Coinmama It Died

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? The conclusion can be viewed at the end.

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Before you continue, 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 the article for a more comprehensive review of Coinmama.

Features Coinmama It Died

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)

This service is ideal for both bitcoin sellers and cryptocurrency traders. 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. Do know that these may differ from user to user.

Pros

  • It can be used in 10 cryptocurrencies.
  • Wide range of payment methods
  • No middlemen or extra fees are involved.
  • Selling cryptocurrency directly

Cons

  • No mobile app
  • High transaction fees
  • There are no crypto-to-crypto transactions
  • There is no crypto wallet

Coinmama It Died

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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 displayed in the local currency until you make a purchase. Why? The majority of cryptocurrencies are listed in USD and EUR. In other words, it will be converted once you do make a transaction.

You can pay with debit cards, credit cards or bank transfers. American Express or Discover cards, nor PayPal are not acknowledged.

Fees

Here’s the more technical part, the fees. Cryptocurrency follows an index called TradeBlock XBX. It averages the rate of a market rate, which is where Coinmama bases their 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.

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 transfers over $1,000 USD There is no additional charge
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. That amount can be converted to Coinmama prices. So you might need to be careful.

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Limits on Buying

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. 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 – 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. 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. 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. Every other cryptocurrency can be bought and sold around the world. Nonetheless, Coinmama’s service remains the same as their company’s goal.

User-Friendly Platform

The sheer volume of data available at every brokerage can make it difficult to understand. Statistics, graphs, and all that stuff are difficult for everyone. In Coinmama’s case, they simplify it down to the user experience.

It’s that simple. 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.

cryptocurrency-coins

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Comparison to Similar Exchanges

Important Note: The fee percentage only applies to credit card and debit card transactions. Broker fees are also covered. 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.

As for their customer support, they’re available 24/7. 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.

Worldwide Availability

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.

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. Crypto wallets are needed from another vendor before you can buy. 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. Their interface is not easy to use on a smartphone browser.

Conclusion

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 It Died

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. It is important to know where you live. Coinmama It Died

Overall, Coinmama’s brokerage services are satisfactory. But do note the irregular nature of cryptocurrency as a whole. Make wise investments.

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Frequently Asked Questions (FAQs) Coinmama It Died

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. 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. 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. There is a catch. While Coinmama accepts Visa, Mastercard, but not American Express, Discover, nor PayPal.

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. 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.

Once you have done that, you will receive 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?

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.

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