Coinmama is one of the reputable and oldest Bitcoin brokers. It specializes in selling Ethreum and Bitcoins for debit or credit cards in almost every one of the globe. Currently, it is offering two currencies but it is working to attach multiple currencies as soon as possible. Day by day it is getting popularity for its easy to buy method. If you have a MasterCard or Visa card you are in business. You can buy Ethereum or Bitcoin very fast just by using your MasterCard or Visa card without any problem. Though its charge is a little bit higher than other exchanges you will find why this is higher. But be sure, you will not get any easier method to buy Bitcoins or Ethereum within these fees. I will try to cover some aspects of Coinmama and after finishing reading the article you will find out whether Coinmama suits your preferences or not.
Current now, Coinamama has no app for mobile. They only have a website. So in order to sign up, you have to go to their website. Then you will need your all personal information to be filled up. You need to verify your account using your national id card, passport or driving license. In addition, your credit card or debit card number is also needed.
Buying Bitcoin or Ethereum
You have completed your sign up and verification method, now you are ready to purchase your desired currency. One of the most amazing and unique features that Coinmama provides is you can purchase 185$ as a very new member without verifying your account. In order to place your purchasing order, you will simply need to choose how much you want to purchase, enter your wallet address and fill up your credit/debit card information. Once the order is placed, it will take around 20 minutes to process the transaction. Isn’t it so simple and fast? Point to be noted, the minimum purchase limit for Coinmama is 60$ depending on Bitcoins price.
As previously mentioned, their fees are slightly higher. How much? Well, Coinmama charges 5.5% for each transaction. Where other exchanges like Coinbase charges 3.75%, BitPanda charges 5%, and CEX charges a transaction fee of 3.5%. Moreover, you have to pay additional 5% charge for each debit card or credit card transaction. Ouch!
A reputable company always should make their security strong. You will be glad to hear that in 5 years of Coinmama life, they never experienced any kind of security breaches according to vkool.com. Besides, you have your own password that secures your account. In addition, they contact directly to the customer if anyone trying to transact more than 50000$ at a time. It gives you more security.
Now, let’s talk about some disadvantages of Coinmama. First of all, they support only two currencies. Secondly, they do not buy back your cryptos. Furthermore they do not have an app for mobile and lastly, they are too much expensive relatively compare to other exchanges. ,
Although Coinmama offers a lot of advantages to their users they have some disadvantages too. Ultimately, Coinmama is a strong, safe, reputable and oldest company. It may not have many features like its competitors do but it is good at what it does.