Finding a good cryptocurrency exchange where you can invest in cryptocurrencies can be quite challenging, especially in Europe. Currently, there are many scammers who claim to offer cryptocurrency exchange platforms when in reality they are interested in robbing you of your hard-earned money.We conducted a comprehensive review of the Coinmate exchange to see if it is legal or not. To learn more about the advantages and disadvantages of the Coinmate exchange and how to invest, continue reading the Coinmate review.
How does Coinmate work?
Coinmate was founded in 2014 and is one of the leading cryptocurrency exchanges. The company is active in New York, but its business activities are focused on the crypto market in Europe. Its estimated daily turnover is around 818 957 USD; This puts it well on the list of the ten largest euro-dominated stock exchanges.
Coinmate, created by 2 economics graduates from Prague, is conceived as an idenew crypto exchange for investors Youwant to invest in bitcoin in euros. Thecompany provides its clients with a positive and immediate way to make Bitcoin a reality. But let’s explore Coinmate more deeply in our Coinmate review.
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How to register?
Coinmate has three levels of account verification, namely Basic Account, Verified Account, and Highest VIP Account. It all starts with an email and a jersey and a password.
For a basic account, users must provide the following information:
- Name:
- Date of birth
- Telephone number
To reach the verified account level, the following additional information is required from users:
- Government-issued photo ID card
- Utility bills or bank statements that indicate the user’s home address.
While various cryptocurrency rates only require you to upload a scanned copy of these documents, Coinmate goes one step further and requires you to make a video call, during which you will be instructed to take pictures of various documents. Institutional traders are required to negotiate 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 they are stored on exchange servers. Other security measures implemented on Coinmate include SSL, firewalls, and Cloudflare. On the customer side, Coinmate provides 2FA (two-factor authentication) security for them. Withdrawal transactions also require email verification before being performed.
SOFORT and SEPA systems can be used to fund CoinMate trading accounts, transfers from domestic banks and MoneyPolo are also available.
How to invest with Coinmate
Once you open a Coinmate account, you can immediately start depositing Bitcoin and trading it on the exchange.
To fund your account, go to the Finance page and click on 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 Bitcoin you want to deposit and enter the Bitcoin address.
Once sent to the network, it will be automatically credited to your Coinmate account once the transaction has been double-verified. After that, you can start trading your Bitcoin on Coinmate.
As for Coinmate trading fees, the exchange uses the Maker/Taker model to increase liquidity on its platform. The maker’s fee is 0.05% and the takera’s fee is 0.35%.
As for the trading platform, Coinmate offers its own web-based platform to its clients. The trading platform is rendered in two interfaces, the advanced trading mode and the “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 on the “confirm” button and the transaction will be executed. This simplified trading interface has undoubtedly been designed to serve those who are new to cryptocurrency trading.
On the Coinmate trading platform, users can trade both fourand different pairs of digital currencies:
- 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 disadvantage is that the selection of digital assets offered is somewhat limited and contains only a few crypto pairs. Security is also notvery effective, with customers only being provided with 2FA authentication. Still, Coinmate is ideal for beginner cryptocurrency traders because their trading platform is very simple to use.
Ifthere are questions or issues while using the trading platform, you can contact CoinMate support via email or via Facebook and Twitter social media channels. Based on CoinMate’s experience, you can expect a response from CoinMate support within a few hours. It isalso possible to use the contact form and upload files by clicking on “Support” in the footer.
Our reviewer’s duty is to highlight the pros and cons of Coinmate, so let’s start with the pros:
Pros
- Coinmate allowsusers to directly purchase cryptocurrencies with the 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 greatcrypto 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 such as betting or liquidity mining.
A few words in conclusion
Choosing a good crypto exchange can be quite challenging, especially in such a volatile market as the cryptocurrency market.
However, we hope that the Coinmate review above will give you some insight to help you determine if a Coinmate exchange is right for you.
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