Coinmama.com is an online exchange service through which users may purchase bitcoins via credit/debit card, cash, or e-wallet. Paypal is not accepted.
The verification process requires one or more forms of identification to be submitted and can take up to 6 hours to complete, but is usually completed within 1-3 hours. The company is located in the British Virgin Islands, and offers its services internationally. However, this service is not currently available to U.S. residents. U.S. citizens residing abroad, with proof of residence may still utilize the service.
Coinmama’s customer service department was prompt, professional and clear in all of my communications with them as I went through the registration/verification process. As a whole, this process is relatively streamlined and straightforward as compared to some others, such a CEX.IO, in that it allows users to purchase bitcoins relatively soon after registering. Coinmama often requires only one valid document for identification whereas CEX.IO requires three, including a picture of oneself holding applicable documentation. Of course, this is a very distasteful prospect for those who would wish to retain some form of anonymity/privacy. Coinmama makes the verification process a bit easier to bear.
A few caveats:
For those U.S. Citizens residing overseas, be sure your uploaded documents (identification) are in English! Even if you present your water bill from your current residence in Guangzhou, China, say, if the address is not written in English, Coinmama will not accept your document as valid verification!
Purchase limits. For credit/debit card purchases there is a limit of $520.00 in bitcoins per day. For cash purchases the limit is $1500.00/$2500.00 per day, depending on area of residence.
- Affiliate program – Earn bitcoin through affiliating with coinmama.com
- Immediate payment after verification is complete. No buffer/security period for first-time transactions.
- Credit card details not saved in Coinmama’s database. (It should be noted that these details may or may not be saved by Simplex, the payment service used to process Coinmama’s credit card transactions.)
Streamlined and professional, with prompt customer service and a limited amount of hassle in registration/verification, coinmama.com offers a valuable service for those seeking to purchase bitcoins quickly and securely, with limited compromise on user privacy. The service may be offered to U.S. residents in the future, but due to specific legislation, currently is not.