This review concerns Coinmate, an online exchange platform that offers services regarding cryptocurrencies. The information that you will get from this article will help you choose the best option available to you as a trader.
The investigation contains personal take on the online business, with pros, cons and concluding remarks serving as a general remark on the exchange.
About the Exchange
Founded in 2014, Coinmate is a European exchange that offers crypto-to-crypto and crypto-to-fiat trade platform. It is one of the top ten EUR dominated marketplaces, oriented towards traders that live on Old Continent.
Investors from around the globe can use the Coinmate’s instant exchange and margin trading services, through web and phone (iOS and Android) platforms. The margin trading consists of only two functions, limit, and market orders, as shown in a picture below.
The trade is thus similar to Exmo platform, both lacking the complexity Bitfinex has when dealing with crypto margin trading. Accepted cryptocurrencies are only BTC and LTC which is a lot smaller number than Coinbase and Exmo.
Registration and Verification
Registering a trade account at Coinmate is free of charge and straightforward. You have to provide your email and password, allowing you o check out the platform in its entirety.
Verification is divided into five sections, each having different requirements to be completed. Upper levels also demand that lower levels of verification be finalized. Levels 0 and 1 would allow trader to trade coins worth of €1.000 daily €5.000 monthly with MoneyPolo only,
Higher levels require scanned ID and proof of address to be completed, as shown below.
Although geared towards European customers, Coinmate’s services are available globally with the help of numerous deposit options and somewhat soft verification requirements. It is a similar system as with Exmo, where you can use certain deposit/withdrawal methods without verifying your identity.
Deposit/Withdrawal Methods and Fees
At Coinmate, you can use SEPA transfers (€1 for deposits/withdrawals), SOFORT (1.5% for deposits, withdrawals not possible), CZK wire transfers (€0 for deposits and €1 for withdrawals) and MoneyPolo (€1 for deposits and 0.5% for withdrawals).
All of the above methods, with MoneyPolo being the exception, require verification level 2 and higher to be available. Coinmate also applies maker/taker fee structure, with takers being charged between 0.1% and 0.35% and makers between 0.05% to completely free.
Fees are in line with similar exchanges like Bleutrade, which also has maker/taker costs ranging from 0% to 0.35%
Pros and Cons
+ service is available worldwide
+ deep liquidity for EUR trades
+ possibility to trade without identity check for small volumes
– lack of security functions
– a limited number of cryptocurrencies
– with MoneyPolo being the only exception, all other deposit/withdrawal methods require verification of an account
We would recommend Coinmate for traders that are just starting with crypto industry. Both instant and margin trading is simple to use and understand and fees low enough to invest in. Advanced users would be better off with Bitfinex, as the platform offers USD and EUR trade, while Coinmate offers EUR transactions only.