The Coinmama service was established in 2013 and was the first virtual exchange house, which allowed purchasing cryptocurrencies via credit and debit cards. That was a great reason to gain population rapidly. Besides, the cryptocurrency exchange platform welcomes users from 226 countries and the best part of USA states.
The tool provides a great way of encouraging new and new users – Affiliate Program. The main point is that when you help the site gain more customers, you get paid in Bitcoin! You are to receive 15% of the current and future purchase commissions forever. Yet, only when 3 deposits made by 3 different users are completed, you are allowed to redeem the privileges.
Reading more reviews, you are to observe various fors and againsts. Yet, only having experienced everything on your own you can set your own list. The incontestable pros include: a wide range of available countries, rapid and relevant replies of customer support and high limits of BTC buying with CC or debit cards. The list of disadvantages may include a point about the fees, which are pretty high when you own the tokens.
Signing Up on Coinmama
That is pretty obvious the only way making it possible for everyone to buy electronic money thru Coinmama, they are to set up a profile first. For the registration, there are required some basic personal information. So, just enter your email direction, create a password, provide your first, middle and last name, and select the country.
Though, the story has more components to come. No sooner than you share all the data, you receive an electronic message to follow the link sent. So, the address of your electronic email is confirmed and you can freely accomplish the registration. That is done in order to prevent any kind of third-body involvement.
Going a little bit back, let us pinpoint attention upon the selection of countries. First, there exist a separate list of allowed regions. For instance, you can find there Australia, Brazil, Czech Republic, France, Greece, Italy, Norway, Turkey, United Kingdom, some states of the USA, Zambia. The total number reaches more than 220 areas.
Verification Stages
There exist 3 levels of your verification. Click the appropriate link in the account settings and increase the status of your profile. Level 1 requires your ID and a selfie made with that ID, holding a note with Coinmama written and a date. In the form of your ID can also be your driving license.
Level 2 includes the same docs as Level 1 + a secondary ID. Another additional thing to upload is your utility bill. And for you to move to Level 3, you are to get in touch with the customer support and fill in a short form. And one more item to keep in mind is that the changes of your account rate don’t have any influence on spending caps provided daily or monthly.
Limits for Each Level
And here we come to privileges of the stages. Depending on it, you can notice how the maximum amounts change. Level 1 users are allowed to buy up to $15,000. The following Level 2 presents much more impressive sums of up to $50,000. Once you reach Level 3, it means you have pretty serious plans. So, feel free to purchase up to $1,000,000. These are the main benefits of your profile improvement.
Depositing Funds into Your Account
At the moment, Coinmama supply of needs allows its users only buy Bitcoins with credit and debit cards. So, just mention how much exactly you want to own and click the appropriate button. After that you are to enter your wallet address and fill out your card details.
Please, mind that the service doesn’t store the information. Wait for up to 20 minutes and the CC processor will complete the transaction. Once all the data is confirmed (your wallet address and payment), the digital token is immediately sent to the user.
Coinmama itself offers you to check the market rate of BTC on TradeBlock’s XBX Index. Besides, the payment processor counts 5% fee when you make purchases via CC. Apart from the taxes provided by the site, there may occur additional ones by your banking method. Please, contact the representatives of the chosen payment mechanism to be sure how much you need to pay.
Trading Specifics on Coinmama Exchange
The procedure starts in the regular way. Log in, pick either BTC or ETH and click BUY. Then, you are to present the wallet address, where you want to send the tokens to. Having got a confirmation email and completing the procedure, select ‘Proceed to checkout’ option and visit the checkout page of the exchange house.
The next step requires you to fill out the form and click Pay Now. That is it. The operation is done. Sometimes, your bank may also ask you to fill out the 3D secured form for a better safety. As you see, the processes are alike and take just a several minutes to be accomplished.
Currencies and Trading Pairs
The first thing we want to point out is that being a user of Coinmama, you can only buy cryptocurrencies, and not sell them. That is an important item to keep in mind if you are willing to make transactions with your digital money.
Speaking about the currencies, the site accepts all of them meaning your local ones. Though, when you make transactions, you should understand that the pricing is represented in USD and EUR, until more alternatives are added. That is why, check whether there are some taxes included.
What concerns electronic tokens, there used to be only 2 variants – Bitcoin and Ethereum. Though, since recently, there are presented also Litecoin, Bitcoin Cash, Qtum, Ethereum Classic, and Cardano. That means, soon there may occur even more alternatives for you to use.
Handling Fees
Understanding that there is no central body, which settles one common Bitcoin price, each site provides its own rate. Coinmama shows the price, which already includes the fee of the services in the form of 5.50%. Yet, you can always view the average figure in the net on the most trusted sites.
I’m just saying there is a chance you will like Coinmama. Just don’t hold your breathe. What my experience has taught me is that people like different things and appreciate various options when it comes to give an estimate of the exchange. As for me, these are their fast work, low fees of withdrawing, a way to buy crypto with a credit or debit card. And no matter what happens, the customer support definitely is sensitive to your problems or issues.
The whole thing depends on your aims and expectations. When imagining something, we all think of a perfect service, which will be created especially for us, taking into account all ideas, preferences, likings, etc. In fact, there exists nothing perfect, that is why, we just need to weight all pros and cons in order to determine the best alternative for us.
Based in Israil, Coinmama first took a liking to me. Then I began using it. It is convenient to pay crypto directly with my credit card. But later when I have checked the fees offered by Coinmama. Like, hey, do I look like a rich? I thought I’ve seen high taxes, but 6% against 3,5%. How do you like it? The only reason why I’m still there they offer higher limits for btc purchase than elsewhere.
I always prefer making online purchases with fiat currency. And Coinmama gives me an opportunity to use USD as my banking method. Thanx a lot. And though the trading fee is 5.9%, the transfers for cash doesn’t include charges either for deposits or for withdrawals. Moreover, I buy the digital tokens right from the site, without any third body between.
I’m really trying to advise something good or tell nothing at all. I really don’t share people’s excitement over Coinmama coupons. I have seen 5%, 25% discount with codes which you have to enter to get it. But there is such a buzz over the system. I’ve heard about scammers, like a lot. Anyway, coupons are a good idea, but with their overrated prices, to me, it’s nothing but “wage-levelling”.