The digital currencies continue to gain popularity and more and more people get interested, wishing to invest in this industry. Usually, newcomers tend to get the most famous coins, for example, Bitcoin or Ethereum.
Due to the cryptocurrency growth, new services constantly appear. They empower the capability of its acquisition of fiat currency or even exchange. One of the top and most reliable platforms offering such services is Coinmama. Let’s take a glance at this very service and surf around it together to understand how it works.
The project is owned by a New Bit Ventures LTD subsidiary, which is called NBV International s.r.o. The company is registered as a service for working with money and has a certificate which can be easily found on the official website.
The internet platform began its work in 2013 and since then it offers services for the acquisition of the most famous currencies for fiat money from a bank card. The Coinmama creators were among the first to offer an aforementioned method of purchase allowing them to quickly take top positions in the ranking of market leaders. The piece of service is available in 226 countries and in most of the American states as well. This makes it be one of the simplest and most common options among similar businesses. The tagline on the official website holds that this is the easiest and fastest way to buy Bitcoin and Ethereum. The developers have launched other digital coins to work with, they are Ripple, Litecoin, Cardano, Qtum. It is really trusted by so many people around the globe and one of the oldest similar bitcoin brokers.
Coinmama is not a stock exchange in its usual understanding. Here, you can only buy currency, so this is more like an exchange office. The platform does not have an e-wallet so all the acquired assets are usually transferred to the address which user has specified. This really makes the project safer because, in the case of hacking, users’ funds will not suffer.
It is worth mentioning that the purchase price depends on the current market situation. The system itself adjusts to the course and offers the purchase of “packages” for a fixed cost. It is also possible to buy another quantity, which is not less than the cheapest and no more than the most expensive packages.
Coinmama exchange also offers its users a referral program. Thanks to it, you can get 15% of the commissions’ cost of the involved users. Referral links are used for this. Payments can be made only after the broker receives at least three orders from at least three referrals.
The current financial service can be rightly considered really fast and trusted with which it is possible to have fun while buying digital currencies because of its easy processes. The team at the helm of this company is really professional. They are people united by one goal, they are passionate fans of their business, who approach to work sincerely. The team is sure that in the future of the money people are in absolute control of their own economies without middlemen or scam.
To start working with the portal, the newcomer must undergo the registration and verification process. You have to open the “Sign Up” page and enter the following data: email address, your password, full name, and country of residence. After that, the customer will find the email containing a link to begin the procedure of identity confirmation.
So, as we can see, the Coinmama account creation is simple enough. When you are already a registered user, you will need only the Coinmama login and password to enter the portal.
The amount by which you can buy coins depends on verification. The first verification level allows the acquisition of up to 10 thousand dollars. To obtain it, you just need to provide a document that is an identity card issued by the state.
The second level of verification requires an identity card and a payment facilities bill, or selfie. This provides the possibility of buying currencies for 50 thousand dollars.
If a user wants to remove any restrictions, then it is needed to contact the Coinmama support service and make a request to receive the third level. This can be done by sending an e-mail to firstname.lastname@example.org.
To verify the identity, go to the “Verify your account” page and type the required information there. Additionally, a telephone number must be specified.
Every newcomer gets the opportunity to make a purchase right after the administration accepts documents and provides them at an appropriate level. It is required to open the corresponding currency page and select the purchase amount. It is possible to use packages offered by the company or even specify a different amount.
In order to buy Bitcoin Coinmama offers packages for 100, 250, 1000 and 3000 dollars. The amount that is purchased for this money is recalculated at the time of purchase based on the rate in the market. It is also possible to pay with euros. Limits on the purchase are valid for one day beginning from the date of placement of the last transaction request.
The transfer of purchased coins is made immediately after the completion of the payment process and the funds will be received by the buyer as soon as the transaction collects the required number of confirmations by the blockchain.
One must also consider the commission that the service holds. It should be noted that there will be no additional fees for the service and the interest is already included in the price displayed on the site. The commission is 5.5%. The use of credit or debit cards also implies payment for services, which is 5%.
It is worth mentioning that Coinmama has a very detailed FAQ section. When reading it, it’s possible to find practically all answers related to the service. But if the customers have some specific questions, it is easy to contact with Coinmama support service working around the clock. They provide professional and fast help.
The bottom line
As every case, the service has both strong and weak points.
The company boasts the great newcomers-oriented service. When surfing around the market, we didn’t find a wide range of projects created with an emphasis on inexperienced traders and investors. Working with Coinmama should not cause difficulties or problems for customers with any level of training, even the beginner one.
One of the greatest features of the service is the possibility to work with fiat currencies. Support of credit and debit cards definitely facilitates the purchase in all countries where the service operates.
Another fruitful bonus of this service is that this broker does not keep customers’ funds because they are always sent directly to the e-wallet. Every item with confidential information is encrypted reliably. This proves that the service is a secure place to stay.
As was already mentioned, the company is beginners-oriented, so that is why the customer support works 24/7 and always provides professional help.
And the last but not the least, according to Similarweb.com (websites traffic analysis and market intelligence), Coinmama has really wide range of visitors abroad (71, 416), a great number of visitors from the USA (26.27%), Brazil (8.68%), UK (3.93%), Israel (3.35%), Canada(2.85%).
It also has certain shortcomings.
Nevertheless, the portal is easily available through desktop version, there is still no Coinmama app. So, it is not convenient for people who are always on the go. Since the Coinmama is a trading platform, there is a high time for developers to create the mobile applications to meet the needs of all existing and future customers.
The portal only sells digital currencies without allowing buying it back from customers.
The service fees are extremely high and can go up to 12 percent depending on the affair.