Coinmama Bitcoin Exchange Review – Legit or Scam?

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Coinmama is the Bitcoin exchange I use recently after reaching limits on the others. The exchange has been around for a while but I was hesitant to use it because I heard some complaints about their service. I gave it a try and here is the review.

Availability

Coinmama is registered in Slovakia but they offer the service worldwide. You might have limited functions in some countries but overall, the service is available in the widest range of countries.

Payment Methods

You can buy Bitcoin with your credit/debit card or cash via Western Union. I used my debit card to buy because it’s faster, however, it’s also more expensive.

Support

I was quite disappointed with Coinmama’s customer support. The verification process was fast but when I had a request regarding my transaction, they’ve never answered.

Processing Time

The processing time varies depending on the workload. My first transaction went well and I received Bitcoin to my wallet in about 4-5 hours. The second transaction takes much longer and I haven’t received my Bitcoin after 2 days. There is a message saying: “Simplex, our credit card processor, are currently under heavy load. You may experience delays in processing your payment.

Fees

The price you see on Coinmama’s homepage has a huge markup because it includes the service fee of 8.5%. If you pay with cash, you don’t have to pay any more fee. But if you use your credit/debit card, you will have to pay additional 5% for Simplex, the payment processor. And that’s not all, I had to pay the currency exchange rate for my bank as well, so the transactions become so expensive. You should expect a 15% markup for your purchase.

Conclusion

Overall, Coinmama is a legit Bitcoin exchange but I don’t recommend it because of the high fees. You should only use their service when you can’t buy anywhere else.



TechWalls Rating

Service – 7

Price – 5.5

6.3

Average

Legit but expensive fees.


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