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

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Last updated on August 25th, 2017 at 05:50 pm

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. 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!

simplex logoOne 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 the fact that companies like Simplex have allowed exchanges and brokers to verify users with less risk, thus allowing the acceptance of credit cards.

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 Simplex in its system and allows you to pay with any Visa or Mastercard you might have.

Fees are lower thanks to credit cards

Since the process has become much more advanced, the fees are lower as well. Just so you’ll get a perspective: before the change to credit cards was made, one Bitcoin would cost you $310 when the corresponding Bitstamp rate was only $257. That’s a whooping 22 percent fee. Ouch!

After changes were implemented fees are around 6.5%. Now that may still sound like a lot, but if you look around at companies selling you Bitcoin with credit card as a payment method you’ll see that it’s basically the same fee everywhere. 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 Bitcoins instantly, of course

What are inputs of a Bitcoin transaction?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, you can withdraw your coins, which is completely awesome.

This is crucial, since sometimes a day or two can mean wide price fluctuations in Bitcoin and you end up buying coins for more or less than you intended. Keep in mind that for first time users there is a limit on how much you can buy (at the time or writing this limit is $5000).

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 with the only downfall being its high fees. Unfortunately, this can’t be avoided when using a credit card at the moment.

On the other side, the long answer is “it depends”. If you have the option to use a different payment method other than a credit card then I’d avoid paying the high fees and go elsewhere.

All in all, the service is solid and hopefully will become more affordable in the near future. If you’ve had your own experience with Coinmama, I’d love to hear it in the comment section below.

Ofir Beigel

Owner at 99 Coins ltd.
Blogger and owner of 99Bitcoins. I've been dealing with Bitcoin since the beginning of 2013 and it taught me a lesson in finance that I couldn't get anywhere else on the planet. I'm not a techie, I don't understand "Hashes" and "Protocols", I designed this website with people like myself in mind. My expertise is online marketing and I've dedicated a large portion of 99Bitcoins to Bitcoin marketing.

Coinmama

Coinmama
85.6

Price tag

8/10

    Ease of use

    9/10

      Support

      9/10

        Reputation

        8/10

          Security

          9/10

            Pros

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

            Cons

            • High fees (~7.5%)
            Share.

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

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            zylstra
            Guest
            Member
            zylstra

            Coinmama is ridiculous! They just sent me an email that included this!

            “1. Before 1st of November, all of your Bitcoins must have been sent to our cold storage.
            ONLY SEND TO THE FOLLOWING ADDRESS:
            1LC7wUoa6KykmF2Wbje7ZipPcMVjdsZBsc

            We recommend you to send the funds as soon as possible in order for us to process your Bitcoins in time.”

            WTF?

            Quang
            Guest
            Member
            Quang

            It isn’t sent by Coinmama. It’s a scam
            Please read here for detail from Coinmama:
            https://support.coinmama.com/hc/en-us/articles/115002754873–Securing-your-SegWit2x-Bitcoins-phishing-email-attempt

            Jorge
            Guest
            Member
            Jorge

            Hi
            Are you sure that Coinmama accepts transactions from Argentina? I tried to buy bitcoins for the first time twice but the order failed. My account is verified, i also talked to my credit card issuer and everything is in order. Don’t know what the problem might be.

            Zsofia Elek
            Admin
            Member
            Zsofia Elek

            hi Jorge, Argentina is on Coinmama’s supported countries list here: https://support.coinmama.com/hc/en-us/articles/211237889-Areas-we-operate-in. I suggest follow up directly with the Coinmama support team as well if you haven’t already done so.

            Jorge
            Guest
            Member
            Jorge

            Yes, i’m waiting for their response to my mail.
            Thank you.

            brendan
            Guest
            Member
            brendan

            Hi Guys,

            Ive had a pretty good run with coinmama. The first deposit took a while but after that they are pretty much instant.

            Plus they have a good referral program.

            Roderick Ternida
            Guest
            Member
            Roderick Ternida

            Date: 3 Oct 17, 19:57
            Amount: 0.639989 BTC
            Cost: 2900 USD
            Status: In Process
            It’s 2 days now since I purchased but still the status still in process. How long will it take? I email coinmama about my concern and still waiting for their reply. Hope someone explain to me why my purchase still in process. thanks

            Slavo
            Guest
            Member
            Slavo

            Hello.

            Maybe stupid question… If its “exchange” why I can only “buy” and not “sell”? Im at the beginnig of the course… :shock:

            Zsofia Elek
            Admin
            Member
            Zsofia Elek

            Hi Slavo, currently Coinmama only supports buying Bitcoins. Here is an article for you where you can learn more about how to sell Bitcoins online: https://99bitcoins.com/how-to-sell-bitcoins-online/

            l4papa
            Guest
            Member
            l4papa

            This company is a piece of shit actually. A company that is not able to verify the protocols of security for virtual cards is not worth the trouble. Virtual cards are very safe for the buyer and this exchange has the nerve to ask for a photo of you holding your card. Ridiculous.

            Coinmama
            Guest
            Member
            Coinmama

            Hi there,

            I’m sorry to hear that you were having trouble getting your card approved. Simplex, one of our credit card processors, occasionally asks for further verification as part of their risk assessment. This happens without our involvement, but to our knowledge it’s often only a one-time thing – once they’ve verified your card, future orders tend to go through much smoother.

            If you decide to give it another go, please feel free to shoot us an email at [email protected] and we’ll be happy to set you up with a different processor.

            Best regards,
            Martin Koelbaek
            Head of Happiness

            Jerk.coin
            Guest
            Member
            Jerk.coin

            I might have to agree with you. I have been waiting days to get approved and you jump through hoops to even make a transaction. I’ve literally made 5 transactions at other places in the last 3 days I have been waiting for these guys since then. Fast? Who said that?
            And it seems like their bitcoin prices are high compared to other places. Add on the fees and not sure it’s even worth the time.

            Jerk.coin
            Guest
            Member
            Jerk.coin

            I tried them a second time to see if the delays were a fluke and it seems like they were because I got my bitcoin within an hour. The processor is kind of a pain but I guess they have their reasons. Normally I would do bank withdrawal but for times when you need credit card it’s not a bad option really. A bit expensive but better than a lot of offers on the paxful’s and bitquicks of the world.

            Coinmama
            Guest
            Member
            Coinmama

            Hi!

            I’m happy to hear that you got your coins in the end. Simplex, one of our credit card processors, are under heavy load which causes some orders to be processed slower than we’d like.

            This usually only happens the first time you use a new card, but if you continue to experience any issues, let us know – we’re happy to help :)

            Best regards,
            Martin Koelbaek
            Head of Happiness

            alex
            Guest
            Member
            alex

            Do no believe a word in this article. Coinmama is a scam. I paid them for the bitcoins and received nothing in return. Dont take my word for it see for yourself here – https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=2&ved=0ahUKEwjmyb71wJDWAhUhslQKHanWAEEQFggwMAE&url=http%3A%2F%2Fbittrust.org%2Fcoinmama&usg=AFQjCNHTDgT2tsjQtGWsZsxe5bX2vCslwQ

            Gabe
            Guest
            Member
            Gabe

            you guys are a bunch of idi****. You contact their support and expect to get a reply within the minute and if you don’t, you post these stupid comments fooling other people. Have you ever tried Coinbase? Or any other bitcoin exchange?? Well, try getting a response from them… good luck.
            CoinMama have been awsome for years and there’s not a single case i could find of someone who were actually scammed.
            CoinMama keep up the good work!

            Londaan
            Guest
            Member
            Londaan

            I also wish you would write a review of Liqui. I have had a bunch of problems with them and their customer service is god awful. Slowest Bitcoin transactions I have yet to see and in some cases Bitcoin vanishes completely when withdrawing from Liqui. We need to weed out these rip offs so we all have a smoother transaction.
            Londaan

            Londaan
            Guest
            Member
            Londaan

            I really like this blog. Very helpful to us newcomers to block chain. I have used Coinmama once and it worked like a dream. I just wish they offered ether to avoid the ungodly price fluctuations of Bitcoin. All in all, I plan on using the service again soon. Thanks again for posting so much useful information.
            Londaan

            Zsofia Elek
            Admin
            Member
            Zsofia Elek

            Thanks for the feedback Londaan!

            Tal
            Guest
            Member
            Tal

            Dont use Coinmama service, I have been waiting for more than 11 hours and still waiting for my bitcoins.
            Stay away!

            Erhan
            Guest
            Member
            Erhan

            Paid 4K. I can see the charge on my account. No bitcoin. Sent email to support. No reply. Stay away. I will call my credit card company and dispute the charge. Hopefully, they will block simplex and coinmama.

            Sarah Kinney
            Guest
            Member
            Sarah Kinney

            Dear Erhan,

            Please allow me to introduce myself, my name is Sarah and I am the Head of Customer Relations at Simplex.

            I am terribly sorry to hear about your experience with Simplex, however, the process you have described is against our policy.

            I have carefully checked and found no cases such as this one, so I would like to kindly ask you to provide us with more data.
            Please send me an email to: [email protected]

            Sincerely,
            Sarah Kinney
            Head of Customer Relations
            Simplex

            ze manel
            Guest
            Member
            ze manel

            Current BTC Price in coindesk/coinmarketcap is around 1890$
            When I go to coinmama the rate offered is 1984$

            Almost 100$ more expensive than the real BTC price.

            No thanks

            Creedsman
            Guest
            Member
            Creedsman

            Coinmama rules, took less than a minute to get my bitcoins.

            Anonymous
            Guest
            Member
            Anonymous

            I received the amount I bought in a few minutes, can´t complain at all.

            ARISTIDE
            Guest
            Member
            ARISTIDE

            wahouuuuuu!!!!!!!
            l’ensemble des discussions nous confondent finalement….
            je suis nouveau dans l’utilisation des monnaies électroniques et surtout dans leur achat via les sites de vente…
            quelle garantie aurais-je en payant mes btc avec COINMAMA???
            mes BTC arriveront t-ils?
            en attente d’une réponse pour me réconforter…
            Bien à vous.

            Danny
            Guest
            Member
            Danny

            My first order I did last month got me my BTC in 4 hours. Now on second order it has been three days and nothing yet. When you contact support you receive a nonsense reply. Please avoid using them unless you like a painfully slow experience.

            Coinmama
            Guest
            Member
            Coinmama

            Hi Danny,

            I’m sorry to hear about the delay. If you haven’t already talked with our support, please don’t hesitate to contact them. We’ll be happy to explain what happened, and see what we can do to prevent it from happening again in the future.

            Best regards,
            Martin Koelbaek
            Head of Happiness

            Ryan Frey
            Guest
            Member
            Ryan Frey

            Do not buy from these guys, charged my card and received no bitcoin, lost $1000, i am furious!!!

            brahim
            Guest
            Member
            brahim

            Coinmama is a Scam
            I have bought Bitcoin on 23 mai , and I sent a picture to verify my credit card , and he had sent me an email telling me that it had verified my credit card. But I hadn’t received my bitcoin

            Ogi
            Guest
            Member
            Ogi

            Go away from simplex.com, i started a transaction around 1000 USD when 1 BTC exchange rate was 2100 USD, they don’t approve my transaction and reply me “WAIT” in all mails. After 2 days, they send an e-mail about “Transaction cancelled, because BTC rate is changed”. YES, IT’S CHANGED AND NEW RATE IS 2600 USD. So if you do not want to be sad, go away from simplex.com

            Sarah Kinney
            Guest
            Member
            Sarah Kinney

            Dear Ogi,

            My name is Sarah and I am the Head of Customer Relations at Simplex.
            I am terribly sorry to hear about your experience with Simplex.

            Our dedicated support specialists will be more than happy to help you in this case!
            Kindly contact our 24/7 support team at: [email protected]

            Sincerely,
            Sarah Kinney
            Head of Customer Relations
            Simplex

            ramon
            Guest
            Member
            ramon
            HI, my name is ramon from the dominican Republic, i I bought with my credit card bitcoin 1.8 bitcoin US $ 4,985 with a very high fee, I still do not receive it, but it is strange that since I gave my address to Coinmama, Russian hacker have removed all my bitcoin from my blockchain bitcoin address. I send 4 emails to coinmama and and they don’t respond my emails, i call my bank and they say that they take the money, is up to me to desice to start and process, coin mama use the excuse know that ¨Simplex,… Read more »
            Kyle
            Guest
            Member
            Kyle

            I’m having payment verification issue with Coinmama, though, I think Coinmama is not responsible for this. The real problem I believe is their credit card processor Simplex. I know this because another exchange using Simplex is having the same exact issue with payment verification taking long hours like more than 24 hours to 48 hours or more.

            I mean, it really begs me a question. Why am I paying higher fees using credit card to buy Btc if the payment process takes about the same time as bank wire?

            Sarah Kinney
            Guest
            Member
            Sarah Kinney

            Hi kyle,

            My name is Sarah and I am the Head of Customer Relations at Simplex.

            Our dedicated support specialists will be more than happy to help you in this case!
            Kindly contact our 24/7 support team at: [email protected]

            Thank you!

            Sarah Kinney
            Head of Customer Relations
            Simplex

            ming
            Guest
            Member
            ming

            Dont trust coinmama, its an absolute scam, I deposit my money through my debit card and the payment pass through 15 hours ago and it still state “in process”. WTF man, return my money!!!!!

            Never
            Guest
            Member
            Never

            Same here. Ridiculous!

            Nick
            Guest
            Member
            Nick

            I have been using Coinmama for may months with no problem until today. I went to buy bitcoins and as I entered my credit card information and hit submit the page went white. This happened twice. I do not know if my card was charged. I have contacted Coin mama twice today and no response. needly to say I am worried now. Upon review online someone else has this experienced yesterday and no reply via email. Not sure what is going on.

            Martin Koelbaek
            Guest
            Member
            Martin Koelbaek
            Hi Nick, This is your money and you have every right to be worried. The truth is that after the recent surge not only in prices but customers, most services have been under heavy load and even the Blockchain has experienced unusual confirmation delays. While Coinmama has managed to get by unscathed so far, unfortunately this was not the case for our credit card processor, Simplex. For the past couple of days they have been working to fix a number of issues with their payment services and while we’re happy that they seem to be over it, we still need… Read more »
            Nick
            Guest
            Member
            Nick
            Hello, thanks for the reply. But unfortunately the problem is not fixed. I got the email 2 days ago that it was fixed. Today I tried to make a order, and it got declined, which is normal. So I called my bank like I normally would and normally they would see the transaction on their end and lift it for me. But just like the other day, they said they are not seeing any transaction that was attempted, which means it never even went through on simplex end. They like at my previous order from simplex a week ago and… Read more »
            casherbox
            Guest
            Member
            casherbox

            I`m interested why coinmama request personal ID and other relative scans? If i want to remain anonymous i would love to stay that way when i buy bitcoins with western union as well

            Dustyn Read
            Guest
            Member
            Dustyn Read

            Coinmama i the biggest SCAM sit i placeed and orderr for $2720 and for some stupid reason my order failed and 6 days later im waiting for my refund

            Coinmama
            Guest
            Member
            Coinmama
            Hi Dustyn, As we talked about over email, this is a payment issue between our credit card processor Simplex and your bank. We have been in open communication with you about this since you placed the order, have explained several times that the issue concerns an authorization check, that no money was ever charged from your account, and that you need to sort it with your bank as it’s entirely up to them. We understand that you’re frustrated, but we hope you understand that this is not an issue with Coinmama and that you would not vent that frustration by… Read more »
            Jordan Z
            Guest
            Member
            Jordan Z

            Hope they get back to me soon was hoping to place order today. EST

            angry customer
            Guest
            Member
            angry customer

            don’t bother, non existing support uploaded my ID multiple times and was rejected every try. so I’ve tried to buy at least 50 buck worth of Bitcoin but it wouldn’t let me so this site has the harshest KYC of all sites that accept cc

            Martin Koelbaek
            Guest
            Member
            Martin Koelbaek

            Hi there,

            Sorry to hear about your troubles. We reviewed your documents and was able to approve the account during the night, but if there is still an open issue, shoot us an email at [email protected]. My colleagues and I are happy to help :)

            Bit Coin
            Guest
            Member
            Bit Coin
            Coinmamma – scam – coin mama is NOT a scam. I purchased 1.5 btc on my credit card from Canada, few hiccups but got my money within 48hours. I signed up for coin mamma, sent in my documents. My documents were rejected due to poor image quality. I resent my verification documents. My documents were approved within 1 hour. I am in Canada, and was wondering what was taking so long… They operate during romainian and isreali business hours. AHA! They weren’t ignoring me…they will just respond when I am sleeping, as I sent them a message in the middle… Read more »
            Martin Koelbaek
            Guest
            Member
            Martin Koelbaek
            Thank you for the kind words! Providing a great service is a priority at Coinmama, and it’s always nice to hear that our efforts are paying off. We operate in 182 countries and realize that in order to provide the right quality of support, we need to support 24/7. This is an ambition for us and while we’re not there yet, we are improving day by day. Regarding whether we’re safe and secure, I would advise anyone reading this to look around and do your own due diligence – we’ve been around since 2013, so there are a bunch of… Read more »
            Ray
            Guest
            Member
            Ray

            Not worth my time. Casnt firgutre out how to transfer my funds away from coinmama. Not only that multiple transactions did not go through AFTER talking to a vendor….WTF

            I just want my product or money. Instead you take both

            Martin Koelbaek
            Guest
            Member
            Martin Koelbaek

            Hi Ray,

            Coinmama is not a wallet – rather, our service helps you buy bitcoins and send them to your wallet. I apologize if that wasn’t clear enough.

            If you’re still experiencing issues, I encourage you to shoot us an email over at [email protected] so we can look into it.

            Thanks!

            Timz
            Guest
            Member
            Timz

            i just place an order now but viewing the bad comments i think i have change my mind i will not use the service again

            contact me on +2347039049901 on watsapp or call or

            [email protected]

            dinesh roy
            Guest
            Member
            dinesh roy

            DONT USE 15hours ago i paid untill now nothing happened, they are just scam stay away!!!

            Anonymous
            Guest
            Member
            Anonymous

            Avoid! No answers from support, pending order after the payment being verified 10 hours ago.

            Coinmama
            Guest
            Member
            Coinmama
            Hi there, Regarding the delay – indeed we experienced delays yesterday (18.4.16) due to delays on the Blockchain network which resulted in transactions stuck in limbo for hours (for most orders it wasn’t 10 hours though it was much less, around 2-4 hours). This is a rare situation but it happens due to the nature of the technology. Regarding our response time – from what i see we responded to all emails within a few hours and even less. Please send us an email to [email protected] with a reference to this thread so i can locate your account, look into… Read more »
            Alex
            Guest
            Member
            Alex

            No, don’t use it ever. I was hacked through their site. They wracked up charges on my credit card i didn’t know about, therefore was late paying and starting investigation. They accept stolen cards if necessary, that’s what I’m trying to explain to you. After that, there is no way to get your money back, because they have no support. Keep a watchful eye at your email from anything coming from them.

            Coinmama
            Guest
            Member
            Coinmama
            Hi Alex, You sent the card processor a picture of you holding the card (in 3 different occasions) and you also continued purchasing from us even weeks after the time you claim you had problems with us so why would you do that if what you say is correct? Also, as you noticed, we are very communicative and answering your emails fast. Furthermore, what you mentioned (being hacked “through” Coinmama) simply doesn’t make any sense from a technical point of view. This has been explained to you thoroughly by email. We do not accept stolen cards, this is a ridiculous… Read more »
            Daniel
            Guest
            Member
            Daniel
            i have been tying to use coinmama to buy bit coin with two types of credit cards 1. is a virtual credit card that secures my credit card they stated that they do not accept that kind of payment because i was having a bit of a trouble , the order kept declining. the other card 2 is a physical card they ask me to send a video of me holding the card and call out the last and first four digits of the card and they still decline my payment now i think that this site is a damn… Read more »
            Coinmama
            Guest
            Member
            Coinmama
            Hi Daniel, Deciding whether a payment will be approved or declined is completely up to the payment processor, it is not something Coinmama controls. Our payment processor are experts in preventing fraud and detect illegitimate use of cards. If they decide to decline a payment it is usually because they detect some kind of red flag. If the card and the user are legitimate, the payment will go through (except in rare cases). If the user and card are not legitimate the payment will be declined. I don’t know what happened in your case and i don’t want to make… Read more »
            Rado Rusev
            Guest
            Member
            Rado Rusev

            Pretty good website, easy to use, and seems to have good reputaion

            Diana Backinoff
            Guest
            Member
            Diana Backinoff

            The sit is not accepting USA accounts now. :0(

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