Coinmama Mauritius

coinmama-review

Cryptocurrency is becoming a means of legal tender. Although the infrastructure isn’t well-developed, it is becoming more accessible. This is the future of digital currency.

Don’t be nervous if this is your first introduction to cryptocurrency. Coinmama is here for you.

This review will go in-depth into its many features and services. You don’t have the time to read them all? 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 review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.

Features Coinmama Mauritius

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. When a transaction takes place, there are no middlemen and no hidden fees.

Pros and Cons at a Glance

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
  • No middlemen or extra fees are involved.
  • Direct selling of cryptocurrency

Cons

  • No mobile app
  • Transaction fees high
  • No crypto to crypto transactions
  • No crypto wallet

Coinmama Mauritius

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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 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.

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 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. 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 XBX rate + 2%
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 There is no additional charge

 

One thing that you need to know is the price of actual cryptocurrency. One Bitcoin may cost around $1000 or more, depending on the market. That amount can be converted to Coinmama prices. You might need to be cautious.

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Buying Limits

There is a limit to how much you can spend, depending on the 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. Also, you will need to take a photo of yourself holding your I.D. and a note with “Coinmama” with today’s date written on it.
  • 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. 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. For Level 1, you’re limited to 5,000 USD daily, and the monthly limit may reach 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. 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. Everyone can’t understand statistics, graphs, all those. In Coinmama’s case, they simplify it 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.

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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

This service is nearly identical to Coinmama’s offerings, with Bitsamp’s fees at 5%. Although the percentage might seem similar at first glance, it is not. 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 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. You can also contact them via email or their official Facebook page.

Worldwide Availability

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. 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. As a backup, Coinmama is partnered with Zeno, a third-party crypto wallet to store coins.

They don’t 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. It is easy to use thanks to its simple interface and straightforward procedures. Even verification is quick. Coinmama Mauritius

While a good product, there are notable flaws. Having no crypto wallet nor app makes it tricky to access every transaction. For newcomers to cryptocurrency, the fees charged may seem prohibitive. It is important to know where you live. Coinmama Mauritius

Overall, Coinmama’s brokerage services are satisfactory. However, cryptocurrency’s irregular nature as a whole is something to be aware of. Make wise investments.

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Frequently Asked Questions (FAQs) Coinmama Mauritius

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. 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?

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

Are I.D.s required in signing 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.

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. You can purchase cryptocurrency with your debit or credit card if you don’t own it at the time.

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