Coinmama Fees Structure For Bitcoin Purchases

Coinmama Fees Structure For Bitcoin Purchases

What is Coinmama and Coinmama Fees?

CoinMama is a Bitcoin broker: that means that they sell bitcoins to users around the world. They accept payments in major currencies and payments. Coinmama fees refers to the transaction and purchasing costs that you need to pay to Coinmama. Bitcoin brokers vary in terms of the services that they offer. In this review, we’ll discuss all the Coinmama fees associated with buying Bitcoin from a specific broker, CoinMama. The company is based in the Virgin Islands and has a great social media presence on Facebook and Twitter. It’s one of the oldest platforms providing such a service so it’s completely reliable and trustworthy.

The company doesn’t offer any telephonic customer service but offer it through the mail. It does have good customer service as they usually reply to your emails within 24 hours, which can easily help you to solve all your queries and questions.

Why do you need to pay Coinmama Fees?

Since Coinmama is a Bitcoin broker, their model is to purchase Bitcoin at lower prices and then sell them to newbies. Thus you pay them Coinmama fees as a percentage of the Bitcoin bought for their services. The Coinmama fees are 6.30% of the total capital spent on purchasing Bitcoin. It’s a little tricky to calculate beforehand but you can visit the Coinmama website and take a look for yourself.

When purchasing Bitcoin using a credit card, you need to pay a 5.65% additional Coinmama fees. You will be able to see how much you need to pay after you choose how much Bitcoin you need to buy. That’s it, Coinmama has no other fees since it doesn’t offer many other features like Coinbase.

Is Coinmama secure?

The company doesn’t require you to upload your identification until you decide to buy more than $150 worth of Bitcoins, which helps to protect your identity. However, above $150, CoinMama has a verification procedure in which it asks for national identification and proof of address. Moreover, if you pay with credit cards, you can rest assured at your information will not be leaked. If you’re concerned about anonymity, Coinmama is the best option for you. The website has an HTTPS certificate, therefore all of your credit card information is safe since it is not saved on CoinMama’s servers.

If you’re really paranoid, you can just send money through the Western Union after getting verified by the company. These two measures make sure that your information is safe and secure. So, you can buy your bitcoins without worrying about scams. Even though it boasts a higher fee, we at WikiCrypto think that it’s best to trust an older company with tons of satisfied customers due to the scam websites that exist today.

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About Article Author

Michael Serrano
Michael Serrano

Michael is an engineer and a bitcoin evangelist. He has been involved in cryptocurrencies since 2013. His biggest wish? 1 billion users of bitcoin, ether and litecoin by 2020. In the last 10 years he has worked for various early-stage start-up as a back-end developer.

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