Have you ever wondered if there was a way to buy cryptocurrency quick without the need to go to an exchange and trade cryptocurrencies first? If you did but never had time to figure this out, then this opportunity Coinmama offers could be something for you!
With the growing demand for cryptocurrencies, mostly because of their limited supply, the cryptocurrency exchanges out there can be a bit overwhelming. Also, buying cryptocurrencies at centralized exchanges comes with some risk.
One of the biggest fears cryptocurrency investors have when buying crypto is the unregulated market. Also, the technology is in its infancy yet and still very unknown to a greater audience. A good example of investors losing money in the cryptocurrency market happened just recently with the hack of Quadriga. This is just one example, but there are many more to mention.
Buy cryptocurrency quick
So if you still are interested in buying Bitcoin or any other cryptocurrency quick, are there other options then just signing up at a centralized exchange? The answer is yes. Coinmama is one of the places you can go to. With Coinmama it is possible to buy cryptocurrency quick with credit/ debit card or even with a SEPA bank transfer. In this article will be explained in detail how to buy crypto fast on the Coinmama platform.
Coinmama what is it
Coinmama is an online platform people can go to buy cryptocurrencies in a fast way. The most common way to do that is to buy with debit or credit card. Coinmama, which is founded in 2013, is one of the oldest platforms being around in the cryptocurrency space and has a reputation of being trustworthy.
Coinmama is registered in Slovakia but is owned by New Bit Ventures Limited that is headquartered in Israel. Furthermore, it operates in 188 countries worldwide, and is available in 24 US States. Coinmama is not a platform for trading cryptocurrency and therefore you have to own a crypto wallet already before going to this online platform.
Coinmama how does it work
To start using this online cryptocurrency platform you have to go through a sign-up process first which is very easy and quick.
- Register your personal data to create an account. Your data will encrypted and stays on this platform only.
- Submit your personal details. It’s up to you how much personal data you will share, but the more you share, the more you can buy at once.
- Buy cryptocurrency! Right now it’s possible to buy up to 8 cryptocurrencies like: Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, Cardano, QTUM and Ethereum Classic.
How does buying Bitcoin exactly work
Buying any form of cryptocurrency on this platform works in a similar way so in this chapter I’ll explain how buying Bitcoin works. For buying Bitcoin with fiat there are two options: USD and EURO. After you have set the right currency you can decide if you want to buy a package or a specific amount of Bitcoin.
For buying a specific amount of BTC see below. Remember that there are limitations in buying a specific amount at once which you submitted during signing up. More details on the limitations later in this article.
Which ways to buy cryptocurrency
There a three ways to buy cryptocurrency with fiat money on the Coinmama platform. The first one is buying cryptocurrency with credit card. Only VISA and Mastercard payments are accepted currently. If you don’t have a credit card then there is also the possibility to buy cryptocurrency with a debit card. American Express, Discover and Paypal are currently not accepted. You just have to make sure this debit card belongs to you.
High fees but quick crypto
Also, I’d like to mention the fees you have to pay for using this service. For using this service of buying cryptocurrency quick you have to pay 5.9% in transaction fees. This is quite high compared to a regular cryptocurrency exchange but as a result the cryptocurrency will be send to your wallet instantly!
Buy cryptocurrency quick with SEPA
The last option Coinmama offers is to buy cryptocurrency with a SEPA bank transfer. This service is currently being offered in Europe and the United Kingdom and has a limit of 12000 USD daily. In other words, Coinmama offers the possibility to buy Ethereum with SEPA or purchase Cardano with a bank transfer.
The rest of the world has also the possibility to buy cryptocurrency with bank transfer, but then you should use SWIFT instead.
Coinmama buying limits
Coinmama offers high buying limits, especially when you take into account the credit card transactions. Also, verified users can purchase up to $5,000 per day, with a maximum limit of $30,000 per month. Daily limits last for 24 hours from the moment that the limit is reached, while monthly limits are moving some of the previous 30 days.
It currently displays pricing in USD and EUR with additional currencies to be added soon. However, it accepts orders in all currencies, while noting that exchange fees may be applicable to customers that are purchasing in fiat currencies other than USD or EUR.
The amount of cryptocurrency you are allowed to purchase depends on the level of verification that you have submitted to the Coinmama platform. The more documentation that you provided, the higher the limit in fiat currency will be for you to purchase. However, it should be noted that daily and monthly limits are applicable regardless of what level users have reached in terms of their verification. The breakdown of the limits and requirements are as follows:
Several levels for purchasing Bitcoin
- Level 1: This level allows you to purchase up to 15,000 USD through the service. This level only requires providing valid government issued ID (as set out above).
- Level 2: This level allows you to purchase up to 50,000 USD worth of cryptocurrency. In order to access this level you will need to provide two valid government issued IDs, as well as either a utility bill or a selfie of the you holding your ID.
- Level 3: This is the highest level of authorization on Coinmama and allows you to purchase up to 1 million USD in cryptocurrency. In order to obtain this level of authorization, you are required to fill out a short form and return it to Coinmama.
In my opinion, if you are looking for a method to buy crypto fast Coinmama works perfectly. They have been around in the cryptocurrency markets for a while now(since 2013) and that’s makes them very trustworthy. Also, the option to buy cryptocurrency quick with a SEPA bank transfer makes their service very recommendable. So if you are willing to pay a little more in fees(5.9%), but want to own cryptocurrency within 10 – 15 minutes, Coinmama could be the online platform to fulfill this need.
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