The legal tender of cryptocurrency is growing rapidly. Although the infrastructure isn’t well-developed, it is becoming more accessible. This is the future of digital currency.
If this is your first time hearing about cryptocurrency, don’t worry. 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 review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of Coinmama.
Features Coinmama Contact
Coinmama is a brokerage service for all kinds of cryptocurrencies. 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. There are no middlemen or extra hidden fees when a transaction is made.
Pros and Cons at a Glance
Here’s a sneak peek of Coinmama’s service on the surface level. These may vary from one user to the next.
- It can be used to buy 10 cryptocurrencies.
- Wide range of payment methods
- No middlemen or extra fees are involved.
- Direct selling of cryptocurrency
- No mobile app
- High transaction fees
- There are no crypto-to-crypto transactions
- No crypto wallet
How Coinmama works for Cryptocurrency
When you set up an account, you have to buy the coin and sell it. Sounds easy, right? Before you buy, it is important to know 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. It will, therefore, be converted when you organize a transaction.
You can pay with debit cards, credit cards or bank transfers. American Express or Discover cards, nor PayPal are not acknowledged.
The fees are the technical part. Cryptocurrency follows an index called TradeBlock XBX. It averages the rate to a market rate from which Coinmama bases its 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. 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.
|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 transfer over $1,000 USD||No additional fee|
|SEPA Transfer||No additional fee|
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. 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.
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. 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.
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, 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.
While it is known you can purchase ten cryptocurrencies; Bitcoin can only be sold in Europe. All other cryptocurrency can also be purchased and traded around the globe. Coinmama’s service is still the same as their goal.
The sheer volume of data available at every brokerage can make it difficult to understand. Everyone can’t understand statistics, graphs, all those. In Coinmama’s case, they simplify it 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.
Comparison to Similar 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
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 available in 103 countries. However, their customer service is not well-respected.
Security and customer support
Coinmama’s best feature is its inability to withhold customer funds. Your payment information will not be compromised. The company is registered with FINCEN USA. This ensures security.
Their customer service is available 24 hours a day. They have a dedicated support team via live chat where you can voice out concerns. You can also contact them via email or 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. 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. If not, you may need to consider an alternative.
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.
They don’t 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 Contact
Although it is a great product, there are some 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 Contact
Overall, Coinmama’s brokerage services are satisfactory. However, cryptocurrency’s irregular nature as a whole is something to be aware of. Make wise investments.
Frequently Asked Questions (FAQs). Coinmama Contact
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. They assure that all transactions are safe to use for your personal needs.
Is Coinmama safe?
Yes. Their services are secured, and it is a beginner-friendly platform for 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?
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.
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. The next step is to review the payment information.
When done, you get the coins. These 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. 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.