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 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 overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
Features How Old Do You Have To Be To Use 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 (ETC).
- EOS (EOS)
- Tezos (XTZ)
The service is best for cryptocurrency traders and bitcoin sellers. 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.
Pros and Cons at a Glance
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.
- Direct selling of cryptocurrency
- No mobile app
- Transaction fees high
- There are no crypto-to-crypto transactions
- There is no crypto wallet
How Coinmama works for Cryptocurrency
When you set up an account, you have to buy the coin and sell it. 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? Most cryptocurrencies are listed in USD, EUR, GBP, CAD, AUD, and JPY. It will, therefore, be converted when you organize a transaction.
You can pay with debit cards, credit cards or bank transfers. Except they do not accept American Express, Discover, and PayPal.
Here’s the more technical part, the fees. 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%. 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.
Below is a table that summarizes the costs of using this service.
|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. That amount can be converted to Coinmama prices. You might need to be cautious.
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.
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. 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 – A 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.
An even higher level, only for the VIP, is also available. 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, 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.
While it is known you can purchase ten cryptocurrencies; Bitcoin can only be sold in Europe. All other cryptocurrency can also be purchased and traded around the globe. Coinmama’s service is still the same as their goal.
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 as easy as that. After you have created an account, you can buy the coins. If it goes well, the coins can be sold for more significant returns. Be careful how you’ll do it.
Comparison to Similar 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%. Although the percentage might seem similar at first glance, it is not. 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 available in 103 countries. However, their customer service is not well-respected.
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. They have a dedicated support team via live chat where you can voice out concerns. You can also contact them via email or their official Facebook page.
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. 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. 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 a great place to start with cryptocurrency. It is easy to use thanks to its simple interface and straightforward procedures. Even the verification process is fast. How Old Do You Have To Be To Use 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 Old Do You Have To Be To Use Coinmama
Overall, Coinmama’s brokerage services are satisfactory. But do note the irregular nature of cryptocurrency as a whole. Make wise investments.
Frequently Asked Questions (FAQs). How Old Do You Have To Be To Use Coinmama
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. 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?
Yes. 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. 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. In Coinmama, you decide the amount and select the “Buy Now” option. Next, you will need to review your 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.
How long is the verification time in Coinmama?
Coinmama verification can be completed in as little as 15 minutes, or as fast as 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?
Coinmama is available to first-time buyers. If one doesn’t have any cryptocurrency at any point, it can be purchased with your credit card or debit card.