CoinMate offers a number of deposit options - specifically through a MoneyPolo partnership - that will appeal to residents of specific markets.
- Austria, Belgium, Czech Republic, Germany, Netherlands
- Bank Wire, SEPA, Sofort, MoneyPolo
- EUR, CZK
- Great assortment of payment options
- Direct and free deposits from Poland and Czech
- Good fees
- Liquidity ain’t great
Coinmate is an innovative outfit that has managed to carve their own little niche in the market despite arriving late to the scene. They have very good czk markets in both bitcoin and litecoin. Sofort is set for some EU customers, and through the integration of MoneyPolo, they have leveraged a massive network of local brick and mortar cash deposit points across the globe. 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.
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|
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.
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.
|Top 10 trader||0||0.1%|
Deposit and Withdrawal Fees
|Sofort||1.5% min €2||NA|
|OKpay||0.5%||1.5% min €1|
|MoneyPolo||€1||0.5% min €1|
If transfers are sent in non-EUR denominations, exchanges will be done according to yahoo finance rates +0.5%.
Coinmate is responsively designed and can pretty simply be used on most handheld devices.
Might be Better off Looking Elsewhere if:
You have other choices
Coinmate is a great exchange for Czech residents or Sofort users, but seems to us something of an exchange of last resort for those living elsewhere. That’s not a slight against Coinmate – it’s just that if you must use MoneyPolo it is likely that you have not got another choice. If you do have another choice, probably best to check out the best bitcoin exchanges and pick an alternative.
Coinmate offers global users localized and relatively cheap methods for getting cash into the bitcoin economy. The exchange services are adequate, with ok fees and good enough liquidity.