Coinmama is a cryptocurrency exchange that was formed in 2013. Coinmama is registered
in Slovakia but is owned by New Bit Ventures Limited that is headquartered in Israel. It operates in 217 countries worldwide and is available in 24 US States. It provides users with a platform to purchase Bitcoin and Ethereum using credit and debit cards, or through Western Union. However, Coinmama does not provide a platform for trading in cryptocurrencies nor does it allow users to sell cryptocurrency. Instead, all purchases of cryptocurrency by customers are transferred directly from the company’s own holdings, making transactions more secure than some of its competitors.Coinmama stands out as one of the fastest and easiest ways to buy Bitcoin or Ethereum with a Credit or Debit card, something that not all exchanges offer.
The amount of cryptocurrency that a user may purchase is dependent on the level of
verification that they have reached with the platform. The more documentation that the
user provides, the more currency that theyare entitled 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:
Level 1: This level allows users to purchase up to 10,000 USD through the service. This
level only requires users to provide valid government issued ID (as set out above);
Level 2: This level allows users to purchase up to 50,000 USD worth of cryptocurrency.
In order to access this level users will eed to provide two valid government-issued
IDs, as well as either a utility bill or a selfie of the user holding their ID.
Level 3: This is the highest level of authorization on Coinmama and allows users
to purchase up to 1 million USD in cryptocurrency. In order to obtain this
level of authorization, users are required to fill out a short form and return it to Coinmama.
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