Backups and backups to backups are a good thing. As an IT Specialist, I know the value of having backups of files and backups of those backups.
Well, the same holds true of cryptocurrency exchanges that allow you to purchase, send, and receive Bitcoin or any other cryptocurrency. Primarily, I use Coinbase for this. But what happens if Coinbase has issues or their transaction fees are outlandish? Try another exchange. I use Coinmama.
Buy Bitcoin With Debit/Credit Card
Coinmama makes it easy to purchase Bitcoin with a debit/credit card. No bank account needs to be linked to your account. The process of purchasing is easy and straightforward.
Cryptocurrencies Supported By Coinmama
Coinmama actually supports more cryptos than Coinbase. As of this article, Coinbase supports five cryptocurrencies: Bitcoin, Ethereum. Litecoin, Ethereum Classic, and Bitcoin Cash.
Coinmama supports …
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Quantum (QTUM)
- Ethereum Classic (ETC)
Buying Limits
The minimum amount of Bitcoins you can buy is 60 USD or the equivalent in EUR/GBP/AUD/CAD. The daily buying limit is set to 5000 USD and the monthly limit to 15,000 USD for Level 1. In order to make any type of purchase, you’ll need to complete a form used to verify your identity.
There are 3 levels of verification. With each, the account spending limits increase.
- Level 1 Requires 1 valid government-issued ID, a selfie of yourself holding that ID and a note with “Coinmama” and today’s date written on it.
- Level 2 You need to submit a secondary ID. Apart from two of the above IDs, you will also need to upload a utility bill.
- Level 3 Requires filling a short form.
How To Use Coinmama?
- Your first step is to set up a Coinmama account.
- You will go through a KYC (Know Your Customer) process where you will upload identification and wait for your account to get verified.
- Upon account verification, you are ready to conduct transactions on any of the supported cryptocurrencies mentioned above.
- You will have the option to purchase using your debit/credit card
Note: Unlike Coinbase, Coinmama does not require that you link a bank account. All transactions are made via debit/credit card.
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Conclusion
Coinmama is a very good service to use if you want a quick and easy way to purchase Bitcoin. The transaction fees are about 5.5% which is a little high but comparable to what other exchanges charge.
