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Web3  · 05/17/22

[NOT RECOMMENDED] CoinMama Platform Review

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05/02/22 · Exclude

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CoinMama is NOT RECOMMENDED as a platform for buying Bitcoin or other cryptocurrency.

Is CoinMama a scam?

No. Coinmama is legitimate. Coinmama’s services are just subpar.

  • Users complain about customer service
  • Up to 15% markup over spot price
  • High fees on top of markup ( - for what?!)

Using CoinMama is no longer worth it.

Alternatives to Coinmama

Buying with debit/credit cards is now possible on regular KYC exchanges via payment processors like Simplex.

Decent exchanges that support card purchases:

No-KYC Alternatives to Coinmama

If you want to onramp without KYC, use LocalCryptos - a zero-knowledge P2P marketplace for Bitcoin and big altcoins.

About CoinMama

CoinMama is a service that will let you buy bitcoin and ether with cash or debit card. Fees are relatively high (about 15% markup) but you will get your bitcoin (or ether) instantly.

With some debit cards you will need to undergo verification with selfie. The same goes for credit cards.

The payment executes via Simplex gateway. There will be no mention on the bank/ewallet side that you bought bitcoin. You can use a non-bank prepaid debit card linked to an ewallet.

Coinmama is available in most countries.

If you live in the US Coinmama is only available in the following states: California, Colorado, Florida, Illinois, Indiana, Kansas, Massachusetts, Michigan, Montana, New Mexico, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas.

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