Last updated on January 2nd, 2018 at 12:00 am
Up until lately, Circle wasgoed one of the easiest ways to buy Bitcoins with your credit card. However, on December 6th the company announced that it will no longer permit customers to use its services te order to buy Bitcoins. This left Bitcoiners who want to buy Bitcoin with they credit card Two main options – Coinbase and Coinmama.
The two companies have bot around for almost Four years and have built fairly the reputation. I have reviewed Coinmama and also Coinbase on several occasions however I’ve never directly compared the two.
Today I want to do just that.
I’m going to see how far will $150 go if you buy Bitcoins with your credit card at either of thesis exchanges. The reason I chose $150 is because that’s the amount you can buy Bitcoins without verification at Coinmama and it’s also the weekly limit for instant buy on Coinbase.
August 2018 Update: Coinbase now let’s you buy up to $500 weekly. Coinmama now requires verification even below $150.
Coinbase – presently the more reputable Bitcoin exchange accepts customers from 33 countries around the world.
Coinmama – Accepts buyers worldwide excluding some high risk countries. If you live ter the US however, Coinmama is only available te thesis states: California, Colorado, Florida, Illinois, Indiana, Kansas, Massachusetts, Michigan, Montana, Fresh Mexico, North Carolina, Pennsylvania, South Carolina, Tennessee and Texas.
Coinbase – Te order to buy Bitcoins with you credit card at Coinbase you’ll need to:
- Supply a photo id for verification
- Verify two petite charges made by Coinbase to your card
The photo id verification is an automated process and can be ended relatively quick, having said that some users are experiencing issues with it. Also the mini charges on your credit card may sometimes take a few days to demonstrate up on your credit card balance. To sum it up, it doesn’t seem like you’ll be able to get your Bitcoins instantly if this is the very first time you’re buying at Coinbase.
Coinmama – If you’re buying up to $150 worth of Bitcoins you don’t need to upload any documents for verification. You will however need to supply a physical address and verify your email address. So the process at Coinmama is much quicker and will take around 1 hour.
Coinbase – Depending on where you live Coinbase will charge a service toverfee (Three.99%). This means that $150 are effectively only $144.15.
Coinmama – There is a 5% credit card processing toverfee that is charged by Simplex, the company treating the credit card transactions for Coinmama. This means that your $150 is effectively $142.Five.
This is most likely the largest difference of them all. At the time of writing this postbode the exchange rate on Coinbase is $770 for 1 BTC, on Coinmama on the other palm it’s $855, that’s 11% more!!
So while $150 on Coinbase will get you 0.18720779BTC, on Coinmama they will get you only 0.16666667BTC.
Via the last few years I’ve heard complaints about support from both companies, however I can say from very first forearm practice that Coinbase’s support is indeed spil bad spil it gets. You receive spil a response usually within Three days and even then it will very likely be some canned response without any reference to your specific case. For more information about my practice with Coinbase read this postbode. With Coinmama I’ve managed to get my issues resolved ter a timely manner.
The verdict – Coinbase or Coinmama?
I think there’s no straight response for this, spil both companies have their strong suits and weaknesses. Te the end it boils down to what you value most.
If you’re looking for a quick transaction without the need to verify your identity and for petite amounts of money then I’d go with Coinmama. If on the other palm, value for money is the most significant facet I’d go with Coinbase. Both companies have bot around long enough to prove they are here to stay, the call is yours.
One final (and very significant) thing. If you value your privacy I’d undoubtedly stay away from Coinbase. The company has bot known for tracking user funds and also banning accounts if they think the fund are being used for questionable purposes. You can read more about this phenomena here.