Coinmama States

coinmama-review

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 for digital currency.

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

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 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 States

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

A quick look at the pros and cons

Here is a glimpse of Coinmama on the surface. These may vary from one user to the next.

Pros

  • It can be used to buy 10 cryptocurrencies.
  • There are many payment options available
  • There are no middlemen nor extra fees.
  • Direct selling of cryptocurrency

Cons

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

Coinmama States

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How Coinmama Works for Cryptocurrency

You must buy and sell the coins when you open an account. It sounds simple, 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? 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. Except they do not accept American Express, Discover, and PayPal.

Fees

The fees are the technical part. Cryptocurrency follows an index called TradeBlock XBX. It averages the rate to a market rate from which Coinmama bases its 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. 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 transfer over $1,000 USD No additional fee
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. Use that amount and convert it to the prices used by Coinmama. 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. Since you are the one performing the transaction, this prevents any fraudulent information being leaked.

Each succeeding level in your account can grant you more considerable spending limits. Here 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 – 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. Note: all levels follow 30 days, not a full month calendar.

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

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. Nonetheless, Coinmama’s service remains the same as their company’s goal.

User-Friendly Platform

Every other brokerage service can be daunting with the amount of data. Everyone can’t understand statistics, graphs, all those. Coinmama simplifies it all 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. Be careful how you’ll do it.

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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%. While the percentage may look the same at first look, think again. Like Coinmama, it is available worldwide.

Coinmama vs. Coinbase

Notably, Coinbase charges its fees at 3.99%, which is lower than that of Coinmama. However, their cryptocurrency services don’t work 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. Even your payment information won’t be affected. 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.

Worldwide Access

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. For example, residents of New York and Hawaii cannot use Coinmama.

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. It does, at least, lessens the risk of having your cryptocurrency from 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.

Conclusion

Coinmama is one of the best starting points for cryptocurrency. It is easy to use thanks to its simple interface and straightforward procedures. Even the verification process is fast. Coinmama States

While a good product, there are notable flaws. Having no crypto wallet nor app makes it tricky to access every transaction. Even the fees they use may be too high for newcomers who want to dive into cryptocurrency. The most significant factor here is where one lives. Coinmama States

All in all, Coinmama’s brokerage service is 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 States

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. 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. A bank transfer can help you save more.

Does Coinmama accept cards?

Of course. 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. 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. 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. Remember to time your investment wisely.

How long is the verification time in Coinmama?

Verification in Coinmama can go as quick as 15 minutes or at most in 30 minutes. There are several levels to verify your identity on the platform. Each level will give 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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