While it is not probably the most well-known cryptocurrency exchanges on the earth at present, Coinmama has actually been round for a very lengthy time. The corporate was based in Slovakia manner back in 2013 and is now owned by the Israeli blockchain agency New Bit Ventures. With that being said allow us to leap straight into our Coinmama evaluation and take a look at what it has to offer.
Coinmama is a centralized alternate that provides it’s services to over a hundred and eighty nations and areas worldwide, together with the U.S, where 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 payments in all official fiat currencies
A few of the international locations and territories the place its actions are restricted embody Israel, Iran, Cuba, Lebanon, North Korea, Nigeria, Syria, and the Palestinian Territories.
Most important Advantages
The primary benefit Coinmama offers over different sites is a very simple and simple manner 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 utilizing a bank card from any of its supported countries.
Once you’ve bought your chosen crypto it takes a maximum of ten minutes to clear, after which you'll be able to immediately switch it to your own personal cryptocurrency wallet. In contrast to many different exchanges, there is no must exchange the fiat currency into crypto using an exchange hosted wallet, which often attracts additional fees.
Coinmama is specifically designed to be attractive to new customers within the cryptocurrency house and as such help develop adoption. One of the largest limiting factors to cryptocurrency adoption is the complicated processes concerned with purchases, which puts off many users.
The Coinmama website has an incredibly easy design with straightforward to follow steps which information users by means of account creation and verification. In addition, it has giant one-click buttons on the entrance web page providing set amounts of Bitcoin at sure prices, usually including discounts. This helps users to know exactly what they’re spending without the need to do complicated conversions.
Inline with its easy interface, Coinmama also presents wonderful customer support. It has an in depth data base explaining all its processes in a transparent and concise fashion, as well as a number of guides and FAQs with additional information.
The company could be very buyer centered and while it may not provide the widest range of services it is very proficient in what it specializes in. New users will find it to be one of the easiest and most appealing options for buying their first coins.
As with the vast majority of crypto exchanges these days, Coinmama requires identity verification.
Preliminary verification is straightforward and permits a consumer to purchase 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 customers who want to buy bigger sums of as much as $50,000, additional proof of residence, such as a utility bill, is required.
There may be additionally a third level of verification involving a questionnaire relating to a customers earnings and holdings which, if permitted, will allow purchases as much as $1,000,000 in assets.
In our evaluate of Coinmama we found that it doesn’t at the moment provide the ability to withdraw cryptocurrency into your bank account, although it does have a system whereby European customers can withdraw Bitcoin utilizing SEPA.
While the site has excellent help for all main VISA and Mastercard credit and debit cards, it doesn't settle for funds through wire transfer or Paypal.
There are additionally sure limitations on how many assets you should purchase every day and monthly.
As with most exchanges that permit credit card purchases, Coinmama has an exceptionally high fee structure.
Coinmama costs 5 p.c on all credit/debit card withdrawals and deposits, coinnama
and an additional 5.9 percent trading charges if you happen to convert between currencies.
Coinmama doesn’t presently cost any fees on SEPA bank transfers, though it is doubtless your bank will charge you something.
In addition to the 5 percent credit card price, it is important to note that your bank might add an additional cash advance price to your card. This is because some banks may even see the purchase as a cash withdrawal quite than card purchase.
So, to sum up our Coinmama evaluation it is a superb service for new users who wish to get into crypto with the minimal amount of fuss and hassle. It's also an attractive option for less technically-minded people who are less accustomed to the ins-and-outs of the cryptocurrency world.
Past new users, Coinmama is also a sensible choice for seasoned cryptocurrency traders who (for no matter reason), need to rapidly and simply purchase some crypto using a credit card. This could also be as a result of them shedding access to their main supplier or needing a sooner turn over time on purchases.
Nevertheless, considering the fees concerned, there are actually far cheaper options for purchasing cryptocurrency. Additionally, the change doesn’t supply a native wallet characteristic or the ability to trade between cryptocurrencies.