Coinmate Bitcoin Exchange review

Coinmate.io exchange logo

Coinmate bitcoin exchange is registered in London but carries out its operations from the Czech Republic. The company was founded in 2014 by two graduates of economics in Prague. Coinmate team comprises of a diversified group of software developers, traders, and economists. Coinmate, despite arriving late to the scene has managed to carve out their own niche. They have set up for Euro customers, allowing cheap and instant bank deposits. Coinmate is a great option for traders due to its low fees and localized way to get money into accounts.

Visit CoinMate.io

Opening an Account

In order to open an account, you have to register with an email and password of your choice. After registering, you will need to enter and verify your email and password before gaining access to the platform. Before you can begin trading on Coinmate, you will need to verify your account and there are different verification levels to different account privileges. The accounts and corresponding account privileges can be found below:

	Requirements	Deposit/Withdrawal limits (day/month)	Deposit/Withdrawal Options
Registered	Email and Password	20/100 BTC	Bitcoin coin
Basic	Name, DOB, telephone	€1,000/5,000	OkCoin, MoneyPolo, Vouchers
Verified	Proof of identification (government ID), Proof of residence (utility bill, pay slip, etc), Bank Statement. For business accounts, articles of incorporation	€5,000/20,000	Add SEPA, Sofort and standard wires
VIP	Fill in additional questionnaire	€12,500/100,000 (for higher limits, contact support	Same as verified

The Platform

Exchanging cryptocurrencies

There are two separate trade interfaces offered by Coinmate; a “quick buy/sell” which is just really a market order interface which shows the best available price from the order book in a big blue bubble. Clients simply enter the amount they wish to buy/sell, and hit confirm, to have their account credited with the corresponding bitcoin.

Depending on the amount of bitcoin desired, the prices change according to supply in the order book. Coinmate trades in BTC/EURO. Coinmate makes use of the maker/taker trading model where orders that give liquidity to the market (makers) get a lower trading fee (0.05%) than those which reduce the liquidity of the market (takers) with a fee (0.35%).

CoinMate.io official site

Trading Fees

	Maker	Taker
Standard	0.05%	0.35%
Top 10 trader	0	0.1%

Deposit and Withdrawal Fees

Payment type	Deposit	Withdrawal
SEPA	€1	€1
Sofort	1.5%min €2	NA
Domestic Czech	0	€1
Domestic Poland	0	€1
OK pay	0.5%	1.5% min €1
Moneypolo	€1	0.5% min €1
Voucher	0.0	0.1%

Exchange of transfers that are sent in Non-Euro denominations are done using yahoo finance rates +0.5%

Pros and Cons of Coinmate.io

Security

Coinmate offers the possibility to set up a two factor authentication for clients. Clients’ passwords are hashed before being stored on the Coinmate servers. Coinmate makes sure that your account will never contain private data or files. Bitcoin is stored in a cold storage in Coinmate stores. A cold storage is a wallet with no private keys. Coinmate stores 95% of all bitcoins in different offline locations in safety boxes. Coinmate’s servers are heavily protected by SSL, firewalls, access control and DDos attacks by Cloudflare.

Ease of Use

The layout is simple and is aimed at reducing clutter. The layout displays just the important options you need. It is easy to use for average users and you are guided through clear screens.

Mobile Support

Coinmate is designed well and easy to use on most mobile and handheld devices. Their support email addresses are on their website through which they can be reached. Support is fine, with responses coming within a few hours generally during business hours.

Payment Methods

Coinmate doesn’t accept credit card, PayPal, cash, skrill and Cryptos. Its payment acceptance is Bank wire. It is also important to note that Coinmate does not accept customers from the United States.

CoinMate.io