Coinmama Review for Sports Betting
Cryptocurrency for Sports Betting
What is Coinmama?
Coinmama is a Bitcoin broker that allows you to purchase Bitcoins, using a credit card. Coinmama has plethora of experience and has been around longer than most of the other exchanges in the industry. Coinmama is headquartered in Israel but registered in Slovakia. They have been around since 2013 and are one of the oldest brokers still in operation.
One thing that we will point out is when you are purchasing Bitcoin with a credit card, Coinmama limits you to $5,000 per transactions so make sure you plan accordingly. That being said, $5,000 is much more than most other brokers will allow so this really isn’t a bad thing. They will accept Visa and Mastercard, and also will allow your bank debit card to purchase Bitcoins.
Unlike other brokers, when you purchase cryptocurrency with Coinmama, you are actually buying the coin from Coinmama’s inventory. Therefore, this transaction is much safer and more secure than using several exchanges or brokers to accomplish the same transaction.
Getting Started with Coinmama
Setting up a Coinmama account is fairly simple. Anyone that can follow a few simple steps such as filling in boxes for Name, Address, Email and selection a password, can easily set up an account. Once you setup your account, you will need to get your account verified. You do NOT need to wait to be verified to purchase your first Bitcoin but they will place a limit on how much you can purchase.
Once you decide how much Bitcoin you will purchase, you create your order and enter your wallet address. Once you complete those few steps, you will enter your credit card information and complete the purchase. The process for using a credit card can take 20 minutes to completely finish the transaction.
One thing worth mentioning is Coinmama does not provide you with an online wallet. This will be your responsibility to make sure you have a wallet for Coinmama to transfer your cryptocurrency to.
Benefits of Coinmama
The top benefit with using Coinmama is the fact that they accept Credit Cards to purchase your Bitcoins. This is not something that is widely seen across the industry and many brokers still make you make your initial deposits using the old “Western Union” option.
Another very beneficial aspect of using Coinmama is the fact that their transaction times are very fast. With Coinmama using Simplex, your credit card payment will clear faster, which means you can withdraw your coins faster. As soon as your payment clears, you can now withdraw your coins, which is huge when you consider that coin prices change and can be a drastic difference between a 24 hour period, which was an average time frame when using the old system.
Negatives of Coinmama
One of the negatives that we will immediate note is they have very expensive exchange rates. The reason for their expensive exchange rates is due to the fact that they allow credit cards and the possibility of a chargeback. Coinmama takes on a ton of liability and risk due to the fact that people can charge the coin to their credit card and then turn around once they have the coin and contest the charge.
Coinmama charges a 5.5% fee per transaction, which can add up quickly if you begin investing in Bitcoin while using Coinmama. They will also charge a 5% fee for using a credit or debit card, per transaction. Additionally, when you use the credit or bank card (debit), your bank may charge you with a cash advance fee, depending on your banking policy at your specific bank.
Another thing that some would consider a negative is the fact that not all states in the US are acceptable by Coinmama. The following states are the only current states allowed from the United States: Arizona, California, Colorado, Florida, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Missouri, Montana, Nevada, New Jersey, New Mexico, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and Wisconsin. These limitations require people in other states to utilize other exchanges for their Bitcoin purchases.
Overall Conclusions of Coinmama
Coinmama is a reliable company that has experience behind the brand. They have been around for many years now and their service is one of the best. That being said, they are expensive with their fees but if you want to use a credit card, that is part of the process. If you do not have to use a credit card to purchase your coins, than Coinmama is the ideal exchange for you but if you are forced to use a credit card, you may want to consider another exchange.Click here to sign up for Coinmama.