Coinmate Review

Finding a good cryptocurrency exchange where you can invest in cryptocurrencies can be quite challenging, especially in Europe. Nowadays, there are many scammers who claim to offer cryptocurrency exchange platforms, when in reality they are out to rob you of your hard-earned money.
We have done a comprehensive review of Coinmate exchange to see if it is legit or not. To learn more about cryptocurrency rates, the pros and cons of the Coinmate exchange and how it works, continue reading the Coinmate review.

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How Coinmate works

Founded in 2014, Coinmate is one of the leading cryptocurrency exchanges. The company is based in London, but focuses its business activities on the cryptocurrency market in Eastern Europe. Her estimated daily turnover is around $818,957; this conveniently places it on the list of the ten largest exchanges dominated by the euro.
Created by 2 economics graduates from Prague, Coinmate has proven to be the ideal cryptocurrency exchange for investors considering investing in Bitcoin for Euros. The company provides its clients with a low-cost and hassle-free way to acquire Bitcoin. As already mentioned, this exchange has been operating since 2014 and we have not been able to find any records of a serious security breach causing the loss of funds. However, let’s explore Coinmate in more depth in our Coinmate review.

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How to register?

Coinmate has three levels of account verification, namely for Basic Account, Verified Account and Highest VIP Account. It all starts with an email address and password.

For a basic account, users must provide the following information:

• Name
• Date of birth
• Telephone number

To reach the verified account level, users are required to provide the following additional information:

• Government issued photo ID
• Utility bills or bank statements that show the user’s residential address.

While various cryptocurrency courses only require you to upload a scanned copy of these documents, Coinmate goes a step further and requires you to make a video call during which you are instructed to take pictures of the various documents. Institutional traders are required to arrange articles of association and open a trading account. The information required for a VIP account is the same as that required for a verified account, except that users must complete an additional questionnaire.
In terms of security on the exchange side, 95% of the funds are stored offline in cold storage. Customer passwords are also encrypted before being stored on exchange servers. Additional security measures in place on the Coinmate exchange include SSL, firewalls and Cloudflare. On the customer side, Coinmate provides 2FA (two-factor authentication) security for them. Withdrawal transactions also require email verification prior to execution.
SOFORT and SEPA systems can be used to finance CoinMate business accounts, transfers from domestic banks and MoneyPolo are also available.

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How to invest with Coinmate

Once you have created a Coinmate account, you can immediately start depositing bitcoins and trading them on the exchange.
To fund your account, go to the Finance page and click the “deposit” button. After clicking the deposit button, you will get a unique bitcoin address. In the next step, go to your bitcoin wallet and enter the amount of bitcoins you want to deposit and enter the bitcoin address.
Once sent to the network, it will automatically be credited to your Coinmate account once the transaction is double verified. You can then start trading your Bitcoins on Coinmate.
Regarding trading fees on the Coinmate exchange, the exchange uses a Maker/Taker model to increase liquidity on its platform. The maker fee is 0.05% and the taker fee is 0.35%.
As for the trading platform, Coinmate offers its clients its own web platform. The trading platform is rendered in two interfaces, advanced trading mode and “quick buy/sell” mode. The “Quick Buy/Sell” interface is essentially a market order page that reveals the best available price from the order book. Just enter the amount to trade and click the “confirm” button and the transaction will be done. This simplified trading interface was undoubtedly designed to serve those new to cryptocurrency trading.

On the Coinmate trading platform, users can trade four different digital currency pairs:

• BTC/EUR
• BTC/CZK
• LTC/BTC
• BCH/BTC

Is Coinmate safe?

Overall, if you are a cryptocurrency trader based in Europe, then Coinmate is the ideal exchange to meet your cryptocurrency trading needs. Coinmate offers low funds transfer fees and high liquidity trading for Euro trades.
However, the downside is that the selection of digital assets offered is somewhat limited and only includes a few cryptographic pairs. Security also doesn’t seem very effective, with only 2FA authentication provided to customers. Still, Coinmate is ideal for beginner cryptocurrency traders as their trading platform is very easy to use.
If you have questions or problems while using the trading platform, you can contact CoinMate support by email or through social media channels Facebook and Twitter. Based on CoinMate’s experience, you can expect a response from CoinMate support within a few hours. It is also possible to use the contact form and upload files by clicking “Support” in the footer.

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It’s our reviewer duty to highlight the pros and cons of Coinmate, so let’s start with the pros:

Pros

Coinmate allows users to directly buy cryptocurrencies with fiat currencies EUR and CZK, which is a big plus, especially if you are from Eastern Europe.
Its trading fees are relatively low compared to some popular cryptocurrency exchanges.
It supports a wide selection of payment methods.

Cons

While Coinmate offers a great cryptocurrency trading experience, it offers a very limited list of cryptocurrencies.
Coinmate does not offer a wide selection of cryptocurrency investment options. It only allows buying, selling and trading. It does not have services like betting or liquidity mining available.

A few final words

Choosing a good crypto exchange can be quite challenging, especially in a market as volatile as the cryptocurrency market.
However, we hope the Coinmate exchange review above gives you some insight to help you determine if Coinmate is right for you.

The article is also available in the Czech language.