CoinMate Experience 2021: The Crypto Exchange Test

Many users speak of their positive CoinMate experiences. In the meantime, the platform has made quite a name for itself on the market. But how does CoinMate perform in the test and what are the fees like?

The CoinMate crypto exchange enables the purchase of cryptocurrencies with fiat currencies. The exchange is registered in London, operated in the Czech Republic and has been on the market since 2014.

CoinMate offers transactions with cryptocurrencies such as Bitcoin, Bitcoin Cash and Litecoin.

The team behind the exchange has set itself the task of making bitcoin accessible to everyone with CoinMate by providing a secure and inexpensive trading platform. But what is really true about this promise?

Is it really a reputable provider, how high are the CoinMate fees and what CoinMate experiences can be made? We have thoroughly examined the exchange in a CoinMate test.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

CoinMate advantages and disadvantages

Pros:

  • The platform is clearly laid out
  • CoinMate app available (web app)
  • The CoinMate Exchange has not yet fallen victim to a hacker attack

Cons:

  • Only useful for traders from Europe, as no trading in USD is possible
  • Somewhat high market fees
  • Poor support
  • Meagre offer

CoinMate Review - The offer

Coinmate-e

CoinMate allows its users to buy and sell cryptocurrencies at market prices. To make it easier for traders to get started and gain their first CoinMate experience, cryptos can be purchased with fiat currencies at CoinMate.

The CoinMate Exchange offers the possibility to exchange cryptocurrencies with each other or against fiat money (EUR, CZK). So anyone who already owns Bitcoin can exchange their coins with this provider for other cryptocurrencies such as Ripple.

CoinMate does not decide on the price, but the market itself. The rule of supply and demand applies here.

CFD or direct trading?

At CoinMate, direct crypto trading is practised, which requires that you store your coins securely in a wallet.

Even if an exchange provides its own wallets, it is still advisable not to store your coins there but on an external hard wallet if you are not actively trading - an important point in the context of the CoinMate evaluation and the evaluation of exchanges in general.

In the past, there have been repeated attacks on crypto exchanges, as a result of which hackers have managed to steal numerous coins.

Even though CoinMate has not fallen victim to hackers in the past, you should make an effort to keep your coins safe. 100 per cent protection against CoinMate fraud can never be guaranteed.

Those who prefer to forego this additional effort and do not want to acquire a hard wallet can also trade crypto with a CFD broker.

Cryptocurrencies

Coinmate-Kryptos

At CoinMate Exchange you can trade the following currency pairs:

ETH/EUR
ETH/CZK
ETH/BTC

XRP/EUR
XRP/CZK
XRP/BTC

DASH/EUR
DASH/CZK
DASH/BTC

BCH/EUR
BCH/CZK
BCH/BTC

As the CoinMate test shows, the range of tradable CoinMate cryptos is manageable. Those who want to enjoy access to a larger selection should turn to a larger crypto exchange or pay a visit to our test winner eToro.

Here, in addition to the coins available at CoinMate, you can trade many other cryptocurrencies such as Stellar, EOS, NEO, ZCASH, IOTA and TRON.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

Step-by-step guide: Registering and trading with CoinMate

To be able to buy bitcoin via CoinMate, you need an account with the provider. A CoinMate trading account is opened within a few minutes. In the following, this CoinMate review explains step by step how the CoinMate registration process works.

Step 1: Registration

The process of CoinMate registration is very simple, which is a positive aspect in this CoinMate review. Clicking on the "Register" button, which can be found in the top right-hand corner, opens a window that requires you to enter your country, email and a password.

If you click on "Agree and create account", you will receive an email with a link with which you can activate your account and complete the settings of your account. Now you can log in to CoinMate with your email address and password.

The account is ready for use after this step. To trade, you can now deposit bitcoin at CoinMate. If you want to make deposits and withdrawals in euros, you must first verify your account.

Coinmate-Anmeldung

Step 2: verification

To carry out the verification, click on the button "Identity verification". A window will open again, requiring you to enter your personal data. With this simple verification, one can withdraw up to 5,000 euros per month and 1,000 euros per day.

Operations via bank transfer and instant transfer are not possible after this verification level. If one wants to use these services, one must carry out a video verification and hold an identity document into the camera.

With video verification, one can withdraw up to 10,000 euros monthly and 5,000 euros daily.

Those who submit a bank account statement can use all deposit and withdrawal options and have a limit for withdrawals of 20,000 euros per month and 10,000 euros per day.

Those who have passed a full check and completed an additional questionnaire are allowed to withdraw up to 100,000 euros per month and 20,000 euros per day.

Step 3: deposit

After verification and the CoinMate login, you can transfer money to your merchant account, which you can later exchange for Bitcoin or Litecoin. Deposits are possible via classic bank transfer or instant bank transfer. Deposits via bank transfer are free of charge.

However, a fixed fee of 1 euro is charged for withdrawals. Those who use the instant payment services MoneyPolo and Sofortüberweisung must expect fees for deposits and withdrawals. CoinMate also charges fees when withdrawing cryptocurrencies.

Step 4: trade

Coinmate-Handel

Once the money has arrived in the trading account, you can start trading and gain your first CoinMate experience. To make a CoinMate crypto purchase or sale, click on "Buy/Sell".

The fully-fledged trading platform can be found in the "Trade" menu. CoinMate provides two types of orders: Limit and Market. The Limit order allows you to set the price and quantity of the digital currency you want to buy or sell.

The offer is then placed on a list where interested parties can access it. Market orders only require the quantity of the digital currency to be specified. The system immediately matches the offer/demand with the cheapest offer/demand on the list.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

CoinMate Fees & Charges

The provider's website states that the operators of the exchange keep the CoinMate fees as low as possible. CoinMate charges maximum CoinMate fees of 0.35 percent of the total amount of the transaction for brokering a transaction.

Within the framework of the limit platform, a CoinMate fee of 0.05 percent (BTC) or 0 percent (Litecoin) is charged for the CoinMate User's own offer for the purchase/sale of Bitcoin and Litecoin.

If you accept an offer from another user, you will be charged 0.035 percent (BTC) or 0.05 percent (Litecoin). Particularly active traders benefit from reduced CoinMate fees.

30 days trading volume

Taker

Maker

< 10,000 EUR
< 100,000 EUR
< 250,000 EUR
< 500,000 EUR
< 1,000,000 EUR
< 3,000,000 EUR
< 15,000,000 EUR
>= 15,000,000 EUR
0.25%
0.23%
0.21%
0.2%
0.15%
0.13%
0.1%
0.05%
0.12%
0.11%
0.1%
0.08%
0.05%
0.03%
0.02%
0%

A look at the trading fees listed on the website shows that CoinMate fees are due for both deposits and withdrawals. Only for deposits with cryptocurrencies no CoinMate fees are due.

Deposit method

Deposit fee

Withdrawal Fee

SEPA transfer in EUR
Instant bank transfer
Bitcoin
Litecoin
BitcoinCash
Ethereum
Ripple
1 EUR
1.5% min 2 EUR
0
0
0
0
0
1 EUR
n / A
0.00022 BTC / 0.00073 BTC
0.0004 LTC
0.00001 BCH
0.001 ETH
0.02 XRP

CoinMate experience: Payment methods

CoinMate provides its customers with the cryptocurrencies Bitcoin, Litecoin, Bitcoin Cash, Ripple, Ethereum and Dash for deposits and withdrawals in addition to SEPA, Sofort, domestic transfers in CZK and credit card payments (Visa and Mastercard), as the CoinMate test shows.

Since the provider specialises in the European market, transactions with other fiat currencies such as USD are unfortunately not possible.

Payment method

yes/no

Credit cards

yes

Paypal

no

Instant bank transfer

yes

Skrill

no

Neteller

no

Paysafecard

no

Bank Transfer

yes

Cryptocurrencies

yes

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

CoinMate experience: Licence and security

Got Credit

In order to guarantee its customers security and exclude CoinMate fraud, the exchange uses 3 types of CoinMate Bitcoin wallets: Hot, Cold and Super Cold wallets. Only the hot wallets have online keys and only hold a strictly monitored and limited number of Bitcoins.

The CoinMate experience shows that customers' accounts are secured via two-factor authentication, which comes into effect as soon as withdrawals are requested or account settings are made. Two-factor authentication can be activated in the "Security" menu.

This requires the Google Authenticator mobile app, which is connected to the trading account by means of a QR code. In order to make withdrawals and important changes, a code is always required for confirmation, which is generated by the app.

The CoinMate app

The CoinMate Crypto Exchange does not provide its users with a native CoinMate app, but instead you can access the offering with a web app, which makes the CoinMate experience better.

This is because an extra download is not necessary here, one simply navigates to the provider's website with the browser of one's smartphone or tablet and is automatically redirected to the mobile-optimised version of CoinMate, where one can perform the CoinMate login as usual and buy and sell bitcoins with just one click. A positive point in this CoinMate review.

Coinmate-app

CoinMate Experience: Customer service, contact and support

Altcoin.io Customer Service

If any questions or problems arise while using the trading platform, you can reach CoinMate support by email or via the social media channels Facebook and Twitter. In CoinMate's experience, you can expect to hear back from CoinMate support within a few hours.

There is also the option to use a contact form and upload files by clicking on "Support" in the footer area. The blog also offers some interesting information and can help with questions, as the CoinMate test shows.

In addition, you can find interesting articles with tips on how to trade crypto and how to increase security when trading in order to prevent CoinMate fraud.

Coinmate-Support

Contact way

yes/no

phone

no

e-mail

Live chat

no

contact form

yes

FAQs

yes

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

Conclusion - CoinMate Rating

CoinMate enables the buying and selling of bitcoin at market prices. The CoinMate exchange has been on the market since 2014 and has focused on the European market.

CoinMate registration is simple and the exchange offers low trading and transfer fees with high liquidity, which is a positive aspect in this CoinMate review.

However, the selection of cryptocurrencies offered at the CoinMate exchange is rather limited. For beginners in crypto trading, CoinMate is probably more suitable than for experienced traders who like to fall back on a larger trading offer.

CoinMate

A diverse trading offer is available at our test winner eToro, which also has EOS, Stellar, NEO, ZCASH and several other cryptocurrencies in its portfolio in addition to the coins offered by CoinMate.

The fact that deposits with fiat currencies are possible is nevertheless a positive aspect in this CoinMate review, as it makes it easier for traders to get started in crypto trading.

In case of questions and problems, however, it can happen that you do not get quick help, as there is no telephone contact and no live chat with which you could reach CoinMate support.

Instead, you have to make do with an email contact, which, in our CoinMate experience, only responds after a few hours.

Our conclusion: CoinMate is a good crypto exchange, but we recommend a larger broker like eToro due to the small offer.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

FAQ

What is CoinMate?

The provider is a crypto exchange where cryptocurrencies can be bought and sold.

Is it worth opening an account with CoinMate?

In our test, CoinMate was convincing. The diverse trading options attract many customers, most of whom are very satisfied with the provider. However, there are some drawbacks when it comes to customer support.

How much money should I invest?

The amount of your own investment should depend on your own liquidity, the selected cryptocurrency and your own risk tolerance. In general, you should never invest money that you actually need elsewhere, as profits can never be guaranteed.

How long does a payout take at CoinMate?

Here, too, the platform is convincing. Payouts are processed very quickly and are in your account within a few minutes to 2 working days, depending on the selected payout method.

What are the requirements for successful trading at CoinMate?

You should always know what you are investing in. Cryptocurrencies are highly volatile, so you should first get to know the selected coin in detail. If you have the necessary know-how, as well as the occasional bit of luck, then nothing stands in the way of early profits.

About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.