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.
If this is your first time hearing about cryptocurrency, don’t worry. 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? You can look at the conclusion at the end of the article.
Before you continue, you may want to check out this video by FX Empire on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
Features Sending Eth To Exodus Coinmama
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)
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.
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.
- It can be used in 10 cryptocurrencies.
- There are many payment options available
- There are no middlemen nor extra fees.
- Direct selling of cryptocurrency
- No mobile app
- High transaction fees
- There are 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? 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.
You can pay with debit cards, credit cards or bank transfers. Except they do not accept American Express, Discover, and PayPal.
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 charges a base brokerage 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.
|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|
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. That amount can be converted to Coinmama prices. You might need to be cautious.
There’s also a limit on how much you can spend depending on your account level. You will need to verify your identity. This prevents fraudulent information from leaking since you are the one doing the transaction.
Every level you reach in your account will allow you to spend more. Here 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.
An even higher level, only for the VIP, is also available. If you need a customized limit with higher spending limits, please contact Coinmama. 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. 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. Every other cryptocurrency can be bought and sold around the world. Nonetheless, Coinmama’s service remains the same as their company’s goal.
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 that simple. 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. Be careful how you’ll do it.
Comparison to Similar Exchanges
Important note: the fee percentage applies to debit card and credit card transactions only. Broker fees are also covered. These purchases will incur a credit clearing fee of between 3% and 5%.
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 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. Your payment information will not be compromised. 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.
Coinmama can be used in any country in 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. 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. This reduces the chance of your cryptocurrency being hacked. Coinmama has partnered with Zeno to store coins as a backup.
They don’t 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. Sending Eth To Exodus Coinmama
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. For newcomers to cryptocurrency, the fees charged may seem prohibitive. The most significant factor here is where one lives. Sending Eth To Exodus Coinmama
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). Sending Eth To Exodus Coinmama
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. Doing a bank transfer can give you more savings, at least.
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.
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.
When done, you get the coins. These 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. There are several levels to verify your identity on the platform. Each subsequent level gives you a higher spending limit.
Coinmama: Who should it be used for?
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.