When considering European exchanges, one cannot pass by and not mention Coinmate’s platform. Coinmate, being one of the more popular EUR to cryptocurrency trade marketplaces, has several interesting trades and security features that this review investigates.
This article’s main goal is to save you time looking over the website’s trade details. We analyze Coinmama’s fees, trade functions, verification requirements and security features. By ending, we provide the brief history of the company, pros & cons and conclude with an overall summary of the platform.
Coinmate is a cryptocurrency exchange that offers limit and market trading functions to its clients when buying and selling coins. The platform is one of the top 10 crypto marketplaces that use EUR as main fiat currency, as you can find in the picture below. Through different payment/deposit methods available for traders, Coinmate offers its services globally.
The exchange does not offer mobile apps for either Android or iOS users, though the platform functions fine through phone web browsing. Support section is organized into email contact page and bug reports.
The times in which the customer services work are Monday through Friday from 09:00 until 17:00 GMT. Unlike Bleutrade, Coinmate’s customer department does not answer on weekends, meaning that issues do get handled only on business days.
Account Creation and Verification
The registration process are straightforward and simple, requiring your email, password, and country you reside in, as presented in the snapshot below the text.
After email verification, you can look at the platform and check out different trade features. As with most other platforms, it is free to create and maintain an account at Coinmama.
Coinmama organizes verification into several levels where deposit and withdrawal limits are defined. There are five levels, each having different verification requirements while demanding that previous level is accomplished.
0) Registration – BTC/LTC deposits and withdrawals allowed only.
1) Basic – at this level, you simply need to provide your personal information like first and last name, country and address. The allowed turnover for this level stands at €1.000 daily €5.000 monthly. MoneyPolo is available to deposit and withdrawal tool at this stage.
2) Video Verification – in most exchanges, you have to upload scanned ID or driver’s license while Coinmate takes it a step further. The platform requires video call where you snapshot yourself holding the document in your hand. At this level, bank transfers become available for you. Turnover rates do not change from the basic level.
3) Higher Limits – in case you need a higher turnover on monthly basis, then this level needs to be completed. Here, you have to provide basic info about yourself and reasons for the upgrade while attaching latest monthly bank statement. All operations become available at this stage while turnover increases to €5.000 daily €20.000 monthly.
4) Individual Limits – to get €15.000 daily €100.000 monthly turnover, you need to fill out KYC form.
The exchange accepts only two coins at the moment, bitcoins and Litecoins within its trade platform. With these two digital currencies, Coinmate offers three trading pairs – BTC/EUR, BTC/LTC and BTC/CZK. Compared to Bleutrade who offers over 100 cryptos and 2.500 trading pairs, it is clear that choice of cryptocurrencies is limited at Coinmate.
At Coinmate, you can deposit and withdraw fiat funds using bank transfers (SEPA and domestic Check wire transfer), MoneyPolo and SOFORT. You are also able to deposit and withdraw BTC and LTC from/to your external wallet addresses, as seen below.
The structure of fees is presented below:
- SEPA transfers: €1 for both deposits and withdrawals (duration up to 3 business days)
- SOFORT banking: 1.5% for deposits while withdrawals are not possible (instant)
- CZK wire transfer: €0 for deposits and €1 for withdrawals (duration up to 6 business days)
- MoneyPolo: €1 for deposits and 0.5% (minimum €1) for withdrawals (instant)
- BTC/LTD transfers: €0 for deposits and 0.0004 BTC/LTC for withdrawals (instant)
The fees at Coinmama are definitely lower than in EXMO, where SEPA transfers are priced at the fixed cost of €25. Even MoneyPolo is cheaper at Coinmama, as EXMO would charge you 1% for both deposit and withdrawals.
Fees and Exchange Rates
Apart from deposit and withdrawal fees, trade itself also has costs that you should take into account. These costs are organized into the maker and taker trade orders, where takers cost range from 0.1% to 0.35% for BTC while makers from free to 0.05% for BTC as well. LTC structure is cheaper, with makers being free and taker costing 0.05%.
The exchange rate is narrow, going up to 1% at most for both cryptocurrencies.
According to the order books, the BTC daily trade goes up to 150 BTC while LTC reaches up to 1.500. Thus, we deem the liquidity to be at a slightly lower rate even though company keeps cold storage reserves at all times.
The platform started its operations in early 2014 by the group of entrepreneurs. The company was allegedly backed up by a large IT company through fundraising efforts and has since then operated mostly in European markets.
In 2015, the platform underwent major changes in design and trade functionality, coming up with the currently running version.
From the platform’s side, the company keeps the coins in cold storage as a mean of protection for their clients. In that way, trade is back up with coins in case of a major hacking incident.
On the client's side, the platform offers two-factor authentication (2FA) only, much like Bleutrade does. In this sphere, EXMO exceeds both Bleutrade and Coinmate, as it offers 2FA, IP list and enamel notification system.
Pros and Cons
- possible to purchase bitcoins without an identity check
- customer services available only on business days
- low deposit and withdrawal fees
- extensive verification needed for bank account deposit and withdrawals
- services are globally available
- a small number of cryptocurrencies offered
- somewhat low liquidity rate for both LTC and BTC
- only 2FA offered as a security function
Overall, Coinmate is not a bad place to be when it comes to BTC and LTC trade with EUR funds. If you happen to live in Europe, Coinmate with low fees and mild verification requirements would be within your reach.
On the downside, security is not top notch, as only 2FA is offered as a mean of protection. Add to that small trade pairs compared to others and you will see why experienced traders would find Coinmate lacking in the trade department. Beginners are more suited for the exchange as only two trade functions exist within the platform.