Coinmate Bitcoin Exchange review
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.
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|
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%).
|Top 10 trader||0||0.1%|
Deposit and Withdrawal Fees
|OK pay||0.5%||1.5% min €1|
|Moneypolo||€1||0.5% min €1|