Cryptocurrency is becoming a means of legal tender. 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 cover all aspects of the product, including its features and services. You don’t have the time to read them all? 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. After, you’ll want to read the rest of our article for a more comprehensive review.
Features Coinmama Ra’Anana 2021
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. 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.
- Direct selling of cryptocurrency
- No mobile app
- High transaction fees
- 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. 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? The majority of cryptocurrencies are listed in USD and EUR. 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.
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.
Below is a table that summarizes the costs of using this service.
|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. That amount can be converted to Coinmama prices. So you might need to be careful.
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.
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. 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.
An even higher level, only for the VIP, is also available. 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.
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. Coinmama’s service is still the same as their 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. 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. You need to be careful about how you do it.
Comparison to Similar Exchanges
Important Note: The fee percentage only applies to credit card and debit card transactions. Broker fees are also included. These purchases will incur a credit clearing fee of between 3% and 5%.
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
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.
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 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
A transaction problem could arise since there is no cryptocurrency wallet. 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.
Another factor is that they do not have an official app. Their interface is not easy to use on a smartphone browser.
Coinmama is a great place to start with cryptocurrency. The straightforward interface and simple procedures make it a breeze to use. Even the verification process is fast. Coinmama Ra’Anana 2021
Although it is a great product, there are some flaws. Having no crypto wallet nor app makes it tricky to access every transaction. For newcomers to cryptocurrency, the fees charged may seem prohibitive. The most significant factor here is where one lives. Coinmama Ra’Anana 2021
All in all, Coinmama’s brokerage service is satisfactory. However, cryptocurrency’s irregular nature as a whole is something to be aware of. Make wise investments.
Frequently Asked Questions (FAQs) Coinmama Ra’Anana 2021
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. All transactions are secure and can be used for personal purposes.
Is Coinmama safe?
Yes. They offer secure services and are a beginner-friendly platform to use 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. 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 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.
When done, you get 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?
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.
Coinmama: Who should it be used for?
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.