Do you know that there are more than 190 cryptocurrency exchanges that are operating in the crypto space right now? Yes, this is a massive number, but despite the existence of so many services, it is common to hear about poor exchange volume, unreliable services and latency. It has become common for crypto investors to struggle considerably when they wish to purchase popular cryptocurrencies such as Bitcoin or Ethereum. This is where exchanges such as Coinmama can come to your rescue because these can bring something new to the table. It is a digital financial service company that has been part of the crypto space since 2013.
Owing to the fast and safe access it can provide to digital currencies such as Ethereum and Bitcoin, Coinmama has succeeded in gaining a lot of respect in the cryptosphere. It is a product of NBV International, which is registered in Slovakia, but is currently operating out of Israel. Coinmama is a centralized service that has a large user base, boasting more than a million satisfied customers. This large user base is due to the numerous countries that are supported on the exchange, which is more than 200. While it is regarded as an exchange, Coinmama limits its users to only buying cryptocurrencies instead of trading or selling them.
One of the best things about Coinmama is that it aims to keep things very quick and simple for beginners who are looking to join the crypto space. Even if you have never heard about Ethereum or Bitcoin, the website of the exchange does an excellent job at creating an informative and welcoming page, which invites users to explore this new market. When you visit Coinmama’s website, you will be able to take advantage of a comprehensive step by step ‘how to’ guide, a news outlet where you can find the latest developments in regard to Bitcoin and other cryptocurrenices and also an extensive FAQ page.
Put simply, Coinmama does a wonderful job at accommodating beginners to the needs of the market. A very notable feature of Coinmama is that it allows investors to use their credit or debit cards for making payments. There was a time when Coinmama even accepted deposits made through Western Union, but now they have added the option of using debit and credit cards. Coinmama doesn’t provide you with a third party e-wallet for storing the cryptocurrency you purchase. Therefore, you will be asked to provide a wallet address when you buy the cryptocurrency of your choice as it will be transferred to it.
As mentioned above, Coinmama has become internationally recognized because it operates in more than 200 countries around the world and this also includes the US. You can use Coinmama in the following US states:
Kentucky, California ,Texas, New Mexico, Missouri, Virginia, North Carolina, Louisiana, Nevada, Arizona, South Carolina, Tennessee, Pennsylvania, Wisconsin, Michigan, Indiana, Florida, Maryland, Colorado, Illinois, Massachusetts, New Jersey, Kansas, Montana
The registration process at Coinmama is quite straightforward. In order to get started, you need to first provide your email address for registration on the website after which you will be asked to submit some documents for proving your identity. The more documentation you submit for verifying your identity, the more cryptocurrency you will be able to buy. Once you have registered yourself, you can use your email ID and password for logging in. Here, you need to set up your 2-Factor Authentication and also SMS Authentication as this provides extra security to your account.
You need to go to the account page to start the verification process. This procedure requires you to provide a valid government ID, which will give you access to different levels and purchase limits.
Level 1: This carries a limit of up to $15,000. It requires you to submit a valid government issued ID, a selfie holding that same ID, a note that has ‘Coinmama’ written on it, along with the date. The acceptable documents in this case include a National ID card (both sides), an international passport (double page) or both sides of a driver’s license.
Level 2: This carries a limit of up to $50,000. Other than the level 1 verification, you will have to submit a utility bill. The accepted utility bills include gas, electric, water bills, cable, bank statements, property tax or credit card statements. Bear in mind that internet bills or paper bills are not accepted.
Level 3: This carries a limit of up to $100,000. It requires you to fill out a short form on the website and then personally get in touch at email@example.com.
When you are done with all these tasks, you can then take a look at the user interface at Coinmama. You will find it quite minimalistic and sleek. As far as the fee structure of the website is concerned, the credit or debit card processor at Coinmama will charge a 5 percent additional fee on every transaction. Currently, the website only supports Visa and MasterCard. Moving onto customer support, you will find it to be quite exceptional at Coinmama. The exchange has provided investors with multiple options that can be used for getting in touch when needed. For instance, you can reach out to their representatives via email, social media or through their customer support forum.
There is also a live chat option that can be used on the website. Coinmama is also known to be quite responsive on email and you will be able to get a response easily. Answers to common questions can also be found in their FAQ section, which is extensive and detailed. Using Coinmama is a good decision for cryptocurrency investors because it can provide access in countries even where some of the best exchanges don’t. Furthermore, Coinmama is also expanding the cryptocurrencies it offers on its platform as now you can also buy Litecoin, Bitcoin Cash, Ethereum Classic and several others at Coinmama. It is also working on expanding other services as well, which makes Coinmama a reliable and trustworthy choice for buying cryptocurrencies.