Cryptocurrency is becoming a means of legal tender. While the infrastructure isn’t supported enough worldwide, at least it’s getting easier within reach. 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. Can’t read everything? The conclusion can be viewed at the end.
Before you go on, you may want to watch 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 of Coinmama.
Features Coinmama No Id
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 (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’s a sneak peek of Coinmama’s service on the surface level. Do know that these may differ from user to user.
- It can be used to buy 10 cryptocurrencies.
- There are many payment options available
- No middlemen or extra fees are involved.
- Selling cryptocurrency directly
- No mobile app
- Transaction fees high
- 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 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.
Payment methods include debit cards, credit cards, and 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 of a market rate, which is where Coinmama bases their rate.
Coinmama includes a base brokerage service fee of 5.9%. Coinmama charges a base brokerage service fee of 10.9% in total, which already includes a 5% credit card fee. With these percentages, you can calculate everything before you decide to make a purchase.
Below is a table that summarizes the costs of using this service.
|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. Use that amount and convert it to the prices used by Coinmama. So you might need to be careful.
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. You also need a selfie of yourself holding your I.D. and a note with “Coinmama” with today’s date written on it.
- Level 2 – 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.
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.
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. Nonetheless, Coinmama’s service remains the same as their company’s 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 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.
Comparison to Similar Exchanges
Important note: the fee percentage applies to debit card and credit card transactions only. 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
Coinbase’s fees are 3.99% lower than 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. Your payment information will not be compromised. 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. You can also contact them via email or their official Facebook page.
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.
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. 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.
They don’t have an official app. Their interface is not easy to use on a smartphone browser.
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 No Id
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 No Id
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 No Id
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. 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?
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.
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.
What is the best way to buy Bitcoins in Coinmama
After signing up, submitting I.D.s, you can click the “Buy” 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. These coins are cryptocurrency by default. There are many ways to earn coins in a volatile market. Remember to time your investment wisely.
What is the verification process in Coinmama?
Coinmama verification can be completed in as little as 15 minutes, or as fast as 30 minutes. There are several levels to verify your identity on the platform. Each subsequent level gives you a higher spending limit.
Coinmama: Who should it be used for?
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.