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.
|Listed Cryptocurrency||BTC, ETH, DASH, LTC, XRP, BCH, DAI|
|Supported Fiat Currencies||EUR and CZK|
|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|
|Customer Support||Mail & Support Form Support|
In this Coinmate review, we will discuss the various main features of this cryptocurrency exchange and its pros and cons, and other important and relevant information that one might need before starting to use this trading platform.
What Is Coinmate?
Coinmate is a cryptocurrency trading platform that has been built while making user-friendliness their top priority. This cryptocurrency exchange has handled more than 218 million euros worth of bitcoin trading. Coinmate allows its users to buy and sell bitcoins at profitable exchange rates. There are options for both advanced trading as well as a quick buy and sell. The trading platform supports three major cryptocurrencies, and a huge range of deposit and withdrawal choices are also available for the benefit of users.
How Does Coinmate Work?
Coinmate works simply and has suitable options for both experienced and novice traders. Once you have your account on Coinmate, you will have the option to “Trade” or “Quick Buy.” The latter allows the users to make easy and quick purchases at the ongoing market rate. Users only need to provide information regarding the desired amount of bitcoins they would like to purchase, and the rest of the procedure is completed by the website itself. The option to “Quick Sell” works similarly.
As for the users who choose the option to “Trade,” are provided with an order book, a chart containing the prices, history of their transaction, and a preselected area to start creating the orders.
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 withdrawals 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:-
- 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.
Is Coinmate Regulated?
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 Review: Pros and 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.|
How Do I Open an Account at Coinmate?
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.
Trading on Coinmate
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 the traders with crypto trading bots for automated crypto ATMs, payouts, mass payments, exchanges, among various other essential things.
How User-Friendly Is Coinmate?
One of the primary benefits of using Coinmate is its user-friendliness. The trading platform has a straightforward interface to get a hold of and then navigate through. Even if someone is trading for the first time, it will not be difficult to make successful cryptocurrency exchanges using the site.
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.
Coinmate Deposit and Withdrawal Methods
Coinmate offers several ways that one can fund their 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.
Coinmate Supported Currencies & Countries
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.
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.
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.
Coinmate 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.
Coinmate Review: 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.
Is Coinmate Safe?
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.