I understand that Me llamo is like,
I am [name] but so is nombre. So which one would be used and in what scenario? Are they both acceptable? Is one more formal than the other?
Me llamo literally translates to
I call myself, whereas
Mi nombre es is
My name is, but the two mean essentially the same.
Both phrases are acceptable. To some
Mi nombre es can sound a bit more formal than
me llamo. If you wanted to be more casual, you could simply say
If you are having a conversation with someone you would (most likely) use
Me llamo. But if you were, say, leaving a voicemail to someone who doesn't know you, you may want to use
mi nombre es.
mi nombre es can sound serious and slightly uptight. As someone commented on SpanishDict, if someone were to introduce himself with
Mi nombre es in a bar, one might expect him to continue with "Bond, James Bond".