Coinmate Comprehensive Review 2022 – Fees, Pros, and Cons

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Since its inception in early 2014, the London-based firm has traded more than EURO 218 million in bitcoin. This consumer-friendly platform lets investors purchase and trade cryptocurrencies with an actual exchange rate. Coinmate focuses on three aspects: pace, dependability, and reliability. Such elements are crucial for any crypto trading platform; therefore, emphasizing them explicitly makes perfect sense. The company has built a name for itself as a provider of education, trading, and custody services for cryptocurrency investors. In this review, we’ll look closely at what Coinmate offers and whether it’s worth your time and investment. This Coinmate review will provide a brief overview of the platform, its current state, and potential future developments.

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Pros And Cons Of Coinmate

Pros

  • Coinmate accepts a variety of payment methods.
  • The site’s costs and exchange rates are rather affordable, and it also provides speedy selling and purchasing choices.
  • The platform provides a high level of liquidity for deals dominated by euros.
  • Coinmate’s user interface is simple to comprehend and navigate.

     

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Cons

  • There is no provision for Australian Dollars on this platform.
  • Clients can only trade in one of the four digital currencies provided by the facility.
  • On the client end, only 2FA authentication is provided.
Official Coinmate Website Coinmate.io 
Company Headquarters Europe
Founding Year 2014
Supported Countries Worldwide
Listed Cryptocurrency BTC, ETH, DASH, LTC, XRP, BCH, DAI
Supported Fiat Currencies EUR and CZK
Trading Pairs 17
Native Token None
Smartphone Application Not Available
Minimum Deposit N/A
Transaction Fees Maker – 0.3% – 0%Taker – 0.35% – 0.05%
Deposit Fees SEPA – 1 EURSOFORT – 1.5% min 2 EURFor Cryptocurrencies its Free
Withdrawal Fees Depends on Payment Method & Cryptocurrency
Customer Service System Mail & Support Form Support

Coinmate: Company Overview

The Coinmate team hosts the website, a crypto marketplace that has been in operation since 2014 and also was originally registered in Great Britain. The business has just shifted to Slovakia. The company made this guarantee to ensure Brexit would not impact its clients. Around January 7, 2020, the transition phase began.  It is crucial to stress that all the site’s service offerings will stay unaltered, as will the security of its users’ funds and private details.

 

Cryptocurrencies Supported In Coinmate

CoinMate users may purchase and trade cryptos at market rates. In addition, Cryptos may be gained with fiat money at CoinMate to make it even simpler for investors to begin and earn the initial CoinMate exposure. The CoinMate Swap allows users to trade cryptos for one another or against fiat currency (EUR, CZK). In addition, someone with cryptocurrency may swap this for another cryptocurrency like Ripple through this broker. CoinMate doesn’t quite set the price, but the market forces do. So the availability and want rule would apply here. Coinmate will not accept several key cryptocurrencies currently accessible in the crypto market. So here are some cryptocurrencies or tokens that may be traded on Coinmate:

Bitcoin (BTC)
DAI stablecoin
Ripple (XRP)
Litecoin (LTC)
Dash (DASH)
Ethereum (ETC)
Bitcoin Cash (BCH)

  On the Coinmate trading platform, you can trade with 4 different cryptocurrency pairs:  

1 BTC/EUR
2 BTC/CZK
3 LTC/BTC
4 BCH/BTC

  While the crypto options are a bit limited for users signing up for the Coinmate platform, the exchange is open to accepting new and upcoming crypto projects. 

Key Features Of Coinmate

User-Friendly & Intuitive Platform

Coinmate is a cryptocurrency initiative that seeks to be the most user-friendly method to purchase, trade, and participate in digital currency pairs. It has an easy-to-use user interface that assists you in making sound investment selections. The platform allows customers to identify the ideal coin to trade in and offers investing services. The system has been designed to remain user-friendly and straightforward to use.  coinmate In addition, the platform also enables consumers to trade cryptos with minimal effort with its clean and easy-to-use UI, providing users of every type with an opportunity to trade wisely. All of these factors make it a great option for both new and experienced investors trying to expand their holdings.

Coinmate has high liquidity for Euro-dominated trades:

Finding liquidity for transactions is one of the most challenging difficulties for traders today. While some exchanges provide a vast range of crypto pairings, others only offer a few at a time. This makes it difficult for traders to discover the optimal price for their deals, resulting in losses if they do not adequately manage their risk. This is when Coinmate enters the picture. It stands out as a cryptocurrency trading platform that allows users to trade cryptocurrencies with high liquidity for a reasonable charge while bridging the gap for mainstream investors. 

Three levels of account verification

Coinmate features three stages of account verification for new users: the highest VIP membership, the verified membership, and the basic membership. For the primary account, users must submit the following information:

  • Name
  • Date of Birth
  • Telephone Number

Users must provide the following extra information to achieve the verified membership level:

  • Government-issued photo ID
  • Utility Bills, or Bank statements that show the user’s residential address

Whereas most cryptocurrency exchanges merely need you to provide a soft copy of these papers, Coinmate goes a step beyond by forcing you to conduct a video conference in which you capture snapshots of the relevant documentation. Institutional traders must upload the documents of incorporation and company accounts. The data necessary for a VIP membership would be the same for a verified account, except that users must complete an extra assessment. Regarding exchange safety, 95% of the assets are held in remote locations in cold storage. In addition, before being retained in the exchange facilities, the customers’ credentials are encoded. Coinmate also used SSL, gateways, and Cloudflare as preventive measures. Furthermore, Coinmate offers 2FA security to its users. Withdrawing of transactions must also be validated by email after they are processed.

Multiple deposit and withdrawal options

You may fund any Coinmate profile in a variety of methods. Meanwhile, the profile verification level will determine the techniques accessible to you. A basic profile requires the very first degree of authentication.  For example, you only need an email account and a passcode to create a simple profile. After that, however, you must submit your name, birth date, and phone number until you can start trading.  Deposit methods for verified and VIP members include SEPA, OkCoin, Sofort, MoneyPolo, conventional wire transfers, and Vouchers. Though there are no fundamental limits on who may sign up for Coinmate, the crypto exchange does not presently accept users from the United States

CFD or direct trading:

Straight cryptocurrency trade is practiced at CoinMate, which necessitates the secure storage of the coins in an e-wallet. Even though an institution has its wallet, it would still be recommended that you keep your coins elsewhere and, if you’re not constantly trading - an essential factor to consider in the perspective of the CoinMate review and the analysis of crypto exchanges overall. Throughout the last time, there were various attacks on cryptocurrency exchanges, and as a consequence, its attackers have stolen many currencies. And although CoinMate has never been hacked, users must make every attempt to maintain their coins securely. Therefore, 100% security from CoinMate theft can never really be assured. Those who choose to avoid the extra work of acquiring a hard wallet may trade cryptocurrency through a CFD broker.

Additional Features Of The Platform

  1. Clean User Interface: The Coinmate home page features a wonderful night image with maybe some live crypto-pairs values just below that, giving a decent initial sense of the exchange’s general aesthetic. You may quickly scroll around the main menu and then choose whether to trade or to start buying or selling currencies. 

By selecting the trade area, users will be taken to the trading section, which would be simple to operate compared to other marketplaces in which the trade page is overcrowded and complicated to navigate. Because most CoinMate clients are from Europe, the website is provided in German and English. The panels are also fairly straightforward, making it easy for beginners.

  1. Reliable wallet and payment processor: Another additional perk of using Coinmate is a cryptocurrency wallet and payment processor that allows you to accept payments in cryptocurrency. Users can purchase gift cards for online retailers like Amazon and Walmart, which will then be linked to your Coinmate account. It also enables you to accept payments in cryptocurrency from your customers. This way, users can make it faster than waiting for customers to transfer their cryptocurrency back to their bank accounts.

This means that you don’t have to wait for your customers to pay you in cash or other forms of payment to collect your revenue. Instead, you can offer them the option to pay you in cryptocurrency and immediately receive your revenue. This allows you to bring in extra revenue without having to handle your customer payments yourself.

Trading Experience

Coinmate provides its clients with a unique web-based trading system. The crypto platform is divided into professional trading and Quick Buy/Sell. This “Quick Buy/Sell” UI is a trade order section that displays the current best trade book rate. Users must enter the transaction price and click for confirmation, and the trade will be completed. This streamlined trading platform was obviously created to assist individuals new to crypto trading. Aside from the straightforward trading platform, this exchange provides a more extensive trading system for skilled and seasoned market participants or those wanting to handle crypto-assets effectively. The innovative trading tool accepts limits and market orders and includes an extended trading chart. Although Coinmate has not had a specific mobile phone application for its trading system, the web-based system has previously been created and optimized to suit the tiny displays of smartphones and tablets when viewed via internet browsers.

 

Fees Structure

Coinmate Trading fees

Often these cryptocurrency exchanges impose two kinds of trading costs: taker fees & maker costs. The taker would be the one who selects an existing order from the order book. In contrast, the maker is the individual who produces a request which is not instantly matched to a current order in that order book. Makers are frequently compensated with a reduced transaction charge than takers for producing volume on the exchange. Platforms that do not distinguish between takers and manufacturers impose what is known as “flat fees.” CoinMate takes 0.35% from the takers and 0.30% from the makers. A typical trading platform’s taker cost is presently 0.221%, and the usual trading platform’s maker charge is currently 0.178%, as per the biggest and also latest comprehensive empirical analysis on cryptocurrency exchanges transaction fees. Compared to the typical trading costs, CoinMate’s taker charge is more than the industry average, while the maker fee is lower.

Trading Volume for 30 days Maker  Taker
Up to 10,000 euros 0.12% 0.25%
Up to 100,000 euros 0.11% 0.23%
Up to 250,000 euros 0.1% 0.21%
Up to 500,000 euros 0.08% 0.2%
Up to 1,000,000 euros 0.05% 0.15%
Up to 3,000,000 euros 0.03% 0.13%
Up to 15,000,000 euros 0.02% 0.1%
Over 15,000,000 euros 0% 0.05%

 

Coinmate Withdrawal fees:

Users who make BTC withdrawals from this exchange will be charged a withdrawal fee of 0.00007 BTC. The withdrawal charge is determined by how quickly you require the payment to be processed. These costs are much lower than the worldwide industry average of 0.00053 BTC for every BTC withdrawn.  

Deposit Method Withdrawal Fee Deposit Fee
Bitcoin 0.00022 BTC / 0.00073 BTC 0
Ethereum 0.001 ETH 0
Litecoin 0.0004 LTC 0
Ripple 0.02 XRP 0
BitcoinCash 0.00001 BCH 0
Instant bank transfer N/A 1.5% min 2 EUR
SEPA transfer in EUR 1 EUR 1 EUR

How Secure Is Coinmate?

Generally, Coinmate can be very handy for crypto traders in the European region to satisfy their crypto trading needs. Coinmate has minimal money transfer and trading costs and good volume for Euro transactions. To ensure its clients’ safety and prevent CoinMate theft, the firm employs three kinds of CoinMate wallets: hot, cold, and ultra cold. All hot wallets possess digital keys and can store a tightly restricted quantity of Cryptocurrencies.

 This CoinMate review reveals that users’ profiles are protected by two-factor authentication, which would be activated when transactions are made, or account preferences are changed. Inside the “Security” option, you may enable two-factor verification. This necessitates using the Google Authenticator smartphone application, which would be linked to the brokerage account through a QR code. In addition, fund withdrawals and significant modifications usually require a code for validation, which the application would produce. On the flip side, the crypto assets available are fairly restricted, with only a few crypto pairings. Furthermore, the protection does not appear particularly robust, with just 2FA authentication protection supplied to clients. Nevertheless, Coinmate is perfect for inexperienced cryptocurrency traders because of its user-friendly trading interface

Account Opening With Coinmate

Creating a Coinmate profile is a quick and uncomplicated procedure. The following are the procedures for registering on the website: Step 1: To sign up for Coinmate, users must first visit the platform’s official website. Step 2: Upon relocating to the sign-up screen, users must enter basic information such as their email id, nation, and a strong password. Step 3: Before continuing, you also ensure that users have acknowledged the business’s terms of service. Step 4: Once you have finished this, users will get an automated mail with an activation link. Step 5: Users would be allowed to use your profile after following that URL. After logging into the profile, users will also be ready to deal with crypto coins with no more hassles.

Customer Satisfaction

On the trust pilot, Coinmate has a high rating of 4.3 out of 5 stars. This rating has been made of 900+ reviews on the trust pilot website. Almost all the reviews mention how great their customer service is and how quickly their queries are resolved. Most of the complaints are about the available supported coins on the platform. This is an excellent platform for everyone interested in investing in crypto, irrespective of knowledge or expertise, and Coinmate will ensure maximum customer satisfaction.

 

Coinmate Vs. Competition:

Coinmate is an innovative crypto exchange that allows users to make the most of their trading experience, without having to compromise their safety, security, and convenience. Besides the multiple features provided by the platform, it also allows users to cover CFD or direct trading.  However, similar to the perks that it brings, Coinmate also falls short on certain aspects, primarily around the limited cryptos that they can offer on their side. Therefore, if you feel like Coinmate isn’t the right option for you, let’s evaluate its performance alongside the likes of its primary competition Binance.  Coinmate vs. Binance Similar to Coinmate, Binance is a leading cryptocurrency exchange that uses advanced technologies and traditional financial regulations to deliver a highly secure, safe, and private trading experience for its users. Here, you have a variety of coins to choose from which have been traded on the Binance platform for many years and have been a popular trading pair. Listed below are some of the primary differences between the two platforms: 

  1. Supported Cryptos: Coinmate is limited to just five crypto tokens while Binance allows users to trade in over 443+ digital assets. 
  2. Rewards Program: Neither Coinmate nor Binance has any proper rewards program. However, you might have some chances with Binance when you sign up. 
  3. Maker Taker Fee: Coinmate has a maker-taker fee of 0.35 - 0.30%. On the contrary, Binance operates under a 0.10 % fee. 

Looking at the brief review, we can say that Binance clearly has an upper hand over Coinmate. However, let’s not forget that Binance is unregulated and has been hacked on multiple instances. Choose wisely! 

Final Verdict

Should You Consider Using Coinmate?

  1. Ease of Use: If you’re interested in investing in cryptocurrencies but have little time to keep up with the latest news, Coinmate is the perfect platform for you. With our intuitive platform, you can access the latest cryptocurrency news, perform a quick research on coins, and purchase coins in just a few clicks. Best of all, we offer a wide range of payment methods so that you can make your cryptocurrency investments in as little time as possible.
  2. Several payment options are available on Coinmate: The Coinmate platform has been the most straightforward approach to purchasing or selling cryptocurrencies. Their user-friendly layout and straightforward navigation make purchasing and trading cryptocurrencies simple. In addition, they accept a mode of payment, allowing you to purchase cryptocurrencies in the marketplace using your regular bank card and bank account. The only action is to put your standard cash into the Coinmate profile and start buying crypto.
  3. Competitive fee structure: Coinmate makes it easy to buy or sell cryptocurrency in a safe way, which is critical when you’re first getting started. In addition, the fees and exchange rates offered by Coinmate are pretty competitive and allow quick selling and buying options.

Shortcomings Of Coinmate

  1. Limited Variety of coins: The Coinmate platform offers a small variety of coins. As a result, Coinmate is arguably more ideal for newcomers in crypto trading than for seasoned traders who prefer to rely on a more extensive trading offering.

This Coinmate review brings us to the conclusion that it would be vital to mention that if you live in Europe, it is well suited to satisfy your bitcoin trading demands. The exchange has reduced trading and money transfer costs to US exchanges and has excellent liquidity.  The disadvantage is that the quantity of cryptocurrencies accessible is fairly restricted, with only a few crypto pairings available. Furthermore, the safety is not overly strict because clients are simply given the 2FA protection. Nonetheless, Coinmate is an excellent option for newcomers seeking a simple trading system to trade in cryptos.

FAQs

 Is there any minimum withdrawal amount on Coinmate?

Yes, similar to all the other crypto exchanges, Coinmate also comes with a minimal withdrawal amount. Users signing up for the platform require to withdraw a minimal sum of $20 to initiate their transactions.

 I am a US-based resident, can I open an account under Coinmate?

No, sadly, you won’t be allowed to open a trading account under the platform. Due to its regulations and restrictions from the state, Coinmate is forbidden from operating or accepting users from the country.

 I want to use SEPA, do I need to verify my account?

Yes, if you want to use the SEPA feature under Coinmate, you’ll have to register yourself with the platform, as per the standard regulation features. Besides, the platform has made it mandatory for users to comply with the AML regulations and ensure KYC verification and protocols, as and when required.

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