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.
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. Can’t read everything? You can look at the conclusion at the end of the article.
Before you continue, 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 the article for a more comprehensive review.
Features Coinmama Thailand
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)
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.
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.
- Wide range of payment methods
- No middlemen or extra fees are involved.
- Direct selling of cryptocurrency
- No mobile app
- High transaction fees
- No crypto to crypto transactions
- There is no crypto wallet
How Coinmama works for Cryptocurrency
You must buy and sell the coins when you open an account. Sounds easy, right? One thing you should know before buying: 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.
Payment methods include debit cards, credit cards, and bank transfers. American Express or Discover cards, nor PayPal are not acknowledged.
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 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.
The table below summarizes the costs to be used.
|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||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. You might need to be cautious.
There is a limit to how much you can spend, depending on the 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.
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. If you need a customized limit with higher spending limits, please contact Coinmama. 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. 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.
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.
The sheer volume of data available at every brokerage can make it difficult to understand. 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. 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. A credit clearing fee of around 3%-5% will be present in these purchases.
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. Like Coinmama, it is available worldwide.
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. Your payment information will not be compromised. Security is reliable because the company is registered with FINCEN in the U.S.
As for their customer support, they’re available 24/7. 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. For example, residents of New York and Hawaii cannot use Coinmama.
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
A transaction problem could arise since there is no cryptocurrency wallet. Crypto wallets are needed from another vendor before you can buy. 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.
Another factor is that they do not have an official app. Their interface is not easy to use on a smartphone browser.
Coinmama is one of the best starting points for cryptocurrency. The straightforward interface and simple procedures make it a breeze to use. Even verification is quick. Coinmama Thailand
While a good product, there are notable flaws. It is difficult to access all transactions because there is no app or crypto wallet. 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 Thailand
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 Thailand
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. 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. 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?
Yes. 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 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. Next, you will need to review your payment information.
When done, you get the coins. These coins are cryptocurrency by default. With a volatile market, there are chances you can earn coins at a different price. Time your investment carefully.
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 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.