Coinmama In New Mexico

coinmama-review

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 of digital currency.

If this is your first time hearing about cryptocurrency, don’t worry. Coinmama is here for you.

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.

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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 our article for a more comprehensive review of Coinmama.

Features Coinmama In New Mexico

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 Classic (ETC)
  • EOS (EOS)
  • Tezos (XTZ)

This service is ideal for both bitcoin sellers and cryptocurrency traders. 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.

A quick look at the pros and cons

Here’s a sneak peek of Coinmama’s service on the surface level. These may vary from one user to the next.

Pros

  • It can be used to buy 10 cryptocurrencies.
  • There are many payment options available
  • No middlemen or extra fees are involved.
  • Selling cryptocurrency directly

Cons

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

Coinmama In New Mexico

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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? One thing you should know before buying: the accepted rates.

Exchange rates are displayed in the local currency until you make a purchase. Why? The majority of cryptocurrencies are listed in USD and EUR. 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. 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%. 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.

Below is a table that summarizes the costs of using this service.

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 transfer over $1,000 USD There is no additional charge
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. That amount can be converted to Coinmama prices. You might need to be cautious.

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Buying Limits

There’s also a limit on how much you can spend depending on your account level. To confirm, you will go through identity verification. 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. Here 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 – 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 – 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, you can buy Bitcoins for at least 60 USD or the equivalent in EUR, GBP, CAD, AUD, and JPY. 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. All other cryptocurrency can also be purchased and traded around the globe. Coinmama’s service is still the same as their goal.

User-Friendly Platform

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. 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.

cryptocurrency-coins

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Comparative Exchanges

Important Note: The fee percentage only applies to credit card and debit card transactions. 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%. While the percentage may look the same at first look, think again. Like Coinmama, it is available worldwide.

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 open in 103 countries, except their customer service does not have a good reputation.

Security and customer support

Coinmama’s best feature is its inability to withhold customer 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. 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.

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. Before you can purchase crypto wallets, you will need to get them from another vendor. This reduces the chance of your cryptocurrency being hacked. Coinmama has partnered with Zeno to store coins as a backup.

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 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 In New Mexico

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. It is important to know where you live. Coinmama In New Mexico

All in all, Coinmama’s brokerage service is satisfactory. But do note the irregular nature of cryptocurrency as a whole. Invest your money wisely.

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Frequently Asked Questions (FAQs) Coinmama In New Mexico

What is Coinmama?

A cryptocurrency exchange based in Israel, it is called Coinmama. 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. 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. Doing a bank transfer can give you more savings, at least.

Does Coinmama accept cards?

Yes. 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. You can go through 3 levels of verification if you wish to increase your cryptocurrency spending.

What is the best way to buy Bitcoins 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. Those coins are cryptocurrency by default. With a volatile market, there are chances you can earn coins at a different price. Time your investment carefully.

What is the verification process 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?

Coinmama is available to first-time buyers. You can purchase cryptocurrency with your debit or credit card if you don’t own it at the time.

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