CoinMate Review- Scam or Legit?

/CoinMate Review- Scam or Legit?

CoinMate Review- Scam or Legit? 2018-02-14T10:46:56+00:00

What is CoinMate?

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!

CoinMate is a peer to peer exchange that allows trading coins such as Bitcoin and Litecoin. It mainly focuses on Europeans. CoinMate exchange also gives opportunities to citizens across the globe to register on its exchange. However, it excludes the US citizens.

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.
  • Okpay
  • Moneypolo
  • Sofort

All the methods mentioned must be verified except Moneypolo.

Selling payment methods

  • Okpay
  • Moneypolo
  • 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.

Available cryptocurrencies

  • CoinMate only allows Bitcoin and Litecoin. This is one of its disadvantages.
  • It offers 3 trading pairs;
  • BTC/EUR
  • BTC/LTC
  • BTC/CZK

CoinMate Verification

  • 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.
  • First of all, to open a CoinMate account, you are not required to pay any money but first, they require the following;
  1. Email address
  2. Password

Levels 0 (Registration)

  • It is strictly for BTC/LTC deposits and withdrawals.

Level 1 (Basic)

  • For traders who want to trade coins of 1.000 Euros per day and 5.000 Euros per month. The traders can also use Moneypolo for deposits and withdrawals.
  • Personal information required is:
  1. First name
  2. Last name
  3. Nationality
  4. Address

Level 2 (Video Verification)

  • The rates for turnover are similar to those at a basic level.
  • You can use bank transfers at this level
  • The requirements include:
  1. A scanned ID
  2. Driver’s license
  3. A video call. You are required to snapshot the documents in your hand.

Level 3 (Higher limits)

  • All operations are permitted at this level.
  • You have to give basic information about yourself with a clear explanation of why you want to upgrade.
  • You must attach your last month’s bank statement.
  • The turnover rates rise to 5.000 Euros a day and 20.000 Euros a month.

Level 4 (Individual limits)

  • At this level, you have to fill KYC form if you want to get 15000 Euros every day and 100000 Euros every month.

CoinMate Fees

Method Euros Duration
SEPA transfers ( Withdrawals & Deposits) 1 3 business days
Sofort Banking 1.5% (Deposits only) Immediately
CZK Wire transfer 0 (Deposits)

1 (Withdrawals)

Instant
Moneypolo 1 (Deposits)

0.5% (Withdrawals)

Immediately
BTC/LTD Transfers 0 (Deposits)

0.0004 (Withdrawals)

Instant
  • 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?

Community trust

  • If asked, 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.

Security

  • Before I decided which exchange to invest in, I asked myself this very important question, ‘Is CoinMate safe?’ Well, CoinMate only offers two-factor authentication. The 2FA is used for verification of identities via the email addresses.
  • 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.

Costumer support

  • It has a customer service system.
  • The customer service is open from Monday to Friday at 09.00 -17.00 GMT.
  • They are not open on weekdays. 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.

Handling speed

  • Since they are only open during business days, you cannot be attended to on weekends.
  • 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-

  • Email address
  • Password
  • Names
  • The snapshot
  1. After it is verified, you will use it to log into CoinMate’s website.
  2. Below the page, there is an option that needs you to select the coin of your choice.
  3. From the page, you choose the amount of your choice.
  4. You also select if you want to buy or sell.

Coinmate Review Summary

  • I would recommend CoinMate especially for persons living in Europe 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 carful! 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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