How to Buy Bitcoin in United Arab Emirates
Registration
To open an account, go to the home page and click on “Sign Up” on the top right-hand side of the home page. (As shown below).
Complete the information requested. This includes name, email, password, and country of residence.
Once you have created your account, Coinmama will then prompt you to complete your profile. This is the account verification process. You will require the following:
- Government-issued ID
- Your mobile phone with a working camera to take a selfie.
When ready to proceed, click “Complete My Profile” as shown below.
Follow the step-by-step instructions.
You are required to enter your full name, DOB, and sex and then click “Next”.
Verification Process
You are then required to upload your identification as well as additional photos in order to complete the KYC process. When you have your ID, mobile phone, and pen and paper ready, click “Let’s Go”.
Firstly, you will need to choose your Government ID Type and issuing country from the drop-down menus. Then enter your ID number and expiration date.
Upon completion, click “Next”.
Upload your passport, following the instructions provided. As instructed, ensure that:
- All four corners are visible.
- The text is clearly readable.
- The image is in color and unaltered
Then click “Looks Good”
Now take a selfie. The photo must contain the ID you just uploaded and a piece of paper with Coinmama written on the piece of paper along with today’s date.
For completion of the verification process, please ensure the following:
- Your entire face is visible.
- The image and the text of your ID are clearly readable.
- You’re holding both the ID and the paper note yourself.
Once you have uploaded the selfie, click “Looks Good”.
Now you will need to confirm via a confirmation link sent to your email address.
Go to the Coinmama confirmation email and click “Confirm Your Email”.
While you wait, we recommend that you familiarise yourself with the platform. Coinmama provides you with articles to read in order to become acquainted.
Supported Cryptocurrencies
The following cryptos are available for purchase on Coinmama: Bitcoin (“BTC”), Bitcoin Cash (“BCH”), Cardano’s ADA (“ADA”), EOS (“EOS”), Ethereum (“ETH”), Ethereum Classic (“ETC”), Litecoin (“LTC”), Qtum (“QTUM”), Ripple’s XRP (“XRP”), and, Tezos (“XTZ”).
Users can locate the cryptos available for purchase on Coinmama by clicking the “Buy” dropdown menu as shown below:
The Details
Coinmama supports the purchasing of cryptos and the sale of Bitcoin.
Users are able to purchase Coinmama supported cryptos by credit or debit card or by bank transfer.
All cryptos are immediately transferred to the purchaser’s specified wallet upon purchase.
It is important to note that Coinmama does provide exchange crypto wallets to house purchased cryptos.
Fees and Charges
Buying Fees:
The crypto price shown on Coinmama is based on a service called TradeBlock XBX. TradeBlock XBX lists an average of known provider rates, to which Coinmama adds 2% (Std Dev) and includes Coinmama’s commission fee of up to 3.9%.
Fees incurred on buy orders depend both on the user loyalty level and method of payment. In summary:
- There is a commission fee of up to 3.9%.
- Coinmama’s fees vary depending upon the payment method.
- On transactions with a locked crypto rate and instant deliver (credit/debit cards) there is an additional 5.0% momentum fee.
- Orders placed by bank transfers do not incur a momentum fee and carry no additional fees.
- SWIFT bank transfer orders have a minimum order amount of 1,000 USD, however. A flat fee of 20 GBP is charged for users wishing to make an order below 1,000 USD.
Selling Fees: These are tiered and correlate with a user’s loyalty program level. Rates are calculated by the XBX Index average + 2% (STD dev) + Coinmama sales fee of between 0.1% and 0.9%.
- Curious Level (Regular Account): 2.9%
- Crypto Enthusiasts (Level 2): 2.5%)
- Crypto Believers (Level 3): 2.1%.
Coinmama Wallets
Coinmama does not provide users with wallets on the exchange. Upon completion of a crypto purchase, all coins are remitted directly to your external wallet. You are required to provide your wallet details during the transaction process.
Coinmama does provide users with the QR code and download link for ZenGo in case you do not have any crypto wallets.
The Coinmama Crypto Platform
Coinmama provides a very simple to use platform supporting the purchase of cryptos.
You may make a purchase via the “Buy” page and select the crypto of your choice from the drop-down menu, as shown below: (For demonstrative purposes, we have selected Bitcoin)
You may either chose one of the Bitcoin packages on offer or you may choose the amount of Bitcoin you wish to purchase by entering the amount of Bitcoin or USD equivalent. See below:
Once you have decided on the USD equivalent amount of Bitcoin or the number of Bitcoin you wish to purchase, click “Buy Now.”
Do note that there is a minimum purchase amount of USD50 equivalent.
Once you have clicked “Buy Now”, you will be prompted to enter your target crypto wallet address and choose your payment method.
Payment methods include:
- Faster Payments (UK Banks Only): Delivery is up to 1 business day and there are zero additional fees.
- Credit or Debit Card: 5% momentum fee: Locked rate and fast delivery that is instant.
- SEPA Bank Transfer (EU Banks Only): Delivery is up to 1 business day and there are no additional fees.
- ApplePay: Allows millions of Apple users a seamless experience when buying Bitcoin. Available via the mobile app.
- Other payment methods include Fedwire, Swift and Sofort.
There is a USD15,000 limit on the purchase of cryptos by credit or debit card.
Once you have completed the payment details, complete the transaction. Your crypto wallet will then be funded with the cryptos that you have purchased.
There are no withdrawal fees when purchasing cryptos on the Coinmama platform.
Coinmama also supports the purchase of cryptos in Aussie Dollars, Canadian Dollars, EUROs, Great British Pound, and Japanese Yen.
In order to change the purchase currency, simply go to the current dropdown menu and select your preferred currency.
Sell
In order to sell Bitcoin, click the Sell icon located at the top of your Coinmama page.
- Enter the number of Bitcoin that you wish to sell and then click “Sell”.
- You then need to provide your bank details.
- Send the Bitcoins that you wish to sell to the Bitcoin wallet address provided.
- Once Coinmama receives the Bitcoins, the transaction will be processed and funds remitted to your bank account.
Key features of the Coinmama platform
Loyalty Program: The more crypto you buy or sell with Coinmama, the more you save. Coinmama has 3 levels of savings. Upon promotion to a higher level, you need to meet a cumulative minimum purchase amount over a rolling 90-day period to maintain your status.
- Level 1 – Crypto Curious: New Coinmama users are Crypto Curious.
- Level 2 – Crypto Enthusiast: Save 12.5% on Coinmama fees. Crypto Enthusiasts not only enjoy reduced fees but also fast track customer support. You need a cumulative purchase amount of 5,000 USD over a 90-day rolling period to maintain status.
- Level 3 – Crypto Believer: Save 25% on Coinmama fees and enjoy queueless customer support.
- To qualify you must have been purchasing cryptos for at least 30-days. In order to maintain your Believer status. You must make a cumulative purchase amount of 18,000 USD over a 90-day rolling period. You can also make a lifetime purchase amount of 50,000 USD.
What is Coinmama?
Coinmama claims on its platform that it is one of the fastest and safest cryptocurrency brokers available on the internet. If you look at the statistics, you will find more than two million people have bought digital currency from the Coinmama platform. This tells volume about the boom in the cryptocurrency market. The website has over more than half a million visits each month and most of the visitors are from the United States.
There is a minor difference between an exchange and an exchange broker. An exchange marketplace matches buyers and sellers while a broker exchange keeps the cryptocurrencies in its reserves and sell them directly to buyers. You can buy cryptocurrency from a broker using fiat currency or other cryptocurrencies. The advantage of using a broker is that you can pay there with easy payment methods, that the system is easy to understand and that the support is top-notch.
Payment methods
Coinmama accepts most of the major payment methods to buy and sell cryptocurrencies on its platform. The website accepts debit cards and credit cards issued by Mastercard and Visa. It also accepts payments done through bank transfer using the major fiat currencies like Euro, US dollars, Great British pounds, Australian dollars, and Canadian dollars.
The platform is registered as a Money services business with FinCEN. This allows the exchange to accept clients from more or less 40 states from all over America. All the transactions are processed by New Bit Ventures and carried by NBV international company.
Advantages of Coinmama
Why should you choose for Coinmama?
- Buy 10 cryptocurrencies instantly and receive your crypto within minutes
- More than 2,1 million customers across 188 countries
- Buy with credit card, debit card or bank transfer
- Customer support helps you in minutes if you are facing any problem
- The company is ranked in the top five cryptocurrency exchanges, with the total number trades exceeding 33 million US dollars on a single day
Is Coinmama safe?
A simple answer to the is Coinmama safe to trade question is Yes. If you search on the internet you will not find many cryptocurrency exchanges regulated by any government institute. To make it is safe and reliable Coinmama has registered its platform with government department FINCEN in the United States. This proves the reliability of the platform. It sends the message to its users that their money on Coinmama is safe and secure. If someone tries to play with the system, then all the activities will be investigated professionally.
A big advantage of the Coinmama is that it is a non-custodial exchange. That’s means when a user buys any cryptocurrency, it is sent directly to its owner’s wallet. The platform does not hold any bought cryptocurrency on it.
Coinmama suggests, keep your coins in your own secure wallets to reduce the probability of losing your cryptocurrency due to any hack or spamming activity to a great extent. Coinmama is considered safe and legit platform by millions of people around the world and you can also trust on its services and security measures.
Bitcoin (BTC) Ethereum (ETH) Ripple (XRP) Litecoin (LTC) Bitcoin Cash (BCH) Cardano (ADA) Qtum (QTUM) Ethereum Classic (ETC) EOS (EOS) Tezos (XTZ)
Coinmama accepts credit or debit cards that is issued by Visa or Mastercard. The company has is now also accepting payments by bank transfer (SEPA and SWIFT) with 0% processing fees. Prices are denominated in EUR, USD, GBP, AUD or CAD.
4. Fees
The prices you see on Coinmama’s website already include the company’s brokerage service fee of 5.9%. The base price is calculated from TradeBlock’s XBX index. On top of the stated price, you will need to add a 5% credit card processing fee. This means that Coinmama’s price will be 10.9% above the market rate
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What States Does Coinmama work in?Coinmama works in the following states:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Delaware, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nevada, Nevada, New Hampshire, New Jersey, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Virginia, Washington, West Virginia, Wisconsin, Wyoming.
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September 25, 2020
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