Coinmama Buy Ethereum

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. Can’t read everything? The conclusion can be viewed at the end.

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

Features Coinmama Buy Ethereum

Coinmama is a brokerage service for all kinds of cryptocurrencies. 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. 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.

Pros and Cons at a Glance

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

Pros

  • It can be used in 10 cryptocurrencies.
  • Wide range of payment methods
  • No middlemen or extra fees are involved.
  • Direct selling of cryptocurrency

Cons

  • No mobile app
  • Transaction fees high
  • No crypto to crypto transactions
  • No crypto wallet

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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

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%. 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.

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 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. 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. You will need to verify your identity. 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. You also need a selfie of yourself holding your I.D. A note marked “Coinmama”, with today’s date, and with the word “Coinmama”.
  • Level 2 – A 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 – Fill out a short form.

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. 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

While it is known you can purchase ten cryptocurrencies; Bitcoin can only be sold in 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

The sheer volume of data available at every brokerage can make it difficult to understand. 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. Be careful how you’ll do it.

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Comparative Exchanges

Important note: the fee percentage applies to debit card and credit card transactions only. Broker fees are also included. 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. Like Coinmama, it is available worldwide.

Coinmama vs. Coinbase

Coinbase’s fees are 3.99% lower than Coinmama. But their cryptocurrency services aren’t available 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. 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.

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

A transaction problem could arise since there is no cryptocurrency wallet. 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. 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. The straightforward interface and simple procedures make it a breeze to use. Even verification is quick. Coinmama Buy Ethereum

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. The most significant factor here is where one lives. Coinmama Buy Ethereum

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 Buy Ethereum

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. 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?

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. Coinmama allows you to choose the amount and click the “Buy Now”. The next step is to review the 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.

What is the verification process 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 subsequent level gives 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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