CoinMate cryptocurrency exchange – August 2021 review
You can buy bitcoin, Bitcoin Cash and Litecoin with competitive trading fees on CoinMate.
|Product Name||CoinMate Bitcoin Exchange|
|Fiat Currencies||EUR, PLN, CZK|
|Cryptocurrencies||BTC, BCH, LTC, XRP|
Bank transfer (SEPA)
Domestic Bank Wire: None
Domestic Bank Wire: €1
What is CoinMate?
Launched in early 2014 and headquartered in London, CoinMate has handled more than EUR€218 million worth of bitcoin exchanges. Built with a focus on user-friendliness, it claims to allow users to buy and sell bitcoin with the real exchange rate.
CoinMate offers a simple trading view for those who want to buy bitcoin quickly as well as an advanced trading view for users who want to follow market events. CoinMate supports three major cryptocurrencies and also offers a range of deposit and withdrawal options for ease of use.
Which cryptocurrencies can I buy/sell?
You can use CoinMate to buy and sell the following cryptocurrencies:
Based in Europe and offering support for EUR and CZK, CoinMate’s main target market is centred on European countries. However, it offers its services to customers from around the world, including Australia.
If you’re unsure whether you can access the platform from your country of residence, check the list of available countries on CoinMate’s account registration page.
Which payment methods are accepted?
You can deposit and withdraw funds from your CoinMate account using the following payment methods:
- SEPA transfer in EUR
- SOFORT (instant bank deposit)
- Domestic bank wire in CZK and PLN
- Cryptocurrency (BTC, LTC, BCH)
How much will it cost me to use CoinMate?
CoinMate’s market maker and taker fees are outlined in the table below.
|Cryptocurrency||Maker fee||Taker fee|
|Bitcoin||0.05% - 0.00%*||0.35% - 0.10%*|
*If you place in the top 10 traders (by BTC trade volume) in any given month, you will be charged lower fees (maker fee 0.00% and taker fee 0.10%) on BTC transactions in the following month.
The fees that apply to account deposits and withdrawals vary depending on the payment method you choose. Check the table below for full details.
|Payment method||Deposit fee||Withdrawal fee|
|SEPA transfer in EUR||EUR€1||EUR€1|
|SOFORT (instant bank deposit)||1.5% (min EUR€2)||N/A|
|Domestic bank wire in CZK and PLN||0||EUR€1|
|MoneyPolo||EUR€2||0.5% (min EUR€1)|
|Bitcoin||0||0.00001 BTC/0.00002 BTC|
|Bitcoin Cash||0||0.00001 BCH|
Are there any transfer limits?
The amount you can deposit or withdraw to and from your CoinMate account varies according to the level of verification you complete. This is outlined in the table below.
|1. Basic||Provide personal information||EUR€5,000/month|
|2. Video verification||IDnow Video-Ident||EUR€10,000/month|
|Required for bank deposits and withdrawals|
|3. Higher limits||Basic information and a recent bank account statement||EUR€20,000/month|
|All operations allowed|
|4. Individual limits||KYC questionnaire||EUR€100,000/month|
|All operations allowed|
* Users can contact CoinMate directly if they require higher turnover limits.
Is it safe to use CoinMate?
You can register for an account with CoinMate by specifying your country of residence, entering your email address and creating a password. You can then make cryptocurrency deposits and withdrawals from your account.
You can increase your verification level and transfer limits by providing the following:
- Your name, address, mobile number and date of birth
- Undergoing video verification using IDnow’s Video-Ident service
- Providing further information and completing a KYC questionnaire
CoinMate also supports two-factor authentication from Google Authenticator, so you can use this feature to provide an extra layer of security for your account. The platform also rewards users for detecting and reporting bugs, helping to identify any potential security vulnerabilities.
CoinMate also says it uses three types of bitcoin wallets – hot, cold and super-cold. Only the hot wallet, which contains a limited amount of funds, holds keys online. Client funds are kept separate from CoinMate’s funds so that if the company ever becomes insolvent, customers should be able to access their account balance.
If you need help with your CoinMate account, you can contact the support team by emailing firstname.lastname@example.org or submitting a support request through your account. CoinMate’s business hours are Monday – Friday 09:00 – 17:00 GMT.
Pros and cons
- Variety of payment methods available
- Competitive fees and exchange rates
- User-friendly interface is easy to navigate and understand
- Quick and advanced buying/selling available depending on your trading needs
- Established in 2014
- No support for Australian dollars (AUD)
- Can only trade three cryptocurrencies
If you’ve compared a variety of cryptocurrency exchange platforms and you’d like to register with CoinMate, click one of the green “Go to site” links on this page. You’ll be taken to the CoinMate website where you can sign up for an account by selecting your country of residence, entering your email address and creating a password.
You can then go through the ID verification steps to increase your transfer limits and access to account features, while it’s also recommended that you enable two-factor authentication for increased security.