First, Coinmama charges a 5.9% brokerage fee, which is already applied when the site shows you its trading prices. On top of the brokerage fee, there is also a 5% fee for credit card processing. In the end, the price you pay on Coinmama when you buy cryptocurrencies will be 10.9% above the current market price. Other exchanges are well below that.
Link to post.
Thank you so much for your explanations. I am amazed at how hard it is to get the correct information on Coinmama fees. In your post, you already gave more correct and essential and usable information on fees than Coinmama does on their entire website. There is no way I could reconstruct the fees that you describe, from Coinmama's website. For example, the 5.9% figure does not appear anywhere on their website (unless I missed it).
But even more important than individual numbers, I feel, would be an explanation, by Coinmama, that their fees are the result of a multi-factor equation with 10 variables (or similar): then, as a beginner, you would know up front that you're dealing with a pricing concept that is complex, non-intuitive, and requires study and practice, even if Coinmama explained it clearly (which they don't). This stuff is not easy to understand: you have to find out how many variables there are, understand what they are, fill in the values correctly, and then put it all together correctly, while being knowledgeable about what part is a variable, what part is a constant, what happens when a currency other than USD is used, what happens when the destination address is a foreign country, what is the difference between paying with a credit card, or a bank account, what happens when Coinmama uses a third party like simplex.com for your transaction, do they have their own fees, and what are those, and are those fees simply added to Coinmama's own fees etc.
This is not something you might call "beginner friendly". But it gets worse, because apparently, Coinmama is used to the world beating a path to their door, so they are arrogant. Logically and practically, anything related to fees should appear during the checkout process, so you can see and know what those fees are estimated to be: but Coinmama DISAGREES, and simply leaves their customers in the dark (or even misleads them on purpose with the phrase "pricing includes fees").
If you've done this exercise 10 times, then you'll get good at it: you'll know what to look for, where to watch out for a trap, where the hidden fees are hiding, which variables come into play, what their values are, and how it all fits together. In other words, once you have MASTERED IT, why, then it's easy. I accept all of this as part of my learning curve. Thanks again for your helpful insights. The reddit link was very helpful, too.
