What is Coinmama? How to register on Coinmama?

What is Coinmama?

Coinmama is a cryptocurrency exchange that was founded in 2013. The company is registered in Slovakia while still owned and headquartered by New Bit Ventures in Israel.

Coinmama is an international cryptocurrency exchange which accepts users from over 200 countries around the world. This is quite impressive compared to many other cryptocurrency brokers, including Coinbase and Bitstamp. Basically, the only countries that Coinmama are not operational in are sanctioned countries. Coinmama is available in the United States, but only in 24 US States, see them below.  Most traffic of Coinmama came from the United States, Indonesia, Saudi Arabia, Trinidad And Tobago, and the United Kingdom.

How to register on Coinmama

1. Open a web browser and launch the Coinmama webpage: Coinmama.com

2. Click “ Sign Up” on the top right corner of the main page.

Fill your Email, Password, Country, State and Create Account.

An activation email is sent to your email address.

Go to your inbox, open the email from support@coinmama.com and click Confirm Your Email.

Fill your Bitcoin Wallet Address.

Click Buy Now if you want to buy Bitcoin right now.

Easy to buy bitcoin by Visa and Mastercard.

Fees

Coinmama’s transaction fees are quite high, with a 5.50% fee paid to Coinmama per transaction. This fee is included in the Bitcoin or Ethereum rate that is shown on Coinmama’s website.

In addition, Coinmama charges an additional 5% fee on each credit and debit card transaction. This fee is added after customers choose their method of payment. In addition, customers may be charged a Cash Advance fee by their bank or card issuer depending on whether the financial institution views the transaction as a ‘cash’ transaction.

Case studies carried out by commentators have suggested that it users should add an additional 10% in fees when transacting through Coinmama.

Limits and Liquidity

Coinmama offers their users impressive buying limits, especially since the only buying option is through debit and credit cards. Fully verified users are able to buy up to $5000 a day with a maximum limit of $20,000 per month. The daily limit lasts 24 hours rather than a day to day limit and all prices are quoted in either USD or Euro. However, Coinmama accepts numerous currencies for purchasing.

Security and Verification Levels

Coinmama has thus far proven to be a secure exchange with no apparent hacks or security breaches. They are even registered with FINCEN in the United States as a financial services business. Also, they do not hold any of the user’s cryptocurrency as when it is bought, the cryptocurrency is sent directly to a users wallet.

Coinmama offers their users 3 different levels of verification which are linked to how much a user can purchase.

Level 1: Verified users are only required to submit a government-issued ID and can buy up $10,000 worth of cryptocurrency.

Level 2: Users are required to submit two pieces of government issue ID as well as a utility bill or a picture of yourself holding your ID. Level 2 can buy up $50,000 worth of cryptocurrency.

Level 3: Users need to submit the same information as level 2 and are also required to fill out a form. These users can buy up to an astonishing $1 million worth of cryptocurrency. However, the standard buy limits apply.

Conclusion

Coinmama excels at proving a simple and easy to use platform for buying Bitcoin and Ethereum. While the fees can be quite high, the exchange is highly trusted as there have never been any hacks or lost coins. For beginner users looking to get into cryptocurrency, Coinmama may be the right choice to get started.

Additionally, making money is possible through bitcoin, but it is nowhere near being easy. To make a lot of money, every move you make in the crypto-world has to be very strategic and well monitored. Before starting your investments, there are a lot of things you need to learn and consider. Every day, more and more people of different demographics are getting into the world of cryptocurrencies, and who knows if that will raise or stunt the value of bitcoin. Crypto-trading is spreading around the world, and I guess we’ll just have to see where it goes from here.

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