Coinmama Israel based company. It is one of the most popular bitcoin brokers, specialized in selling of the cryptocurrency like bitcoins by using the credit card and it is available to anyone from anywhere in the world. This company was founded 2013, registered in Slovakia. The owner is New Bit Ventures Limited based in Israel. This is one of the best platforms on which you can easily purchase ethereum and bitcoin with the help of debit and credit card. This platform may not facilitate you to trade or sell cryptocurrencies. The transaction of this company is more secure because all the funds that a gathered from the purchasing of the cryptocurrency by the customer are directly transferred to the holdings of the company. It is by far the easiest and the fastest way of purchasing ethereum or bitcoin, but it also deals with cardano, ethereum, classic, litecoin, Ripple XRP,Bitcoin cash, and QTUM.
• The services are available for various countries.
• Responsive and fast Customer services.
• You can easily purchase higher amounts of bitcoin by using the debit or credit card.
• The fees for purchasing with the help of debit and credit card are quite high.
Liquidity and limits
One can avail the highest buying limits in Coinmama as they accept the credit card. You can easily purchase $5000 cost of BTC every day and $30,000 every month.
It won’t take you more than 10 minutes to complete the initial verification. When the initial verification is completed, you can easily purchase the bitcoin and it will be delivered instantly.
This is one of the oldest broker businesses and this company has sold several bitcoins with the help of debit and credit card when compared to other companies.
It will definitely charge you a higher amount when you purchase by the credit or debit card and it is nearly 6%.
You can easily reach them the using the email.
Other alternatives to coinmama
Bitpanda: Bitpanda is also an Austria based bitcoin broker company. It will offer you several kinds of payment methods at good price.
CEX.IO: If you want to purchase the bitcoin by using low fees with the help of a credit card then this is the best option. You can also purchase it for free by using the bank transfer.
Coinbase: If you want to get a huge bitcoin broker company then this is probably most popular and largest company who has spread its foothold among 30 countries. You can purchase bitcoin with the help of SEPA transfer, connected accounts, interact online and many more.
How to register yourself and verify the account?
Currently, there is no application available for Coinmama. It has not yet released the API for enabling the customers to create the custom application which will be compatible with their platform. Due to the KYC regulations, Coinmama now carries the verification on all purchases. To make the purchase of certain amounts the user will have to verify the identity by using the official government-issued ID card for AML and KYC purpose. They will also have to provide their full name, gender, date of birth, address, debit or credit card number. You will have to provide the two sides of the document in order to verify your account. The verification will be carried on after the documents are submitted and it should contain all the below-mentioned requirements.
• Proper visibility in the entirety.
• Good quality images.
• Documents which are valid and the expiry date is clearly visible.
• They can only upload the file size of maximum 8 MB.
The documents which are uploaded in Coinmama starts to process for verification in a few hours during the business hours. The processing time will be longer during the weekends and the evening. The customer service of Coinmama will help the users in acquiring the fast verification. The first verification will take about 10 minutes and after this initial verification, you can easily purchase the cryptocurrency. This way, users can easily get the advantage of the price movements. After placing the order the rate of exchange at that moment will be locked in so you will be getting the cryptocurrency which you have ordered and will not get affected by any kind of fluctuations during this time. When it is locked in the rate of the market, then the customer receives less currency, which was not anticipated by them due to fluctuations. If an order is aborted, then the company will refund back your money within 48 hours.
How to make the purchase?
For purchasing the bitcoin you will have to use the credit or debit card. You don’t have to register your card for purchasing the cryptocurrency on the exchange. So here it is not mandatory for verifying your identity and you can make the purchase once you have registered. In the beginning, you will have to pick the amount which you want to buy and then you have to enter the wallet address for filling out all the card details and it will lead to the checkout page. The details of the card of the customers will not be stored by Coinmama. Once the payment is completed the transaction will be processed by credit card within a few seconds before it is getting transferred to the wallet of the customer. After the completion of the confirmation of wallet address and payment, the cryptocurrency will be sent directly to the user’s account. You can purchase cryptocurrency of a minimum amount 60 USD.
Coinmama will not provide you with the online wallet for storing the cryptocurrency on the exchange. So you will have to create your own appropriate wallet where the exchange can directly send the cryptocurrency once you have purchased. You will be provided with the email link for confirming the wallet address and it will also check whether your address is proper or not. This is the reason why customers won’t be able to purchase the cryptocurrency on behalf of others.
The transaction fees for Coinmama are quite high when you are comparing it with its competitor because you will have to make a payment of 5.5% on every transaction with Coinmama. When you are purchasing it, the fee will be included in the rate of the cryptocurrency. When you are making a transaction using a debit or credit card you will have to pay an additional fee of 5%. This fee will be added once you choose your payment method. It can also charge you with the cash advance fee if the financial institution is viewing this transaction as the cash transaction. So when you transact using Coinmama, make sure to have those additional 10% fee with yourself.
Coinmama will provide you with high buying limits when you are making transactions using credit cards. If you are a verified user then you can make a purchase of $5,000 every day and $30,000 every month. The daily limit will last for 24 hours till the limit is reached and the monthly limit is 30 days. All the pricing will be displayed in EUR and USD but it will currently add all the additional currencies. It will accept orders of all currencies and you will have to pay some exchange fees if you are purchasing with the fiat currencies in place of EUR and USD.
The user can purchase the cryptocurrency depending on their verification level. The better documentation which user provides will help them to avail more cryptocurrency purchase. It should be kept in mind that regardless of what user level you are, you will be provided with the same monthly and daily limits. So these levels are as follows.
Level 1: You will be able to make a purchase of 15000 USD if you are a level 1 user. In this case, all you have to do is provide a valid government issued identification.
Level 2: The user of this level can make a purchase of 50000 USD. For gaining this level of advantage you will have to provide two valid government-issued identification along with the utility bill or the user’s selfie in which they will be holding the ID.
Level 3: When you provide the maximum limit of authorization you can purchase cryptocurrency up to 1 million USD. For gaining this level of verification or authorization, you will be asked to fill out a form which you will have to submit back to Coinmama.
Is Coinmama a safe option?
In the cryptocurrency ecosystem, Coinmama is having a very small exchange system and they are now building up their own market share by following up all the security. Though they are remaining behind several competitors as they have 6 less visitors every month, its services have improved and have gained a lot of attention from the investors. Coinmama is the money service business which has been registered with the FINCEN and which is in the US. Coinmama will not have any kind of hold on the user’s cryptocurrency information so the attacks of security issues will be less susceptible when you are comparing it with other exchanges. It will hold the record of the information on a credit card and it is stated that it does not store the information on the exchange server.
Coinmama Customer Support
You can easily contact the customer support through emails and you can easily get the extensive list of the frequently asked questions on the website. You will also get the review of the previous customers. The response time of this company is excellent and all your queries will be replied consistently within 24 hours. But on public holidays you may have to wait a bit longer.
Coinmama offers it’s users a plethora of advantages, including instant purchase using a debit or credit card, accessibility, high buying limits on a daily basis but it also has a lot of negative aspects.
• This platform is quite limited to the buy orders only. Unlike most exchanges, this website will not allow you to trade your bitcoins or cryptocurrency and hence the utility of this website is very basic. Moreover, it will not help you in buying back the currency. So if you want to sell your cryptocurrency then you will have to collaborate with any other exchange for doing so.
• It is true that it accepts debit and credit card payments from every country in the world, but it lacks in providing flexibility in other payment options like a SEPA or wire transfer.
• The developers are thinking of adding more cryptocurrencies in the near future but currently, it only supports Ether and Bitcoin.
• Due to the unavailability of the mobile app, it is not so convenient for the users to easily purchase the cryptocurrency quickly or even check their balance.
One of the best advantages which Coinmama can provide you is to effectively give you the facility of having a secure digital wallet. The exchanges are the targets of the hackers so this website does not promote leaving the cryptocurrency on the exchange. So they will not hold any information on your cryptocurrency so you can effectively create your own digital wallet.
Coinmama has a very good reputation within the cryptocurrency community because it has a trustworthy, honest, and safe broker. It lacks in many additional features which other competitors may provide and it is not so cheap so you will have to pay in order to have a secure and efficient cryptocurrency purchase.