How Long For Litecoin Core To Receive From Coinmama

coinmama-review

The legal tender of cryptocurrency is growing rapidly. 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 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.

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Before you continue, you may want to check out this video by FX Empire on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.

Features How Long For Litecoin Core To Receive From Coinmama

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. 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.

Pros

  • It can be used in 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
  • There are no crypto-to-crypto transactions
  • No crypto wallet

How Long For Litecoin Core To Receive From Coinmama

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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 displayed in the local currency until you make a purchase. 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. American Express or Discover cards, nor PayPal are not acknowledged.

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. 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 transfers over $1,000 USD No additional fee
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.

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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. and a note with “Coinmama” with today’s date written on it.
  • 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 – 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. All levels are based on 30 days and not a complete month.

After verification, you can buy Bitcoins for at least 60 USD or the equivalent in EUR, GBP, CAD, AUD, and JPY. For Level 1, you’re limited to 5,000 USD daily, and the monthly limit may reach 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. Nonetheless, Coinmama’s service remains the same as their company’s 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. After you have created an account, you can buy 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.

cryptocurrency-coins

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Comparative Exchanges

Important Note: The fee percentage only applies to credit card and debit card transactions. Broker fees are also covered. 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. 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. 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. They can be reached via email or on their official Facebook page.

Worldwide Availability

Coinmama can be used in any country in the world. However, there are some exceptions in the United States as it is not available in all 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. If not, you may need to consider an alternative.

What Can be Improved in Coinmama

The fact that no crypto wallet exists may pose a transaction problem. 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. As a backup, Coinmama is partnered with Zeno, a third-party crypto wallet to store coins.

They don’t have an official app. Even if their interface is easy to navigate on a smartphone browser, it’s not accessible enough.

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. How Long For Litecoin Core To Receive From Coinmama

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. How Long For Litecoin Core To Receive From Coinmama

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.

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Frequently Asked Questions (FAQs) How Long For Litecoin Core To Receive From Coinmama

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. 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. Though there’s a catch, while Coinmama accepts Visa and Mastercard, they do not accept American Express, Discover, and PayPal as payment methods.

Are I.D.s required in signing up for Coinmama?

Yes. This is to make sure that Coinmama users are you. You can go through 3 levels of verification if you wish to increase your cryptocurrency spending.

How are Bitcoins bought 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.

Once you have done that, you will receive 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. There are several levels to verify your identity on the platform. 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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