In this article lets look at How To Use Coinmama To Buy And Sell Bitcoins and other cryptocurrencies.
Step 1: Click HERE and open the Coinmama website on your browser.
Step 2: At the top right you will find the link Register and Login. Click on the text Register to create a new account.
Step 3: On the registration page fill in your email id and password. Reconfirm the password and agree to Coinmama’s terms and conditions by ticking the checkbox.
Step 4: You will receive a verification mail to the email id that you provided. Once you verify your email id, the website can be accessed.
Step 5: The website automatically log you out and ask you to log in again, as a part of the verification process.
Before you can start transacting, you need to first verify your account. The verification process involves the following steps-
Head over to your account page and click on “Verify my account” on the left side. After that, you’ll be asked to upload a valid government ID along with a selfie containing the ID and a piece of paper bearing the text “Coinmama” and today’s date. Once verified, you’ll be able to buy – in total – up to 10,000 USD worth of bitcoin with credit/debit card.
You are now all set to make that first transaction via Coinmama!
The Website –
Its a pretty straight forward platform, and with an interface that’s gathered a lot of plaudits Coinmama is a trader’s haven! Coinmama serves as a platform to buy two major cryptocurrencies, i.e. – Bitcoin and Ether.
How To Buy Bitcoins On Coinmama
Coinmama facilitates an effortless way to buy bitcoins and Ether with your fiat currencies. Both these cryptocurrencies have separate tabs, which you can access easily to buy them. Click on the “Bitcoin” tab to buy Bitcoins.
- By default you have a list of 4 options with rounded figures that you can click on to buy currencies of your choice.
- If you wish to purchase for any other amounts, there’s a slider that available right below. You can use this slider to set the amounts that you wish to purchase.
- Coinmama facilitates 2 fiat currencies – The Dollar and the Euro. Although the pricing is displayed in USD or EUR- Coinmama accepts all currencies, meaning you can pay with your local currency.
- Choose your amount and click Buy
- Choose Visa or MasterCard as payment method
- Enter the wallet address you want the bitcoins sent to
- After confirming your wallet (you will receive a confirmation email) and clicking Proceed to checkout, you will be sent to the Coinmama Checkout Page
- Fill out the form, click Pay now and you’re done! (Keep in mind that your bank may require that you fill out the 3D secured form as well.)
- Once Coinmama receives and verifies your payment, it will immediately transfer the coins to your wallet!
You’ll be able to track the status of your orders at all times under ‘My Account‘
How To Sell Bitcoins On Coinmama
Presently the sell feature has not been enabled on Coinmama’s Website yet. Your options for selling Bitcoins as for today, are through various Bitcoin exchanges or private individuals that buy and sell Bitcoins.
There are quite a few exchanges to choose from, some are well-known others are less, the choice is yours. The different exchanges mainly work the same and have a similar fee structure. Depositing Bitcoins into the exchange is pretty fast of course. The moment your bitcoin transaction has 2 to 3 verifications, the exchange will add your Bitcoins to your Bitcoin balance, which can then be sold instantly and exchanged into fiat currency. However, waiting for the exchange to verify your account and actually withdraw your Dollars, Euros or what not can take between 3 to 5 working days.
The second option is to find a person willing to buy your Bitcoins directly from you.
The site will help you find local agents around you based on your country and city. Once the site connects between the two parties, it’s up to them to decide the method of payments involved and possible fees that will be charged. As these transactions are unregulated, a certain degree of trust is required in all situations.
The platform plans on enabling the Sell Bitcoin feature ASAP, allowing clients to sell Bitcoins instantly on the website and receive US dollars in return within minutes!
Coinmama Exchange Review-
Coinmama is a financial platform that enables customers to buy digital cryptocurrency, from any where across the globe. Incorporated in the year 2013, the website offers a very simplified platform backed by a reliant customer service to facilitate the transactions of cryptocurrency. The website is a good look-in for beginners who just want to get their hands on these currencies before its too late. Based out of Slovakia the company has been doing a commendable job with its services right from inception.
Coinmama has a tab know as ‘News’ – Clicking on this tab will take you to the blog of company, where they constantly update all the latest news regarding the market and also about the company. In case of any announcements and updates, the company usually prefers to reveal them through this source.
How long does it take for Coinmama to send my bitcoins once I’ve paid?
Coinmama sends bitcoins immediately after both the client’s payment and wallet address have been confirmed.
What methods of payment does Coinmama offer?
At Coinmama you can currently only buy bitcoins with a credit card or debit card.
What are the commission rates charged by Coinmama?
Since there is no central bank controlling the bitcoin rate, each website has its own bitcoin rate. The price you see on the website is Coinmama’s bitcoin rate which includes their fee of 5.50%.
For credit/debit card transactions, the payment processor charges 5.00% additional fee. This fee will be added after choosing your method of payment.
Can you explain in detail about the verification process?
To get started, log in to your account, click My account and then click Verify my account.
Once on the verification page, you’ll be asked to submit information, depending on the level of verification you’re interested in. For standard verification, you need to upload a high quality photo of either your international passport, national ID card or driver’s license.
Your documents will then be reviewed by our compliance department. Once approved, you can buy for up to 10,000 USD with credit/debit card.
Acceptable document are:
• An international non-US passport (double page)
• A national ID card (both sides)
• A driver’s license (both sides)
Keep in mind: To avoid delays when verifying your account, make sure that your submitted documents are:
• Visible in their entirety (all four corners of your document visible)
• High quality images (color images, 300 dpi resolution or higher)
• Valid documents, with the expiry date clearly visible
• Not bigger than 8 MB each