Formed in 2013, Coinmama is a cryptocurrency seller and is registered in Slovakia. It is owned by a company called Bit Ventures Limited, which has its headquarters in Israel. It is available in 24 of the states in the US and can be used in approximately 188 countries all over the world. Thanks to Coinmama, people get access to a platform where they can use their credit and debit cards for purchasing Bitcoin and Ethereum. However, people should bear in mind that it cannot be used for trading cryptocurrencies or selling them. Instead, the purchases of cryptocurrency that are made by customers are directly transferred from the own holdings of the company, which makes transactions a great deal more secure.
Coinmama was well recognized in the market as the easiest and fastest ways of purchasing Bitcoin and Ethereum with debit and credit cards. Now, the platform has expanded to cover a number of other cryptocurrencies as well such as Bitcoin Cash, Ethereum Classic, Litecoin, Ripple XRP, QTUM and Cardano. Again, there are not many platforms that provide you with this option. Currently, there is only a website available for Coinmama and no mobile app has been introduced so far. Verification is now required by Coinmama for all purchases made on the platform due to the new KYC (Know Your Customer) regulations.
More about KYC in Coinmama
Official government-issued ID is required for this verification, which includes national ID card, passport or driver’s license. A verification form also has to be filled, which asks for complete name, gender, date of birth, address and debit/credit card number. You need to submit both sides of the documents and opt for high quality images that are visible clearly. The verification for these documents is done within a few hours and you can get in touch with Coinmama’s customer service team for quicker verification.
Buy Cryptocurrency With Credit Card
The good thing about Coinmama is that you can use your debit or credit card for making cryptocurrency purchases and your data will not be saved on their servers. After you have registered on the platform, you create the order by choosing how much to purchase, enter your wallet address and then provide your credit or debit card details on the checkout page. When the payment and wallet address has been confirmed, the cryptocurrency will be transferred to the user. The minimum amount of purchase that can be made on Coinmama is $60 or its equivalent in Euros.
Use of 3rd Party Wallets
An online wallet is not provided by Coinmama for storing cryptocurrency on the website. Therefore, if you are interesting in buying cryptocurrency, you have to get a wallet first because that’s where the website will send your purchases. As far as transaction fee is concerned, Coinmama charges 5.50 percent for every transaction conducted through the platform. This fee is part of the Bitcoin and Ethreum rate, which is displayed on the website. Furthermore, an additional 5% is deducted by Coinmama for every debit or credit card transaction. This fee is applicable after the payment method has been chosen by customers.
Buying Limits With Credit Cards
High buying limits are offered by Coinmama, especially when you are purchasing through credit card. If you are a verified user, you can buy approximately $5,000 worth cryptocurrency in a day and there is a maximum limit of $30,000 per month. The daily limit is applicable for 24 hours from the moment you reach that limit whereas the monthly limit is basically a moving sum of the last 30 days. For now, the pricing on Coinmama is show in USD and EUR, but more currencies are expected to be added soon. Nonetheless, orders are accepted in all currencies, but an exchange fee might be applicable in the case where other currencies are being used.
The amount of cryptocurrency you can buy through Coinmama depends on the level of verification you have reached. The more documentation you provide, the more currency you will be able to purchase. However, you should bear in mind that daily and monthly limits apply, regardless of your level of verification. The various limits and their requirements are highlighted below:
Level 1: At this level, users can buy cryptocurrency worth $15,000 on Coinmama and only a valid government issued ID is required for verification.
Level 2: At this level, users can purchase cryptocurrencies up to $50,000. In order to get verified at this level, two valid government issued IDs will have to be provided, along with a selfie holding the ID and a utility bill.
Level 3: This is the highest level of verification that you can get on Coinmama and it gives users the option of purchasing cryptocurrency worth $1 million. You can obtain this level of verification by filling out a short from on Coinmama.
How Good is Coinmama?
Although it is a relatively small seller in the entire cryptocurrency market, Coinmama has been steadily increasing its market share and has not suffered from any security breaches. The customer support is provided through email and there is also a complete FAQ section where you can find answers to common questions with ease. They have a fast response time and you will be given an answer within 24 hours of sending your query. A wide range of countries are supported by the platform, which is probably the widest amongst all the sellers and significantly higher than most competitors, including BitStamp and Coinbase.
There is no denying that even though there is no shortage of cryptocurrency websites, Coinmama has some major advantages to offer to its users. The first and most noticeable benefit is the ability it provides to users of buying cryptocurrency through debit or credit card. Furthermore, the high buying limits, both daily and monthly, are also quite appealing to the people because it allows them to make considerable investments in cryptocurrencies. While Bitcoin and Ethereum are the two primary cryptocurrencies that can be bought on Coinmama, it is gradually adding more options, which is another perk. Those who are interested in diversifying their portfolio can buy a variety of crypto at Coinmama and enjoy a world of benefits.