Cryptocurrency is becoming a means of legal tender. Although the infrastructure isn’t well-developed, it is becoming more accessible. This is the future of digital currency.
Don’t be nervous if this is your first introduction to cryptocurrency. Coinmama is here for you.
This review will cover all aspects of the product, including its features and services. Can’t read everything? You can look at the conclusion at the end of the article.
Before you go on, you may want to watch this video by FX Empire on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
Features How To Send Bitcoin From Coinmama To Bittrex
Coinmama is a brokerage service for all kinds of cryptocurrencies. These coins are currently accepted by Coinmama
- Bitcoin (BTC).
- Ethereum (ETH)
- Ripple (XRP).
- Litecoin (LTC)
- Bitcoin Cash (BCH).
- Cardano (ADA)
- Qtum (QTUM)
- Ethereum Classic (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’s a sneak peek of Coinmama’s service on the surface level. These may vary from one user to the next.
- It can be used in 10 cryptocurrencies.
- Wide range of payment methods
- There are no middlemen nor extra fees.
- Direct selling of cryptocurrency
- No mobile app
- Transaction fees high
- 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. American Express or Discover cards, nor PayPal are not acknowledged.
The fees are the technical part. 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. 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 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 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.
There is a limit to how much you can spend, depending on the account level. You will need to verify your identity. 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. 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. 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 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.
Important Note: The fee percentage only applies to credit card and debit card transactions. Broker fees are also included. 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. Like Coinmama, it is available worldwide.
Coinmama vs. Coinbase
Coinbase’s fees are 3.99% lower than 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. Even your payment information won’t be affected. 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 is available to use in every country around the world. There are exceptions in the United States, however, since it is only available in 43 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
A transaction problem could arise since there is no cryptocurrency wallet. 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. 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 a great place to start with cryptocurrency. It is easy to use thanks to its simple interface and straightforward procedures. Even verification is quick. How To Send Bitcoin From Coinmama To Bittrex
While a good product, there are notable 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 To Send Bitcoin From Coinmama To Bittrex
All in all, Coinmama’s brokerage service is satisfactory. But do note the irregular nature of cryptocurrency as a whole. Invest your money wisely.
Frequently Asked Questions (FAQs). How To Send Bitcoin From Coinmama To Bittrex
What is Coinmama?
A cryptocurrency exchange based in Israel, it is called Coinmama. It has been one of the most trusted financial institutions for digital currency since its inception in 2013. 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. 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.
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. If you want to increase your cryptocurrency spending, you can go through three levels of verification.
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. Those 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.
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.