CoinMate Review
4 stars - "CoinMate Review" CoinMate Review
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CoinMate Review

Written on: May 17th, 2016 | Author: David M

wire  sofort  sepa  okpay

wire  sofort  sepa  okpay

EUR  PLN

BitCoin

English English

Important info
  • Trading Fees :  0.0-0.35%
  • Order types:  Market, Limit
  • Office location :  London
  • Email This email address is being protected from spambots. You need JavaScript enabled to view it.
  • US Customers Accepted? :  No
  • Institutional Accounts? :  Yes
Pros and cons
  • Great assortment of payment options
  • Direct and free deposits from Poland and Czech
  • Good fees
  • Liquidity ain't great

hp

Click Here to Get Started With CoinMate

Summary

Coinmate is an innovative outfit that has managed to carve their own little niche in the market despite arriving late to the scene. They've set up Sofort for eur customers, allowing instant and cheap bank deposits - a welcome change from the 1-3 day SEPA wait. Through the integration of MoneyPolo, they have leveraged a massive network of local brick and mortar cash deposit points across the globe, offering a localized method of getting cash into the bitcoin ecosystem for most anyone, anywhere. Minimal KYC is required for MoneyPolo depositing accounts. From the moneypolo side if you are using the cash deposit option - which is really why the option is there - you'll need to verify identity only at the brick and mortar money order branch, which should be more convenient depending on your particular location.

With low fees and a number of very localized ways to get money into accounts, Coinmate is an excellent option for traders located in underserviced markets. Volume lags a bit, but for small orders of a few coins or less, buying and selling should not be an issue.

Security

On the client side, all accounts are secured by 2fa, and passwords are hashed prior to storage on the coinmate serve. Apparently, all cash and bitcoin are kept separately from coinmate operational accounts, and 95% of customer coin is kept offline and distributed in multiple locations - within safety deposit boxes. We are unable to independently verify these claims.

Opening an Account

Enter and verify your email and password to gain access to the platform. In order to begin trading, you'll need to verify your account. Please find below the verification levels and corresponding account privileges.

  Requirements Deposit/Withdrawal limits (day/month) Deposit/Withdrawal Options
Registered  Email and Password  20/100 btc  Bitcoin only
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

deposit

The CoinMate Exchange

Coinmate offers two separate trade interfaces - a "quick buy/sell" which is essentially a market order interface which displays the best price available from the order book in a big blue bubble. Users must simply enter the amount they wish to buy/sell, and hit confirm - one click! - to have their account credited with the corresponding bit of coin. Of course, depending on the amount desired, the price will change according to supply in the order book. Please note that these orders will automatically incur a taker fee.

quick

The trade tab opens a more involved interface allowing for limit ordering. There is a simple little charting feature offering Coinmate rates available at different time intervals, an order history and a trader chat box. The actual order book is displayed below the trade slip. Coinmate is a top 8 BTC/EUR exchange, but volume can be a bit light and to fill orders above a few bitcoin will most likely get you an average spread of around EU 3 or so.

trade

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
OKpay 0.5% 1.5% min €1
MoneyPolo €1 0.5% min €1
Voucher 0.0 0.1%

If transfers are sent in non-EUR denominations, exchanges will be done according to yahoo finance rates +0.5%.

Mobile

Coinmate is responsively designed and can pretty simply be used on most handheld devices.

Support

Support is fine, with responses coming within a few hours generally during business hours.

Bottom Line

Coinmate offers global users localized and relatively cheap methods for getting cash into the bitcoin economy. The exchange services are adequate, with low fees and good enough liquidity for traders not looking to make massive buying and selling orders.

Click Here to Visit CoinMate

Bitcoin Price (USD): 853.48