Coinmama Bitcoin

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 of digital currency.

Don’t be nervous if this is your first introduction to cryptocurrency. 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? You can look at the conclusion at the end of the article.

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

Features Coinmama Bitcoin

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 Classic (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
  • There are no middlemen nor extra fees.
  • Selling cryptocurrency directly

Cons

  • No mobile app
  • Transaction fees high
  • There are no crypto-to-crypto transactions
  • No crypto wallet

Coinmama Bitcoin

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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.

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

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 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. These percentages allow you to calculate all costs before you make your purchase.

The table below summarizes the costs to be used.

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 No additional fee
SEPA transfer No additional fee

 

The one thing you should know is the cost of the actual cryptocurrency. One Bitcoin may cost around $1000 or more, depending on the market. That amount can be converted to Coinmama prices. 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. 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. 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. Aside from two of the above I.D.s, you will also need to upload a utility bill.
  • Level 3 – A short form will be filled.

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, 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. 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. 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. If it goes well, the coins can be sold for more significant returns. Be careful how you’ll do it.

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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%. Although the percentage might seem similar at first glance, it is not. It is also available worldwide, just like Coinmama.

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. Your payment information will not be compromised. The company is registered with FINCEN USA. This ensures security.

As for their customer support, they’re available 24/7. 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.

Worldwide Availability

Coinmama can be used in any country in 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.

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

The fact that no crypto wallet exists may pose a transaction problem. Crypto wallets are needed from another vendor before you can buy. This reduces the chance of your cryptocurrency 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. Their interface is not easy to use on a smartphone browser.

Conclusion

Coinmama is one of the best starting points for cryptocurrency. The straightforward interface and simple procedures make it a breeze to use. Even verification is quick. Coinmama Bitcoin

While a good product, there are notable flaws. It is difficult to access all transactions because there is no app or crypto wallet. 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. Coinmama Bitcoin

Overall, Coinmama’s brokerage services are satisfactory. But do note the irregular nature of cryptocurrency as a whole. Make wise investments.

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Frequently Asked Questions (FAQs). Coinmama Bitcoin

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. 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. Although their fees can be expensive at times, they provide a high level of quality. Doing a bank transfer can give you more savings, at least.

Does Coinmama accept cards?

Yes. There is a catch. While Coinmama accepts Visa, Mastercard, but not American Express, Discover, nor PayPal.

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, submitting I.D.s, you can click the “Buy” button. In Coinmama, you decide the amount and select the “Buy Now” option. Next, you will need to review your payment information.

When done, you get 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?

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.

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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