Cryptocurrency is becoming a means of legal tender. Although the infrastructure isn’t well-developed, it is becoming more accessible. This is the future for digital currency.
Don’t be nervous if this is your first introduction to cryptocurrency. Coinmama is here to help.
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.
Before you continue, you may want to check out this video by FX Empire on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
Features Coinmama Apk Download
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)
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.
Pros and Cons at a Glance
Here’s a sneak peek of Coinmama’s service on the surface level. Do know that these may differ from user to user.
- It can be used in 10 cryptocurrencies.
- There are many payment options available
- No middlemen or extra fees are involved.
- Direct selling of cryptocurrency
- No mobile app
- High transaction fees
- No crypto to crypto transactions
- There is no crypto wallet
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? Most cryptocurrencies are listed in USD, EUR, GBP, CAD, AUD, and JPY. In other words, it will be converted once you do make a transaction.
You can pay with debit cards, credit cards or bank transfers. American Express or Discover cards, nor PayPal are not acknowledged.
Here’s the more technical part, the fees. The TradeBlock XBX index is the one that Cryptocurrency uses. It averages the rate to a market rate from which Coinmama bases its rate.
Coinmama includes a base brokerage service fee of 5.9%. Coinmama charges a base brokerage service fee of 10.9% in total, which already includes a 5% credit card fee. These percentages allow you to calculate all costs before you make your purchase.
The table below summarizes the costs to be used.
|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||No additional fee|
|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. That amount can be converted to Coinmama prices. You might need to be cautious.
Limits on Buying
There is a limit to how much you can spend, depending on the account level. You will need to verify your identity. Since you are the one performing the transaction, this prevents any fraudulent information being leaked.
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 – 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 – A short form will be filled.
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. 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.
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. Nonetheless, Coinmama’s service remains the same as their company’s goal.
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. 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. You need to be careful about how you do it.
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
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 available in 103 countries. However, their customer service is not well-respected.
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.
Their customer service is available 24 hours a day. You can reach their dedicated support team via live chat to voice your concerns. They can be reached via email or on their official Facebook page.
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. Coinmama is not available to residents of New York or Hawaii.
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. Before you can purchase crypto wallets, you will need to get them from another vendor. 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.
Another factor is that they do not have an official app. Even if their interface is easy to navigate on a smartphone browser, it’s not accessible enough.
Coinmama is one of the best starting points for cryptocurrency. It is easy to use thanks to its simple interface and straightforward procedures. Even the verification process is fast. Coinmama Apk Download
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. It is important to know where you live. Coinmama Apk Download
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.
Frequently Asked Questions (FAQs). Coinmama Apk Download
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. 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. Doing a bank transfer can give you more savings, at least.
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 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 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. Those coins are cryptocurrency by default. There are many ways to earn coins in a volatile market. Time your investment carefully.
How long is the verification time 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 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.