Credit Card Fees Coinmama Vs Coinbase

coinmama-review

The legal tender of cryptocurrency is growing rapidly. 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 to help.

This review will cover all aspects of the product, including its 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’ll want to read the rest of our article for a more comprehensive review.

Features Credit Card Fees Coinmama Vs Coinbase

Coinmama offers brokerage services for all types of cryptocurrency. These coins are currently accepted by Coinmama

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

Pros

  • It can be used in 10 cryptocurrencies.
  • There are many payment options available
  • No middlemen or extra fees are involved.
  • Selling cryptocurrency directly

Cons

  • No mobile app
  • High transaction fees
  • There are no crypto-to-crypto transactions
  • There is no crypto wallet

Credit Card Fees Coinmama Vs Coinbase

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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 listed in your local currency until a purchase is made. 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%. 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 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 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.

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Limits on Buying

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.

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. 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. If you need a customized limit with higher spending limits, please contact Coinmama. 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. 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

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.

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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Comparison to Similar Exchanges

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

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

The excellent aspect about Coinmama is that the company is not withholding the customer’s funds. Your payment information will not be compromised. 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.

Worldwide Availability

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.

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

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. Credit Card Fees Coinmama Vs Coinbase

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. The most significant factor here is where one lives. Credit Card Fees Coinmama Vs Coinbase

Overall, Coinmama’s brokerage services are satisfactory. However, cryptocurrency’s irregular nature as a whole is something to be aware of. Invest your money wisely.

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Frequently Asked Questions (FAQs). Credit Card Fees Coinmama Vs Coinbase

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. 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. 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. You can go through 3 levels of verification if you wish to increase your cryptocurrency spending.

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”. 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 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.

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