limit

While a good product, there are notable flaws. It is difficult to access all transactions because there is no app or crypto wallet. For newcomers to cryptocurrency, the fees charged may seem prohibitive. It is important to know where you live. Coinmama 150 Limit

All in all, Coinmama’s brokerage service is 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) Coinmama 150 Limit

What is Coinmama?

A cryptocurrency exchange based in Israel, it is called Coinmama. Since its founding in 2013, it is one of the leading financial companies for digital currency. All transactions are secure and can be used for personal purposes.

Is Coinmama safe?

Yes. They offer secure services and are a beginner-friendly platform to use 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.

Is it necessary to have a photo ID in order to sign 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.

How are Bitcoins bought in Coinmama?

After signing up and submitting I.D.s you can click on the “Buy Now” button. In Coinmama, you decide the amount and select the “Buy Now” option. 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. There are many ways to earn coins in a volatile market. Time your investment carefully.

What is the verification process in Coinmama?

Verification in Coinmama can go as quick as 15 minutes or at most in 30 minutes. There are several levels to verify your identity on the platform. Each subsequent level gives you a higher spending limit.

Who should use Coinmama?

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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