While it’s not some of the well-identified cryptocurrency exchanges on this planet presently, Coinmama has really been around for a really long time. The corporate was based in Slovakia method back in 2013 and is now owned by the Israeli blockchain agency New Bit Ventures. With that being stated let us jump straight into our Coinmama assessment and take a look at what it has to offer.
Coinmama is a centralized trade that offers it’s providers to over one hundred eighty nations and areas worldwide, including the U.S, where it is available in 24 states. The Coinmama site states that while its rates are displayed in only U.S. greenback (USD) or Euro (EUR), it accepts funds in all official fiat currencies
Among the international locations and territories where its activities are restricted embrace Israel, Iran, Cuba, Lebanon, North Korea, Nigeria, Syria, and the Palestinian Territories.
The primary profit Coinmama presents over different sites is a quite simple and simple means to buy cryptocurrency utilizing a credit or debit card. Users can purchase Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), Cardano (ADA), QTUM and Ethereum Basic (ETC) on the site using a bank card from any of its supported countries.
When you’ve purchased your chosen crypto it takes a most of ten minutes to clear, after which you’ll be able to instantly switch it to your individual personal cryptocurrency wallet. Unlike many different exchanges, there is no need to exchange the fiat currency into crypto utilizing an change hosted wallet, which often attracts additional fees.
Coinmama is specifically designed to be attractive to new users within the cryptocurrency house and as such assist develop adoption. One of the largest limiting factors to cryptocurrency adoption is the difficult processes concerned with purchases, which places off many users.
The Coinmama website has an incredibly easy design with easy to follow steps which guide customers via account creation and verification. In addition, it has giant one-click on buttons on the front page offering set quantities of Bitcoin at certain costs, usually together with discounts. This helps customers to know exactly what they’re spending without the need to do complicated conversions.
Inline with its simple interface, Coinmama also gives wonderful buyer support. It has an intensive knowledge base explaining all its processes in a transparent and concise fashion, as well as several guides and FAQs with additional information.
The company may be very buyer focused and while it may not supply the widest range of providers it is rather proficient in what it specializes in. New users will discover it to be one of many simplest and most appealing options for purchasing their first coins.
As with nearly all of crypto exchanges these days, Coinmama requires identity verification.
Initial verification is simple and allows a person to buy as much as $10,000 in assets. All it requires is the standard account registration along with your personal details and a clear portrait photograph of you holding up your passport or ID.
For purchasers who want to purchase bigger sums of up to $50,000, coinnama additional proof of residence, such as a utility bill, is required.
There may be also a third stage of verification involving a questionnaire regarding a prospects revenue and holdings which, if approved, will permit purchases as much as $1,000,000 in assets.
In our assessment of Coinmama we found that it doesn’t presently offer the ability to withdraw cryptocurrency into your bank account, although it does have a system whereby European clients can withdraw Bitcoin using SEPA.
While the site has wonderful assist for all major VISA and Mastercard credit and debit cards, it does not accept payments by way of wire switch or Paypal.
There are also certain limitations on how many assets you can purchase every day and monthly.
As with most exchanges that enable credit card purchases, Coinmama has an exceptionally high fee structure.
Coinmama fees 5 % on all credit/debit card withdrawals and deposits, and an additional 5.9 % trading fees in case you convert between currencies.
Coinmama doesn’t presently cost any fees on SEPA bank transfers, although it’s possible your bank will charge you something.
In addition to the 5 percent credit card charge, it is important to note that your bank might add an additional cash advance fee to your card. This is because some banks may see the purchase as a cash withdrawal fairly than card purchase.
So, to sum up our Coinmama review it is an excellent service for new customers who wish to get into crypto with the minimal amount of fuss and hassle. It is usually an attractive option for less technically-minded people who find themselves less accustomed to the ins-and-outs of the cryptocurrency world.
Beyond new customers, Coinmama is also a good selection for seasoned cryptocurrency traders who (for whatever reason), have to shortly and easily buy some crypto utilizing a credit card. This may be because of them shedding access to their predominant provider or needing a sooner turn over time on purchases.
However, considering the charges concerned, there are certainly far cheaper options for buying cryptocurrency. Additionally, the alternate doesn’t offer a native wallet feature or the ability to trade between cryptocurrencies.