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 for you.
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.
Before you go on, you may want to check out this video by FX Empire on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of Coinmama.
Features Coinmama How Long To Transfer Bitcoin
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 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. 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. Do know that these may differ from user to user.
- It can be used to buy 10 cryptocurrencies.
- Wide range of payment methods
- There are no middlemen nor extra fees.
- Selling cryptocurrency directly
- 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. It sounds simple, 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. 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 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.
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 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.
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.
Every level you reach in your account will allow you to spend more. 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 – 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 – A short form will be filled.
An even higher level, only for the VIP, is also available. If you need a customized limit with higher spending limits, please contact Coinmama. 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.
Every other brokerage service can be daunting with the amount of data. 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. 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 only applies to credit card and debit card transactions. Broker fees are also included. These purchases will incur a credit clearing fee of between 3% and 5%.
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. 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
The excellent aspect about Coinmama is that the company is not withholding the customer’s funds. Even your payment information won’t be affected. Security is reliable because the company is registered with FINCEN in the U.S.
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. There are exceptions in the United States, however, since it is only available in 43 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. If not, you may need to consider an alternative.
What Can be Improved in Coinmama
A transaction problem could arise since there is no cryptocurrency wallet. Before you can purchase crypto wallets, you will need to get them from another vendor. 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.
Coinmama is one of the best starting points for cryptocurrency. It is easy to use thanks to its simple interface and straightforward procedures. Even verification is quick. Coinmama How Long To Transfer Bitcoin
Although it is a great product, there are some flaws. Having no crypto wallet nor app makes it tricky to access every transaction. 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 How Long To Transfer Bitcoin
All in all, Coinmama’s brokerage service is satisfactory. But do note the irregular nature of cryptocurrency as a whole. Invest your money wisely.
Frequently Asked Questions (FAQs) Coinmama How Long To Transfer Bitcoin
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?
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. 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?
Verification in Coinmama can go as quick as 15 minutes or at most in 30 minutes. The way you verify on the platform goes through various levels. Each subsequent level gives you a higher spending limit.
Who should use Coinmama?
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.