Beginner’s Guide to Coinmama: Complete Review
Coinmama is a cryptocurrency exchange that was formed in 2013. Coinmama is registered in Slovakia but is owned by New Bit Ventures Limited that is headquartered in Israel. It operates in 217 countries worldwide, and is available in 24 US States. It provides users with a platform to purchase Bitcoin and Ethereum using credit and debit cards, or through Western Union. However, Coinmama does not provide a platform for trading in cryptocurrencies nor does it allow users to sell cryptocurrency. Instead, all purchases of cryptocurrency by customers are transferred directly from the company’s own holdings, making transactions more secure than some of its competitors.
Coinmama stands out as one of the fastest and easiest ways to buy Bitcoin or Ethereum with a Credit or Debit card, something that not all exchanges offer. Read on for our full review of Coinmama to find out more.
How to Register and Verify Accounts
At present, Coinmama is only currently available as a website, with no mobile app available. In addition, Coinmama has not released an API to enable users to create custom applications that would be compatible with the platform. Aside from its international availability, one of the most appealing features that Coinmama provides that is absent among many of its competitors is that it provides users the opportunity to purchase up to $/€ 150 of cryptocurrency without having to verify their identity.
However, to purchase any further amounts users will need to verify their identity using official government-issued ID for KYC and AML purposes (namely passport, national ID card or driver’s licence) as well as a verification form including their full name, date of birth, gender, address and credit or debit card number. In order to verify accounts, both sides of the documents must be submitted and Coinmama recommends that submitted documents are:
- visible in their entirety;
- high quality images (colour images that are 300dpi or higher);
- valid documents, with the expiry date clearly visible;
- maximum file size of 4MB
Documents uploaded to Coinmama for verification tend to be processed within a few hours during business hours, with longer processing times to be expected during evenings and weekends. However, Coinmama’s customer service team will try to assist users that require faster verification.
Initial verification usually takes less than 10 minutes. After initial verification users will be able to purchase cryptocurrency immediately, with deliveries of orders taking place within minutes of an order being placed. This allows users to be able to take advantage of advantageous price movements. Once orders are placed, the exchange rate at the time of purchase is locked in, meaning that users receive exactly the amount of cryptocurrency that they ordered, regardless of any fluctuations that may occur between the time or order and the time of receipt of the cryptocurrency. According to the developers, the reason for this is that there was a lot of confusion and misunderstanding when orders were locked to the market rate, especially when customers received less currency than anticipated. If an order aborts, the Coinmama system automatically voids the payment within 48 hours and refunds the money back into the user’s bank account
How to Purchase
To purchase Bitcoin using credit or debit cards, Coinmama doesn’t require users to register their credit or debit card in order to purchase cryptocurrency on the exchange. Instead, the procedure is that once users have registered (and regardless of whether or not they have verified their identity). They proceed to create the order by choosing how much they want to buy, entering their wallet address and then filling out their card details on the checkout page (if users have verified their identity, their credit card address must match their customer account address). Coinmama does not store customer’s credit or debit card details on their servers. After completing the payment, the transaction will then be processed by the credit card processor (which could take up to 20 minutes) before being transferable to the customer’s wallet of choice. Once the payment and wallet address are confirmed, the cryptocurrency is sent immediately to the user. The minimum purchase amount on Coinmama is 60 USD (or its equivalent in EUR) at present, although this is based on the price of Bitcoin (the effective minimum purchase is whatever the listed price of 0.1 Bitcoin is.
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