How To Buy Crypto - Coinmama is the Best - Odd Nugget
The cryptocurrency and blockchain space has seen considerable development over the years and the future of the technology behind the third iteration of the web is anyone's guess.
However, buying cryptocurrency hasn't gotten much easier, despite the emergence of new onramps left and right.
Out of all the cryptocurrency marketplaces out there, few manage to be consistently affordable, safe and legitimate for long.
Coinmama is one of the few that do.
How to use Coinmama
Despite the whimsical name, Coinmama carries no frills.
At its core, it is a simple service with a simple website.
You verify your account, enter your card details and pay to send one of a select number of cryptocurrencies to a wallet address of your choosing.
Coinmama allows you to quickly buy one of 10 different cryptocurrencies. The full list includes:
Bitcoin (BTC) Tezos (XTZ) Litecoin (LTC) Dogecoin (DOGE) Uniswap (UNI)
Ethereum (ETH) Cardano (ADA) Ripple (XRP) Bitcoin Cash (BCH) Chainlink (LINK)
There really isn't much else to it.
The process is intentionally simple and I can't think of any other service as easy to use as Coinmama.
How to verify your Coinmama account
Know Your Customer or "KYC" verification is practically a given in the financial industry and Coinmama is no exception to that rule.
To purchase any large amount of cryptocurrency, you will need to verify your identity first.
Thankfully, the process is super simple - you literally provide a photo of yourself holding your ID (plus a piece of paper with Coinmama written on it) and fill out your profile information (email, address, full name, etc.) to unlock level 1 account limits.
Here's how each verification level stacks up:
Level 1 - Purchase up to a total of $2,400 worth of any cryptocurrency offered by Coinmama
Level 2 - Purchase up to a total of $50,000 worth of any cryptocurrency offered by Coinmama
Level 3 - Purchase up to a total of $1,000,000 worth of any cryptocurrency offered by Coinmama
Level 2 requires a completed KYC questionaire plus additional information about your place of residence and proof in the form of a utility bill, etc.
Level 3 requires you to complete another KYC questionaire.
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