While it is not one of the crucial well-recognized cryptocurrency exchanges in the world currently, Coinmama has really been around for a very long time. The company was based in Slovakia manner back in 2013 and is now owned by the Israeli blockchain agency New Bit Ventures. With that being mentioned allow us to jump straight into our Coinmama assessment and check out what it has to offer.
Coinmama is a centralized exchange that offers it’s companies to over a hundred and eighty nations and regions worldwide, together with the U.S, the place it’s available in 24 states. The Coinmama site states that while its rates are displayed in only U.S. dollar (USD) or Euro (EUR), it accepts funds in all official fiat currencies
A few of the countries and territories the place its actions are restricted include Israel, Iran, Cuba, Lebanon, North Korea, Nigeria, Syria, and the Palestinian Territories.
The primary benefit Coinmama affords over other sites is a very simple and straightforward way to buy cryptocurrency using a credit or debit card. Users can buy Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Money (BCH), Cardano (ADA), QTUM and Ethereum Classic (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 transfer it to your individual personal cryptocurrency wallet. In contrast to many other exchanges, there isn’t any have to trade the fiat currency into crypto using an trade hosted wallet, which often attracts additional fees.
Coinmama is specifically designed to be attractive to new customers within the cryptocurrency house and as such assist develop adoption. One of many biggest limiting factors to cryptocurrency adoption is the sophisticated processes involved with purchases, which places off many users.
The Coinmama website has an incredibly simple design with straightforward to comply with steps which guide customers by way of account creation and verification. In addition, it has giant one-click on buttons on the front web page offering set quantities of Bitcoin at sure prices, often including discounts. This helps customers to know exactly what they’re spending with out the necessity to do complex conversions.
Inline with its easy interface, Coinmama additionally provides excellent customer support. It has an intensive information base explaining all its processes in a clear and concise fashion, as well as a number of guides and FAQs with additional information.
The company may be very customer targeted and while it might not supply the widest range of companies it is rather proficient in what it specializes in. New customers will find it to be one of many easiest and most appealing options for buying their first coins.
As with the majority of crypto exchanges as of late, Coinmama requires identification verification.
Initial verification is easy and allows a consumer to buy up to $10,000 in assets. All it requires is the standard account registration along along with your personal particulars and a clear portrait photograph of you holding up your passport or ID.
For purchasers who want to purchase bigger sums of as much as $50,000, additional proof of residence, such as a utility bill, is required.
There is additionally a third degree of verification involving a questionnaire concerning a customers revenue and holdings which, if approved, will enable purchases as much as $1,000,000 in assets.
In our assessment of Coinmama we found that it doesn’t presently supply the flexibility to withdraw cryptocurrency into your bank account, although it does have a system whereby European prospects can withdraw Bitcoin using SEPA.
While the site has wonderful help for all major VISA and Mastercard credit and debit cards, it doesn’t accept payments through wire transfer or Paypal.
There are also certain limitations on what number of assets you should purchase day by day and monthly.
As with most exchanges that enable credit card purchases, Coinmama has an exceptionally high charge structure.
Coinmama charges 5 % on all credit/debit card withdrawals and deposits, and an additional 5.9 p.c trading charges when you convert between currencies.
Coinmama doesn’t currently charge any fees on SEPA bank transfers, although it’s seemingly your bank will charge you something.
In addition to the 5 percent credit card price, you will need to note that your bank would possibly add an additional cash advance price to your card. This is because some banks may even see the purchase as a money withdrawal fairly than card purchase.
So, to sum up our Coinmama evaluation it is an excellent service for new users who wish to get into crypto with the minimum amount of fuss and hassle. Additionally it is 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 may be a sensible choice for seasoned cryptocurrency traders who (for whatever reason), need to rapidly and simply purchase some crypto using a credit card. This could also be due to them dropping access to their important provider or needing a quicker flip over time on purchases.
However, considering the fees involved, coinnama there are definitely far cheaper options for buying cryptocurrency. Additionally, the change doesn’t offer a native wallet characteristic or the flexibility to trade between cryptocurrencies.