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 for you.
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.
Before you continue, 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 of Coinmama.
Features Does Coinmama Support Sri Lanka
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 Classic (ETC)
- EOS (EOS)
- Tezos (XTZ)
This service is ideal for both bitcoin sellers and cryptocurrency traders. The system allows you to buy and sell directly from 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. These may vary from one user to the next.
- It can be used to buy 10 cryptocurrencies.
- There are many payment options available
- No middlemen or extra fees are involved.
- Selling cryptocurrency directly
- No mobile app
- Transaction fees high
- No crypto to crypto transactions
- 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? Most cryptocurrencies are listed in USD, EUR, GBP, CAD, AUD, and JPY. 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.
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. 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||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|
The one thing you should know is the cost of the actual cryptocurrency. One Bitcoin can cost approximately $1000, depending on where it is sold. Use that amount and convert it to the prices used by Coinmama. You might need to be cautious.
Limits on Buying
There’s also a limit on how much you can spend depending on your account level. You will need to verify your identity. 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. These 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.
Although it is well-known that you can buy ten different cryptocurrencies, Bitcoin cannot be sold outside of 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. Statistics, graphs, and all that stuff are difficult for everyone. Coinmama simplifies it all down to the user experience.
It’s as easy as that. 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 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. Like Coinmama, it is available worldwide.
Coinmama vs. Coinbase
Coinbase’s fees are 3.99% lower than 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. 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.
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.
If you live in the U.S. states that have access, you may avail of their service. 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. 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 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. Does Coinmama Support Sri Lanka
Although it is a great product, there are some 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. Does Coinmama Support Sri Lanka
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.
Frequently Asked Questions (FAQs). Does Coinmama Support Sri Lanka
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. 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. 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.
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.
How are Bitcoins bought in Coinmama?
After signing up, submitting I.D.s, you can click the “Buy” 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. Those 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.