Coinmama allows you to buy Bitcoin and other popular cryptocurrencies just 30 minutes from the time you sign up, hassle free. Or so it claims…Crypto Swami welcomes Nate Martin, and we’re taking a deeper look into Coinmama in our 2 minute review.
Founded in 2013 and with over 2 million customers in 188 countries, Coinmama is a veteran cryptocurrency brokerage service. It allows you to buy and sell cryptocurrencies in a fast and easy way while charging a premium for its services. Coinmama’s buying process is indeed intuitive and simple. To qualify for Level 1 verification you’ll need to submit a government issued ID and a selfie.
This will allow you to buy anywhere from 60 to 15,000 dollars per month.
On paper, verification is extremely quick and takes about 30 minutes. However, judging from user comments on our site, it seems that getting the verification process completed on the first trial isn’t always an easy task. Additionally Coinmama’s support doesn’t always explain why a certain verification process was declined. Coinmama doesn’t hold any coins for you. This means that if you buy from them you’ll also need to supply a Bitcoin address to receive your coins.
We believe it’s always better to store cryptocurrencies on a personal wallet, so we actually look at this as a positive thing. Coinmama’s overall fee varies depending on your payment method. In general, wire transfers will have a fee of around 6%, while credit card purchases can charge up to 11% which is relatively high considering alternatives. On the support side reviews are mixed. Coinmama receives a TrustPilot rating of “Great” but it’s hard to ignore the barrage of negative reviews around the web.
Still, compared to other bitcoin exchanges, Coinmama’s support is doing a better job than most.
To conclude, Coinmama is a global, super fast and easy to use service, with an above average support team and relatively high fees. Make it 4 Stars from us here at Crypto Swami as we consider it a good solution if you need to get cryptocurrencies fast and are less sensitive about fees. Have you used Coinmama? Let us know what you think in the comments below.
And if you haven’t, you can sign up or read our in-depth review using the link in the description below. That’s today’s 2 minute crypto review. I’ll see you…
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