Finding a good cryptocurrency exchange where you can invest in cryptocurrencies can be quite a challenge, especially in Europe. Many scams are now claiming to offer crypto exchange platforms while in the real sense they are stealing your hard earned money.
We have done a comprehensive review of Coinmate Exchange to find out whether it is legit or not. To learn about the advantages and disadvantages of Coinmate and how it works, please continue reading.
How Coinmate works
Coinmate is a cryptocurrency exchange that was established in 2014. It is registered in London and concentrates its operations in Europe, especially Eastern Europe.
To get started, you must first open an account with Coinmate. You can choose to use BankID which is the fastest and secure way to sign up or choose to input your personal details manually.
Once you have an account, you can choose between “trade” and “quick buy” or “quick sell” options.
The “Trade” option allows you to trade various cryptocurrencies. You can access the order book, and charting containing crypto prices, their transaction history and an area where you can create new orders.
On the other hand, the “Quick Buy” option allows you to make easy and quick purchases of various cryptocurrencies at their market prices, while the “Quick Sell” option allows you to sell the cryptocurrencies easily and quickly.
Coinmate currently supports about eight cryptocurrencies. It supports Bitcoin, USDT, Ethereum, Cardano, Solana, Litecoin, Ripple and Dash. It also allows the use of three main currencies to buy cryptocurrencies which are EUR, CZK and BTC.
types of accounts: Coinmate offers three types of accounts: Basic account, Verified account, and VIP account.
Trading Fee: Coinmate uses the maker/taker model. The maker fee is 0.05% while the taker fee is 0.35%.
Withdrawal Fee: Deposit and withdrawal fees depend on the payment method you use. Deposits using vouchers or domestic checks and Poland currencies are however free.
Deposits and Withdrawals: Available methods to fund your account based on your account’s verification level. The first level, which is for the basic account, allows the use of OKCoin, MoneyPolo and Vouchers. For verified and VIP accounts, you can use OKCoin, MoneyPolo, Voucher, SEPA, Sofort and Standard Wires.
Withdrawal Limit: For the Basic account, the daily withdrawal limit is €1,000. For a verified account, the limit is €5,000 while for a VIP account the limit is €12,500. However you can adjust the VIP account limit higher by request.
Customer Support: Coinmate provides only one customer support method which is via email.
Security: Coinmate is quite secure as it has three-level verification for all account types. Depending on your verification level, Coinmate will require users to make a video call, showing the executives themselves clicking pictures of the required documents.
Coinmate Pros and Cons
It allows users to buy cryptocurrencies directly using the EUR and CZK fiat currencies which is a great plus especially if you are from Eastern Europe.
Its trading fees are relatively low compared to some of the popular cryptocurrency exchanges.
Although it has focused more on Europe, Coinmate allows people from other parts of the world to sign up and use its services.
It supports a wide selection of payment methods.
Coinmate’s user interface is easy to use, making it a good choice for even beginners.
While Coinmate offers a great crypto trading experience, it offers a very limited list of cryptocurrencies.
The exchange does not have a dedicated mobile platform that allows you to easily buy, sell and trade cryptocurrencies on the go. Its website is mobile friendly and fits seamlessly into the small screens of smartphones and tablets.
While Coinmate generally allows customers from any part of the world to register with them, the exchange does not accept customers from the US.
The only form of customer support on Coinmate is email, which takes about a day to get answered. This can be quite demoralizing, especially if you have an urgent issue.
Coinmate does not offer a wide selection of crypto investment options. It only allows buying, selling and trading. It does not have services like staking or liquidity mining.
Why you should use Coinmate to trade crypto
If you are in Europe and want a simple crypto exchange that you can use to start investing in cryptocurrencies, Coinmate can be a great option. Apart from its user-friendly user interface, the exchange also provides a lot of useful information about cryptocurrencies through its blog.
You may also be able to buy cryptocurrencies using EUR or CZK.
Selecting a crypto exchange can be quite challenging, especially in a volatile market such as the crypto market.
However we hope that the above Coinmate review provides some insight to help you determine if Coinmate is a good fit for you.