Send Bitcoin From Coinmama To Kraken

coinmama-review

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 to help.

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.

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Before you continue, you may want to check out this video by FX Empire on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.

Features Send Bitcoin From Coinmama To Kraken

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. When a transaction takes place, there are no middlemen and no hidden fees.

A quick look at the pros and cons

Here is a glimpse of Coinmama on the surface. These may vary from one user to the next.

Pros

  • It can be used to buy 10 cryptocurrencies.
  • There are many payment options available
  • No middlemen or extra fees are involved.
  • Selling cryptocurrency directly

Cons

  • No mobile app
  • Transaction fees high
  • No crypto to crypto transactions
  • There is no crypto wallet

Send Bitcoin From Coinmama To Kraken

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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. Cryptocurrency follows an index called TradeBlock XBX. 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. 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

 

The one thing you should know is the cost of the 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.

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Buying Limits

There’s also a limit on how much you can spend depending on your account level. You will need to verify your identity. 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. 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. 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. 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, 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.

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. 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. 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.

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Comparison to Similar 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

This service is nearly identical to Coinmama’s offerings, with Bitsamp’s fees at 5%. While the percentage may look the same at first look, think again. Like Coinmama, it is available worldwide.

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

Coinmama’s best feature is its inability to withhold customer funds. Even your payment information won’t be affected. The company is registered with FINCEN USA. This ensures security.

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.

Worldwide Access

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. 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. 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.

Another factor is that they do not have an official app. Even if their interface is easy to navigate on a smartphone browser, it’s not accessible enough.

Conclusion

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. Send Bitcoin From Coinmama To Kraken

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. Send Bitcoin From Coinmama To Kraken

All in all, Coinmama’s brokerage service is satisfactory. However, cryptocurrency’s irregular nature as a whole is something to be aware of. Invest your money wisely.

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Frequently Asked Questions (FAQs) Send Bitcoin From Coinmama To Kraken

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. 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. A bank transfer can help you save more.

Does Coinmama accept cards?

Yes. Though there’s a catch, while Coinmama accepts Visa and Mastercard, they do not accept American Express, Discover, and PayPal as payment methods.

Are I.D.s required in signing up for Coinmama?

Yes. This is to make sure that Coinmama users are you. 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”. The next step is to review the 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. 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. The way you verify on the platform goes through various levels. Each level will give you a higher spending limit.

Coinmama: Who should it be used for?

Coinmama is available to first-time buyers. You can purchase cryptocurrency with your debit or credit card if you don’t own it at the time.

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