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.
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.
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.
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.
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.
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.
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.
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