Coinmama: A Faster and Safer Way to Buy Cryptos
Coinmama is a digital asset seller where interested customers can purchase Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies using their credit cards.
The Slovakian-registered platform was launched in 2013 after its founders were left frustrated by the quality of crypto-related services during that time.
Currently, Coinmama supports eight digital currencies and services clients in more than 220 countries across the globe— including more than half of the 50 states in the United States.
Struggles of an Early Crypto Trader
Back when cryptos and blockchain were at their infancy, virtual coin holders—as small as they may be—were faced with a number of substandard services.
Most crypto exchanges at that time were, using the words of Coinmama Chief Happiness Officer Martin Koelbaek, “dodgy.” Because the public lack basic understanding of crypto and the underlying blockchain technology, it was easy for fraudsters to deceive coin owners into transacting in a fake exchange.
Moreover, trading fees at that time were significantly higher than they are today. According to Koelbaek, it was commonplace among exchanges around 2013 that commission fees reach around 50 percent, very different from most of today’s fees that do not even reach a double-digit percentage.
Another inconvenience facing coin holders at that time was the number of procedures required before they could conduct trading. Technological limits at that time prevented exchanges and the like from streamlining their services, to the misfortune of crypto traders.
These problems, among others, were the reasons Coinmama has sprung up into existence and has continued providing aspiring crypto traders its services.
3 of Coinmama’s Fun Crypto Services
1| Easy Crypto Purchase with Credit Card
Customers can use Visa, Mastercard, debit card, or wire transfer to purchase Bitcoin, Ethereum, Bitcoin Cash (BCH), Cardano (ADA), Ripple (XRP), Qtum (QTUM), Litecoin (LTC), and Ethereum Classic (ETC) on Coinmama. This platform accepts US dollar (USD), euro (EUR), and other fiat currencies. However, Coinmama does not accept or buy cryptos from its clients.
2| Quick Identity Verification
Coinmama promises that it will process a customer’s verification documents “within the hour.” A user simply needs to upload a photo of his government ID and a selfie, along with other documents such as a non-US passport and a driver’s license. The platform reminds its clients to submit high-quality photos for a smooth verification process.
3|Instant Crypto Transactions
Once Coinmama confirms a user’s payment and identity, the crypto buyer will instantaneously receive his purchased digital coins on his given wallet address. Customers can then check if the transactions pushed through by visiting a blockchain explorer website, many of which are available online.
Coinmama believes crypto’s aims to remove the need for any intermediary in the financial system and to return the control of the economy back to the masses. In a crypto-led financial world envisioned by Coinmama—compared with the traditional financial structure—middlemen will be gone, hidden fees will be no more, and transactions will be faster and safer.