Review: Coinmama – Is it 100% legit? (Reddit users speak out)

One of the first services I’ve ever reviewed on 99Bitcoins, back in January 2014, was Coinmama. What was special about it back then is that it allowed you to buy Bitcoins with Western Union and was one of the first platforms to ever allow buying bitcoin with credit card. Recently I’ve decided to revisit the site an saw that a lot has changed for Coinmama, so you can call this a renewed review of the service.

Goodbye, Western Union. Hello, credit cards!

One of the major changes in the Bitcoin industry throughout 2014 is how easy it has become to buy Bitcoins with a credit card. This is mainly due to growing openness credit card processors are showing to the industry.

This is a much-welcomed change since without this you’d be bound to the old methods of actually going to your local Western Union counter and depositing money. Coinmama integrates a few card processers in its system and allows you to pay with any Visa or Mastercard you might have.

After changes were implemented fees are around 5.5%. Now that may still sound like a lot, but if you look around at companies selling you Bitcoin with a credit card as a payment method you’ll see that it’s basically the same fee everywhere, or even higher in some cases. This is due to expensive measures these companies have to deploy in order to avoid fraud and chargebacks.

“We’re aware that the current commission can be considered pretty high to the average customer and we’re constantly looking for ways to lower it in order to give our customers more value for their money.”

Nimi, Coinmama’s CEO

You get your coins instantly, of course

Last thing that gets dramatically improved is the speed at which you get your coins. In the past you’d have to wait for a wire confirmation to arrive from Western Union. Today, as soon as your payment has cleared, coinmama sends you your coins, which is completely awesome.

This is crucial since sometimes a day or two can mean wide price fluctuations in price and you end up buying coins for more or less than you intended. It is also worth mentioning that Coinmama “locks” the Bitcoin price for you as soon as you create your order.

Coins supported

At the moment Coinmama supports buying only of the following coins:

  • Bitcoin (BTC),
  • Ethereum (ETH),
  • Ripple (XRP),
  • Litecoin (LTC),
  • Bitcoin Cash (BCH),
  • Cardano (ADA),
  • Qtum (QTUM), and
  • Ethereum Classic (ETC)

What does the Reddit community think of CoinMama?

As always I make sure to cross-reference my review with Bitcoin’s subreddit and the Bitcointalk forum. I’ve been looking around the web to try and find other reviews of Coinmama, but all I found on Reddit was this thread, which has several users saying they are happy with the site.

Going through Bitcointalk I couldn’t find any more useful information, except for one post stating that the site is not that well-known and another one stating it has high fees (this was before the change to a lower fee structure).

Hands-on tutorial: How it’s actually done…

If you’re considering using Coinmama, I made a short screen capture of the whole process to help you out.

Conclusion – Would I use Coinmama?

The short answer is yes. It is a reputable company, their support is pretty good. The only downfall is the high fees. Unfortunately, this can’t be avoided when using a credit card at the moment.

The long answer is “it depends”. If you have the option to use a different payment method other than a credit card and you don’t mind waiting a few days then I’d avoid paying the high fees and go elsewhere.

All in all, the service is solid. If you’ve had your own experience with Coinmama, I’d love to hear it in the comment section below.

August 2018 update – Coinmama has started accepting SEPA payments as well for EU residents for all cryptocurrency purcahses.

Coinmama

Coinmama
8.6

Price tag

7.5 /10

Ease of use

9.1 /10

Support

9.0 /10

Reputation

8.3 /10

Security

8.9 /10

Pros

  • Great user interface
  • Secure transactions
  • Fast delivery
  • Good support

Cons

  • High fees (~5.5%)

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Arnold Lee Geiger
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Arnold Lee Geiger

Coinmoma is the WORST – highest fees – information selling rumors – terrible customer service – lack of empathy towards customers – they don’t post any info about how their “levels” actually work, and the info they have posted is VERY misleading – long story short, if you want to have a pleasant experience purchasing crypto, do it ANYWHERE else besides coinmoma.

JOE
Guest
JOE

I googled sites to pay with a debit card..Then i see mentioned, credit cards..Is it both, I can use?

Jeremy Saba
Guest
Jeremy Saba

Scam they are out to take your info. Helped my dad sign up gave them very sensitive information and just because i’m involved by helping my dad to start invest he can’t purchase bitcoins through them.

Don’t give them anything they take you social and your credit card number and where you live pretty much take your whole life of information and still wont approve you to buy bitcoins.

Trey A Morris
Guest
Trey A Morris

You know what sucks? Being a customer who spent thousands in your site, was suddenly UNVERIFIED and after providing documents told to, “find somewhere else to buy.” I spent thousands over months, and suddenly I’m told to find somewhere else to buy? It’s this lack of empathy and respect that coinmama showed me that reminds me why more people don’t think of cryptocurrencies (and related companies) as being legitimate. It’s the horrible customer service, bullying, rude, and uapologetic attitude towards customers that is holding cryptos back. Companies like coinmama seem to think customers are short-term exploitable, disposable, replacable gains for… Read more »

Erup
Member
Member
Erup

I recommend you do not use Coinmama affiliate program. I wrote a summary of my recent experiences with them here… http://h20ho.com/papers/coinmama-affiliate-program-the-good-the-bad-and-the-ugly/

Samuel
Guest
Samuel

Takes around 2 weeks to complete an order

MIGUEL
Guest
MIGUEL

TOTAL SCAM…THEY CHANGED MY WALLET ADDRESS AND POCKETED MY BITCOIN

Miriam
Guest
Miriam

I think it is not safe. After two purchases at Coinmama, my card was charged with purchases from other sites. I think it does not have secure transactions. I won’t use it again. In addition, I wrote an email about this and they even bothered to check. I DONT RECOMMEND IT

DiDi
Guest
DiDi

coinmama is way too slow. i have been waiting this long just to get myself registered since december 2017. forget even making purchases. even if you mail them, they never reply. anyway i closed my account today. thanks for nothing.

Bill
Guest
Bill

I am not interested in waiting weeks for my transaction to process if that is the case. I was verifed to purchased up to 5k, I made the purchase and the order has been “pending” all day today. Do I need to cancel or should I wait and if I do another transaction is this typical. Is there a vendor that does not take this long? Here is my order ID BBT36536072