Coinmama is the Bitcoin exchange I use recently after reaching limits on the others. The exchange has been around for a while but I was hesitant to use it because I heard some complaints about their service. I gave it a try and here is the review.
Availability
Coinmama is registered in Slovakia but they offer the service worldwide. You might have limited functions in some countries but overall, the service is available in the widest range of countries.
Payment Methods
You can buy Bitcoin or Ethereum with your credit/debit card. I used my debit card to buy because it’s faster, however, it’s also more expensive.
Support
I was quite disappointed with Coinmama’s customer support. The verification process was fast but when I had a request regarding my transaction, it took 2 days for the response. The good thing is that they explained thoroughly and keep me assured that I would receive my Bitcoin eventually.
Processing Time
The processing time varies depending on the workload. My first transaction went well and I received Bitcoin to my wallet in about 4-5 hours. The second transaction takes much longer and I didn’t receive my Bitcoin until 2 days later. There was a message saying: “Simplex, our credit card processor, are currently under heavy load. You may experience delays in processing your payment.”
The 3rd transaction was completed within an hour when the service is less busy.
Fees
The price you see on Coinmama’s homepage has a huge markup because it includes the service fee of 8.5%. If you pay with cash, you don’t have to pay any more fee. But if you use your credit/debit card, you will have to pay additional 5% for Simplex, the payment processor. And that’s not all, I had to pay the currency exchange rate for my bank as well, so the transactions become so expensive. You should expect a 15% markup for your purchase.
Update: Coinmama now does their own processing which enables us to provide end-to-end support, and makes all transactions instant. The service fee is 5.50%, which is included in the prices on the website.
Conclusion
Overall, Coinmama is a legit Bitcoin exchange but I don’t recommend it because of the high fees. You should only use their service when you can’t buy anywhere else.
Ryan Frey says
My card was charged $1000 and still have not received my bitcoin. They just cancelled my transaction and did not give my money back. They do not respond to any support mails. I am very angry and will never use them again. Beware do not make my mistake.
Tuan Do says
Sorry for the terrible experience.
How long did you wait before canceling the transaction?
Ryan Frey says
The transaction was not cancelled it was expired, however coinmama have been in contact with me today and explain why the transaction expired and i should be refunded in 48 hours. I am happy with the end result.
Tuan Do says
Awesome, the support might be slow but I’m glad this is not a scam.
Martin Koelbaek says
Hi Ryan,
Thanks for taking the time to update the readers on your situation. It did indeed take us a few hours to get to your email, and that’s something we’re looking to improve. We recently hired several support representatives and will continue that trend until we can reach our goal of 24/7 email and chat support.
In the interest of transparency, I think it’s also important to add that when a credit card payment is not approved, what you see on your bank account is only an authorization check. This happens whether you buy shoes or bitcoins, but since crypto transactions are usually slower, it can take longer for your bank to void the check – which is probably why you noticed it.
If you, or anyone else reading, have further questions about our service, feel free to contact us anytime. We’re happy to help.
Best regards,
Martin Koelbaek
Head of Support
Coinmama
mIGUEL says
TOTAL SCAM…THEY LIED AND CHANGED MY WALLET ADDRESS
1EkHZ4a6tf1wP1qw56vqzN4gmhhjHt2Lqi
CHRIS says
I HAD A TERRIBLE EXPIRIENCE WITH THEM TO. NEVER RECEIVED MY BITCOINS. WAS CHARGED AND SUPPOSELY THEY HAD AL 1888 6225771 PHONE NUMBER AND ITS ALL A SCAM. BEWARE OR THIS SITE
Robert Grimes says
coinmama got my money and I got nothing
not even a return email
the first small trade when fine I received my crypto coin
then the bigger trade they cancel my order after they took my money
when I phone my bank Bankwest they said they could not help and the money would go to coinmama , simplex the next day
mhollerer says
Is there any update on your situation?
Anas says
I have bought 3 ETH from COINMAMA at (6th of Nov) at 10:00 AM GMT. and till now its not showing at my wallet . I have checked with Coinmama support and they were saying that my order was successfully completed from their side.
And i dont know what to do.
So, could you please help .
Order information :
Order: BET24182571
Digital address : 0x0249046225f3dbd2871229ab7436ab0493587658
Cost : $930
Quantity : 3 ETH
Thanks,
Anas
Miguel Ventura says
TOTAL SCAM….STAY AWAY
Tuan Do says
What was your experience with Coinmama?
mIGUEL says
sofia changed my wallet address and they lied about it….STAY AWAY..
Douglas says
This is an appalling site. I bought some ETH,after hours and hours they canceled my order for “technical” reasons but they are yet to refund my money. I bought some more and many hours later am still waiting for my ETH despite messages like “you will receive it in 15 mins”. I’m over $200 usd out of pocket. Just a horrible experience.
Scott C. says
As of 05/24/19 they are advertising…
Buy
0.1168996 BTC
for
1000 USD
If you calculate that, that is $8555 per Bitcoin. As of right now BTC = $8040 !!
What a ripoff. Never use CoinMama.
Ron says
Coinmama is a total scam. They get all your information, then deny you an account. I should have been smarter, but I fell for it. Don’t do business with these crooks!
Lulabelle says
Tried to use them recently and had my identity stolen one week later. Definitely sure it was them. Total scam operation.
Musty says
Coin mama is a total scam don’t involve in doing any business with them
Nga T Tran says
COINMAMA IS A NO NO IN THE US. PLEASE DO NOT MAKE ANY TRANSACTIONS FROM HERE. IT IS A BIG SCAM, TRAP YOUR MONEY.
IT IS WRITTEN CLEARLY IN THE WEBSITE USERS FROM THE US CAN SELL THE BITCOIN ONLINE https://www.coinmama.com/blog/how-to-cash-out-your-bitcoin/. EMAIL SENT FROM SUPPORT TEAM ”Unfortunately, we are currently not able to provide our sell services to customers using banks that are not part of the SEPA system (European Union banks). We are working on being able to provide this service to other countries as well in the manner that you mentioned in your message, so you are welcome to stay tuned ;)” SAPIR. HOW IRRESPONSIBLE TO PROVIDE THE WRONG INFORMATION AND INSTRUCTIONS ONLINE, THEN THE COMPANY DOES NOT TAKE ANY ACTION AND SOLUTIONS FOR CUSTOMERS.
mona says
I was stolen by a customer of Coinmama my bank advised me to contact the site to report and get a refund. can anyone help? can coimama reach their clients and get the money back ?