Buying and selling digital currencies has reached every part of the developed world. Even underdeveloped and developing nations are getting engaged in the cryptocurrency industry. There are so many cryptocurrency exchanges available in the industry, and it takes an expert to identify the best one. Coinmama is one of the best places you’ll get to buy cryptocurrency.
What Is Coinmama?
Coinmama is a cryptocurrency exchange that was developed in 2013 by New Bit Ventures Limited. Although the company is registered in Slovakia, New Bit Ventures Limited has its headquarters in Israel. The exchange is active in 217 countries and available in 24 US states.
How the Cryptocurrency Exchange, Coinmama Works
Coinmama provides users with the platform to buy Ethereum and Bitcoin with their debits and credit cards. They can also buy using western union service. Even if you can buy your cryptocurrencies from Coinmama, you can’t trade or sell it there. When you pay for the cryptocurrency, it will be transferred to the company’s holdings directly. This makes it a secure option for safeguarding your cryptocurrencies.
The first step is to register. After that, you’ll have to verify the account. However, you’ll be able to purchase cryptocurrencies of up to $/€ 150 without verifying your identity. Anything above this figure will require verification. The account can be verified using valid IDs and filling a verification form. The required documents will be scanned and submitted to Coinmama for verification. This should take anything from a few hours to a few days. If you require faster verification, simply contact the customer service team.
Coinmama is accessible worldwide, and this is a big plus for the company. However, the platform only allows users to buy and not trade cryptocurrencies. Most traders will prefer to register on a platform that allows users buy and sell. So, except you intend to buy cryptocurrencies with no intention of selling, Coinmama may not be the best option for you. Another pitfall is that the platform only supports Ether and Bitcoin making it limited.