URL: Coinmama.com
For the longest time, it was very difficult to buy Bitcoin using credit cards. Coinmama has managed to solve that problem. It is a Bitcoin broker that lets users instantly purchase Bitcoin using their credit cards.
Part of the credit also goes to companies like Simplex that have allowed exchanges and brokers to verify users with less risk and thus allowing the acceptance of credit cards.
Coinmama lets you buy Bitcoin worth up to $150 without uploading any pictures or ID. It is a great platform for people who are just starting out with Bitcoin and want to see how it works.
At this time Coinmama does not allow customers to sell Bitcoins on its platform.
Coinmama Countries Supported
Coinmama is currently operational 226 countries worldwide — widest range of countries among the exchanges that accept credit cards. It also supports some US states:
Arizona, California, Colorado, Florida, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Michigan, Missouri, Montana, Nevada, New Jersey, New Mexico, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and Wisconsin.
US residents living abroad may use the exchange given that they have proof of residence of another country.
Accepted Payment Methods
Coinmama accepts Visa and Mastercard credit and debit cards. It also allows customers to buy with Western Union.
Coinmama Transaction Fees
Coinmama’s fees are relatively high as compared to other exchanges like Coinbase. They charge around 6%.
Now that the whole process has become advanced, the 6% fee was even higher just two years ago. This is due to the expensive measures companies have to deploy in order to avoid fraud and chargebacks.
Coinmama Verification
Initial verification on Coinmama usually takes 10 minutes. After initial verification, all purchases will have bitcoins delivered instantly. However, level 2 and 3 verification may take up to six hours.
Level 1 – up to 10,000 USD
Requires 1 valid government issued ID. Acceptable documents include:
- A non-US international passport (double page)
- A national ID card (both sides)
- A driver’s license (both sides)
Level 2 – up to 50,000 USD
On top of the ID uploaded for level 1, you need to submit a secondary ID. Acceptable documents include:
- An international passport (double page)
- A national ID card (both sides)
- A driver’s license (both sides)
Apart from two of the above IDs, you also need to upload:
- A utility bill (paper bill or internet bills are not accepted, save for bank statements)
- A selfie of you holding your ID
Level 3 – no limit
Requires filling a short form. For more information about level 3, the users must contact [email protected]
Coinmama Buy/Sell Limits
Regardless of your account verification status, you are still limited by the daily/monthly spending caps incurred by the payment processors.
For purchases via debit/credit card, the daily limit is 5,000 USD/EUR and monthly is 20,000 USD/EUR. For Western Union purchases, the limit is capped at 5,000 USD/EUR.
Security
Giving out your credit card information to Coinmama is totally secured. Since the exchange operates on an HTTPS certificate, none of your information is saved at CoinMama, therefore a leak cannot affect you in any way.
If you’re hesitant to use credit card, you can just send money through Western Union after the verification is complete.
Customer Support
Support is available via email. They also offer live chat option to users but it is not available 24×7. Their FAQ page is a great start to understand how the exchange works.
Coinmama Conclusion
Coinmama provides quality service for those who want to buy Bitcoins instantly using their credit card without compromising the user privacy. The only downfall is its high fees. The exchange provides quick customer service and no hassle during the registration or verification process.
Unfortunately, their service is not currently offered in all the U.S. states residents due to legislation reasons.