When searching for a cryptocurrency exchange, many people turn to Coinmama. This site has been around for almost five years, and it has a reputation for being difficult to understand, but we wanted to find out more about their exchange. Here, we take a look at their user interface and discuss fees, limits, and security. Let’s see how Coinmama measures up to its competition! Also, read our Coinmama exchange review for more information!
User interface is difficult to understand
Compared to other cryptocurrency exchanges, Coinmama is one of the most user-friendly and fast-growing. Its fast-track verification process and multiple payment options make it a convenient option for crypto enthusiasts. However, the exchange’s user interface may not be as user-friendly as other platforms. While many exchanges greet users with a long list of listings and graphs, Coinmama has a simple interface that makes it easy for new users to buy Bitcoin.
While Coinmama’s user interface is easy to use and secure, there are some limitations. Its fees for credit card transactions are high. There are ways to reduce these costs, including joining its affiliate program and using an offline wallet. This way, you can earn more money by recommending Coinmama to other people. Besides, this exchange has a high reputation and sets a high bar for competitors. It’s important to set up an offline wallet before buying coins.
Fees
The Coinmama exchange fee is one of the lowest in the industry, at less than 0.05%. Moreover, the company is open to US citizens. You can purchase as much as 50,000 USD of cryptocurrency with Coinmama. All you have to do is submit two government-issued IDs and a utility bill, and fill out a short form. Once you’re through, your order will be transferred to your wallet in just a few seconds.
There are several ways to pay for your purchase. Coinmama accepts Visa and MasterCard credit cards, and debit cards issued by those two brands. Besides, you can use bank transfers that incur 0% processing fees. The Coinmama app even allows you to pay with Apple Pay. You can buy or sell coins with EUR, USD, GBP, AUD, or CAD. The Coinmama exchange fee includes a 5.9% brokerage service fee.
Security
To ensure the safety and security of your funds, you should sign up for the Coinmama exchange. This exchange does not store any of your credit card information. Nonetheless, it has already been hacked, and the hacker’s identity was obtained through email addresses. To keep yourself safe from the same fate, be sure to secure your account password and avoid using the same email address for other business. You should also enable two-factor authentication and store your private keys offline, for example, with hardware wallets.
When it comes to buying and selling cryptocurrency, you should consider the costs of using credit or debit cards. You should note that the exchange’s commission fees are calculated by calculating the average rates of all major cryptocurrencies. Moreover, you should also keep in mind that credit cards have additional fees, which can range from 5% to 10%. Coinmama’s prices are generally higher than market rates, although you can also choose to pay with Apple Pay, which is convenient for users. The minimum purchase amount is 50 USD, with maximum limits varying depending on your account verification level.
Limits
If you live outside the U.S., you can still buy bitcoin at Coinmama by making a SWIFT bank transfer. It does not charge a momentum fee and accepts both credit and debit cards, including Apple Pay. However, Visa and Mastercard consider cryptocurrency purchases to be a cash advance, so there are additional fees that you should consider. Coinmama does not set its own exchange rate fees, but will calculate them based on market rates. In addition, you may have to pay a processing fee to your bank.
Another limitation of the Coinmama exchange is its limited availability in certain countries. It is not available in the District of Columbia, Vermont, American Samoa, Guam, Puerto Rico, the Northern Mariana Islands, or the Virgin Islands. The Coinmama exchange offers services to customers in over 190 countries. Users can trade coins using their credit cards in USD and receive them in as little as 10 minutes. However, there are certain restrictions for customers living in countries under sanctions.
KYC requirements
There are a variety of benefits of knowing your customer (KYC) requirements. Among these benefits are increased security, reliability, and accountability. In addition, more regulations are coming for cryptocurrency exchange platforms, and the lack of regulation has lead to a multitude of leakages of user data. A lack of regulation means that there is no way to protect the information of users against theft. Nevertheless, KYC is a requirement for any cryptocurrency exchange platform.
For users to use the Coinmama exchange, you must meet the KYC requirements before you can make any purchases. The verification process takes a few minutes, at most. Alternatively, you must spend at least $50 to complete the verification process. After completing the KYC requirements, you can only start buying and selling transactions up to $50,000. In addition, you must meet the exchange’s minimum spend requirement and satisfy additional KYC requirements.
