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CoinMate was founded in 2014 in United Kingdom, London. Formerly supported by an IT company. It then changed its functionality in 2015 and since then, it has been operating in European markets. It is among the top exchanges that control the EUR. Investors can use phones which must be android or the web to access the trading services. It aims at saving the investor’s time. Its services are offered worldwide and the liquidity for EUR trades is deep. However, Coin Mate interests me very much as an investor, most especially because of its security features, trade formats, and the verification process. I discovered that CoinMate is a bit different from other exchanges and this why this article will be a CoinMate review. Let’s learn about CoinMate!
What is CoinMate?
Opened in 2014 as a cryptocurrency exchange for European countries, Coinmate is one of the most established cryptocurrency exchanges in Europe. It’s headquartered in London and facilitates the buying of bitcoins with euros using four different payment methods: Sofort, SEPA, MoneyPolo and Wire transfer. Despite trading cryptocurrencies in euros, Coinmate allows members from more than 150 countries around the world, It mainly focuses on Europeans. However, it excludes the US citizens. The exchange also accepts cryptocurrency deposits using bitcoins, bitcoin cash, and litecoins. When making a deposit using any of the cryptocurrencies, no verification is required.
It offers a variety of payment methods. They include;
- Bank wire transfers.
- The bank transfer currencies are EUR and CZK and PLN.
- EUR deposits should be made through SEPA transfers.
- CZK/Czech Koruna deposits area then converted into EUR.
- PLN/ Polish Zloty deposits are also converted into EUR.
All the methods mentioned must be verified except Moneypolo.
Selling payment methods
- ATM Card through Dagensia
- Polish Zloty/ PLN
- Czech Koruna/ CZK
Monopolo is the only method that does not require verification.
All of the other methods must be verified.
- CoinMate only allows Bitcoin and Litecoin. This is one of its disadvantages.
- It offers 3 trading pairs;
CoinMate requires verification but it is not as strict as other exchanges. The intensity of verification process with CoinMate heightens with levels. Different requirements are needed in different levels. Verification is categorized into 5 levels. To get to upper levels, the lower levels have to be verified first.
If you need to buy Bitcoin, litecoin or Bitcoin cash using cash on the Coinmate exchange, you must get your account verified. The first verification process is simple nonetheless. It requires that you provide your full name, date, and place of birth, nationality and physical address. After this process, you can make money deposits using MoneyPolo. You can buy as much as €1,000 worth of coins daily and a maximum of €5,000 per month.
The second verification stage is called ‘Video Verification’ and requires members to provide a passport and proof of residence. In most countries outside of the Eurozone, video verification is not possible. Members from such countries can only deposit funds on the exchange using MoneyPolo. However, video verification where allowed enables members to make deposits using bank transfers and other payment methods as well as withdraw their funds.
The third verification process is known as ‘Higher Limits’ verification and allows members to deposit and withdraw funds using all available payment method on the exchange. Members are contacted to explain why they need to upgrade their accounts. They also must provide the latest monthly bank statement. After getting verified at this level, you can deposit up to €5,000 worth of coins with a monthly limit of €20,000.
- Level 4
At this level, you have to fill KYC form if you want to get 15,000 Euros every day and 100,000 Euros every month.
|SEPA transfers ( Withdrawals & Deposits)||1||3 business days|
|Sofort Banking||1.5% (Deposits only)||Immediately|
|CZK Wire transfer||0 (Deposits)
|BTC/LTD Transfers||0 (Deposits)
SEPA is the most common payment method on Coinmate. If you live in the Eurozone, depositing funds on Coinmate using SEPA will cost you €1. Any withdrawal with SEPA also cost €1. Depositing funds using MoneyPolo costs €2 while withdrawal costs 0.5% of the transaction amount plus one euro. All deposits using cryptocurrencies are free of charge. Withdrawals made using bitcoin cost 0.00004 bitcoins. Coinmate charges 0.0004 litecoin for litecoin withdrawals and 0.00001 bitcoin cash for bitcoin cash withdrawals.
Coinmate has generally low trading fees that are structured based on a maker versus taker system. Most Coinmate exchange review sites praise Coinmate for their favorable trading fees. Bitcoin’s maker fee, for example, ranges from a low 0.05% to 0%. Market takers are charged between 0.35% and 0.1% depending on their amount of transaction.
It costs even less to trade bitcoin cash and litecoin on the exchange site. Litecoin makers are charged nothing while takers pay 0.05% per transaction. Bitcoin cash makers pay 0.05% while bitcoin takers pay 0.1% per transaction. Additionally, if you are among the top 10 traders in a certain month, you are charged lower transaction fees in the following month.
- Takers Costs: 0.1- 0.35% for BTC and 0.05% for LTC.
- Makers: 0.05% for BTC and free for LTC.
Is Coinmate safe?
Coinmate is a legitimate, established and well-known cryptocurrency exchange, especially to European countries. At one time, the exchange competed with major trading sites in Europe. In recent years, however, Coinmate’s popularity has shrunk. But that didn’t water down its services. The exchange is still popular for facilitating quick bitcoin, litecoin and bitcoin cash purchasing in euros. For someone who loves to trade Litecoin and Bitcoin cash, the exchange offers trading fees of as low as 0%. European customers also get to enjoy SEPA deposit and withdrawal fees for just one euro. In general, Coinmate is a great exchange site if you are not afraid of verification and especially if you live in the Eurozone. If you love using MoneyPolo payments, Coinmate requires little verification from you and has low fees as well. The exchange is not so suitable for high rollers as the maximum purchase you can ever make on Coinmate is €100,000 monthly.
Is CoinMate safe? Coinmate is a reputable exchange on review websites. Coinmate has a rating of nearly 5/5 on a lot of rating websites. The exchange records an average 24-hour trading volume of $412,000, ranking it at position 147 on Coinmarketcap.com. While it’s not the most popular bitcoin trading website, Coinmate has a solid user base that trusts the exchange’s services. Is CoinMate legit? I would say yes because it has been in the industry long enough. CoinMate cares about the security of people’s funds that is why it stores coins in a safe place. Bitcoins wallets are observed throughout.
Like most modern websites, the Coinmate site is secured with SSL security protocol. They store cryptocurrencies in both online and offline wallets, but most of the coins are secured in offline wallets and encrypted with air gap technology. Coinmate claims they save users’ funds in separate bank accounts for privacy and security as well.
As a trader, your account is secured with a password. The site doesn’t have 2-factor authentication though. Additionally, Coinmate makes it clear in their terms and conditions that the site may be vulnerable to bugs and viruses, at which point they won’t be liable for any losses. With this in mind, it’s important to only deposit a minimum amount of funds in the Coinmate provided wallet. The verification of identities helps reduce stealing of people’s identities. The system also prevents possibilities of hacking and viruses. CoinMate stores the coins in a cold storage for protection. Therefore even in case of hacking, the trade has a backup.
Like most exchanges, Coinmate offers customer support through a ticket system. They allow you to attach any documents you need as part of your complaints or point of clarification. However, most Coinmate reviews complain that the exchange takes a little bit too long to reply to tickets. The customer service is open from Monday to Friday at 09.00 -17.00 GMT. They are not open on weekend days. You can only be attended to during business days. Customers can send CoinMate questions through their email address and website page even though I have heard complains that they take long to reply.
It offers immediate transaction options for Bitcoin exchanges. Withdrawals and deposits for Bitcoins are fast. Sofort bank deposits also allow instant deposits and withdrawals.
How to use Coinmate?
You first have to open a CoinMate account by providing the details mentioned earlier-
- After it is verified, you will use it to log into CoinMate’s website.
- Below the page, there is an option that needs you to select the coin of your choice.
- From the page, you choose the amount of your choice.
- You also select if you want to buy or sell.
Coinmate Review Summary
I would recommend CoinMate especially for Europe residents who want to trade with BTC and LTC. CoinMate fees are affordable, the rates are low and the verification process is not so strict. Beginners can easily use CoinMate since it offers only two trade options. Can I trust CoinMate? Yes, but be careful! This is because; it is very risky to invest in CoinMate if you value security because they only offer 2FA as their security system. This could be a possibility why it is hard to find CoinMate in the famous departments of trade.
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