Coinmate came into being in 2014 after it secured solid backing from a financially sound IT company. Since its inception, Coinmate has been significantly impacting the cryptocurrency market. The core team of Coinmate consists of high-quality developers, financers, and experienced traders who know the market well. Coinmate and its team can be called early-level Bitcoin adopters who have several skills in their credit and are thus quite eligible to be in the cryptocurrency space. Before we start with the Coinmate review, check the platform overview.
In this Coinmate review, we will discuss the various main features of this cryptocurrency exchange its pros and cons, and other important and relevant information that one might need before starting to use this trading platform.
Key Takeaways
- Coinmate, founded in 2014, is designed for easy use, suitable for both beginners and experienced traders.
- It offers quick buy/sell features for fast transactions and advanced trading options for more control.
- Users can deposit and withdraw using various methods, including SEPA and credit transfers.
- Coinmate uses a three-tier verification system to ensure user safety.
Company Overview
| Official Website | https://coinmate.io/ |
| Headquarters | Europe |
| Found in | 2014 |
| Native Token | None |
| Listed Cryptocurrency | BTC, ETH, DASH, LTC, XRP, BCH, DAI |
| Trading Pairs | 17 |
| Supported Fiat Currencies | EUR and CZK |
| Supported Countries | Worldwide |
| Minimum Deposit | N/A |
| Deposit Fees | SEPA – 1 EURSOFORT – 1.5% min 2 EURFor Cryptocurrencies its Free |
| Transaction Fees | Maker – 0.3% – 0%Taker – 0.35% – 0.05% |
| Withdrawal Fees | Depends on the Payment Method & Cryptocurrency |
| Application | No |
| Customer Support | Mail & Support Form Support |
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Our Take On Coinmate Crypto Exchange
Coinmate is a website where you can trade digital money, like Bitcoin and Ethereum. It started in 2014 and has good support from a strong tech company. The site is really easy to use, making it perfect for beginners. You can buy and sell coins with low fees, especially if you’re using euros. While it doesn’t have as many coins as some other sites and isn’t officially checked by regulators, it’s still a good place to start if you want to try trading.
Coinmate Review: Pros and Cons
| Pros | Cons |
| Several payment options are available on Coinmate. | There is no support available on the site for Australian Dollars. |
| The fees and exchange rates offered by the site are pretty competitive, and it also allows quick selling and buying options. | Users can only choose among three cryptocurrencies offered by the site to trade. |
| The site offers a high amount of liquidity for trades that are dominated by euros. | There is only 2FA security available on the side of the client. |
| The interface offered by Coinmate is straightforward to understand and navigate through. |
Coinmate Key Features and Services
Coinmate offers a variety of key features and services that make trading digital currencies easy and efficient, catering to both new and experienced users in the crypto market.
Security and Regulation
Coinmate has a three-tiered verification system for the basic, VIP, and verified accounts. The basic account only requires normal details like the consumer’s name, phone number, and date of birth. As for the VIP and verified account, additional information like government-registered photo ID proof and residential address indicators like bank statements or utility bills are required.
To ensure additional safety, Coinmate requires the users to do a video call showing the authorities clicking the pictures of the necessary documents by themselves.
Despite having a lot of attention-worthy features, Coinmate is not a regulated trading platform. This often stops professionals and experts from trading on this particular site.
Coinmate comes with a bunch of valuable features and benefits. Some of these are mentioned in this Coinmate review.
- The primary feature of Coinmate is that the site is highly user-friendly and would help a novice trader trade without any hassle on the site.
- The deposits and withdrawal process on the site is quite simple and does not require much knowledge about bitcoin trading.
- The site allows four different kinds of cryptocurrency pairs to be traded on site. These pairs are:-
- BTC/EUR
- LTC/BTC
- BTC/CZK
- BCH/BTC
- Coinmate offers the option of creating three different types of accounts on their site. Users can choose among verified account, primary account, and VIP account.
- The site has a good customer support team who ensure that they provide the best solutions to any issue that the users might face on the trading platform.
Trading Platform and Tools: Experience
Trading on Coinmate is a relatively simple process with options for both new and experienced traders. The site also offers several tools to ensure that the users have a seamless experience while buying or selling, or trading on the platform.
The Exchange offers the Advanced Trading View tool that helps users follow the various events happening in the market and keep track of their trading. There is an inclusion of the Coinmate API that connects traders with crypto trading bots for automated crypto ATMs, payouts, mass payments, and exchanges, among various other essential things.
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Coinmate Mobile App
Coinmate does not have a dedicated mobile application for its users. However, the website has been designed as mobile-friendly and seamlessly fits the smaller screen of smartphones and tablets.
Account opening process
Opening an account on Coinmate is pretty simple and is a straightforward process. The steps to get registered on the site are mentioned below:-
- To register yourself on Coinmate, you need to go to the site’s official account.
- On the signup page, you need to provide some basic details like your email address, the name of your country, and set up your password.
- You also need to make sure that you have accepted the company’s terms and conditions before proceeding further.
- Once you have completed this, you will receive an email where there would be an activation link.
- Upon clicking that link, you will be able to have access to your account.
Once you have logged in to your account, you will be able to start trading cryptocurrencies without any further complications.
Coinmate Deposit and Withdrawal Methods
Coinmate offers several ways to fund one’s accounts. However, the availability of these ways is dependent on the verification level of one’s account. For the basic account, the first level of verification is enough. Having a basic account will give you access to deposit funds through MoneyPolo, OkCoin, and Vouchers. The available methods are SEPA, OkCoin, Vouchers, Sofort, MoneyPolo, and standard wires in VIP and verified accounts. Besides customers from the US, the site is open to people all over the globe for deposits and withdrawals.
Cryptocurrencies Available on Coinmate Crypto Exchange
Coinmate is based in Europe and supports EUR and CZK. Its primary target market is European nations. It does, however, serve consumers from all over the world.
Exchange Commission and Fees
The Coinmate offers three accounts, the basic account, the VIP account, and the verified account. The daily withdrawal limit for the basic account is €1,000/5,000. The maximum is greater for verified accounts, at €5,000/20,000. The VIP account has the highest limit, which is €12,500/100,000. However, if you have a VIP account, you can request that the limit be increased.
To increase liquidity on the exchange, Coinmate employs the Maker/Taker model for trading fees. The charge for the creator is 0.05 percent, while the cost for the taker is 0.35 percent. Additionally, you can check out the official site for more details on Coinmate’s fees structure.
Customer Support
Coinmate cryptocurrency exchange customer support can be availed by mailing at [email protected] or submitting a request to get help through one’s account. The customer service operates through the weekdays, from 9:00 am-5:00 pm.
Research and Educational Resources
Coinmate provides helpful tools and resources for traders. Users can access various educational guides and articles that explain how to use the platform and understand trading better. They also offer analytical charts to help you track prices and make informed decisions while trading digital currencies.
Our Conclusion
Coinmate is the safest crypto exchange and provides a pretty good trading experience. For euro transactions, the exchange provides cheap trading and money transfer costs and solid liquidity. On the downside, the number of cryptocurrencies available is relatively restricted, with only a few crypto pairings available. However, it is perfect for first-time cryptocurrency investors due to its user-friendly trading interface.
FAQs
Is Coinmate Safe?
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Coinmate is the safest exchange to use with a three-level verification process to ensure customer security.
How Do I Withdraw Money From Coinmate?
To withdraw money from Coinmate, the user needs to click on the “Withdraw” button, select one of the supported currencies, and provide the bank details. The minimum withdrawal amount is $20.