Reddit Coinmama Review

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 for 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. 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 watch this video by FX Empire on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.

Features Reddit Coinmama Review

Coinmama is a brokerage service for all kinds of cryptocurrencies. 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. 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 is a glimpse of Coinmama on the surface. Do know that these may differ from user to user.

Pros

  • It can be used to buy 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
  • No crypto to crypto transactions
  • No crypto wallet

Reddit Coinmama Review

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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? Before you buy, it is important to know 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. In other words, it will be converted once you do make a transaction.

Payment methods include debit cards, credit cards, and bank transfers. American Express or Discover cards, nor PayPal are not acknowledged.

Fees

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%. 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.

Below is a table that summarizes the costs of using this service.

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 No additional fee

 

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. Use that amount and convert it to the prices used by Coinmama. So you might need to be careful.

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Buying Limits

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. You will need to upload your utility bill in addition to the two I.D.s.
  • Level 3 – A short form will be filled.

An even higher level, only for the VIP, is also available. 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.

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 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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Comparative Exchanges

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%. 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 available in 103 countries. However, their customer service is not well-respected.

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. 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 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. For example, residents of New York and Hawaii cannot use Coinmama.

You may be able to use their service if you reside in one of the U.S. states with access. You may have to look into alternatives.

What can be improved in Coinmama

A transaction problem could arise since there is no cryptocurrency wallet. 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. As a backup, Coinmama is partnered with Zeno, a third-party crypto wallet to store coins.

They don’t have an official app. Their interface is not easy to use on a smartphone browser.

Conclusion

Coinmama is one of the best starting points for cryptocurrency. The straightforward interface and simple procedures make it a breeze to use. Even the verification process is fast. Reddit Coinmama Review

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. It is important to know where you live. Reddit Coinmama Review

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). Reddit Coinmama Review

What is Coinmama?

Coinmama is a cryptocurrency service based in Israel. 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. 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.

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.

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. 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.

How long is the verification time 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.

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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