Coinmama Review: Analyzing If It Is Safe & Reliable?

Do you know there are more than a hundred ninety cryptocurrency exchanges and services in the crypto house right now? You read that right. More than a hundred ninety!

Nevertheless, despite that, we suffer from poor exchange volumes, latency, and unreliable services to quench the thirst of crypto-investors. Moreover, we additionally struggle to buy well-liked cryptos like BTC & ETH, which is just not a fairly experience.

And that my buddies, is where providers like Coinmama come to the rescue, bringing something new to the table.

Coinmama is a venture of NBV International that’s registered in Slovakia but at present operates from Israel.

It’s a centralized service with a large person base of over one million satisfied customers. The large consumer base is a results of the number of countries it supports worldwide – over 180!

One of many USPs of Coinmama is the fast, safe, and safe service it supplies for buying cryptocurrencies like BTC, ETH, LTC, BCH, ETC, XRP, QTUM, ADA through credit cards. They lately added an option to promote Bitcoin for Clients in the 37 European international locations which might be part of SEPA (Single Euro Funds Space).

Additionally, unlike different trade/services, Coinmama doesn’t have an inbuilt BTC, ETH, LTC, BCH, ETC, XRP, QTUM, ADA wallet. This means should you wish to buy BTC, ETH, LTC, BCH, ETC, XRP, QTUM, ADA from Coinmama, you need to already have a BTC, ETH, LTC, BCH, ETC, XRP, QTUM, ADA wallet and this is an efficient means of encouraging traders to have a secured wallet in the first place earlier than shopping for the coins.

Should you don’t have a safe Bitcoin or Ethereum wallet, pick one from our list of Ethereum wallets and Bitcoin wallets.

Coinmama Registration, Login, and Buy Limits

Coinmama’s registration process is kind of straightforward. To get began, it’s good to register using your e mail ID following which you’ll be requested to submit some documents to prove your identity. The more documentation you provide, the more forex you should buy on Coinmama.

After you register, you possibly can log in utilizing your electronic mail ID and password where you need to, and MUST, setup your 2FA and SMS authentication (highly really helpful) for further security.

To verify your Coinmama account, head over to your account page and click on “Confirm my account” on the left of your screen.

You’ll then be required to upload a valid authorities ID for different ranges of access and buying limits.

Coinmama verification time

The verification time is 10 minutes for stage 1. However, for degree 2 and degree 3 it might take as much as 6 hours for the verification. After stage 1 verification, coinnama you can start utilizing Coinmama.

Coinmama Purchase limit:

Level 1 (limit as much as USD 15,000): Requires a valid authorities issued ID, a selfie of yourself holding that ID, a note with “Coinmama” and the date written on it. Acceptable documents are:

A global non-US passport (double web page)

National ID card (each sides)

Driver’s license (both sides)

Stage 2 (limit up to USD 50,000): Aside from Level 1, it requires you to upload a utility bill. Accepted utility payments embrace electric, cable, gas, water payments, property tax, bank statements or credit card statements (paper invoice or internet bills are not accepted).

Degree three (restrict as much as USD 100,000): Requires filling a short form and contacting personally.

Coinmama User Interface

Coinmama interface is fairly modern and minimalistic. As you log in, you can be greeted with a dashboard like this

Coinmama Fees Structure

Coinmama Fee: Coinmama’s credit/debit card processor, prices a 5% additional price (with a minimum cap of USD 10) on each transaction. Only Visa/MasterCard are currently supported. You can also pay by way of SEPA which doesn’t encurr such fees.

Bank transfer fees: Coinmama helps SEPA bank transfers and fees 0.00% fees.

Coinmama Supported International locations

The one thing highlighted in the introduction also that Coinmama helps plenty of international locations – 188 to be precise – essentially the most by another crypto service/exchange. To check if they provide service in your country, visit here.

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