If you are new to the world of cryptocurrency, this Coinmama review is written with you in mind. Running online since 2013, Coinmama is regarded as one of the premier cryptocurrency exchanges on the web. After seven years of servicing customers of cryptocurrency, what is really hiding there when you peel back the layers?
What Countries Does Coinmama Support?
There are approximately 190 countries and territories supported by Coinmama. With the total world number of countries being 195, it is obvious that Coinmama is basically available to the entire global population. From all of these countries, several million customers have used the Coinmama platform.
Is Coinmama Safe and Legit?
Coinmama is not the biggest name player like Coinbase or Binance, but they are completely legit for buying cryptocurrency. Investors and traders ask, is Coinmama safe and legit? The answer is a resounding “yes.”
This is further proven when one takes a look at their security record. Although they have never been hacked and lost cryptocurrency, Coinmama has been hacked, but then again so has almost everyone else. During the attack on Coinmama, twenty-three other companies lost personal information records as well.
Since coins are not stored in an on-site wallet, the chance that you would lose currency to a hack is remote. Apparently, it is harder to hack a wallet than a platform.
Binance is just one of many platforms that do allow for the customer to store coins with them directly. If Binance were to be hacked, your coins are vulnerable to attack. It is always recommended that cryptocurrency is withdrawn from the exchange you are using and secured in your choice of hardware wallet.
What are Cryptocurrency Wallets?
Say wallet and people automatically think of the one they carry around in their pocket or purse. Cryptocurrency wallets are actually software programs that store your currencies and keep a public record of what goes in and out. They are essentially a virtual wallet that you can access from anywhere that has internet service.
Each wallet has its own unique address. Also called a public key, this string of letters and numbers. This address is given to people who are sending you money and then the transaction is verified publicly. While it is safe to give out your wallet address, your password for the wallet (private key) is not.
By design, transactions on the blockchain are irreversible. That is why it is essential that you verify your wallet address when giving it out. Once coins are sent no one can retrieve them.
Some wallets support more than one type of cryptocurrency, while others only work for one. Make sure the wallet you have can hold the cryptocurrency you are expecting. Two great options for wallets are Trezor and Ledger.
What is the Difference between Hardware Wallets and Software Wallets?
Hardware wallets are physical devices. Similar in looks to an external drive, you must plug it in to a device capable of going online to access to whatever digital currency you have stored in online platforms.
Once your coins have been transferred to your wallet, they are no longer accessible except when you open your wallet. Although they are not convenient to access the way software wallets are, hardware wallets are more secure. Unless someone knows your passcode, they are unable to get your coins, even if your wallet was stolen or your computer was hacked.
Software wallets are programs that the user downloads onto their computer. A password is required to gain access because software wallets are encrypted. This type of wallet is less secure than hardware wallets because they remain connected to the internet. This leaves them vulnerable to any viruses or malware that may be floating around. Hackers could also record any visible passwords visible on your screen.
The biggest advantage of software wallets is how convenient and easy to access they are. They are available not just for download to your desktop, but also to your mobile phone. This is a great option if you are one of those people who are never without their phones in their hands.
What Currencies are Traded on Coinmama?
Currently, there are ten cryptocurrencies moving through Coinmama’s platform. They are Ripple XRP, Ethereum Classic, Tezos XTZ, Eos, QTUM, Ethereum, Bitcoin Cash, Litecoin, Bitcoin, and Cardano.
Is Coinmama a Wallet?
No, Coinmama is not a wallet. No coins are ever stored on-site so Coinmama cannot get them back if you provide an incorrect wallet address. When looking for a wallet to use on Coinmama, be aware that Coinmama uses smart contracts and the destination wallet must be capable of accepting them.
What are Coinmama Fees?
Each individual provider of cryptocurrency is free to set their own fees and rates, but don’t assume that the lowest fees mean the provider is the best. Do some independent research for yourself before deciding. Coinmama has a three-level loyalty program. Each level gets a certain percentage deducted from their fees.
Fees work the following way at Coinmama and are based on the TradeBlock XBX index + 2%. The commission fee you are charged for buying cryptocurrency can be up to 3.9%. Depending on the method of payment fees can be lower. When selling cryptocurrency, they use the TradeBlock XBX Index average + 2%. The selling fee varies between 0.1-0.9 percent.
All markets fluctuate and the cryptocurrency market is no exception. Coinmama has attempted to remove some of this uncertainty for their customers by locking in the cryptocurrency rate when certain payment methods are employed, such as bank transfers and either credit or debit cards.
Does Coinmama Require ID?
For several reasons, including working to prevent fraud, there is a verification process that each customer must go through before they are able to make any transactions on the site. As part of this process, you will need to send a copy of your ID.
For residents and citizens of the United States, acceptable ID forms are either a driver’s license or a non-driver’s license ID card issued by your state of residence. For those outside the U.S., ID that is accepted is either an international passport, permanent resident card, driver’s license, or national identity cards issued by the government. Additionally, there must be either English or Latin lettering on the ID.
To accommodate differences in various countries, there are several exceptions to the acceptable ID rule if it contains a valid expiration date and is in its entirety, even if there is no Latin or English printed on it. France, Brazil, and Russia can use a driver’s license.
Italy can use a paper ID. Proof of age card is acceptable from Canada, Australia, and New Zealand. Germany, Ecuador, Venezuela, Russia, Brazil, Uruguay, Greece, and
France may submit national ID cards. A plastic Aadhar, EPIC, or PAN card is acceptable from India. The final exception is national ID cards in Arabic if the bearer has no such card in English.
After seeing all that this Coinmama review has to offer, they are certainly a platform you want to try out. It is great for beginners because they do not offer hundreds of cryptocurrency types, so it is far less confusing to get started. They have an excellent help section where you are able to get answers to common questions and their loyalty and affiliate programs are ways to earn some extra coins for yourself without any added risk.