Coinmama is a global cryptocurrency broker that was launched way back in 2013. This exchange service is owned by New Bit Ventures Limited, who have their headquarters in Israel. Although Coinmama is deemed an exchange service, users are limited to just buying specific cryptocurrencies, as opposed to trading them. Presently, the only cryptos available to buy on Coinmama are Bitcoin and Ethereum.
Advantages
The advantage of using Coinmama is that it’s available in a large number of countries. In fact, it supports the widest range of nations; almost 200. These include countries like Algeria, Belgium, Kenya, Thailand, UAE, just to name a few. The only countries that aren’t supported are those that have been sanctioned. Coinmama also supports states in the U.S. including Colorado, Kentucky, South Carolina, Texas, etc. Coinmama also allows buying cryptocurrency with credit cards and offers some of the highest limits among brokers that accept credit cards. You are able to buy up to $5000 worth of Bitcoin in a day and up to $30,000 per month.
Speed of Service
They also have an impressive speed of service. The initial verification will usually take just under 10 minutes and any subsequent purchases will have bitcoins delivered almost immediately to you. With the reputation for being one of the oldest BTC brokers in the industry, Coinmama provides you with a great option for buying cryptocurrency, not to mention that they have active customer support.
Downside
The most notable downside when using Coinmama is the fact that they charge very high fees for users buying cryptocurrency, especially when compared to bigger and more professional exchanges. Coinmama makes use of their own Bitcoin rate which is the same as other exchanges, plus an extra 5.5% fee on the current rate. Furthermore, there is an additional 5% fee for any credit or debit card transactions. This implies a total of 10.5% in fees, which is significantly higher than the majority of competing cryptocurrency brokers.
How To Purchase Bitcoin Using Coinmama And Your Credit Card