Coinmama Is It Safe

coinmama-review

The legal tender of cryptocurrency is growing rapidly. Although the infrastructure isn’t well-developed, it is becoming more accessible. This is the future for 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 go on, 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.

Features Coinmama Is It Safe

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. There are no middlemen or extra hidden fees when a transaction is made.

A quick look at the pros and cons

Here’s a sneak peek of Coinmama’s service on the surface level. Do know that these may differ from user to user.

Pros

  • It can be used to buy 10 cryptocurrencies.
  • Wide range of payment methods
  • There are no middlemen nor extra fees.
  • Selling cryptocurrency directly

Cons

  • No mobile app
  • High transaction fees
  • No crypto to crypto transactions
  • No crypto wallet

Coinmama Is It Safe

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How Coinmama works for Cryptocurrency

When you set up an account, you have to buy the coin and sell it. Sounds easy, right? One thing you should know before buying: the accepted rates.

Exchange rates are listed in your local currency until a purchase is made. 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. Except they do not accept American Express, Discover, and PayPal.

Fees

Here’s the more technical part, the fees. 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 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.

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 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’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.

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. 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 – A short form will be filled.

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. All levels are based on 30 days and not a complete month.

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

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. 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. Everyone can’t understand statistics, graphs, all those. Coinmama simplifies it all down to the user experience.

It’s that simple. After you have created an account, you can buy the coins. The coins can also be sold for higher returns if everything goes according to plan. Be careful how you’ll do it.

cryptocurrency-coins

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Comparison to Similar Exchanges

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. It is also available worldwide, just like Coinmama.

Coinmama vs. Coinbase

Coinbase’s fees are 3.99% lower than 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. 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. You can also contact them via email or their official Facebook page.

Worldwide Access

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.

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

A transaction problem could arise since there is no cryptocurrency wallet. 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. Coinmama has partnered with Zeno to store coins as a backup.

They don’t 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. The straightforward interface and simple procedures make it a breeze to use. Even verification is quick. Coinmama Is It Safe

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 Is It Safe

Overall, Coinmama’s brokerage services are 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 Is It Safe

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. 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. 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?

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

Once you have done that, you will receive 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. The way you verify on the platform goes through various levels. Each level will give you a higher spending limit.

Who should use Coinmama?

Coinmama is available to first-time buyers. 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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