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 for 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? 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’ll want to read the rest of the article for a more comprehensive review of Coinmama.
Features Coinmama Despoit Minimum
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. The system allows you to buy and sell directly from the company. There are no middlemen or extra hidden fees when a transaction is made.
Pros and Cons at a Glance
Here is a glimpse of Coinmama on the surface. These may vary from one user to the next.
- It can be used in 10 cryptocurrencies.
- Wide range of payment methods
- There are no middlemen nor extra fees.
- Direct selling of cryptocurrency
- No mobile app
- Transaction fees high
- No crypto to crypto transactions
- There is no crypto wallet
How Coinmama Works for Cryptocurrency
You must buy and sell the coins when you open an account. Sounds easy, 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. In other words, it will be converted once you do make a transaction.
Payment methods include debit cards, credit cards, and bank transfers. Except they do not accept American Express, Discover, and PayPal.
Here’s the more technical part, the fees. Cryptocurrency follows an index called TradeBlock XBX. It averages the rate to a market rate from which Coinmama bases its 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.
|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||No additional fee|
The one thing you should know is the cost of the 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.
Limits on Buying
There is a limit to how much you can spend, depending on the account level. To confirm, you will go through identity verification. 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. Here 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 – 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. 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, 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. Every other cryptocurrency can be bought and sold around the world. 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. After you have created an account, you can buy the coins. If it goes well, the coins can be sold for more significant returns. 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%. 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. However, their cryptocurrency services don’t work worldwide. They are open in 103 countries, except their customer service does not have a good reputation.
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.
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 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. Coinmama is not available to residents of New York or Hawaii.
You may be able to use their service if you reside in one of the U.S. states with access. 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. 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. 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 a great place to start with cryptocurrency. The straightforward interface and simple procedures make it a breeze to use. Even verification is quick. Coinmama Despoit Minimum
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. Even the fees they use may be too high for newcomers who want to dive into cryptocurrency. It is important to know where you live. Coinmama Despoit Minimum
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 Despoit Minimum
What is Coinmama?
Coinmama is a cryptocurrency service based in Israel. 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. Their services are secured, and it is a beginner-friendly platform for cryptocurrencies. Although their fees can be expensive at times, they provide a high level of quality. 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 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. 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. Those coins are cryptocurrency by default. With a volatile market, there are chances you can earn coins at a different price. Remember to time your investment wisely.
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 subsequent level gives you a higher spending limit.
Coinmama: Who should it be used for?
First-time buyers can use Coinmama. You can purchase cryptocurrency with your debit or credit card if you don’t own it at the time.