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 of 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. You don’t have the time to read them all? 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. Afterward, you will want to read the rest of our article for a more comprehensive review of Coinmama.
Features How To Buy Bitcoin At Coinmama Without Verification
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)
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. Do know that these may differ from user to user.
- It can be used in 10 cryptocurrencies.
- Wide range of payment methods
- There are no middlemen nor extra fees.
- Selling cryptocurrency directly
- No mobile app
- Transaction fees high
- No crypto to crypto transactions
- 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? 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.
Here’s the more technical part, the fees. Cryptocurrency follows an index called TradeBlock XBX. It averages the rate of a market rate, which is where Coinmama bases their 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. 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 transfers over $1,000 USD||There is no additional charge|
|SEPA Transfer||No additional fee|
One thing that you need to know is the price of 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. To confirm, you will go through identity verification. This prevents fraudulent information from leaking since you are the one doing the transaction.
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. You also need a selfie 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.
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, 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.
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.
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. 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 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. 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. 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. They can be reached via email or on their official Facebook page.
Coinmama is available to use in every country around 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.
You may be able to use their service if you reside in one of the U.S. states with access. 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. 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. 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. It is easy to use thanks to its simple interface and straightforward procedures. Even verification is quick. How To Buy Bitcoin At Coinmama Without Verification
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. Even the fees they use may be too high for newcomers who want to dive into cryptocurrency. It is important to know where you live. How To Buy Bitcoin At Coinmama Without Verification
Overall, Coinmama’s brokerage services are satisfactory. But do note the irregular nature of cryptocurrency as a whole. Invest your money wisely.
Frequently Asked Questions (FAQs). How To Buy Bitcoin At Coinmama Without Verification
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. All transactions are secure and can be used for personal purposes.
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. Doing a bank transfer can give you more savings, at least.
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, 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.
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. 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. There are several levels to verify your identity on the platform. Each subsequent level gives you a higher spending limit.
Who should use Coinmama?
First-time buyers can use Coinmama. You can purchase cryptocurrency with your debit or credit card if you don’t own it at the time.