Is Coinmama Supported In Wv

coinmama-review

The legal tender of cryptocurrency is growing rapidly. 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 to help.

This review will go in-depth into its many features and services. You don’t have the time to read them all? 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’ll want to read the rest of our article for a more comprehensive review of Coinmama.

Features Is Coinmama Supported In Wv

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 (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.

A quick look at the pros and cons

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.
  • Wide range of payment methods
  • No middlemen or extra fees are involved.
  • Selling cryptocurrency directly

Cons

  • No mobile app
  • High transaction fees
  • No crypto to crypto transactions
  • No crypto wallet

Is Coinmama Supported In Wv

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How Coinmama Works for Cryptocurrency

You must buy and sell the coins when you open an account. It sounds simple, 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.

Fees

The fees are the technical part. The TradeBlock XBX index is the one that Cryptocurrency uses. 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.

The table below summarizes the costs to be used.

ITEM/SERVICE COINMAMA COST
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 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.

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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. 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 – 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, 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.

Limited Selection

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.

User-Friendly Platform

The sheer volume of data available at every brokerage can make it difficult to understand. Everyone can’t understand statistics, graphs, all those. In Coinmama’s case, they simplify it 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. If it goes well, the coins can be sold for more significant returns. You need to be careful about how you do it.

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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

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. 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

Coinmama’s best feature is its inability to withhold customer funds. Even your payment information won’t be affected. Security is reliable because the company is registered with FINCEN in the U.S.

Their customer service is available 24 hours a day. 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.

Worldwide Access

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. If not, you may need to consider an alternative.

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. 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. Is Coinmama Supported In Wv

While a good product, there are notable flaws. Having no crypto wallet nor app makes it tricky to access every transaction. For newcomers to cryptocurrency, the fees charged may seem prohibitive. It is important to know where you live. Is Coinmama Supported In Wv

Overall, Coinmama’s brokerage services are 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) Is Coinmama Supported In Wv

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. 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. Doing a bank transfer can give you more savings, at least.

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. 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. 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. There are many ways to earn coins in a volatile market. Remember to time your investment wisely.

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.

Coinmama: Who should it be used for?

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.

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