Coinmama VS. Coinbase – Buying $150 worth of Bitcoin with My Credit Card

Last updated on January 2nd, 2018 at 12:00 am

Up until lately, Circle was one of the easiest ways to buy Bitcoins with your credit card. However, on December 6th the company announced that it will no longer allow customers to use its services in order to buy Bitcoins. This left Bitcoiners who want to buy Bitcoin with they credit card 2 main options – Coinbase and Coinmama.

  • Bitcoin exchanges

  • Buying Limits
  • Available worldwide?
  • Verification
  • Reputation
  • Fees
  • Exchange rate
  • Support
  • Coinbase

  • coinbase
  • $500/week
  • click this link to see what countries are available33 countries
  • ID, credit charges
  • This company is well known throughout the Bitcoin communityGood
  • 3.99%
  • Fair
  • Users have reported long waiting times for customer service responsePoor
  • CoinMama

  • coinmama
  • No verification limit$150
  • Most countries
  • Not required
  • This company is well known throughout the Bitcoin communityGood
  • 5%
  • Very high
  • Most users are happy with the customer support of the company Fair

The two companies have been around for almost 4 years and have built quite the reputation. I have reviewed Coinmama and also Coinbase on several occasions however I’ve never directly compared the two.

Today I want to do just that.

I’m going to see how far will $150 go if you buy Bitcoins with your credit card at either of these exchanges. The reason I chose $150 is because that’s the amount you can buy Bitcoins without verification at Coinmama and it’s also the weekly limit for instant buy on Coinbase.

August 2017 Update: Coinbase now let’s you buy up to $500 weekly. Coinmama now requires verification even below $150.

Countries accepted

Coinbase – currently the more reputable Bitcoin exchange accepts customers from 33 countries around the world.

Coinmama – Accepts buyers worldwide excluding some high risk countries. If you live in the US however, Coinmama is only available in these states:  California, Colorado, Florida, Illinois, Indiana, Kansas, Massachusetts, Michigan, Montana, New Mexico, North Carolina, Pennsylvania, South Carolina, Tennessee and Texas.

Verification process

Coinbase –  In order to buy Bitcoins with you credit card at Coinbase you’ll need to:

  • Supply a photo id for verification
  • Verify two small charges made by Coinbase to your card

The photo id verification is an automated process and can be completed relatively quick, having said that some users are experiencing issues with it. Also the mini charges on your credit card may sometimes take a few days to show up on your credit card balance. To sum it up, it doesn’t seem like you’ll be able to get your Bitcoins instantly if this is the first time you’re buying at Coinbase.

Coinmama – If you’re buying up to $150 worth of Bitcoins you don’t need to upload any documents for verification. You will however need to supply a physical address and verify your email address. So the process at Coinmama is much quicker and will take around 1 hour.

Fees

Coinbase  – Depending on where you live Coinbase will charge a service fee (3.99%). This means that $150 are effectively only $144.15.

Coinmama – There is a 5% credit card processing fee that is charged by Simplex, the company handling the credit card transactions for Coinmama. This means that your $150 is effectively $142.5.

Exchange rate

This is probably the biggest difference of them all. At the time of writing this post the exchange rate on Coinbase is $770 for 1 BTC, on Coinmama on the other hand it’s $855, that’s 11% more!!

So while $150 on Coinbase will get you 0.18720779BTC, on Coinmama they will get you only 0.16666667BTC.

Support

Throughout the last few years I’ve heard complaints about support from both companies, however I can say from first hand experience that Coinbase’s support is indeed as bad as it gets. You receive as a response usually within 3 days and even then it will probably be some canned response without any reference to your specific case. For more information about my experience with Coinbase read this post. With Coinmama I’ve managed to get my issues resolved in a timely manner.

The verdict – Coinbase or Coinmama?

I think there’s no straight answer for this, as both companies have their strong suits and weaknesses. In the end it boils down to what you value most.

If you’re looking for a quick transaction without the need to verify your identity and for small amounts of money then I’d go with Coinmama. If on the other hand, value for money is the most important aspect I’d go with Coinbase. Both companies have been around long enough to prove they are here to stay, the call is yours.

One final (and very important) thing. If you value your privacy I’d definitely stay away from Coinbase. The company has been known for tracking user funds and also banning accounts if they think the fund are being used for questionable purposes. You can read more about this phenomena here.

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37 Comments on "Coinmama VS. Coinbase – Buying $150 worth of Bitcoin with My Credit Card"

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rampee
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rampee
Hi, thanks for the insight. Just curious after reading your post – will Bitfinex accept ETH from Coinmama? I’ve read Bitfinex do not accept ETH from Coinmama as it is a smart contract. If not, do you know if Binance will or alternatively, will it accept bitcoins instead of ETH? Do you recommend other exchanges that I can buy IOTA. Will I need to set up an intermediary wallet or can I transfer bitcoins or ETH directly from Coinmama to Binance or Bitfinex? I would like to set up and transfer funds from Coinmama or any other broker that offers… Read more »
Steven Hay
Member
Member
Steven Hay

Hi Rampee,

I don’t see why Bitfinex wouldn’t accept ETH sent directly from CoinMama… That doesn’t really make sense. If it happens to be true, then you could just withdraw the ETH from CoinMama to your private wallet before sending it on to Bitfinex. I would double-check this info however, as I’m 90% sure it won’t be a problem to send ETH from CoinMama to BFX.

Here’s the full list of exchanges which offer IOTA:

https://coinmarketcap.com/currencies/iota/#markets

I’d say BFX or Binance are indeed the best options.

Ron
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Member
Ron
I have lost over 15k USD at this time from days and hours of research AND I have over 2 months…uncounted hours trying to be verified by coin mama…and coinbase. All I keep getting is excuses in emails…and continual instructions to repeat the process…I AM NOT A BABOON….this is totally screwed up…I am a veteran living on 1100 usd a month in the poverty level….all i want to do is to be given the chance to crawl out and be able to survive…like a normal human being….IF YOU COINBASE with your ongoing we will get to you soon…or repeat this… Read more »
clairenleif
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Member
clairenleif

have you gotten assistance yet? have you been able to log into your account?

Hamed tabar
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Member
Hamed tabar

In last two days I tried tomput like 20 orders and all of them have been failed .
There is non problem with credit cards and actually all the payments go through ansthen returned by coinmama and all orders have been failed . I tried to contactyour support team and unfortunately they do not response at all.
some of the orders number are
BBT27809218
BBT27809754

bitcoinlooker
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bitcoinlooker

most likely they are out of bitcoin stocks or they dont want to sell at crash rate

Travvis lynner
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Travvis lynner

Coinmama are reliable but there’s too many verifications and the fees are too high, well i prefer hand to hand business. i bought 2,000$ worth of bitcoins from **email removed**. He was very fast intransacting with me. He’s reliable and efficient. No need for ID card verification and all that bullshit. I think You guys should check him out

AKkkk
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Member
AKkkk

I am new to cryptocurrency. No transection yet. After reading your review, I made an account on mamacoin and tried to buy Ether for US$100. It went for address plus ID requirements. Is it O.K. I mean you said no I.D required till $150 transection/

Steven Hay
Member
Member
Steven Hay
Hi AKkkk, Thanks for pointing this out. It looks like CoinMama’s policies have changed. Reading on their support page about verification, it seems like you need some form of government-issued ID to buy an amount of crypto up to $10,000. You can see the relevant page here: https://support.coinmama.com/hc/en-us/articles/211854805-Verification-levels I will point this new situation out so the article can be updated. I believe it will safe for you to give CoinMama you ID – although I can’t guarantee perfectly safe… Giving that kind of info to any services always carries some degree of risk of identity theft. I don’t have… Read more »
Donald
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Donald

I would like to know on coinmama, why I am being charged a separate foreign transaction fee after every purchase? I am not talking about credit card fees. Or processing fee this is another charge that shows up a day after my purchase. I have contacted support and they have provided me with we are unsure of the fee, and will get back to you.

Coinmama
Member
Member
Coinmama
Hi Donald, We’d had to take a look at the specific order, but it does happen that some banks incur their own fees. 1) Cash advance fees. A fee levied by your bank or card issuer for making what they decide is a cash (or quasicash) transaction. 2) Exchange rate fees. We accept USD and EUR payments (and are looking to accept more, in the not-so-distant future), but if you paid with another fiat currency, your bank might have charged you additionally. It’s important to add that we have no control over these and can not see them anywhere on… Read more »
weston
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Member
weston

Hi. A little unclear about the processing fee for CoinMama. Let’s say I purchase $60 worth of bitcoin, which is the limit for CoinMama, does that mean I’ll get charged an extra $3? It says on the site that a minimum fee is $10, so I’m not 100%. No one can seem to answer this for me, so any help would be greatly appreciated!

Coinmama
Member
Member
Coinmama
Hi Weston, Let me try to clarify our fee for you! Coinmama’s commission is 6.15%, which is included in all of the prices you see on our website. On top of this, our credit card processors charge a 5.00% processing fee. (It’s true they used to have a 10 USD minimum, but this is no longer the case). In your example, if you created an order of 60 USD, you would pay 63 USD, all said and done. If you have any other questions, feel free to shoot us an email anytime (or leave a reply here, if you prefer).… Read more »
Donald
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Member
Donald

Please read my question above.

joe
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Member
joe

He would pay $63, but would get $63 worth less your commission of 6.15% = $3.69 which only gets you $56.31 worth of coins. Total costs are 6.15% commission and 5% card fee = 11.15%.

Its an absolute joke.

Weston
Guest
Member
Weston

Thanks for getting back to me! I can send the bitcoin I purchase from CoinMama straight to CoinBase right? My buys on CoinBase are temporarily (maybe permanently) disabled unfortunately.

I have also sent you guys an email several days ago and still no reply. I keep getting emails saying that I haven’t been forgotten about, and that I would be answered soon. But it seems you are busy with a lot of support emails these days..

Coinmama
Member
Member
Coinmama
Hi Weston, With our service, you can send the coins anywhere at any time. Coinmama is not a wallet service – we simply send the coins to any address you choose. In your case, you could buy the coins from us and they’d be sent directly to your Coinbase wallet. As you say, we’re under heavy load at the moment but everyone is working hard and the coffee machine has been stocked. We expect to get back to our usual fast response time within the next couple of days :) In the meantime, I think I found your email and… Read more »
deborah
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Member
deborah

i would like to know the best place to sell bitcoins and make a profit or should i go with a broker? and where would one be i live in elizabeth new jersey….

Zsofia Elek
Admin
Member
Zsofia Elek

Hi Deborah, we have gathered a couple of exchanges in this post, many of them also have reviews, check them out and choose one which suits your needs the best. https://99bitcoins.com/best-bitcoin-exchanges-comparison-review/

Harris
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Member
Harris

Hello OFIR. Do you have idea if I’m not loosing money yet? I made my first purchase from coinmama it went through and received my coin within few mins.. attempting to make the second one worth roughly $5000. My card was charged immediately but nothing happened they have me send a selfie holding my credit card and still it’s says under review for almost 24hours now.

morkov
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Member
morkov

Coinmama does require ID verification! You can’t buy 1 penny worth of bitcoins without verification.