Coinmama

Overview

Coinmama is the cryptocurrency exchange of the future. Coinmama offers a simple service to buy and sell digital currency for traditional fiat or paper money. Since 2013 Coinmama has been serving the financial community with a simple service spoken in a language you can understand, and backed by customer service you can count on. They offer a fast, safe and fun way to buy digital currency from anywhere in the world. Coinmama believes that the future of money is one where we, the people are in where no middle-men, hidden fees and or fine print exist. The streamlined platform with a simple user interface is the place to start building your crypto portfolio. The platform supports all major cryptocurrency as well as the most popular altcoins using traditional (fiat) purchasing methods. The platform supports coins like Bitcoin, Ethereum Ethereum Classic, Ripple, Litecoin, Bitcoin Cash, Cardano, Quantum, Tezos and Eos.

Fiat currency is “legal tender” backed by a “central government.” It can take the form of physical dollars (for example paper Federal Reserve notes), or it can be represented electronically, such as with bank credit. The government controls the supply and you can pay your taxes with it.

Cryptocurrency is not “legal tender” and it is not backed by a central government or bank (it is decentralized and global). Its form is more like bank credit sans the bank (in that it is represented digitally, but not backed by a bank or government). An algorithm controls the supply and you can’t pay your taxes with it (instead you have to pay taxes on it).

New cryptocurrency coins are added to the database frequently keeping them at the forefront of this emerging market. Currently, Coinmama supports the major cryptocurrency like Bitcoin, Ethereum Ethereum Classic, Ripple, Litecoin, Bitcoin Cash, Cardano, Quantum, Tezos and Eos with plans to add new currencies as they become available. New coins are being added almost daily so be sure to check in at their website coinmama.com to find the most up to date information.

Supported methods of Payment

Coinmama makes buying and selling cryptocurrency extremely easy and uses some of the most popular traditional forms of payment. In the past, the process to buy cryptocurrency was complicated and difficult, but now with platforms like Coinmama, you can buy cryptocurrency with a major credit card, debit card, or directly from a linked bank account for secure stress-free transactions. They support payment systems like SEPA bank transfer and SWIFT bank wire transfers as well as ApplePay, Fedwire and Sofort. Some forms of payments are not currently supported such as American Express, Discover Card, and PayPal but they have hopes to add them in as well in the future.

Coinmama Costs and Fees

Since cryptocurrency is an open-source payment system and there’s no centralized bank controlling the value of the coin it is important to understand the average or market rate for commission fees. Coinmama uses a standard market rate based on the XPX +2% model. Each buy transaction has a fee up to 3.9% and each sell transaction has a fee up to 0.9%.

If you decide to purchase with a credit or debit card the Coinmama platform will add a 5% express fee. If you like to use bank wire transfers you’re in luck, there’s no additional fee for bank wire transfers. For transfers made with the SWIFT bank transfer system, they do have a minimum of 20 GBP on orders below 1000 USD with no additional fee on orders above 1000 USD.

Supported Fiat Currencies on Coinmama

Coinmama Supports all traditional currencies and displays its rates in USD, EUR, GBP, CAD, AUD, and JPY. They also have a wide range of cryptos to buy and sell including Bitcoin, Ethereum Ethereum Classic, Ripple, Litecoin, Bitcoin Cash, Cardano, Quantum, Tezos and Eos.

Supported Countries

It’s always important to check your country of residence as you may not be able to buy or use all the functions of this website. It is the user’s responsibility to adhere to the laws of their country of residence.

Additionally, Coinmama is unable to serve the locations below. They may restrict or prohibit the use of our services from, and by residents or nationals of, the following jurisdictions:

Restricted countries or territories

• Cuba
• Crimea
• Iran
• Israel
• Lebanon
• North Korea
• Palestinian Territories
• South Sudan
• Sudan
• Syria

Restricted U.S. States

• Hawaii
• New Mexico
• Oregon
• Vermont
• Washington

Restricted U.S. territories

• American Samoa
• Guam
• Northern Mariana Islands
• Puerto Rico
• United States Minor Outlying Islands
• Virgin Islands

If you have any questions regarding your counties’ eligibility on crypto be sure to research the by-laws associated with the region you are located in. Cryptocurrency is like any investment and something you research before entering the market.

The Coinmama Verification Process

Once you’ve created your account you will need to verify it’s as simple as uploading a government ID along with a selfie containing your government ID and a piece of paper bearing the “Coinmama” name and the date of submission.

Once verified you’ll be able to buy up to $15,000 worth of bitcoin with any debit, credit card, or bank account wire transfer. Proper forms of government ID that are accepted are non-US passports, national ID cards, and driver licenses.

If you have any troubles during the verification process, the Coinmama support staff can assist you to make sure you are all set to start funding your digital wallet with supported coins like Bitcoin, Ethereum Ethereum Classic, Ripple, Litecoin, Bitcoin Cash, Cardano, Quantum, Tezos and Eos.

Buying limits

Coinmama is one of the only platforms that allows users to purchase up to $15,000 USD per business day. They offer a higher spending limit and lower fees for each transaction.

Other platforms have lower purchase limits per day and require users to break large purchases into several transactions to generate the most in fees as possible. Coinmama doesn’t think this is the right way to go about it and allows its users to make larger purchases in a single transaction if they so choose.

All transactions are processed as fast and possible and are available in your account upon transaction completion.

Top-Notch Security

Coinmama takes security very seriously and provides a very safe environment for exchanges on its platform. Since Coinmama doesn’t actually store bitcoins on its platform like a traditional crypto wallet its considered a very safe and secure way to purchase crypto. Coinmama is not a wallet provider – they simply send your coins to the wallet of your choice

Cryptography controls the creation and transfer of cryptocurrency, and the protocols underlining bitcoin have proven to be very robust. Bitcoin, which is distributed through a ledger known as Blockchain which gives owners the record of all transactions and cannot be tampered with since there’s no single point of failure. Bitcoin is one of the safest forms of currency to own. Bitcoin is encrypted and backed by the blockchain that uses volunteers — a whole lot of them — who work together to encrypt the transactions that happen on the Bitcoin system. Security is one of the most important topics for no only its customers but for the stability of the platform itself. As the crypto craze continues the cybersecurity will need to grow with it.

Conclusion

Coinmama offers a simple service to buy and sell digital currency for traditional fiat or paper money. As one of the safest, fastest, and most reliable platforms on the web Coinmama is sure to be working within the crypto community for a long time to come. Since they already support the major currencies like Bitcoin, Ethereum Ethereum Classic, Ripple, Litecoin, Bitcoin Cash, Cardano, Quantum, Tezos and Eos with plans to launch more in the coming future – Coinmama is a great choice to fund your crypto portfolio. With native credit/debit card support and the ability to use bank transfers with minimal fees, they are truly emerging as a well-oiled exchange. Accepting all traditional currencies and displays its rates in USD, EUR, GBP, CAD, AUD, and JPY they make it super easy to understand how much you are earning on your investment. Coinmama is one of the only platforms that allows users to purchase up to $12,000 USD per business day. They offer a higher spending limit and lower fees for each transaction. Each transactions are processed as fast and possible and are available in your account upon transaction completion.