Coinmama Passport

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 to help.

This review will go in-depth into its many features and services. You don’t have the time to read them all? The conclusion can be viewed at the end.

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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 will want to read the rest of our article for a more comprehensive review of Coinmama.

Features Coinmama Passport

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.

A quick look at the pros and cons

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.
  • There are many payment options available
  • There are no middlemen nor extra fees.
  • Selling cryptocurrency directly

Cons

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

Coinmama Passport

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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 displayed in the local currency until you make a purchase. Why? Most cryptocurrencies are listed in USD, EUR, GBP, CAD, AUD, and JPY. 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

The fees are the technical part. The TradeBlock XBX index is the one that Cryptocurrency uses. 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. 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 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 transfer 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. 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. Here 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. 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. 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. For Level 1, you’re limited to 5,000 USD daily, and the monthly limit may reach 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

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. If it goes well, the coins can be sold for more significant returns. You need to be careful about how you do it.

cryptocurrency-coins

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Comparative Exchanges

Important note: the fee percentage applies to debit card and credit card transactions only. Broker fees are also included. 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

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. Even your payment information won’t be affected. The company is registered with FINCEN USA. This ensures security.

Their customer service is available 24 hours a day. They have a dedicated support team via live chat where you can voice out 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. 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.

You may be able to use their service if you reside in one of the U.S. states with access. 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. 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. Even if their interface is easy to navigate on a smartphone browser, it’s not accessible enough.

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 Passport

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. The most significant factor here is where one lives. Coinmama Passport

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 Passport

What is Coinmama?

A cryptocurrency exchange based in Israel, it is called Coinmama. 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?

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 make sure that Coinmama users are you. 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, submitting I.D.s, you can click the “Buy” button. In Coinmama, you decide the amount and select the “Buy Now” option. Next, you will need to review your 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. 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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