Coinmama Review – Since the inception of Bitcoin in 2009, cryptocurrency exchanges have played a vital role in getting digital currencies across to consumers. Cryptocurrency exchanges became popular starting from 2011 and has, as a result, attracted a number of fraudulent ventures into the industry stealing the hard-earned money from investors through exit scams in a bid to exchange their fiat to Bitcoin.
From my experience, coming across a reliable exchange in recent times is very difficult, and same as finding a credible platform to buy cryptocurrency with a credit card. In our quest to make things easy for investors, we found one exchange platform called Coinmama, that has managed to combine incredible user experience with quality assurance of confidentiality in provided personal details.
What is Coinmama
Coinmama is one of the few credible cryptocurrency exchanges that offer a direct service to customers without going through the hands of third party traders. Coinmama has been in operation since 2013.
The Israel based cryptocurrency exchange provides service to millions of people across over 190 countries. Using this exchange platform, you can directly buy Bitcoin, Ethereum and other leading cryptocurrencies with credit card without going through the hustle of buying a selected asset in order to exchange it to what you intend to invest.
Payment Methods and Supported Cryptocurrencies
Coinmama supports credit cards issued by MasterCard and Visa. In addition, the company supports SERPA payment and has a zero processing fee for it. Coinmama displays prices denominated in US Dollar and EUROS.
For now, they support a number of cryptocurrencies including Bitcoin, bitcoin Cash, Ethereum, Litecoin, XRP, Cardano, Qtum.and Ethereum classic. Their cryptocurrency buying process is one of the fastest and the easiest on the internet.
Minimum and maximum buying limit
Coinmama currently has a minimum buying amount of 60 US Dollars/EUROS. It also has a maximum daily buying limit of 5000 US Dollars/EUROS. Their maximum monthly buying limit is set at 20,000 US Dollars/EUROS.
For security reasons, investors are presented with a form to fill before they can proceed with their order. Coinmama has 3 levels of verification as explained below.
Level 1. You are required to provide a government issued ID, take selfie whiles holding the ID, and a paper with “Coinmama” and Today’s date written on it.
Level 2. Provide a secondary ID and upload a utility bill. (Level 2 users have a maximum buying limit of $50,000).
Level 3. Fill a form.(Level 3 users have maximum buying limit of 1 million)
Steps to Buy Cryptocurrency on Coinmama
Buying cryptocurrency on Coinmama is quite simple compared to most of the platforms out there. Below is the break down.
1 Sign Up and log into your Coinmama account, and select the cryptocurrency you want to buy.
2. Enter the amount you want to buy. You can simply do this by either choosing one of the packages presented to you, or manually enter any amount.
3. Enter your wallet address. This should be the wallet address of the selected asset.
4. Choose your payment method. You can choose to pay with Visa, MasterCard, or Bank transfer.
5. Confirm your provided wallet address.
6. Receive your coin. This is very simple.
How to Sell Bitcoin on Coinmama
Coinmama has added the “sell Bitcoin” feature to make it easy for users who intend to exchange their asset into fiat and receive payment through SERPA bank transfer. Users who intend to use the service should choose EUROS as the currency.
1 Log into your account
2. Select “Sell Bitcoin”
3: Create your order
4: Send the Bitcoins to the generated BTC wallet address.
4: Wait for your funds.
Benefits of Buying Bitcoin with Coinmama
Coinmama does not only make transaction easy, it also provides one of the fastest services on the internet. When you buy Bitcoin with credit card or Debit card, you are rest assured to receive your coins in 10 minutes.
When you decide to buy Bitcoin from your bank account, you can buy as high as $30,000. Also, they do not store your cryptocurrency, neither do they save your financial information. This makes transaction with them very secured especially in the period where data breach is on top form.
Coinmama has a “help” feature that is meant to address some of the simple questions users face. In addition, thy have an email support where all queries are addressed within 24 hours.
Coinmama has relatively a higher fee compared with some of the platforms. They charge about 5% for credit card transactions.
Coinmama is one of the best and reliable platforms to buy your Bitcoins and altcoins without any hustle.