Coinmama supports most countries around the world (226 countries), besides sanctioned countries. It accepts both cash and credit card (via Western Union or MoneyGram). It provides an easy way to buy bitcoins and ethereum.
First step is choosing the method of payment and follow the instructions. The second step is completing the payment and confirm your wallet address. Coinmama allows buy bitcoins that worth less than $150 without uploading pictures of an ID. Initial verification usually takes less than 10 minutes. Any amount over $150 worth of bitcoins will require identity verification. Coinmama doesn’t have Mobile App but has very lovely designed website that perfectly work on a mobile browser as well as desktop.
Compared to its competitors, Coinmama commission fees are quite high, with a 5.50% fee paid to Coinmama for the transaction. This fee is included in the Bitcoin or Ethereum rate. Besides, Coinmama charges an additional 5% fee on each credit and debit card transaction. This fee will be added after customers choose their payment method.
The platform is registered with FINCEN in the United States as a money service business. The platform does not hold cryptocurrency on users’ behalf. It makes the platform less attractive for hackers, but nevertheless, it holds users’ credit cards information. Coinmama does not currently offer two-factor authentication. So in many cases people use a password that contains lowercase letters, uppercase letters, numbers and symbols.
Coinmama offers one of the highest limits among these platforms that accept the credit card. It allows to purchase up to $5,000 worth of BTC per day and up to $20,000 per month.
- Service available in many countries
- High limits for buying bitcoins with a credit/debit card
- Fast and responsive customer service
- High fees for buying with a credit/debit card
- Supports only bitcoin and ether.
For users who want to purchase cryptocurrencies via credit or debit card and avoid the long wait times of bank transfers, it is one of the best choices.